Latest News
-
Trump extends U.S. Sanctions on Cuban Government
Two White House officials said that President Donald Trump signed an executive order on Friday broadening U.S. Sanctions against the 'Cuban Government. He is trying to put more pressure on Havana following his ouster of Venezuela's president from power. Officials said that the?new sanctions are aimed at people, entities, and affiliates who support the Cuban security apparatus, or are complicit with corruption or serious violations of human rights, as well agents, officials, or supporters of government. The order was reported first by. Officials said that the order authorized secondary sanctions for those who conduct or facilitate transactions with the individuals targeted by the order. The Trump administration's new sanctions against Cuba were its latest offensive. President Trump has declared Cuba to be near collapse. Since February 28, U.S. forces have waged war with Israel on Iran, launching strikes against Iran and Venezuelan vessels. Trump has stated that "Cuba will be next." He hasn't said what he intends to do about the island nation. Officials said that Trump's order was an implicit warning for Cuba. They claimed the Cuban government had aligned themselves with Iran and militant groups such as Hezbollah. Officials said that Cuba provides an environment conducive to hostile foreign intelligence, military and terrorist operations, less than 100 miles away from the American homeland. The U.S. demanded that Cuba open its state-run economic system, pay reparations to expropriated properties by the government of Fidel Castro and hold "free" and fair elections. Cuba's socialist form of government has been declared unassailable. After ousting Maduro in January, the U.S. imposed?additional pressure and sanctions on Cuba. Trump threatened to impose punishing tariffs on any country that shipped?crude oil to Cuba. This prompted Mexico, another major?supplier to stop shipments. Fuel shortages in Cuba led to three national-scale blackouts, and many airlines from abroad suspended flights to Cuba.
-
Data shows that Tether purchases of gold for USDT reserves decreased in the first quarter.
In its latest quarterly report, Tether, the issuer of the?world's largest stablecoin?, revealed that it had slowed down its purchases of gold to back?Tether USDT to 6 metric tons, from 27 tons between October and December. Last year, the crypto company bought a lot of gold to use as reserves for the Tether USDT, a stablecoin that is backed by a digital currency with tokens worth $189.5 billion. It also purchased the Tether gold token, the Tether-XAUT, which has a circulation of $3.3 billion. Each Tether dollar token represents one U.S. Dollar held in reserve. Tether issues USDT when a user gives it a dollar. It also holds assets with the same value such as U.S. Treasury Bills. These reserves ensure that USDT is redeemable for dollars in the event of a need. The Tether XAUT is fully backed up by gold. The report revealed that the gold reserves?to support Tether USDT were worth $19.8 billion at the end of March. This would be equivalent to 132 metric tonnes of gold at market prices at that time compared to 126 tons at the end of December last year, according to calculations. As of the end March, Tether USDT's reserves are primarily U.S. Treasury Bills worth $117 billion. Gold represents only 10%. Bitcoin accounted for $7 billion in the reserves. Separate data revealed that Tether, the gold token, is currently backed by 22 tons of gold, an increase of 6 tons since the end of December. Tether holds a total of 154 tons gold in its two products. It would rank among the top 20 gold-holding countries if it were a central banking institution, but behind Brazil which according to World Gold Council data owns 172 tonnes. El Salvador-headquartered Tether doesn't disclose its ?total bullion holdings but they are probably larger: CEO Paolo Ardoino told in ?January that the company aimed to allocate 10%-15% of its own $20-billion investment portfolio to physical gold. Sources say that the group had planned to manage its own gold?investment by hiring two major traders in late 2025, but let them go in March. Four sources with knowledge of the situation said that the approach was not viable because a supervisory structure above the traders became an organizational constraint. One of them stated, "It didn't work." (Reporting and editing by Susan Fenton; Polina Devtt, Polina)
-
Gold is a positive, as oil prices drop and hopes for Iran talks fade
Gold prices rose Friday, reversing losses of more than 1% earlier, amid hopes for a breakthrough in the Iran war. According to reports, Tehran had submitted a revised proposal for negotiation, which eased inflation fears. At 10:36 am, spot gold rose 0.3% to $4.636.72 an ounce. ET (1436 GMT), after having fallen as low as $4,59.48 in earlier sessions. The stock was still on course for a weekly loss of 1.6%. U.S. Gold Futures for June Delivery rose 0.4% to $4649.60. The potential 'peace breakthrough', as Iran has signaled that it is willing to resume talks, likely boosted risk appetite among investors, pushed the U.S. dollar index and pushed gold prices higher. "The potential?peace breakthrough, with Iran signalling that it wants to talk again, probably boosted investor risk appetite and pressured the?U.S. dollar index," said Jim Wyckoff. Dollars are cheaper to buyers of other currencies. IRNA, the Iranian state news agency, reported that Iran had sent its latest proposal for negotiations with America to Pakistani mediators. The news caused oil prices to drop, but they were still on track to make weekly gains. This is continuing the trend of fuel prices rising and fueling concerns about an economic slowdown in the world. Central banks could be prompted by rising costs to keep interest rates high for longer. This would put pressure on assets that do not yield, such as gold, as investors look at alternatives like Treasury yields. The U.S. 'Federal Reserve' kept interest rates the same this week, and struck a hawkish stance that caused?markets to abandon expectations of a rate reduction this year. The price of gold has fallen significantly since the beginning of the Iran conflict, in late February. This is despite its traditional role as a hedge against geopolitical uncertainties. Silver prices have risen 3.4%, to $76.26 an ounce. Ole Hansen is the head of commodity strategy for Saxo Bank. He wrote: "Long-term prospects (for silver), remain supported by a sixth consecutive year's market deficit. Palladium rose 0.9%, to $1,537.12, while platinum was up by 0.8%. (Reporting by Anjana Anil in Bengaluru. (Editing by Nia William and Mark Potter.
