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US Air Force B-52 Bomber Crashes in California, 8-member Crew Presumed Dead
The base reported that the U.S. Air Force B-52 Stratofortress Bomber crashed Monday, shortly after takeoff, from Edwards Air Force Base, located in Southern California's Mojave Desert. All eight crew aboard are presumed dead, according to the base. Edwards stated in a press release issued four hours after it crashed that the eight-engine jet aircraft was on a test mission. It had been designed to carry conventional and nuclear bombs. Aerial footage from the crash site, located about 100 miles north of Los Angeles (161 km), showed a large, smoldering area of desert floor, roughly the size of an American football field. An emergency vehicle could be seen driving around the perimeter of the scene. The footage did not show any large debris. Air Force B-52 Stratofortress with eight passengers on a routine testing mission crashed after take-off today at 11:20 am (PDT). The base posted an 'update' on X saying that initial indications were that the crash would not be survivable. The Air Force said that an "emergency response" team was at the scene and that officials were "working hard to account for all personnel." The Air Force stated that the cause of this crash is under investigation. Boeing's Stratofortress is a subsonic, long-range aircraft. According to the U.S. military, it has been the backbone for the strategic bomber force of the U.S. According to an Air Force factsheet, the swept-wing aircraft can carry munitions such as cluster bombs and "gravity bombs" at heights up to 50,000 feet (15.166 meters). The fact sheet stated that the B-52 is capable of performing strategic attacks, close-air-support, air interdictions, offensive counter-air, and maritime operations in a conventional conflict. According to the Bureau of Aircraft Accidents Archives in Geneva, an organization that collects data on global aviation accidents, Monday's crash was the first of its kind since the same type of bomber crashed onto the island of Guam back in May 2016. The seven crew members on board the aircraft all survived. The Air Force only has the H-model B-52 in its inventory. According to the military, it is assigned to both the 5th Bomb Wing in Minot Air Force Base (North Dakota) and the 2nd Bomb Wing in Barksdale Air Force Base (Louisiana), both under the Air Force Global Strike Command. It also reports to be assigned to Barksdale's 307th Bomb Wing of the Reserve Command. Steve Gorman reported from Los Angeles, and Phil Stewart reported from Washington. Additional reporting was provided by Costas Pitas, Jasper Ward and Bill Berkrot; editing by Bill Berkrot & Jamie Freed.
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Industry group warns that the UK's defence and auto supply chains are threatened by the escalating scrap aluminum exports
Manufacturing trade body Make UK warned that the soaring exports of scrap?aluminum could leave Britain without a critical material required for defence, digital technologies, clean energy and the automotive industry. The UK could face a serious crisis if scrap exports continue to increase, as industry moves abroad to find better scrap markets. This puts jobs, investments and supply chain resilience at risk. Make UK stated that domestic industry may need up to 6 million metric tonnes of "available scrap" for recycling in order to meet the 8 million tonne aluminium demand projected by 2035 under the government's "Critical Minerals Strategy" and Modern Industrial Strategy. Daniel Paterson said that the UK Aluminium (Scrap) Collection and Sorting?needs to grow by 25 percent each year. This important opportunity will be lost if UK continues to export critical materials that are essential for our future growth sectors, national security, and resilience. Data from the information provider Trade Data Monitor shows that UK exports of aluminum waste and scrap reached 624,314 tons in 2016, a 43% increase from 2016. In the same time period, UK scrap aluminium shipments to India increased by 94%. The UK's aluminium scrap exports in the United States reached 23,560 tonnes last year, a jump of 989% since 2024. Make UK stated in a press release that "UK exports increased dramatically to the U.S. after Section 232 Tariffs excluded aluminium scrap from their scope." In June of last year, U.S. president Donald Trump imposed tariffs of 50% on aluminum imports. Make UK called on the government to invest in sorting and preprocessing capabilities in the UK, for stronger standards of collection and enforcement and targeted measures that would keep certain alloys of aluminium in Britain. It also called on the government to "engage urgently" with the EU in order to "secure equal treatment" if Brussels introduced aluminium scrap export restrictions. After warning that scrap exports could leave EU metals industries without material for recycling and decarbonisation, the European Commission has begun to develop measures to reduce aluminium scrap leaving Europe.
