Latest News
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Indian retailers increase fuel prices a third times amid the war in Iran
Indian state-owned fuel retail companies raised the price of 'petrol and diesel for the third time this month. Dealers said that the companies are attempting to recover losses caused by the inflated crude oil prices during the Iran War. Dealers said that the price of petrol in New Delhi would increase by 0.87 rupees, or just under one U.S. penny, to 99.51 rupees, and diesel prices would rise 0.91 rupees, or 0.92 rupees, to 92.49 Rupees per litre. India, which is the third largest?importer of oil and a consumer, was the last of the major economies to increase?retail fuel costs after the U.S./Israeli war against Iran caused a global price spike. Fuel has risen by approximately 5 rupees over the past three price increases. Fuel?price increases announced on 15 May were India's first increase in four years. Companies are increasing pump prices in a staggered fashion, similar to what they did after the elections in April 2022 in certain key states including northern Uttar Pradesh. The opposition parties claim that the government led by Prime Minister Narendra modi has postponed price increases to gain votes at recent state elections. Sources at refiners say that more price increases will be needed to "recover" the losses. Bharat Petrol (BPCL), despite higher prices, continues to suffer a loss in revenue of?25-?30 per litre for diesel and?10 to?14 per litre for petrol. The Indian oil ministry said that the government does not plan to offer financial assistance to refiners. BPCL and Indian Oil 'Corp control?more?than 90% of a network?of 103,000 fuel stations?and tend to set the prices together.
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An explosion at a New York dry dock has killed one and injured 36 others
Officials said that an explosion occurred at a dry-dock?in New York City’s Staten Island on Friday. The explosion happened as firefighters were responding to the fire and trying to rescue trapped people. Officials said that two firefighters were hospitalized. One of them was a fire marshal, who had a fractured temporal bone and a brain bleed. He was also intubated. Officials said that the other?firefighter is in a serious condition, but has shown signs of improvement. Reporters were told by New York's?Mayor Zohran?Mamdani that the situation was "complex and rapidly developing". First responders ran into danger to allow others to escape. Officials didn't provide any details on the deceased person except to say that it was a civil. Mamdani stated that a comprehensive investigation will begin as soon as the fire is completely extinguished. Officials said that firefighters had responded to reports of a basement fire and trapped workers and were "on the scene" when an explosion occurred. The incident occurred in the Richmond Terrace area of the Staten Island borough, which is located across the harbor from Manhattan.
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Senegal President sacks Prime Minister Sonko and dissolves the government after months' friction
Senegal's President Bassirou Diomaye Faye dismissed Ousmane sonko on Friday and dissolved his government. This move could deepen uncertainty in the country, which is already dealing with a debt crises and long-drawn out talks with the International Monetary Fund. According to Oumar Sambo Ba, the secretary-general of presidency, a statement read by state media stated that all ministers had been dismissed. The outgoing government was tasked with managing day-today affairs. The decision follows months of growing tensions between the two allies-turned-rivals. Sonko is a charismatic leader with a large youth following. He backed Faye for the 2024 elections after being banned from running due to a conviction for defamation. Sonko posted on social media after the announcement: "Tonight, I will sleep in Keur Gorgui with a light-hearted heart," referring his residence. Senegal is under increasing economic pressure. After discovering that Senegal had misreported its debt, the International Monetary Fund frozen its $1.8 billion loan program. This pushed the country's debt to end-2024 at 132% of its economic output. Faye’s decision increases the risk of further delay in reaching an agreement with the IMF. This is seen as crucial to revitalizing the economy. Before Sonko was dismissed, Finance Minister Cheikh Dibi told the Senegal parliament that the country expects to resume discussions with the IMF during the week of the 8th and hopes to reach an agreement on the key points before June 30. Diba warned that the country's fuel subsidies bill could surpass its budget allocation for 2026 by up to 1.15 trillion CFA Francs ($2billion) if oil price rises to $115 a barrel. He added that Sonko rejected his request to increase fuel prices. Sonko was against any restructuring of debt estimated at $13 billion that he claimed the IMF advocated, whereas Faye had been more vocal. SONKO'S FUTURE POLITICAL PROSPECTION Sonko, who was popular as an opposition leader during the administration of former President Macky Sall whose decision to postpone the 2024 elections caused unrest, became a prominent figure in the country. Faye, as well as Sonko, are both former tax officials that were imprisoned in anticipation of the elections scheduled for 2024. The two were released ten days before the rescheduled election, which Faye won with 54%. Faye appointed Sonko Prime Minister. It is not clear what