North America

California's Energy Commission decided on Friday to set aside for a temporary period penalties for excessive refinery profits, which were adopted in response to the rise of gasoline prices over $8 per gallon by 2022. The delay of five years in implementing penalties comes at a time when Phillips 66 Los Angeles refinery prepares to start shutting down production next week, ahead of a complete closure. California's Democratic governor Gavin Newsom proposed the penalties but has now changed direction due to fears of price spikes after 2026 following the closure of a Phillips 66 plant and a Valero Energy Corp....

Mukesh Ambani is the chairman of Reliance Industries. It is India's largest company. He said that Indian companies need to collaborate to protect the South Asian country from geopolitical and external shocks. Why it's Important Reliance operates the largest refining facility in the world, located in Gujarat, the western state, and is India's leading buyer of Russian oil. The United States doubled the tariffs it imposes on Indian products to 50% as a punishment for purchasing Russian oil. This is among the highest rates Washington has ever imposed and on par with Brazilian products. Economists warn that this could have...

Trade sources reported that Indian refiners increased their purchases of U.S. crude this month due to the competitive prices. This could help reduce the trade deficit between India and the United States, amid tensions. Indian Oil Corp., the country's largest refiner, purchased 5 million barrels U.S. West Texas Intermediate Crude for delivery between October and November through a tender. Other sources reported that Vitol had sold 2 million barrels to Reliance Industries, while Bharat Petroleum Corporation purchased 2 million from Vitol. Indian refiners and others in Asia increased their purchases following the arbitrage window The door for U.S. crude oil...

The gold price was on course for a rise of more than a month on Friday, after reaching a peak of over a month in the previous session. This was supported by a softer dollar in general and expectations that the Federal Reserve will cut interest rates in September. As of 0223 GMT, spot gold was unchanged at $3,412.56 an ounce. Bullion is up 3.9% this month, and on Thursday it reached its highest level of $3.423.16 in the last 23 days. U.S. Gold Futures for December Delivery were flat at $3.473.70. Dollars fell 0.4% overnight and were set to...

Dutch and British gas wholesale prices fell early on Thursday, as wind energy generation reduced gas-for power demand. Increased liquefied gas arrivals also offset the reduction in Norwegian supplies. LSEG data show that the benchmark Dutch front-month contracts at TTF hub were down 1.32 Euros at 31,23 Euros per megawatt hour or $10.63/mmBtu by 0742 GMT. This was the lowest price for a whole week. The British gas front-month contract fell by 2.55 pence, to 78.21 pence/therm. Meanwhile, the intra-day contract was down by 2.65 pence. Daniel Hynes is a senior commodity strategist with ANZ. He said that ship tracking...

Gold Reserve filed a motion on Wednesday to disqualify an opposing bid by an affiliate of Elliott Investment Management, which a Delaware court selected this month as the frontrunner in an online auction for Citgo Petroleum’s parent. The auction of PDV Holding (parent of Venezuelan refiner Citgo) was overseen by a court officer who determined that the winning bid in the competition was a $5.86-billion offer made by Elliott affiliate Amber Energy, despite his recommendation in July of a $7.4-billion bid from a group headed up Gold Reserve subsidiary Dalinar Energy. The officer will now have to submit a fresh...

India, which is the third largest oil consumer in the world and also the biggest buyer of Russian crude oil by sea, has been caught up in the diplomatic negotiations between Russia, and the United States, to end the conflict in Ukraine. Why has Trump imposed additional tariffs on Indian goods? In retaliation against New Delhi's increased purchases of Russian oil, President Donald Trump has added an additional 25% to the tariffs already in place on Indian goods. This is among Washington's most severe. Peter Navarro, White House's trade adviser, said that India's purchases were funding the war of Moscow...

The U.S. President Donald Trump doubled tariffs on Indian goods to up to 50% as planned on Wednesday. This escalated tensions between the two world's largest democracies. COMMENTARY: MADHAVI ARORA CHIEF ECONOMIST, EMKAY GLOBAL "While tariffs may add a downside tail risk to forecasts, it's too early to think about actual forecast changes." The impending global trade reset will not be easy, even though we are closely watching the results of the ongoing China-U.S. negotiations. The RBI and other EM central bankers may follow the U.S. Fed in the future, but will also have to deal with risk-aversion noise through...

