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The US has made it easier for the UAE to import Nvidia AI chips, military equipment and other items.
U.S. export controls were loosened on United Arab Emirates Friday. This will help to improve relations between the two allies. The announcement highlights the strengthening of U.S. - UAE relations. As Washington's ally in the Gulf, the UAE plays an increasing role in its?strategy towards Iran. It also creates revenue opportunities for U.S. firms, especially tech firms. Federal Register, government's official journal said that the UAE government and "approved" companies will be able access advanced computing products without a license. The UAE's G42 and Core42, as well as U.S. firms and their subsidiaries in the country including Amazon, Apple and xAI are now exempt from licensing for AI servers and chips. The Commerce Department stated that the U.S. has worked with the UAE?for decades' to counter Iran and it's proxies including Hamas Hezbollah, and the Houthis. The posting stated that "more recently, the UAE has played a crucial role in advancing U.S. interest during Operation Epic Fury," referring to U.S. and Israeli strikes against Iran which began in February. It also noted that the UAE is the United States' largest trading partner in the Middle East and its direct foreign investment in the United States is valued at more than $1 trillion. The Commerce Department has moved the UAE to a group of countries that allows more license exemptions for items with dual-use and military applications controlled by the Department. The UAE is the only member of the group that does not belong to multilateral export control regimes. NATO and other allies are also included in the group. Israel and Saudi Arabia, for example, are not part of this group. The change will allow access to certain exports that are involved in oil production, gas production, and civil nuclear energy generation. The Commerce Department posted that in addition to Amazon, Apple, and xAI U.S. companies will not need licenses for advanced computing items received in the UAE, including Google, Meta Microsoft, OpenAI, and Oracle. The posting also stated that the Department plans to "favorably" review export license applications for servers and chips to UAE company MGX. The U.S. and the UAE reached an agreement in 2025 to allow the UAE to import hundreds of thousands Nvidia AI chip. The Commerce Department announced on Friday that the UAE's?government? and approved companies?would be able to access the market without a license. This is in line with the framework finalized for May 2025. The granting of licenses to companies such as G42 was controversial, partly because the companies could potentially serve Chinese clients. Former Commerce Department official said that under 'this new regime', there would be no room for debate in the administration. The move has raised the hackles and anger of Democratic Senator Elizabeth Warren. She is the ranking member of Senate Banking Committee. Warren stated in a press release that "we already know the UAE royal who is behind G42 and MGX secretly purchased a 49% share in the Trump 'crypto company World Liberty Financial." "Now, 'Trump’s Commerce Department has granted G42 access to advanced AI chip technology and promised favorable treatment to MGX despite concerns over the diversion to China of sensitive technology and other national security threats." Commerce Department didn't immediately respond to an inquiry for comment. (Reporting and additional reporting by Daphne Psaledakis, David Shepardson. Doina Chiacu, Andrea Ricci and Doina chiacu edited the story.
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Trump Administration rule weakens protections of threatened species
The Trump administration made a major change to the way threatened species are considered by agencies on Friday, removing language that was intended to prevent damage?to wildlife habitats. The change?limits' the reach of 50-year-old Endangered Species Act. This act is credited for saving the bald eagle and California condor, as well as numerous other plants and animals from extinction. Interior and Commerce departments said that the final rule would'reduce permitting and complying costs for energy producers and farms. This move aligns with U.S. president Donald Trump's desire to "reduce regulations" that, according to him, constrain American business. Interior Secretary Doug Burgum stated that "this?action restores the common sense. It respects private property and provides much needed certainty for landowners." Endangered Species is an important regulatory consideration when government agencies are deciding whether or not to issue permits for oil and natural gas, mining, transmission of electric power and other operations on federal land and water. The law requires that agencies evaluate the impact proposed operations have on threatened and endangered animals. Habitat destruction is no longer included in the definition of "harm" under the ESA. Project developers can now destroy habitats where wildlife lives, as long as they don't harm or kill the animals. It was first proposed in April last year. Reporting by Nichola Grroom; editing by Chizu Nomiyama