Sonko's next move will be now that he is no longer in a government position. He said in March that he was willing to remove his Pastef Party from the government if Faye left the party's agenda, which fueled speculation about the men's unresolvable power struggle. Pastef is the majority in the National Assembly. This could complicate the process of securing IMF assistance and the passage necessary reforms. Last month, lawmakers approved changes to the electoral code that could allow Sonko run for president by?2029. One of the signature initiatives of Senegal’s anti-establishment pan-Africanist Prime Minister was an audit on Senegal’s resource deals. This included those that govern its?emerging?oil and gas sector. Sonko revoked 71 mining licences in March after declaring a BP Gas contract for the Greater Tortue Ahmeyim Project unfair. He argued that renegotiating the oil and gas contracts could lower energy prices in Senegal and help to rebuild its battered finances. Reporting by Anait Miridzhanian and Diadie B; Editing and production by Bate Felix and Jessica Donati; Robbie Corey Boulet, Portia Crowe, and Sanjeev Mglani
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Fire at Russian oil terminal caused by falling drone debris
Officials said that falling?debris? from drones caused a fire to start at an oil terminal in Russia's Black Sea port of Novorossiysk. Two people were injured. In a Telegram post, the General Headquarters of southern Krasnodar region said that several administrative and technical buildings were on fire. It said that debris had fallen onto the oil storage terminal of the facility. Emergency services were on the scene, according to the headquarters. The injured men were in the street at the time the drones struck the port. They are now being treated in hospital. Unofficial Russian and Ukrainian Telegram channels have posted video footage of what they describe as a fire near the port. According to the General Headquarters, drones also caused damage to private homes in Anapa, a port city located further north. In recent months, Ukraine has intensified its medium- and long range?drone strikes. They have targeted oil facilities in an effort to disrupt the industry's revenue which helps Moscow fund the war. Some of the attacks were carried out in central Russia and the Ural Mountains, at least 1,500 kilometers (900 miles), from Ukraine's borders. On?Friday, Ukrainian forces also attacked a Russian refinery in Yaroslavl. This is about 700 km away from the border. On Friday, the Ukrainian Defence Ministry announced that Ukraine had hit 11 Russian oil facilities in May. This included Kirishi, which is one of Russia's biggest refineries. (Reporting and Editing by Nia William and Tom Hogue).
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Six Lebanese doctors killed by Israeli attacks in 24 hours: Health Ministry
Lebanon's Health Ministry said that six Lebanese Paramedics died in two Israeli attacks on southern Lebanon within 24 hours. The ministry condemned the attacks, calling them a 'violation of international law. The ministry reported that an Israeli strike in the southern Lebanese city of Hanaway overnight on Thursday and Friday killed four paramedics with the Islamic Health Association. The ministry reported that two medics of the Al-Rissala Scouts Association from Deir Qanoun-en-Nahr were killed by an Israeli strike on Friday morning. The Israeli military claimed that it struck Hezbollah sites in Hanaway where "militants from the group" were present. The Israeli military claimed that soldiers in Deir Qanoun En-Nahr identified and killed two Hezbollah motorcycle militants. In both incidents, it said that the military was investigating claims that "several individuals who were not targets of the strikes were injured". The military said that it had taken steps to minimize potential civilian harm, including ordering the residents of both areas to leave. The Lebanese Health Ministry?distributed video footage that they said was taken in Deir Qanoun En-Nahr. It showed two men wearing yellow vests standing by the side of a road, tending to someone. A flash and loud boom are heard when an ambulance approaches these two men. These same men then lie on the ground. The buildings, trees, and road layout matched the archive images of the area. According to the health ministry, six people died in Deir Qanoun en-Nahr including two medics and one Syrian child. Airstrikes in the town killed 14 people earlier this week, making it the deadliest strike since last month's tenuous ceasefire. Since March 2, when the?armed group Hezbollah? fired at Israel as part of a new conflict, more than 3,100 people in Lebanon have died. According to the statistics released by the Health Ministry on Friday, 123 doctors, 210 children, and almost 300 women are among those who have died. The international humanitarian law protects frontline responders and civil infrastructure including hospitals. According to the World Health Organization, Israeli airstrikes have damaged or completely shut down several hospitals in southern Lebanon. According to the Health Ministry, on Thursday, a strike by Israel near the Tebnine Hospital, in southern Lebanon, damaged the entire?three-floor building. This included the emergency room and intensive care unit as well as the surgical ward, ambulances, and the outside parking lot. Reporting by Maya Gebeily, Catherine Cartier and Tansy Liu in Beirut; Eleanor Whalley and Rami Ayyub from Jerusalem; Editing and Chiara Rodriquez by Cynthia Osterman and Cynthia Osterman