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U.S. gasoline drops below $4 per gallon for the first time since April
U.S. retail gasoline prices fell below $4 per gallon for a first time since mid-April. This was due to optimism that a preliminary deal between the U.S., Iran, and other countries would lead to the reopening of Strait of Hormuz – a vital passageway for oil supplies around the world. Crude oil prices fell by more than $4 per barrel after U.S. president Donald Trump announced the U.S.-Iran had signed a Memorandum of Understanding to end the near four-month conflict. However, it is still unclear whether this agreement will last. The drop in fuel prices may provide some relief for the Trump administration. They had promised to reduce energy prices. Trump and Republican lawmakers who are fighting to maintain their narrow majority in both chambers of the U.S. Congress during the midterm elections in November have been criticized over the increasing cost of fuel. The $4 per gallon threshold has been viewed by many as a psychological barrier that causes consumers to change their behavior. For example, they may reduce fuel consumption. Trump said that the text of this deal would be made public after the formal signing ceremony, which took place on Friday. He also announced the full reopening of the Strait of Hormuz. Experts say that it could take several weeks before shipping can resume normality. This is because removing the mines from waterways is a complicated process. Patrick De Haan is the head of GasBuddy's petroleum analysis. He said that the real test will be in the Strait of Hormuz. Any reopening of the Strait and the resumption normal oil flow would signal the durability of this relief. For now, the average national price could continue to fall, as long as there is no drastic reversal, and both the U.S. & Iran continue in the right direction. GasBuddy reports that the average U.S. retail gasoline price fell to $3.997 per gallon Sunday. This is the lowest it has been since mid-April. Prices are still 90.8 cents higher than the same time last year. According to the American Automobile Association, the national average price was $4.065 for Monday. De Haan stated that as of Monday, Americans had collectively spent $46 billion on gasoline since the beginning of the war. Late March, gasoline prices rose above $4 after Iran closed the Strait of Hormuz to most shipping. The Strait of Hormuz is responsible for nearly a fifth of global oil flows. For the first time since three years, consumer inflation rose to 4% in May. According to the Labor Department, falling gasoline prices have led to a moderated expectation of inflation among consumers this month. It is not yet clear if the relief will last. Bjarne Shieldrop, SEB's chief commodities analyst said: "This is fragile." It can easily fall apart. Schieldrop stated that there may be certain details in the U.S.Iran Memorandum which are impossible to overcome. U.S. gasoline is in a supply crunch. The 'robust' fuel exports and the resilient domestic demand are threatening to squeeze already thin inventories and drive up gasoline prices. According to government data, in the first week of June, gasoline inventories fell to their lowest level for a decade. They were just 215.1 millions barrels. Tom Kloza is the chief energy advisor at Gulf Oil. He said that if no progress was made in clearing the strait and reinstating insurance for vessels, or in curbing the violence of Iranian proxy forces, then the reprieve could be short-lived. Reporting by Nicole Jao, New York; editing by Sanjeev Mikleni
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Vale, a Brazilian company, plans to invest $2.6 Billion in decarbonization initiatives
A sustainability report released on Monday revealed that Brazilian miner Vale will invest up to 13 billion reais (2,56 billion dollars) in decarbonization projects to achieve its voluntary emission reduction targets and mitigate climate-related risks. The company has not specified the timeline for the investment. The investment includes up to four billion reais in decarbonizing operations. The 8 billion reais are allocated to the construction of industrial complexes focusing on low-carbon technology, including steelmaking technologies and iron ore briquettes. The firm stated that the remaining 1 billion reais would be used for research and development. Vale has invested 9 billion reais between 2020 and 2025 in initiatives to reduce carbon emissions. Vale's executive vice president for sustainability, Grazielle Parentsi, told a reporter that the company could see financial and environmental benefits from these initiatives. She said that Vale's governance structure evaluates all projects and decisions with this level of importance based on an environmental, social and governance matrix which identifies the potential risks and opportunities associated with each one. Carbon?pricing mechanisms could cost the company up to 22 billion reais, at current?value. This is expected to have a significant impact from 2030. $1 = 5.0686 Reais (Reporting and Writing by Fernando Cardoso, Editing by Aurora Ellis).