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Wall Street and oil price are on the decline as investors focus on SK Hynix and Middle East tensions
Wall Street was moderately high, and oil prices fell a bit as investors remained enthusiastic about AI and ignored the ongoing dispute between the U.S. The Dow Jones Industrial Average rose 0.32% in'midday trading on Friday. S&P 500 rose 0.34% and Nasdaq Composite gained 0.27%. MSCI's global stock index rose 0.37% last. The renewed attacks on the U.S. and Iran have further undermined the fragile ceasefire that has been in place for three weeks. However, the markets have mostly accepted the developments in the Middle East. Investors continue to focus on oil prices and inflation. SK HYNIX’S U.S. DEBUT South Korean semiconductor maker SK Hynix made a big splash in the U.S. Friday, with its U.S. listed?shares soaring 14% on their Nasdaq debut after raising $26.5 billion. This shows a strong appetite from investors to get exposure to the AI'supply chain. The massive offering will fund new factories and equipment in order to meet the surging demand for AI chips. It is expected to be the second largest share sale worldwide after SpaceX’s record-breaking IPO last month. Oil prices fell Friday as investors awaited clarification on the waning?ceasefire agreement between the U.S. Donald Trump, the U.S. President, said on Friday that both nations would continue to negotiate but that the June agreement to stop military action is "over." Both countries claimed that they had taken military action in recent days, re-igniting the conflict in the Gulf and disrupting global energy trade through the Strait of Hormuz. U.S. crude fell by 1.11%, to $71.28 per barrel. Brent dropped to $75.82, down 0.63% for the day. BMO Senior economist Carl Campus wrote in a recent note that oil prices have remained relatively calm, despite the conflict spreading (again) to some neighbouring nations. While there are a number of factors that may be contributing to the calm, it could also simply reflect the optimism surrounding ongoing talks. Attention remained focused on the?currency market, where the Japanese yen firmed after Katayama said that repatriation was possible for Japanese investors. The dollar was 0.5% higher at 161.56 US dollars. dollar. In recent days, the frail yen was hovering around its lowest point in 40 years as traders waited for Tokyo to intervene. Investors waited for catalysts that would help them gauge the direction of U.S. Interest rates. The dollar index (which?measures?the greenback against a?basket of currencies including?the euro and?the yen) fell 0.02% at 100.89. The yield on the benchmark 10-year U.S. notes increased 2.83 basis points, to 4.567%. Reporting by Pete Schroeder, Washington; Additional reporting by Neil Mackenzie, London, and Ankur Banerjee, Singapore; Editing and production by Tom Hogue and Jan Harvey; Nick Zieminski, Susan Fenton and Aurora Ellis.
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Gold is under pressure due to Middle East tensions, which are driving up rate bets
Gold prices eased Friday, and were on track for a weekly decline. Higher oil prices linked to the Middle East conflict fueled inflation fears and raised expectations of tighter U.S. policy. By 2:10 pm EDT (1810 GMT), spot gold was down 0.4% at $4,103.23 an ounce. It had fallen 1.7% in the past week. U.S. Gold Futures for August were around 0.7% lower, at $4.113.70 an ounce. Bart Melek is global head of commodity strategies at TD Securities. He said that the major 'factor' here was the resumption of tensions between Iran and the U.S. Investors are not keen to hold onto gold or silver at this time, and this is why the price has moved towards 4100. According to the International Energy Agency, the recent hostilities between Iran and the U.S. could "upend" its forecast for a significant surplus in the oil market next year. The oil prices were poised to rise by a significant amount this week, fueled by concerns about supply amid the recent U.S.-Iran strike. The rising cost of energy fuels inflation fears, which in turn increases expectations for interest rate hikes from central banks. Gold is often viewed as a hedge against inflation, but higher interest rates can make it less attractive. "Everything points to the market being concerned about inflation, especially since oil has recovered in the past few days. The Federal Reserve, in particular, will be on guard. According to the CME FedWatch Tool, traders are pricing in a 69% probability of a rate increase?in September. Minutes from the Fed's June meeting showed a split between hawks and doves as concerns about inflation increased. Investors will now be watching the Fed Chair Kevin 'Warsh's testimonies and next week's data on inflation to gain more insight into monetary policy. Gold prices in India were at a discount this week. Demand in China was stable after the central bank announced its biggest monthly increase in gold reserves for more than two-and-a half years. (Reporting by Sukanya Mitra in Bengaluru; Editing by Vijay Kishore and Jonathan Ananda) (Reporting and editing by Vijay Kishore, Jonathan Ananda, and Sukanya Mitra in Bengaluru)
