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Trump Administration aims to reduce regulations on US commercial fisheries
On Thursday, the Trump administration acted to slash commercial fisheries regulations from coast-to-coast. This included reopening New England's waters for scallop fishing after they were banned due to overfishing. White House advisor Peter Navarro told reporters that the American consumer will benefit from the new policy. The Commerce Department and National Oceanic and Atmospheric Administration have announced regional priorities, which the government claims are designed to revitalize seafood. The scope of the priorities and how NOAA intended to implement them was unclear. The move follows an executive order issued by President Donald Trump in April 2025 aimed at increasing the domestic production of?seafood by directing that the Commerce Department loosen regulations, and open marine monuments for commercial fishing. The goal was simple: we needed to protect?our domestic fisheries, promote productive harvesting of our resources and boost great American fishermen," said a senior official. Navarro stated that the desire to relax restrictions on scalloping came from a?Oval Office Meeting between Trump and scallop fishers who complained about not being allowed to fish in certain parts of 'Georges Bank. Scallop fishing is prohibited on the northernmost edge of those waters, off New England's coast. "We will fix this in an environmentally-sensitive way and with conservation in mind. Navarro explained that the process would be carried out in a systematic manner. He said that the New England Fishery Management Council will be involved in the process. In 1994, officials closed a large portion of the fishing grounds on Georges Bank. According to the American Museum of Natural History, an assessment of the cod stock in Georges Bank by the National Marine Fisheries Service found that it had declined 40% over the previous four years. The fishing fleet, which was then about twice as large, could not sustain Georges Bank. New England Fishery Management Council decided in 2024 to not reopen these fishing grounds that are also Atlantic cod spawning grounds to protect the "long-term productivity" of scallops. Alexander Dunn, a council spokesperson, stated that the council had discussed restarting work on scallop fishing along the northern edge of Georges Bank but did not decide to include it in its priorities for 2026. The issue may be brought up at the September meeting, he said. According to the museum, Georges Bank is a part of a chain of plateaus that are submerged in shallow water and were once rich fishing grounds. However, massive overfishing has brought some fish species to the brink extinction. NOAA also prioritizes other actions, including evaluating restrictions and permit policies, accountability, boundaries, and stock definitions, along the Atlantic, Gulf, & Pacific coasts. NOAA is responsible for managing the coastal fisheries of America's $320 million fishing industry. NOAA's National Marine Fisheries Service creates management plans for 45 different fisheries. It also sets quotas, determines the start and end of fishing seasons and consults federal government scientists as well as local fishermen. (Reporting and editing by Michelle Nichols; Timothy Gardner, Cynthia Osterman and Doinachiacu)
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Minister: Brazil will phase out diesel subsidies more slowly than gasoline
Bruno Moretti, Minister of Planning and Budget, said on Thursday that Brazil will take longer to phase out the diesel subsidy than it does the gasoline subsidy. This is because the process must be carefully managed, despite the fall in oil prices worldwide, to prevent price shocks and fuel shortages. Moretti stated that a gradual withdrawal of subsidy is consistent with government fiscal neutrality goals, and the cost will be offset by the extraordinary oil revenue still owed to the Treasury. In an interview, he explained that this approach would ensure "the diesel market has the predictability required to operate and provide society." He added that the 0.44 Brazilian real ($0.0844) gasoline subsidy per litre will be eliminated over a "much?shorter?" period. Subsidies are expected to disappear in the next few days. He said that removing the 1,12 real-per-liter subsidy could cause a rapid increase in diesel prices because the recent drop in oil prices after a preliminary agreement between the U.S.A. and Iran have not been fully passed on to the consumers. Brent crude prices soared above $118 per barrel after the Middle East war began in late February. It was trading at $71.51 per barrel on Thursday. Brazil's Government is also evaluating whether or not to reduce the 12% crude oil export tax imposed by March. Moretti stated that "we will certainly not be able to keep it in the current scenario." Next week, the executive order that established the tax will expire. He added that the government could maintain it at a lower tax rate by making an administrative decision. DIVIDEND TASKS SHORTFALL Moretti stated that despite the low revenue generated by a new dividend tax, which was introduced in January to offset an exemption for households with middle incomes, no additional measures were needed to make up the shortfall. The minister said stronger-than-expected collections in other areas, which he did not specify, ?would comfortably make up the difference. He added that in the worst-case scenario, any difficulties in reaching the target could be resolved?through the freezing of spending. Moretti said that the government will continue to meet its fiscal goal of a primary surplus of 0.25 percent of the gross domestic product by the end of this month. The government can still achieve the goal despite a primary budget deficit up to 0.50% GDP. This is because the tolerance band allows for 0.25 percentage points either way. Due to the pressure of mandatory spending, President Luiz Inacio Lula's government operates under a spending block of 23.7 billion reais since May. Moretti stated that the economic team of the government does not expect a significant ease in the expenditure pressures. However, it might be able reverse the blockage partially this month.