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The US Strategic Petroleum Reserve has its lowest oil stock since 1983
According to Department of 'Energy data released on Monday, crude oil stocks in the U.S. Strategic Petroleum Reserve have fallen to 340.3m barrels. This is the lowest level since 1983. It signals a?shortage of supplies at a time when?the u.s. Iran and the United States agree to a deal that will end the war in the Middle East and open up the Strait of Hormuz. The government's emergency stock fell by 8.9m barrels. This is the third-largest draw in history. The U.S. agreed to "loan" 172 million barrels to the facility in order to lower fuel prices which have risen to multi-year levels over the past few months. U.S. crude stock levels have dropped sharply over the past few weeks due to high demand for American oil in refining, and to fill supply gaps created by the Iran War. Overall,?U.S. After the beginning of the war at the end February, inventories including commercial and SPR stock have dropped by 79 million barrels to 77,6 million, the lowest level since 2023. Cushing, Oklahoma's main oil storage hub and pricing point for U.S. West Texas Intermediate Crude Futures, has seen its inventories drop to 21.6m barrels. This is near the operational lows. There are concerns about a tight supply. Stocks in the SPR fell below levels reached during the tenure of former president Joe Biden. They hit a low of 346.8 millions barrels. Republican lawmakers raised concerns at the time that the sale of the?180m barrels of oil, the largest amount ever sold from the Strategic Petroleum Reserve after Russia invaded Ukraine, was being used as a 'political instrument' and had damaged the?delicate sal caverns. The Biden administration denies these claims. The latest SPR loan requires companies to borrow oil 'to return the original volumes, plus a premium, in the form of extra oil. The Department of Energy says the system will stabilize markets without costing U.S. tax payers.
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Gold prices rise as Iran and the US agree to end war
Gold prices rose on Monday for the third consecutive session, reaching a record high of over one week after Iran and the U.S. announced that they had agreed to terms to end their conflict. This move eased expectations about higher interest rates. By 1:30 pm EDT (1730 GMT), spot gold had risen 2.6% to $4,327.82 an ounce after reaching its highest level since June 5, earlier in the day. U.S. Gold Futures closed 2.7% higher at 4,351.6. The dollar index fell by 0.2%, making metals priced in greenbacks more affordable for holders of other currencies. The dollar index fell by 0.2%, making metals in greenbacks more affordable to holders of other currencies. An official in the United States confirmed that a memorandum to end the conflict was signed by President Donald Trump of the United States, Vice President JDVance, and the Speaker of the Iranian Parliament. Both sides reported that it was expected to be signed at a Geneva ceremony on Friday. The?gold price is pricing out the conflict. The news of the peace deal brought down Treasury yields and the dollar, as well as oil. These were the main inflation and cross-asset risks, said Phillip Streible. Chief market strategist at Blue Line Futures. Since the Iran conflict, gold has been under pressure as high energy costs and inflation concerns have raised the chances of interest rate increases which tends to weigh down on the non-yielding assets. According to the CME FedWatch tool, after the framework agreement, traders reduced the odds of an U.S. interest rate hike in December from 70% to 58%, down from nearly 70% the previous week. Markets are now focusing on the Federal Reserve policy meeting of June 16-17, which will be Chair Kevin Warsh’s first as the head. Streible said that the next move in gold's price is all about Warsh and his tone. The deputy prime minister announced that Singapore will introduce a central bank gold vaulting service and an over-the counter?gold clearing system. (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Shailesh Kuber, Jan Harvey and Joyjeet Das) (Reporting and editing by Shailesh Kumar, Jan Harvey, Joyjeet Das; Ashitha Shivaprasad from Bengaluru)
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India's silver exports fell to a three-year low after import restrictions in May