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USDA reduces again its projections for US sugar production
The government projected that the sugar?production for the crop year starting in October would be 9 million short tonnes (ST). This is 59,000 ST lower than the estimate made last month because of a smaller area of beets to be harvested. The U.S. Department of Agriculture has lowered its monthly forecast for the second time in a row. This means that the country will need to import more goods in order to maintain a balanced supply scenario by 2026/27. The USDA has reduced its forecast for beet sugar production to 4.82 m ST from 4.93 m ST in June. However, it has increased its estimate for cane?sugar to 4.18 m ST. USDA expects that imports will now reach 3.57 millions ST in the new season, up from 2.69million ST the previous season. The USDA increased expected lower-tariff imports of neighboring Mexico by 300,000. ST to 1.34 million ST. The USDA considers 13.5% as a good level for the market, since imports are offset by lower production. The sugar consumption was estimated at 12,57 million ST. This is the same as previous years. (Reporting and editing by Aurora Ellis; Marcelo Teixeira)
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Former Energy Atom official named as suspect in Ukraine’s largest wartime corruption probe
Former Energoatom official was officially?named as a suspect by Kyiv’s National Anti-Corruption Bureau on Friday. The NABU is pursuing the largest?wartime?corruption case within the energy sector. NABU reported on Telegram that an executive director in charge of the physical security and protection of Energoatom's facilities is suspected of laundering over 30 million hryvnias (674,000 dollars) between 2023 and 2025. The agency didn't name the official. Energoatom did not immediately comment, but had previously stated that it was cooperating in the investigation and suspended several employees on NABU's behalf. Since the full-scale Russian invasion of February 2022, Ukraine's energy infrastructure has been a priority. Moscow has targeted power lines and substations with drone and missile attacks. The Midas Case, in which authorities claim a $100 million kickback was involved at Energoatom has affected 'figures near President Volodymyr Zelenskiy. It also casts a shadow on Ukraine's Government at a time that Kyiv wants to show its Western allies it can tackle high-level corrupt. German Galushchenko's arrest in February marked a significant development?in this case. He has denied any wrongdoing. Authorities investigating corruption have accused Timur Mindich of being the leader of a kickback scheme. They also named Andriy Yerimak, Zelenskiy’s former chief-of-staff, as a suspect. Both denied any wrongdoing. Reporting by Yuliia Dsya. Mark Potter edited the article.
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Rosatom stops the return of Bushehr nuclear workers
Rosatom, the state-owned nuclear corporation of Russia, announced 'on Friday' that it has suspended 'the return of their first employees to a construction site for new units at Iran's Bushehr 'nuclear 'power 'plant' following recent strikes against Iran. On Thursday, an Iranian official said that a U.S. missile had hit the perimeter of the facility and hit a military base on the outskirts Bushehr. Alexei Likhachev was quoted as saying that the Russian state corporation chief had halted the progress of his team in Tehran after the attack last night. He said, "We will decide the next steps in the near-future." Rosatom, which was building two new units in Bushehr, evacuated over 600 staff members to Russia following the United States' and Israel's war on Iran. Some of them began returning and arrived in Tehran where their journey to the plant had been halted. The Russian state-owned nuclear corporation left a mere?20 people to maintain construction and said that expanding the plant remained a priority. Rafael Grossi, the 'chief of the International Atomic Energy Agency, held talks with Rosatom on Friday in Kaliningrad. He said that the agency had not yet recorded any'strikes against the Bushehr Plant, but was still monitoring the situation.