-
Gold drops as inflation fears fuel expectations of higher rates
Gold prices fell on Friday and were headed for a loss of a week as inflation concerns reinforced expectations that rates would rise in the future. Oil prices remained near $110 per barrel. At 9:30 am, spot gold was down by 0.7% to $4,588.32 an ounce. ET (1330 GMT), after having fallen as low as $4,559.48 earlier in session. It was on course for a loss of 2.3% per week. U.S. Gold Futures for June Delivery fell by 0.6% to $4600.00. Chris Gaffney is the president of EverBank's world markets. He said: "Precious Metal Traders continue to sell Gold after the Fed signaled that U.S. Interest Rates would remain on Hold for the Near Term Due to Inflation Concerns." He added that this downward trend could continue as long as these concerns remain and oil prices remain high. As fuel prices rise, Brent prices are expected to continue their upward trend. Cost increases could encourage central bankers to keep interest rates high for longer. This would put pressure on non-yielding investments like gold, as investors look to other options such as Treasury yields which offer higher returns. The U.S. Federal Reserve?kept rates unchanged this past week, and took a hawkish stance that caused markets to give up any hope of a rate reduction in the United States this year. The price of gold has fallen significantly since the start the conflict with Iran in late February, despite the fact that the metal is regarded as a hedge for geopolitical uncertainties. IRNA, the state news agency, reported that Iran's latest proposal for negotiations with the United States was sent to Pakistani mediators on Thursday. Silver spot prices increased 1.4%, to $74.78 an ounce. Ole Hansen is the head of commodity strategy for Saxo Bank. He wrote: "Long-term prospects (for'silver') remain supported by a sixth consecutive annual market deficit, declining above-ground inventories, and firm demand from private investors and solar." Palladium was down 0.1% at $1,522.25 and platinum rose 0.3% to $1,991.80. (Reporting by Anjana Anil in Bengaluru; Editing by Nia Williams)
-
TMC claims seabed mining application meets US standards, expects regulatory decision in Q1 2027
The Metals Co announced on Friday that U.S. regulators found their consolidated application for deep-seabed mineral exploration and commercial recovery to be "fully compliant" with federal requirements. This is a major step towards approval. The company expects that the regulatory process including the environmental review will be completed by the end of the first quarter 2027. TMC reported that the National Oceanic and Atmospheric Administration (NOAA) determined that the application submitted by the U.S. division met all requirements under the Deep Seabed Hard Mineral Resources Act. The decision comes ?as President Donald Trump's administrationencourages U.S. exploration ?of the deep ?sea by accelerating permits for companies seeking critical minerals in international waters, a move expected to face environmental and legal challenges. Environmental groups have opposed the practice of mining seabeds to obtain metals such as nickel, manganese and copper, which are used in electronic products, weapons, and consumer goods. TMC has applied for approval to?explore and?recover metals from polymetallic nodules that are used in energy, defense, and infrastructure applications. The company announced in January that it was the first deep sea?miner?to seek Washington's approval as part of a simplified permitting process launched earlier this year.