India's silver exports fell 87% from a year ago to the lowest level in over three years. This was revealed by government data on Monday, after the largest consumer of the metal in the world tightened import restrictions. India's lower imports, which meet more than 80% its silver demand by purchasing it overseas, could have a negative impact on global prices while also helping to narrow India's trade surplus and reduce pressure on the rupee. According to data compiled by Ministry of Commerce and Industry, silver imports dropped from $566.22 millions in May of last year to $75.57million. Volume-wise, imports fell?94% on an annual basis to 33 metric tonnes, the lowest level since February 2023. India restricted imports in May of'silver' in almost all forms. In the first week of this month, India tightened its rules by adding silver powder and grain to the restricted category. In an effort to reduce the pressure on foreign exchange reserves and curb imports of precious metals, the government also increased import duties for gold and silver from 6% to 15%. "There's demand, but due to restrictions it has become more difficult to import, and the local premiums are starting to increase," said a Mumbai dealer for a private bank that imports bullion. India spent $12 billion in total on silver imports during the financial year 2025/26 that ended in March. This is a record amount compared to $4.8 billion just a year ago. Silver is used for jewellery, coins, bars, and industrial applications from solar energy to electronic devices. Inflows to silver ETFs have reached a record level. India imports silver from the United Arab Emirates (UAE), Britain, and China. (Reporting and editing by Sahal Muhammad; Rajendra Jadhav)
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Gold gains over 3% after US and Iran reach a peace agreement
Gold prices rose by more than 3% on Monday. They reached a 'over a week peak, after the U.S. and Iran agreed to end their war. This eased expectations for higher interest rates. As of 10:35 am EDT (1435 GMT), spot gold was up by 3.3%, at $4.356.79 an ounce. It had earlier reached its highest level since June 5. U.S. Gold Futures rose 3.3% to $4 378.70. The index of the?U.S. The dollar index fell by 0.2% making metals in greenbacks more affordable to holders of other currencies. Although still only a framework agreement, the deal ending the war and opening the Strait of Hormuz was a major breakthrough that sent oil prices down. The official signing of the memorandum is set for Friday in Switzerland. The gold market has priced out the conflict and is now moving on. The news of the 'peace deal' brought down Treasury yields and the dollar, as well as oil. These were the major inflation and cross-asset risks, according to Phillip Streible. Chief market strategist at Blue Line Futures. Since the Iran conflict began, gold has been under pressure as rising energy prices have increased the likelihood of interest rate increases. This tends to weigh down on the non-yielding investment. CME FedWatch shows that after the framework agreement, traders reduced the odds of an increase in U.S. interest rates in December from almost 70% to?52.5%, down from nearly 70% the previous week. Markets are now looking for hints?on interest rate outlook at the Federal Reserve policy meeting on June 16-17, which will be Chair Kevin Warsh’s first as the head of the Fed. Streible said that the next move in gold's price is largely determined by Warsh and his tone. The deputy prime minister announced that Singapore will introduce a central bank gold vaulting service and an over-the counter gold clearing system. (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Shailesh Kuber and Jan Harvey) (Reporting from Ashitha Shivaprasad, Bengaluru. Editing by Shailesh Kuber and Jan Harvey.
Newmont announces new CFO and COO as part leadership overhaul
Newmont announced Monday a series of 'executive appointments', including the appointment of Brian Tabolt to its finance chief. The gold miner is reshaping its top management, under a new CEO.
Tabolt was Newmont's group head of finances and chief accounting officer before joining the company. He joined Molson Coors Beverage in 2021. Tabolt replaces Peter Wexler who served as the interim CFO of the company. His appointment takes effect on July 1.
The company also announced the appointments of David Thornton, chief technical officer and Mark Rodgers, chief operating officer.
Newmont is undergoing a boardroom shake-up after Natascha Vijoen was appointed CEO in September, and Karyn Ovelmen left her position as Finance Chief in July of last year.
The new rules come as gold prices are above $4000 per ounce. Investors are pressing miners to increase profits despite rising costs and tougher government regulations.
The company stated that it was well-positioned to improve performance, maintain cost discipline and execute effectively, as well as deliver long-term value for its shareholders. (Reporting and editing by Anil D’Silva in Bengaluru, Sumit Saha from Bengaluru)
(source: Reuters)