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Investors focus on progress in US-Iran negotiations as stocks climb and yields fall
Investors weighed the chances of a deal to end the U.S. and Israeli war against Iran in the near future. Oil prices have risen, but the Iran negotiations remain uncertain. U.S. Secretary of State Marco Rubio stated that the United States had seen some progress towards a deal with Iran but still needed more work. Iran's Foreign Ministry spokesperson stated that the differences between both sides were significant and deep. The Pakistani military chief arrived at Tehran on Friday in order to continue his mediation efforts for a peaceful resolution of the conflict. Wall Street saw the Dow post a record-breaking closing high and the S&P 500 register an eighth consecutive week of gains. The booming demand for AI stocks has pushed the stock market higher, despite concerns over economic fallout. European shares closed at their highest level in more than a week and posted their largest weekly gain since seven. "You are starting to see an increasing negative correlation between stock prices and bond yields," said Anthony Saglimbene. Chief market strategist at Ameriprise. Now that earnings season is over, macro-conditions may play a larger role. The yield on the benchmark 10-year U.S. notes dropped 2.6 basis points, to?4.558% from 4,584% at late Thursday. The sell-off that began the week led to yields reaching months-or-years-long highs. On Tuesday, the yield for the 10-year note reached its highest level since January 2025. Investors worry that the ongoing disruptions in energy supply due to the conflict could affect core consumer prices and force a tightening of monetary policy. The Dow Jones Industrial Average gained 294.04 points or 0.58% to 50,579.70. The S&P 500 rose 27.75 points or 0.37% to 7,473.47. And the Nasdaq Composite gained 50.87 points or 0.19% to 26,343.97. MSCI's global index of stocks rose by 5.66 points or 0.51% to 1,112.55. The pan-European STOXX 600 rose by 0.73% thanks to technology stocks. Turkey's financial market?rebounded this week after being roiled by political moves made against the country’s main opposition. The BIST 100 index, the benchmark in Istanbul, rose by 4.9% after it fell 6% on Thursday. This was triggered by a court order to remove main opposition leader Ozgur Ozel. Oil up, U.S. Consumer Sentiment Down Investors also digested an?survey that showed U.S. Consumer sentiment plummeted?to a new record low in may as surging gas prices fuelled anxieties over worsening affordability. Oil prices finished higher. U.S. crude oil rose 25 cents, settling at $96.60 per barrel. Brent gained 96 cents, settling at $103.54. As traders watched the talks about the war, they also assessed whether the U.S. Federal Reserve will raise interest rates in the event of inflation continuing to rise. Kevin Warsh became the Fed's chair on Friday. The dollar index (which measures the greenback against a basket including the yen,?the euro and other currencies) rose by 0.04% on Friday to 99.24. Meanwhile, the euro fell?0.06%, at $1.1611. The dollar gained 0.11% against the Japanese yen to reach 159.13. Data released on Friday revealed that Japan's core rate of inflation fell to its lowest level in four years in April. This complicates the outlook for Bank of Japan policies. Spot gold dropped 0.78%, to $4,606.47 an ounce.
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IAEA reports fire in electrical substation caused by military activity
U.N. nuclear watchdog stated on Friday that Ukrainian authorities had informed them that an electrical substation fire was caused by military activity. This led to a partial disconnect of a nuclear power plant from off-site electricity. Firefighters were fighting the fire at Dniprovska's 750-kilovolt substation, according to the International Atomic Energy Agency. The IAEA announced on its social media platform X that "as a consequence, a nuclear power plant operating in South Ukraine was partially disconnected from the off-site power supply at the request by the grid operator." "Firefighters have been deployed to the substation in order to put out the fire." The statement did not give any details about the military activity. In the statement, IAEA Director general Rafael Grossi expressed "deep concern" and added that "such critical substations for nuclear safety should never be targeted." The Dniprovska Substation supplies?external?power for the South Ukraine plant, as well as Zaporizhzhia Nuclear Power Plant. Both were seized by Russia after its February 2022 invasion. Both sides accuse each other of taking military actions to undermine the nuclear safety in Zaporizhzhia. This week, the head of Russia's nuclear state corporation Rosatom said that the situation at the Zaporizhzhia facility was approaching a "point of non-return" because of increased Ukrainian attacks. The Zaporizhzhia Plant, Europe's biggest with six reactors and no electricity generated, needs power to keep the nuclear fuel cool. Since March 24, one of the external lines at the Zaporizhzhia Plant, also known as Dniprovska has been down. The IAEA is trying to negotiate a ceasefire so that repairs can be carried out. According to a source in the industry, Ukraine has three nuclear power plants that are currently operational. Since the Russian invasion, Ukraine's reliance on nuclear power has increased to as much as 80%. (Reporting and editing by Alison Williams in Bengaluru, Ron Popeski, Nick Zieminski).
