Latest News
-
Xbox and PlayStation both raise console prices in response to U.S. tariffs
Microsoft's Xbox has increased the price of its consoles, controllers and first-party games, as well as other accessories. This follows similar actions by competitors, due to U.S. Tariffs impacting supply chains globally. Xbox announced in a blog on Thursday that it would be raising the prices of its products across the United States as well as Europe, Australia, and the United Kingdom. Xbox Series X, the more powerful console, will now be sold for around $600 in America. This is an increase of about $100. This move comes just a few short weeks after Sony, the maker of PlayStation 5, raised prices on its PlayStation 5 console across various markets. It signals that console makers are preparing to face increased manufacturing costs as a result of tariffs. The PlayStation 5 Pro console costs around $700 in America. Nintendo's long-awaited Switch 2 is set to be released in June, and it's expected that gaming consoles will drive the growth of the video game market this year. The Trump administration has imposed hefty tariffs on major manufacturing hubs like Japan, China and Vietnam, which have caused a price increase. Analysts have warned these tariffs may hinder the growth of industry, because a potential recession in the economy and an increase in inflation could cause consumers to cut back on discretionary spending. Nintendo resumed the pre-orders of the Switch 2 in late December after originally delaying them due to tariff uncertainty. Xbox will raise the price of some first-party titles to $80. This follows Nintendo's similar pricing policy for "Mario Kart World," which could set a new standard in an industry where development costs are increasing.
-
The US House of Representatives votes to ban California's 2035 electric vehicle plan
The U.S House of Representatives has voted to block California's historic plan to stop the sale of only gasoline vehicles by 2035, which was adopted by 11 states. The House has backed legislation that will repeal the waiver granted by U.S. Environmental Protection Agency, under the former president Joe Biden, in December. This waiver allowed California to mandate 80% electric cars by 2035. Major automakers urged this action because the rules were not feasible. California claims the rules are necessary to reduce pollution, and that the vote was illegal. California Governor Gavin Newsom stated that the program is crucial to compete with China in EVs. Newsom stated that "big polluters and right-wing propaganda machines have been successful in buying off Republican Party." The Alliance for Automotive Innovation (which represents General Motors Toyota Volkswagen Hyundai, and other major automakers) warned that car companies may be forced to "substantially reduce the number overall of vehicles for sale in order to increase their percentage of electric vehicle sales." John Bozzella, the CEO of the group, called the vote "welcome and targeted" by the House in order to avoid the inevitable job losses and manufacturing problems that would result from these unachievable rules. Another 11 states have adopted the California Air Resources Board regulations, including New York and Massachusetts, which account for approximately 40% of the U.S. automobile market. Separately, the U.S. House voted on Wednesday to revoke the EPA’s approval in 2023 of California’s plans to demand a growing number of zero emission heavy-duty trucks. The waiver granted under former president Biden to California’s “Omnibus” low-NOx regulations for heavy-duty highway vehicles and off-road engines was also revoked. The question is whether Congress can revoke waivers by using the Congressional Review Act. In March, the The Government Accountability Office has said that waivers are not possible. The CRA allows for repeal of this law with only a majority vote in the U.S. Senate. California's rule requires 35% of the light-duty vehicles for 2026 to be zero emission models. Automakers claim that they cannot meet this figure, given the current EV sales in states that have adopted these rules. California has set a target of 68% EV sales in new vehicles by 2030. Separately, the U.S. Transportation Department has taken steps to reverse aggressive fuel efficiency rules that Biden had adopted. (Reporting and editing by David Shepardson)
-
US Ex-Im Bank reverses ban on coal lending abroad, observers say