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Trump is granted a court order to stop restoring climate park exhibits and slavery.
The U.S. appeals court lifted an order on Thursday that required the Trump administration to restore dozens of exhibits it had removed from national parks, including those on slavery and climate changes. The 1st U.S. Circuit Court of Appeals, a three-judge panel based in Boston, has put on hold a judge's order requiring the National Park Service to reinstall?exhibits that it removed under President Donald Trump's directive targeting displays?that "inappropriately disparage Americans past or living." Circuit Court of Appeals halted a judge’s order requiring that the National Park Service reinstall 'exhibits' it had removed as a result of President Donald Trump's directive to target displays that "inappropriately disparage Americans living or dead." Last month, U.S. district judge Angel Kelley in Boston concluded that the displays had been removed from the nation's park as part of the illegal effort by the administration to "rewrite" the nation's past with a whiteout pen. She reached this conclusion after a lawsuit filed by groups representing park conservators, historians, and scientists. They accused the administration of launching a 'conducted censorship campaign' to erase aspects of American History that didn't?conform with Trumps ideals. A panel of the '1st Circuit, made up only of judges appointed under Democratic presidents, agreed to suspend?Kelley’s ruling while the administration appealed it. They said the government would likely prevail. Requests for comment were not immediately responded to by the U.S. Department?of?Interior which oversees the National Park Service and the lawyers?for plaintiffs. Reporting by Nate Raymond, Boston; editing by Chizu Nomiyama, Cynthia Osterman
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Document shows that the German deal to replace dropped frigate program could cost EUR12 billion.
A new deal to replace Germany’s scrapped 'Rheinmetall' warship programme, could cost the government up to EUR12 billion (USD13.7 bn), according to a document from the finance ministry. The defence firm is assessing the impact of the new agreement on its earnings. Berlin has chosen Thyssenkrupp’s marine unit TKMS to replace Rheinmetall, after delays and cost overruns were expected. This is a major blow for Germany’s largest defence firm. The draft document that was seen by? The draft document, seen by?sprachvermögensprache?sprachsprach The draft document, which was? The government's??sprache The? Thursday and to be presented before the budget? According to the document, there is also an option to buy up to four additional units for EUR5.3 billion. According to the draft order of four ships rather than eight initially was the key reason for the relatively high unit cost, which was around EUR1.57 billion each vessel. Rheinmetall announced on Thursday that it would be evaluating any additional impact of the cancellation of six F126 frigates?on its full-year outlook. It said that the cancellation would reduce the company's order intake for each quarter by approximately EUR20 billion. Without mitigating measures, it added, 2026 revenues could be hit up to EUR300 millions. Rheinmetall announced that it would provide a more?complete assessment when reporting its?second quarter results on August 6th.
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Syrian state media report that six people were killed and others injured in a blast at a Damascus café.