-
Policymakers: Fed should abandon rate-cutting lean due to oil price shock
The Federal Reserve officials who disagreed with this week's statement of policy said that the rising oil prices due to the U.S. supported war against Iran mean the U.S. Central bank officials should make it clear that they cannot continue to lean toward interest rate reductions, due to the uncertainty surrounding the future of the economy and inflation. The Fed's most divided vote since 1992 kept the overnight benchmark?interest rates steady at 3.50% to 3.75% but maintained language that indicated its next likely move would be a cut. This is consistent with the process started about 18 months ago, of lowering high borrowing costs used in order to combat inflation and towards a "neutral" position. The Fed's target of 2% is still well above inflation, and it has been increasing. With the risks associated with the outcome the war being so high, policymakers are less confident that rates will fall. Some are worried that they might need to increase. The pressures on inflation are still broad, and the rising oil price is a new source. She said that she no longer considered this easing of bias to be appropriate given the current outlook. Neel Kazhkari, the Minneapolis Fed president, said that a prolonged closing of the Strait of Hormuz or any further damage done to Middle East energy infrastructure would produce a large price shock. The Fed would then need to "potentially" raise rates to keep inflation expectations under control. After the Fed's weekly meeting, the lid was lifted on its policy communications. We would have to respond with a strong response. Federal funds rate hikes, possibly a series, could be justified even at the cost of further "weakness" in the labor market. The policy statement was approved by 8-4 this week. It repeated the existing language in order to show that the easing bias felt by three voting Fed officials is no longer appropriate. Other non-voting policy committee members are likely in agreement. The fourth dissent was 'in favor of a rate reduction. MARKET MEASURES OF FUTURE INCREASEMENT EXPECTATIONS ARE ON THE RISE The closure of the Strait of Hormuz - a vital shipping route for the world's supply of energy - and threats to the infrastructure has pushed the price of oil above $100 a barrel for several weeks. It reached $126 this week, compared with $70 when the conflict began two months ago. According to the AAA group, the average price of gasoline in the United States has risen by almost 10 cents over night to $4.39 per gallon. It was around $3 at late February. Omair Sharif of Inflation Insights said it was "early days" but that the Fed could be surprised to see that the consumer price index for May is above 4%. This would echo the spike in inflation that occurred after the COVID-19 Pandemic, and the Russian invasion of Ukraine 2022. Kevin Warsh could face "not only surging energy prices that threaten to spill over into the wider economy, but also rising inflation expectations numbers," Sharif wrote in a Friday article. Donald Trump said that he expected Warsh to deliver rate cuts in a difficult environment. While Fed officials claim that inflation expectations are stable at the moment, they have seen a sharp rise in expectations of near-term inflation since the start of the war, but their expectations of the rate of inflation over the longer term have increased more modestly. The market-based measures have also begun to increase. The yields of 10-year Treasury Inflation Protected Securities have risen by 25 basis points and are the highest they've been since 2023. The rate on 5-year TIPS also increased by roughly the same amount. The 5-year, 5-year-forward rate, which is a measure for expected inflation in five years' time, and the five years following, has risen by about 20 basis points. Powell said in a press conference after the Fed meeting on Wednesday that inflation dynamics were so fluid, the "center of thinking" among Fed officials was moving away from a statement with an easing bias in favor of a neutral tone, which would open the door for a rate increase. He said this change could happen, depending on the events, at the next policy meeting on June 16-17. Kashkari, in his Friday statement, pointed out another possible issue with the language of "easing". Kashkari's analysis shows that even in a "benign" scenario, where the Strait of Hormuz is opened relatively soon, the underlying inflation rate in the U.S. will remain at 3%. This would be well above the Central Bank's target, and would allow it to stay unchanged for a long period of time.
-
Imperial Oil's quarterly profit misses expectations as throughput volume falls
Imperial Oil, a Canadian oil company, missed Friday's analysts' expectations for the?first quarter profit. Weaker crude realizations and unplanned outages at its facilities lowered?refinery?throughput. The geopolitical tensions that have been brewing in the Middle East have tightened the global oil supply. This has led to higher fuel prices. However, the gains are not enough for the weaker realisations and reduced downstream volumes. Imerial Oil refinery's quarterly?throughput dropped to 384,000 barrels a day (bpd), from 397,000 bpd?a year ago, and capacity utilization decreased to 88% from 90%, primarily due to unplanned outages and disruptions to synthetic crude feedstock. Early trading saw shares of the Calgary-based company, which is listed in the U.S., fall 2.7%. The company reported that the average price of synthetic crude oil fell from C$98.79 to C$96.13 a barrel, compared with C$98.79 a barrel a year ago. Western Canada Select remained largely unchanged at $58.33 per barrel. The quarterly upstream production however increased marginally to 419,000 barrels of crude oil equivalents per day (boepd) compared with the 418,000 boepd produced a year ago. The company also stated that the U.S. Trade Measures introduced in 2025 and Canada's retaliatory Tariffs were not expected have a material impact on its financial situation or operations. Imperial 'Oil reported its net income dropped to C$940 ($692.96 millions), or C$1.94 a share, for the quarter ending March?31. This compares with analysts' LSEG data compiled estimates of C$995?or C$2.47 a share.