Three people who attended the meeting said that the board of the U.S. Export-Import Bank voted to reverse a long-standing restriction on lending for coal projects abroad. This reflects President Donald Trump's agenda, which calls for increased domestic coal mining and exports from the United States. The vote came less than one month after President Donald Trump issued an executive directive aimed at revitalizing the U.S. Coal Industry. This included a measure that directed Ex-Im to provide facilities for coal developers. The federal bank that finances overseas projects had tried to take climate change into account in its investment decisions during the Biden administration. It had also not funded a coal project in more than 10 years. Ex-Im’s decision to use U.S. tax payer money to finance overseas coal project is an economic disaster and climate catastrophe. Ex-Im is reverting to its policies of two decades ago, when the company was the world's largest financier of overseas coal projects," Jake Schmidt, senior strategist at Natural Resources Defense Council and an observer of the board meeting, said. Ex-Im has not responded to our request for a comment. (Reporting and editing by Paul Simao; Valerie Volcovici)
-
White House rejects Chamber's call for tariff relief for small businesses
The White House rejected an attempt on Thursday to provide immediate relief to small U.S. businesses from tariffs. It said that these companies would benefit from the tax cuts Congress wants to extend. In a letter sent to the administration of U.S. president Donald Trump, the U.S. Chamber of Commerce asked that small businesses be exempted from tariffs, if they could show it would hurt U.S. workers, and if their products cannot be produced in America or are not easily available. When asked by reporters about the request, Stephen Miller, deputy chief of staff at the White House for policy and administration, said: "The relief will come in the form the largest tax cuts in American history." Miller responded that tax relief is a "yes" for small businesses. Trump's Republican colleagues in Congress want to pass legislation that extends the U.S. president Donald Trump's tax plan for 2017, which expires this year. The Republicans in Congress, who hold a 220-213 majority in the House, and a 53 to 47 advantage in the Senate have stated that they intend to pass their tax cut bill by the 4th of July, despite their small majorities. The Chamber of Commerce said that it supported Trump's goal to eliminate unfair trade, but small businesses were being hurt by increased costs and interruptions in supply chains during ongoing tariff negotiations. It called on the administration to work together to "avoid a recession". In a separate press release, Suzanne Clark, President and CEO of the Business Lobbying Group said that "These deals are time-consuming and many businesses cannot afford to wait for negotiations to proceed." "They need immediate relief." She also added that the Chamber is seeking to exclude businesses of any size where U.S. job security was threatened. Clark stated that certain products simply cannot be manufactured in the United States. Clark said that raising the price of those products would only hurt families who are struggling to pay bills. (Reporting and editing by Chizu Nomiyama, Franklin Paul and Chizu Heavey. Additional reporting by Doina Chiacu.
-
Wall Street jumps with tech boost; yen falls on BOJ gloom
Gold prices fell and Wall Street stocks rose on Thursday, as investors' risk appetite was boosted by solid earnings reports from the big tech companies. The Nasdaq, which is dominated by tech companies, rose 2.4% on the back of positive quarterly results. The S&P 500, the bellwether index of the stock market, is on course to extend its winning streak to eight consecutive sessions - its longest since August 2024. Dollar rose as yen fell after Bank of Japan cut growth forecasts because of uncertainty surrounding U.S. Tariff policy. May Day holiday has caused a drop in trading across Asia and Europe. After the steep tariffs announced by U.S. president Donald Trump on April 2, which shook world markets throughout last month, there were no major announcements about trade negotiations. Oliver Pursche is a senior vice president with Wealthspire Advisors in New York. He said: "I think that the news about tariff negotiations is going to be similar to what we heard over the past few days. That is, lots of deals have been done but they are waiting for the other party to sign off, which to me seems to indicate there has not been a deal made." They may be working on agreements, but until they put ink on paper, there is no agreement. The first quarter earnings season has now reached its midpoint, with 375 S&P 500 companies having already reported. LSEG reports that 74% of those companies have beaten analysts' expectations. Apple Inc. and Amazon.com will report their quarterly earnings after the closing bell. They are the fifth and six members of the "magnificent Seven" to do so. Nvidia is the last member to be expected to announce its first quarter earnings on May 28, which will leave the chipmaker. The economic situation in the United States is still in a contraction. Meanwhile, jobless claims have increased much more than analysts had expected. The Dow Jones Industrial Average