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Brazil cancels planned pre-salt sale this year
Bruno Moretti, Minister of Planning in Brazil, said that the government had decided to not hold an auction for offshore pre-salt oil areas this year. At a press conference he said that the government had removed an estimated 31 billion reals ($6.18 billion), in revenue, from its new budget projections for this year. Moretti stated, "We will revisit the issue and structure the auction. It will be relevant to help us meet our primary balance targets in the future fiscal year." The auction covered oil fields that were already producing but not yet contracted. This effectively gave companies the right of profiting from increased output. A similar auction last year raised 7,8 billion reais, but fell short of the initial expectations. Moretti stated that the decision to postpone auction was a result of feedback from the market participants who view the model as "relatively novel and still evolving". Minister said that the government found it difficult to proceed in this environment of increased uncertainty and volatility in oil prices, linked to the U.S./Israel conflict with Iran. FUEL SUBSIDY Moretti said that President Luiz inacio Lula da So Paulo is expected to?clear on Monday an already announced gasoline subsidy intended to cushion consumers from the Middle East conflict, after CEO of state-run petroleum giant Petrobras indicated a future fuel price increase. The subsidy is 0.44 reais for each litre, with an estimated cost to the federal budget of 1.2 billion?reais per month, Moretti stated. He added that the measure also depends on a future Finance Ministry decree. The plan will see the subsidies initially?paid to producers of gasoline and?importers via the oil regulator ANP. Moretti responded that the company is responsible for the size of any adjustment. ($1 = 5,0191 reais). (Reporting and editing by Nia William; Marcela Ayres)
As Tuesday deadline approaches, Trump will decide US tariff rates on Mexico and Canada
Donald Trump, the U.S. president, is expected to announce on Monday which tariffs will be imposed on Canada and Mexico on early Tuesday morning. This decision comes amid final-minute negotiations on border security and efforts by the U.S. government to stop the flow of fentanyl.
Trump has promised to impose tariffs of 25% on all imports coming from Canada and Mexico. The Canadian energy sector will be subjected to 10%. CEOs and economists claim that the tariffs, which cover more than $900 Billion in annual imports to the United States from Canada and Mexico, would be a major setback for the North American economy.
Tariffs will be in effect on Tuesday at 12:01 am EST (0501 GMT).
Howard Lutnick, the Commerce Secretary, said on Sunday that Trump might not impose all the tariffs. He added that Trump would decide the exact amount.
Lutnick, a Fox News reporter, said that Trump was considering the final tariff level because Mexico and Canada had "done a reasonably job" in securing U.S. border.
"He is sort of thinking right now about how exactly he will play with Mexico, Canada and the United States. This is a fluid scenario." On Tuesday, there will be tariffs imposed on Mexico and Canada. We'll leave it up to the president and his staff to decide what tariffs are.
Lutnick reported that Trump will also raise the fentanyl tariffs on Chinese imports from 10% to 20% on Tuesday, unless Beijing stops fentanyl trafficking to the U.S.
Trump praised the decline of illegal border crossings in a Truth Social post published on Sunday, saying that they were "THE WEAKEST EVER REPORTED". Thank you!!! ".
On Friday, senior Canadian and Mexican officials met with Trump Cabinet members to discuss efforts to secure their border. However, Trump cited the lack of progress made in reducing deaths from fentanyl-related overdoses.
The Centers for Disease Control and Prevention estimates that 72,776 Americans will die from synthetic opioids by 2023, primarily from fentanyl.
NAVARRO : TRUMP UNWAVERING
Peter Navarro, White House Trade Advisor, told CNBC Monday that he doesn't see Trump wavering in his stance on tariffs. He did not specify the level or scope of tariffs for Canada or Mexico.
He said that the impact of any tariffs on inflation would be "second order small". I don't think the president will waver, as he is determined to make America strong and prosperous with (more) factory employment and real wages rising. He has chosen this path."
Trump issued a technical order late Sunday that lays the foundation for tariffs against Mexico and Canada. The order declared that packages of low value from Mexico and Canada cannot enter the U.S. free of duty under the "de minimis exemption" for packages below $800. The order stated that the ban would take effect after the Commerce Department determined that the screening measures were adequate.
Trump suspended the de minimis exemption for low-value Chinese package on February 4, but U.S. Customs and Border Protection Agency was forced to pause this suspension as packages were piling at U.S. Airports without a screening method.
Officials say that fentanyl traffickers are using the de minimis package exception to bring fentanyl, its precursor chemicals and other drugs into the U.S. They often do not screen the packages. (Reporting and editing by Alistair Bell; Additional reporting by Susan Heavey, David Lawder, and Andrea Shalal)
(source: Reuters)