-
RPT-Syria is dependent on Russian oil despite pivoting to the West
Reporting shows that Russia is now the largest oil supplier to Syria despite the alignment of the new government with the West, and despite widespread mistrust of Moscow due to its military support of the fallen leader Bashar Al-Assad. The report found that oil shipments from Russia increased by 75% this year to a total of?60,000 barrels a day. This was based on official announcements, and data from ship tracking sites such as LSEG MarineTraffic, and Shipnext. These volumes are a small part of Russia's daily oil exports. The flows will make Russia the dominant oil supplier in Syria after the fall of Assad, December 2024. This is replacing Iran, which was a major ally of the ousted president during the?14-year civil conflict. This dynamic shows how limited Syria's options are. Even though Syria emerged from the war as a Western-leaning country, its economy has not been closely integrated into global financial systems, even after Europe & Washington ended decades of sanctions against the?country last year. Three Syrian officials and two analysts said that the trade was a reflection of economic necessity for Damascus. It also gave Moscow influence over a country in which it still has two air and naval bases. Officials who spoke under condition of anonymity in order to discuss sensitive issues said that the relationship with Russia could strain ties between the EU and Washington. However, Damascus has limited options at the moment. According to Syrian economist Karam Shar, the trade could also expose Syria's energy industry to new Western sanctions. Shaar added that the Syrian government is aware of the risks, and is looking for alternatives suppliers. A representative of the state-run Syrian Petroleum Company said that Damascus is trying to diversify its suppliers and has, to date, unsuccessfully sought an oil agreement with Turkey, a country close to Sharaa's government. SynMax, a maritime analytics firm, said that financial constraints, commercial risk and years of conflict limited Syria's ability to access conventional tanker operators. It left Russian-linked networks as the most viable option. SynMax, in a press release, said that these shipping networks "could present reputational issues for Syria when it seeks re-establish its commercial credibility." However, the statement noted that a "transition to conventional international supply chain is unlikely to happen immediately." The Russian or Syrian energy ministries did not respond to comment requests. The U.S. State Department refused to comment on Syria’s oil trade with Russia. The U.S. Treasury issued temporary waivers to countries that bought sanctioned Russian oil or petroleum products at sea in response to the war in Iran. The Ministry of Information in Syria, which deals with media requests for Sharaa's Office, did not either respond. Officials from the Syrian Energy Ministry said that Syria's dependence on Russian oil was also due to its small market and low purchasing power. This made it difficult for Syria to sign long-term contracts, such as with Gulf oil producers. In March, the Central Bank of Syria reactivated their account with the Federal Reserve Bank of New York. This opened the door to wider banking communication with the global financial systems for the first since 2011. RUSSIA IS FIRST TO SEND OIL FOLLOWING ASSAD'S DEATH According to Kpler and an official, Russia was the first country to send a cargo to Syria following Assad's fall. It went on to ship 16.8?million bbls by 2025 – or 46,000 barrels a day – through 19 cargoes between February 28th and December 31st. Calculations show that this has increased to 60,000 barrels a day. The names of 21 vessels that arrive in Syrian ports from Russia almost weekly were tracked. All 21 vessels are under Western sanctions. The increase is a dramatic departure from the previous years. Iran was Syria’s main crude supplier until 2025. Russia's contribution was limited to occasional diesel deliveries. Kpler data indicates that in 2024, all crude imports - 22.2 million barrels – came from Iran. This was after Assad fell. The government has regained control of the oil fields in eastern Syria but domestic production is still limited. Al-Omar, the country's biggest field in Deir-Ezzor, produces 5,000 barrels of oil per day. Total domestic production was 35,000 bpd by 2025, which is far below the 350,000 bpd levels before war. According to officials from the Syrian Petroleum Company, and the energy ministry, Syria's daily fuel and oil needs are between 120,000 and 150.000 barrels. Additional volumes, estimated by officials as around 50,000 bpd, are smuggled in from Lebanon, which imports its oil from many sources, including Turkey, Saudi Arabia, and Russia. The Russian shipments have covered the gap of approximately a third of the domestic demand. These contracts were purchased at a discounted price to Brent crude benchmark prices before the Iran War. An official from the Syrian Company for Oil Transport who is familiar with these contracts confirmed