increased 311.33 points or 0.77% to 40,981.02, while the S&P 500 rose 76.53 or 1.37% to 5,645.25, and the Nasdaq composite was up 413.81 or 2.36% to 17,860.15. HOLIDAY MAY DAY May Day is a holiday that many markets around the world, including in Europe, are closed. The MSCI index of global stocks rose by 5.63 points or 0.68% to 839.17. The pan-European STOXX 600 Index was flat while Europe's FTSEurofirst 300 Index fell by 1.24 points or 0.06%. Emerging market stocks dropped 2.91 points or 0.26% to 1,109.93. MSCI's broadest Asia-Pacific share index outside Japan fell 0.19% to 579.92. Japan's Nikkei climbed 406.92 points or 1.13% to 36,452.30. After the BoJ downgraded its outlook, the greenback gained after the BoJ reduced the prospects for future rate increases. The dollar index (which measures the greenback in relation to a basket including the yen, the euro and others) rose by 0.55%, reaching 100.22. However, the euro fell 0.41%, at $1.127. The dollar gained 1.6% against the Japanese yen to reach 145.36. The yield on the benchmark 10-year U.S. notes increased 2.3 basis point to 4,198% from 4,175% at late Wednesday. The 30-year bond rate increased by 4.5 basis points from 4.68% to 4.7248%. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve (Fed), rose by 1.8 basis points, to 3.639% from 3.621% at late Wednesday. The oil price has reversed its earlier decline on the back of fading fears about a softening in demand. U.S. crude climbed 0.93%, to $58.77 per barrel. Brent rose to $61.52 a barrel, up by 0.75% for the day. The gold price continued to fall, reaching a new two-week-low as investors shifted away from the metal of safety. Spot gold dropped 1.94% to $3.224.06 per ounce. U.S. Gold Futures fell 2.43% to an ounce of $3,224.70.
-
EIA delays US Natural Gas Weekly Storage Report
In a tweet posted on X, the U.S. Energy Information Administration announced that it would delay its weekly report on natural gas storage in the United States. The report is usually released at 10:30 am EDT (1430 GMT), on Thursdays. The EIA announced on X, "We will post the release as quickly as possible." We also said that we would give an hour's notice before publication. The EIA officials were not able to immediately explain why the report on gas was delayed. Three sources have confirmed that the EIA (the U.S. Government's Energy Statistics arm) is about to lose more than 100 employees following the latest round of resignations offered by President Donald Trump. This puts at risk the world's most closely followed energy reports, they said. EIA releases weekly, monthly, and annual data about oil and gas production, crude and fuel inventory, and price forecasts. These are all used as indicators by energy companies and traders to determine supply and demand. These reports can have a significant impact on global oil prices. Analysts estimated that utilities pumped 107 billion cubic foot (bcf), or 107 billion cubic meters, of gas during the week ending April 25. This compares to an increase of 64 Bcf in the same week of last year, and a 5-year average of 58 Bcf at this time of the year. The build-up of gas would be near normal for this time of the year if the build-up is correct. (Reporting and editing by Ros Russell. Edited by Scott DiSavino)
-
QatarEnergy talks LNG long-term supply agreement with Japan
Five trading and industry insiders have confirmed that QatarEnergy is in negotiations with Japanese companies for a long term deal to supply LNG through its North Field Expansion Project. Four sources confirmed that under the agreement, Qatar would supply gas to a group of Japanese importers. A volume of 3 million metric tonnes per year would be divided between the consortium. If the agreement is reached, it will help confirm Doha’s decades-old dominant position on the Japanese market as the competition from the United States, and neighbouring Gulf suppliers United Arab Emirates and Oman that offer more flexible contractual terms, intensifies. This would be the first LNG contract signed since October, when it was reported that Qatari buyers in Japan and South Korea were having difficulty agreeing to LNG contracts due to competition. Four sources who refused to be named because they were not authorised by the media to speak publicly said that the buyers in QatarEnergy's talks include JERA, Japan’s largest power generation company, and trading house Mitsui & Co. QatarEnergy didn't immediately respond to an inquiry for comment. JERA, on the other hand, said that it was in talks with several suppliers about LNG procurement. Qatar was acknowledged as an important LNG supplier but JERA refused to disclose any specifics of their discussions. A JERA executive told a Monday earnings briefing that the company must diversify its supply sources. Asia-Oceania accounts for more that half of our sources of procurement. Naohiro Maisekawa, the head of the