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The price of coffee in the world has fallen as the market remains volatile
The ICE coffee exchange saw a sharp drop in prices on Friday. Arabica coffee fell 8%, as the market remained volatile. Prices of cocoa were also sharply down, though both coffee and chocolate were expected to make strong gains this week. Market participants reported that speculative funds looking for a new home flooded into the coffee and cocoa markets on Monday. They were also tempted by fears about El Nino weather patterns strengthening and leading to more adverse weather conditions in important growing regions. The ICE then increased its'margin requirements or down payments for coffee and chocolate futures contracts. This lowered the liquidity of the market, and subsequently increased price volatility. There's a lack of liquidity, and many of these speculators trade intraday. "They are out by the market close," said an agri-commodities analyst from a multinational trade house. ICE arabica futures fell 8.2% at 1304 GMT to $319.25 a lb after closing up 12.3% Thursday. After a 16% increase on Monday, the contracts were down by?6% Tuesday. ICE robusta futures dropped 6% to $3,801 per metric tonne, but were on track for a 2% weekly gain. The U.S. Climate Prediction Center forecasts an 81% probability of a very powerful El Nino in October-December, which would be among the biggest El Nino events ever recorded. Dealers reported that El Nino's excess rains have slowed in Brazil, the top growing country. London cocoa contracts fell 9.8%, to PS4,341 per ton, but they were on track to gain 15% in weekly gains, after reaching eight-month highs Thursday. New York cocoa contract prices plummeted by 9.2%, to $5,858 per ton. El Nino can be particularly problematic for cocoa, as it disrupts the weather patterns in No. Ecuador is the third largest cocoa producer, as well as West Africa where 70% of chocolate ingredients are grown. The price of cocoa futures almost tripled by 2024, 'after the West African crop failed due to an El Nino weather phenomenon that was'seen from mid-2023 until mid-2024. A?dealer said that the cocoa market appeared to be unstoppable against a background of poor pod counts and El Nino. The?dealer added that the rally had been "dominated by speculation". White sugar dropped 1.5%, to $471.30 per ton, after hitting a two-month high on Wednesday of 15.39 cents. (Reporting and editing by May Angel)
Greenland's abundant but mostly untapped mineral resources
U.S. Presidentelect Donald Trump recently restated his interest in taking control of Greenland, a semiautonomous area of Denmark, which could work for the U.S. due to the fact that of its strategic location and rich mineral resources.
A 2023 survey revealed that 25 of 34 minerals considered critical. basic materials by the European Commission were found in. Greenland.
The extraction of oil and natural gas is banned in Greenland. for ecological reasons, and advancement of its mining sector. has actually been snarled in red tape and opposition from indigenous. people.
Below are details of Greenland's primary mineral deposits,. based on data from Greenland's Mineral Resources Authority:
RARE EARTHS
3 of Greenland's greatest deposits are located in the. southern Gardar province.
Business looking for to develop uncommon earth mines are Important. Metals Corp, which purchased the Tanbreez deposit, Energy. Shift Minerals, whose Kuannersuit project is stalled amid. legal conflicts, and Neo Efficiency Products.
Rare earth components are key for irreversible magnets used in. electric lorries (EV) and wind turbines.
GRAPHITE
Occurrences of graphite and graphite schist are reported. from lots of regions on the island.
GreenRoc has actually applied for an exploitation license to. develop the Amitsoq graphite project.
Natural graphite is primarily used in EV batteries and. steelmaking.
COPPER
According to the Mineral Resources Authority, many copper. deposits have actually seen only limited expedition projects.
Especially fascinating are the underexplored locations in the. north-east and central-east of the island, it said.
London-listed 80 Mile is looking for to establish the. Disko-Nuussuaq deposit, which has copper, nickel, platinum and. cobalt.
NICKEL
Traces of nickel build-ups are various, according to. the Mineral Resources Authority.
Major miner Anglo American, was given a five-year. expedition licences in western Greenland in mid-2019 and has. been searching for nickel deposits, to name a few.
ZINC
Zinc is mainly discovered in the north in a geologic development. that extends more than 2,500 km.
Companies have actually looked for to develop the Citronen Fjord zinc and. lead project, which had been billed as one of the world's. largest undeveloped zinc resources.
GOLD
The most prospective locations for gold potential are around the. Sermiligaarsuk fjord in the nation's south.
Amaroq Minerals released a cash cow last year in. Mt Nalunaq in the Kujalleq Town.
DIAMONDS
While most small diamonds and the largest stones are discovered. in the in the island's west, their presence in other areas may. also be considerable.
IRON ORE
Deposits lie at Isua in southern West Greenland, at. Itilliarsuk in main West Greenland, and in North West. Greenland along the Lauge Koch Kyst.
TITANIUM-VANADIUM
Understood deposits of titanium and vanadium are in the. south-west, the east, and south.
Titanium is utilized for industrial, medical and commercial. functions, while vanadium is mainly utilized to produce specialty. steel alloys. The most essential industrial vanadium compound,. vanadium pentoxide, is used as a driver for the production of. sulfuric acid.
TUNGSTEN
Used for a number of commercial applications, tungsten is mainly. discovered in the main east and north-east of the nation, with. examined deposits in the south and west.
URANIUM
In 2021, the left-wing Inuit Ataqatigiit party banned. uranium mining, successfully halting development of the. Kuannersuit rare earths project, which has uranium as a. by-product. ($ 1 = 7.2705 Danish crowns)
(source: Reuters)