that the contracts were booked in advance of the Iran War. Syrian authorities do not reveal the origin of oil shipments in their state-run media, despite the fact that they are announced in public. This is because Russia's military support for Assad's government makes it unpopular in Syria. The government only identified one delivery, from an ally Saudi Arabia. It was described as a gift. Syrian officials admit that the fates of Russian bases are often discussed between Damascus, and Western capitals. In an April post on X, U.S. Republican Congressman Joe Wilson stated that Syria should "do the right thing" and do what the majority in Syria supports and remove the bases. SANCTIONED VESHELS LSEG data show that at Syria's Mediterranean Terminals, trade is handled through a rotating tanker fleet linked to Russia's network sanctioned or risky tankers. These vessels operate under multiple flags such as Panama, Liberia Marshall Islands, Comoros Madagascar Oman, Russia and Liberia. According to SynMax's analysis, ship-to-ship transfers are part of the supply chain and often take place near Greece, Cyprus, or Egypt. These 'transfers of crude oil at sea, rather than the direct unloading of cargo in port' are often used to cut transportation costs or evade sanctions through obscuring origin and ownership. The ship-to-ship operation indicates that the United States does not completely turn a blind-eye to these activities and that at least some of these shipments are being concealed by the Syrian and Russian authorities, said Shaar, an economist. SynMax reports that on its short journey from Cyprus, the?Comoros-flagged AlbarraqZ, sanctioned in January by the U.S. for alleged links to Iran-backed Houthi network, appears to have taken oil via three sea transfers. Ships had left Russian port before anchoring near Syria's Tartous where draft changes of 11.9 meters to 7 metres?suggested a cargo discharge. The purpose of these transfers could not be determined. Some vessels are linked to Iranian-linked networks of trading that Russia also uses. The U.S. Treasury sanctioned the Guinea-flagged Aether in 2025 and the Madagascar-flagged Briont in 2025 because of their links to Hossein Shamkhani's network, the son a former Iranian Supreme leader advisor. SynMax discovered that both vessels showed irregular tracking behavior. Aether transmitted intermittently from the beginning of January, and Briont broadcast under another vessel’s identity starting in mid-January. Could not determine the cause of the intermittent location data. One source said that Syria used these transfers partly because officials were familiarized with the logistics networks after being excluded for years from the normal shipping networks. Other ships that unload in Syria seem to be more closely linked to Russian logistic. According to two different analyses conducted by the intelligence firms Lloyd's List & Kharon, both Oman-flagged Carma & Lynx were owned by an UAE-based company that is linked to Russia's Sovcomflot state shipping giant. According to two separate analyses by intelligence firms Lloyd's List and Kharon, the Comoros flagged Grinch was detained by France back in February. The U.S. & EU have been sanctioning it since last year because of its links with Russia's oil exporting fleet from Murmansk. Could not independently verify ownership of the ships. Noam Raydan is a maritime and energy analyst with the Washington Institute. He warned that it's not just about Syria paying for and getting its oil. She said: "The question is, who are the sanctioned players that benefit from this trade?" (Written by Feras Dalatey; edited by Frank Jack Daniel
Marchers demand the reopening Bosnia's final steel mill
On Friday, hundreds of workers marched in Zenica, the central city of 'Bosnia.' They protested against the closing of the country's 'last steel mill' which they said marked the end of 'an era of heavy industries.'
Protesters say that the shutdown of Zenica Steel Factory, which has been in operation for 130 years, put thousands of jobs on the line. This followed the February closure of Lukavac Coke Factory.
Avdija halilovic, a marcher from Zenica, said that the city would not exist if it were not for the steel plant in Zenica. Demonstrators blew whistles while carrying union flags and shouted slogans calling for the reopening.
Bosnia's Pavgord Group, which purchased the plant from ArcelorMittal in 2011, blamed its closure on logistics problems, cheaper steel imported and the failure of the government to take measures to protect the industry.
There was no immediate comment available on the public holiday of May Day, which fell on Friday.
The N1 website reported that the Bosniak-Croat Federation Prime Minister, 'Nermin Niksic', stated?on Friday that the regional government is interested in taking ownership of a?the factory and helping it to continue production.
This week, the Nova Ljubija Iron Ore Mines, a key supplier to the steel mill that employs 600 people, declared bankruptcy. (Reporting and writing by Amel Emric, Ivana Sekularac and Andrew Heavens).
(source: Reuters)