division for financial strategy and planning, stated that expanding the options to include regions such as North America and Middle East could be beneficial in terms of supply stability. Mitsui, when asked if it was in talks with QatarEnergy about a long-term LNG deal, said that the company has been in contact with several sellers to guarantee a stable LNG supply. However, they would not divulge specifics of any individual discussions. North Field Expansion According to Kpler, Qatar will export 79.54 millions metric tons LNG by 2024. Middle Eastern countries plan to increase their LNG production from the current 77 million tonnes per year at its North Field, up to 142 mtpa in 2030. This is an 85% increase from the 126 mtpa that was expected previously. Japan was the second largest LNG buyer in the world after China. Its trade data shows that it imported 65.89 millions tons of the fuel during the last year. Qatar was one of Japan's three largest LNG suppliers in the past decade, shipping more than 15-16 mtpa between 2012 and 2014. The increase was a result of Qatar's support for the acceleration of LNG exports following the Fukushima Nuclear Disaster, which began in 2011 after an earthquake and tsunami caused the disaster. As Japan's reactors slowly restarted, the volume of these exports has decreased. JERA chose to not renew its contract with Qatar, for 5.5 million tons per annum (mtpa), which expired in 2021. Kpler data shows that Qatar exported less than 3 million tonnes to Japan in the last year. In January, a senior JERA executive said that the company would increase its LNG purchase from the United States in order to meet the demand growth spurred on by data centres and AI. It also planned to speak to Middle East suppliers to help diversify the supplier base. Reporting by Marwa Rashed in London, Emily Chow and Yuka Obayashi, in Tokyo, and Maha El Dahan, in Dubai. Editing and rewriting by Nina Chestney, Barbara Lewis and Barbara Lewis.
-
Kuwait cracksdown on cryptocurrency mining amid power crises
Kuwait has launched an offensive against cryptocurrency miners, which it believes are a major cause of the power crisis leading to blackouts. The authorities want to relieve pressure on the grid ahead of the hot summer. The Interior Ministry said that authorities launched a "widespread" security operation in the last week. It targeted homes used to mine cryptocurrency, which it called illegal. The ministry stated that crypto mining activities are "an unlawful exploitation" of electrical power and can cause outages in residential, commercial, and service areas. This poses a direct danger to the public's safety. Kuwait has banned cryptocurrency mining but no specific laws. Kuwait, an OPEC country, is facing a severe energy crisis due to population growth, urbanization, rising temperatures, and delays in maintenance. The government is urging residents to not waste electricity in order to avoid straining the electrical grid. A source from the electricity ministry said that cryptocurrency mining is a major factor in the power crisis but it's not the only one. The mining of crypto requires a large amount of computing power. This has led authorities in Kosovo and Russia to reduce its use, to avoid electricity shortages. Miners often base themselves in places where electricity is cheaper, and where it's easier to cool servers. Researchers from the University of Cambridge estimated in 2022 that Kuwait was responsible for only 0.05% of bitcoin mining around the world. There is no reliable data on the power consumption of crypto miners in Kuwait. However, Alex de Vries Gao, the founder of Digiconomist - a research project that tracks crypto's energy usage - said, "It only takes a small share of the entire bitcoin mining network to make a significant impact on Kuwait's relatively low total electricity consumption." Kuwait's crackdown targeted homes in Al-Wafrah. The electricity ministry had previously stated that around 100 homes were being used for mining. Some of these homes consumed up to 20x the normal amount of electricity. The electricity ministry announced on Saturday that energy consumption in Al-Wafrah dropped by 55% after last week's operation. "They exploited their situation because they saw government subsidies and the lack of oversight. They also saw that there were no laws," said Saud al-Zaid. He was a former executive board member at the Communications and Information Technology Regulatory Authority of Kuwait. Kuwait's central banks has warned investors against investing in cryptocurrency. Kuwait's approach is different from that of its neighbours who have embraced this industry. The son of U.S. president Donald Trump, Eric Trump, is among the attendees at a crypto event in Dubai. (Reporting and Additional Reporting by Elizabeth Howcroft, Writing by Yousef SABA; Editing by Tommy Reggiori Wilkes & Frey Whitworth).