According to the Syrian state media, a bomb explosion at a packed?cafe central Damascus on Thursday killed six people and injured 22 others. No one has claimed responsibility. Syrian state TV reported that an explosive device was planted in a cafe near the Palace of Justice, located in the heart of the capital. According to Syrian state-run media, Damascus governor Maher Idlibi claimed that the explosion was caused by an improvised explosive devise crudely constructed. Social media videos circulating on the internet showed blood and wounded people on the floor of a 'cafe that was allegedly the scene of the explosion. Could not verify the footage immediately. The attack is a 'new security challenge for the Syrian government led by President Ahmed al-Sharaa who assumed control in late 2024 after ousting former President Bashar al-Assad. Assad's removal effectively ended over 14 years of a?civil conflict. Since then, Damascus is home to a few?security incidents. One of these was a car-bomb that injured 18 people and killed a Syrian soldier in front of the Defence Ministry. Security officials said that although no group has claimed responsibility for the explosion on Thursday, Islamic State is trying to exploit the security vacuum left by the ouster of Assad by reactivating sleeping cells, recruiting fighters and moving weapons, as the new government expands its control across the country. The militant group declared earlier this year what it called a new phase in its operations against Sharaa’s government. The?group has become weaker than it was when it ruled large areas of Syria and Iraq prior to the collapse of their self-declared Caliphate. It is still capable of launching deadly insurgency style attacks and is seen by Syrian, Iraqi, and Western officials to be one of the greatest threats to Syria's future. Other opponents of Sharaa include Assad's officers and soldiers. Syria was rocked in?2025 by fighting between the new government and Alawite insurgents, as well as between government forces, and Druze gunmen. (Reporting and Writing by Jana Choukeir; Editing by Timothy Heritage Gareth Jones, Aideth Lewis, Timothy Heritage)
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Kuwait's crude oil production surged sharply in June following the US-Iran agreement, a source said
Kuwait's crude production jumped to 1.65m barrels a day in June, from just 580,000 bpd a month earlier, a source with knowledge of the situation said on Thursday. The OPEC member is boosting exports via the Gulf after the?U.S.-Iran peace agreement. Kuwait's surge in crude oil production is a sign that Gulf oil flows through the Strait of Hormuz have recovered rapidly after the disruption caused by the Iran War. Stranded cargoes are slowly clearing the Strait of Hormuz, and exporters are restoring their production. Kuwait produced about 2.5 million barrels of oil per day before Iran effectively closed the Strait of Hormuz in response to U.S., Israeli and NATO attacks. This prompted Kuwait and other Gulf producers such as Saudi Arabia and Iraq cut their oil production by millions of barrels each day. The source who refused to identify himself said that daily production increased to 1.9 million bpd during the last 10 days in June. The report led to an increase in oil prices on Thursday. Crude oil was already trading at its lowest price since late February just before the start of the war. A spokesperson for Kuwait Petroleum Corporation, the state-owned oil company in Kuwait, did not respond to a comment request immediately. A tender document issued a day after the company announced that all force majeure notifications from during the war had been lifted. Kuwait was one the hardest-hit Gulf countries from the Iran War because the Strait effectively halted all flows. Kuwait, unlike Saudi Arabia and the United Arab Emirates which can use other export routes than the Strait of Hormuz for their crude exports, relies almost exclusively on the waterway to export its crude, effectively cutting it off from key markets like Asia during the disruption. (Reporting and editing by Elaine Hardcastle, Alex Lawler, and Ahmad Ghaddar)
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Sources: Nayara refinery in India sells its gasoline to Russia through traders
Two'sources' with first-hand knowledge of the situation said that traders have sold Nayara Energy gasoline to Russia. The country is currently experiencing fuel shortages due to Ukrainian attacks on its energy infrastructure. On Wednesday, it was reported that Russia began seaborne imports from India of gasoline. The supplier wasn't named. Nayara has not responded to an email seeking comment. Rosneft, the Russian oil giant, owns a 49% stake. Hardeep Singh Puri, the Indian Oil Minister, said at a media briefing on Thursday that Indian oil companies did not sell fuel to Russia. However, it was "possible", that Russia bought fuel of Indian origin from traders. Since the European Union sanctions of last July, Russia-backed refiner Nayara has relied on traders to import and export refined fuels. Since the sanctions, Nayara has only been able to process?Russian crude oil at its Vadinar refinery located in western India. According to an industry source, the report on Wednesday stated that at least 60,000 metric tonnes of gasoline were sent from India to Russia. Another source said that two tankers carrying between 30,000 and 40,000 tons had been sent. A tanker invoice seen on Thursday shows that the vessel Agni, loaded with 'gasoline from Vadinar,' sailed 'for Fujairah?on June 20, despite LSEG tanker data showing that the Cameroon flagged vessel had passed past Fujairah heading north and was in Suez.
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Australia warns of risk to iron ore prices from China's state buyer
A report released by the Australian government on Friday stated that efforts made by China's iron ore buyer, which is backed by its state, to reduce?costs of Chinese steel mills could push prices down in the medium-term. This was a rare admission that such activities may affect earnings. Iron ore is Australia's largest export. It contributes significantly to the government's revenue. China purchases roughly three quarters of all seaborne trade. In its Resources and Energy Quarterly Report, the Department of Industry, Science and Resources said that state-backed China Mineral Resources Group has increased activity 'in the iron ore markets this year, which includes a high-profile battle with BHP. The CMRG has tried to influence changes in 'pricing mechanisms' among miners with the goal of reducing costs for Chinese Steel Mills. The department stated that this could lead to a decrease in the benchmark price over the'medium-term. This comment is one of the clearest acknowledgments by the government of the impact that CMRG could have on the steel industry. CMRG was created in 2022 in order to consolidate the buying power of steel mills and increase their leverage in negotiations with BHP, Rio Tinto, and Fortescue. CMRG asked certain domestic steel mills to not accept delivery of some portside iron ore from Fortescue. This was reported by the media on Wednesday. Fortescue refused to comment. CMRG has not responded to a request for comment sent via email. The government is closely monitoring the negotiations between CMRG and miners, as it fears that lower benchmark prices or changes in price arrangements could impact tax revenues and profit. Madeleine King, Minister of Resources, said that the government is keeping a "close eye" on iron ore developments this year because it's important to the federal budget and economy. Iron ore prices were a cautionary note in a report that was otherwise positive, and which upgraded the outlook for commodity export earnings. After the conflict in the Middle East, the government increased its forecast of the value for exports during the fiscal year that began on July 1 by 11% over its December outlook. The new figure is A$416 ($286 Billion) Due to the volatility of the market, it did not publish a quarterly report for March. In addition, the government has raised its "forecast" prices for a number of commodities in comparison to previous reports. Now, it expects to see iron ore priced at $91 per metric tonne, instead of $85, and gold?at $4.792 an ounce, rather than $4.049. Last week, spot gold traded at $4 063 and iron ore last traded at $98.5. The government also stated that it expected LNG prices to be higher than $11.3 per million British Thermal Units, and then decline to about $11 in 2028. Asia Spot LNG Last priced at $15.35
Gold gains over 2% following weak US payroll report
Gold ?rose more than 2% ?on Thursday, extending gains after ?weaker-than-expected U.S. ?non-farm payrolls data reduced expectations of Federal Reserve interest rate hikes this year.
As of 1:20 pm EDT (1720 GMT), spot gold was up by 2.2% to $4,116.54 an ounce.
U.S. Gold Futures closed 1.1% higher, at $4.125.7.
Dollar-priced materials are now cheaper for holders of other currencies, as the U.S. index fell by 0.5%.
The lower than expected jobs number indicates that rate hikes are less likely to occur later in the year. Gold tends to do better when interest rates are lower, said David Meger, director of Metals Trading at High Ridge Futures.
He added, "We saw a significant rise in the gold price as a result."
The Labor Department reported that the U.S. economy added 57,000 new jobs in January,?compared to economists' expectations of a rise by 110,000. The unemployment rate was 4.2%.
This was in response to a report released on Wednesday, which showed that private payrolls in the United States increased less than anticipated for June.
CME FedWatch shows that traders now expect a rate increase in September of just 51%, down from 66% prior to the release of the data.
Fed Chairman Kevin Warsh stated on Wednesday that inflation expectations and risks have decreased in recent weeks, while he reiterated that the Fed remains committed to bringing inflation to its 2% target.
The World Gold Council reported that central banks had resumed their buying in May. According to the latest data, official reserves of gold increased by a net 41 tons in the month.
Iran and the United States held a series of 'indirect' talks in the Middle East on Wednesday, but there was no sign that any progress had been made towards a lasting peace.
Silver spot rose by 2.6%, to $60.69 an ounce. Platinum gained 2.6%, to $1.617.00. Palladium rose 4.7%, to $1.267.14. (Reporting and editing by Joe Bavier, Diti Pujara and Ashitha Shivprasad from Bengaluru)
(source: Reuters)