Russell: Gold is showing signs of consolidation, as investments ease. But Trump is looming.
The gold price has stabilized after surging up to a new record high. There are early signs of consolidation, following the rally sparked by fears over U.S. president Donald Trump's policies on trade.
The price of gold slipped to $3,287.72 per ounce, down 6.1% compared with the previous peak, which was $3,500.05, reached on April 22.
Spot gold has still risen 30% since its low price of $2,536.71 per ounce in November 2014, the day after Trump won the election over former Vice President Kamala Harris.
World Gold Council data shows that investment flows have driven the rally, mostly due to fears that Trump's tariffs will hit the global economy hard, and cause inflation in the United States.
The WGC reported that total gold investment flow soared by 170% during the first quarter 2025 compared to the same period one year prior, reaching 552 tons. This is the highest level since the first three months of 2022.
The demand for exchange-traded fund (ETF) increased dramatically in the first three months of this year, from 18.7 tons to 226.5 tons. This is a huge increase from the 113 tons sold in the first third of last.
The first quarter saw a 3% increase in physical coin and bar purchases, compared to the same period last year.
The increase in investment flows more than offset the decline in gold's major drivers. Central bank purchases fell 21% to 243.7 tonnes in the first three months, and jewellery production dropped 19% to 434 tonnes.
High prices are likely to have played a part in depressing demand for jewellery, particularly in China and India.
The WGC report stated that China's demand for jewellery dropped by 32% from the same period of 2024 in the first quarter to 125.3 tonnes, and India's fell by 25% to 71.4 tonnes, the lowest since the third quarter 2020.
The market will be able to tell if the Trump-inspired flight towards safety, which was fueled by investment, has run its course or if the gold rally is still going strong.
FLOWS ARE EASING
The largest gold ETF SPDR Trust has shown a modest drop in holdings after reaching a high of 31 months in April.
The SPDR reported that its holdings fell to 30,36 million ounces Wednesday, down from a peak of 30.84 millions ounces in April 2017.
This retreat could be due to signs that Trump's administration is reversing its tariff war on the rest of world, except for China, which is its biggest trading partner.
Officials in the administration have discussed the possibility of announcements soon with certain trading partners. Trump has also said that he expects a de-escalation to occur with China, even though there is still no evidence this is happening, and the 145% import tariff remains in place.
For now, it is possible that most investors who wanted more exposure to gold did so. To get them to buy again would require further alarming news.
It could be in many different forms. For example, it could be a sign that the trade talks are mostly ineffective, and that tariffs will continue to remain. This is a possibility, given that the so-called "reciprocal tariffs" announced by Trump on 2 April are only on hold for 90 days.
Investors may also revalue U.S. assets if the U.S. Congress passes significant income tax cuts that are skewed towards the wealthy. This is due to fears about rising fiscal deficits.
While Trump has backtracked on his threats to fire Federal Reserve chairman Jerome Powell, there is still a risk that a Trump lackey will be appointed to the position when Powell's tenure expires in the next year. This could keep gold as a viable investment option.
The trading pattern of gold over the last two decades was dominated by a period of rallying followed by years of consolidation.
The current rally is unusually strong and rapid, raising the possibility of a pullback prior to a consolidation period.
The world economy is in largely uncharted waters as Trump blows up the global trading system. This will most likely come at a cost, not only to Trump's own economy but to all others.
Gold will continue to rise if the bad news continues. However, it is also vulnerable to any change in U.S. policies that may return to normalcy.
These are the views of a columnist who writes for.
(source: Reuters)