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. A senior Exxon Mobil executive talked with Rosneft in Russia this year about returning the Sakhalin Project if the U.S. gave the greenlight as part of the Ukraine peace process. Elon Musk’s SpaceX has launched its giant Starship for a 10th test flight, aiming to overcome setbacks in development and achieve long-awaited technical milestones that are key to the Mars Rocket's reusable construction. Cracker Barrel has announced that it will keep its old logo and scrap plans...

The U.S. President Donald Trump doubled tariffs on Indian goods to up to 50% as planned on Wednesday. This escalating tension between the two world's largest democracies, and strategic partners. COMMENTARY: RADHIKA RAO SENIOR ECONOMIST DBS BANK The impact of the second 25% duty on Wednesday, despite India's modest exports to the U.S. being only 2.3% of its GDP, will be asymmetric. The central bank will be on alert for signs of growth risks, as well as possible relief in credit and liquidity. Other counter-efforts, such as seeking alternative markets and strengthening trade & investments ties via multilateral and bilateral...

According to a report by the Italian-American automaker and the government, Chrysler's parent Stellantis was fined $190.6 Million for failing to meet U.S. fuel efficiency requirements. In an annual report, the National Highway Traffic Safety Administration stated that Stellantis had paid $112.3 in June and $78,3 in March as payments for shortfalls in 2019 and 2020 models. Stellantis paid a total of $773.5 Million since 2018. NHTSA informed automakers last month that they would not be fined for failing to meet fuel-efficiency rules going back to 2022, as per a law signed into law by President Donald Trump. Stellantis confirmed...

The United States agreed to in principle exempt Indonesian cocoa, rubber and palm oil exports from President Donald Trump’s tariff of 19% since August 7, said the Southeast Asian nation’s chief tariff negotiator on Tuesday. Airlangga hartarto, also chief economic minister of Indonesia, said in an interview that the exemption would take effect after both sides reached a final agreement. However, no deadline was given as the U.S. is busy with tariff negotiations with other countries. Airlangga added that the U.S. also discussed a possible investment by its sovereign wealth fund Danantara in Indonesia's fuel storage, along with state energy...

The U.S. Court of Appeals ruled Friday that the majority of Donald Trump's tariffs were illegal. This decision undermines the Republican President's use the tariffs as an important tool for international economic policy. In his second term as president, Trump has used tariffs to exert political pressure on countries that export goods into the U.S. and to renegotiate deals with trade partners. Tariffs are a tool that Trump's administration can use to gain concessions from its trading partners, but they also increase volatility on the financial markets. The U.S. Court of Appeals, Federal Circuit, in Washington, D.C., ruled on the...

The European Commission on Thursday proposed removing duties on imports of U.S. Industrial Goods in exchange for reduced U.S. Tariffs on European Cars, which is a crucial part of the Trade Agreement between the EU and United States that was signed last month. The proposals are the first step taken by the EU to implement the framework agreement reached between U.S. president Donald Trump and Commission president Ursula von der Leyen, on July 27. In that agreement, the EU agreed to a 15% general tariff in order for a trade war not be a destructive one. From August 1, the...

Nippon Steel, the Japanese steel company, plans to increase profits at U.S. Steel by investing $11 billion and transferring its advanced technology and operational techniques to expand capacity. The $14.9 billion acquisition of U.S. Steel by Nippon Steel was completed in June. This 18-month-long process had been slowed down due to the political changes during the transition from the Biden to Trump administrations. The investment and transfer of knowledge, which will run through fiscal 2028 and include a period up to 2026, are expected to increase U.S. Steel’s annual profit contribution from 80 billion yen to 250 billion in fiscal...

The only British aluminium coil factory has invested millions to reduce its carbon footprint, save energy and protect itself from some the highest electricity prices in the world. When Bridgnorth Aluminium falls below the threshold for government subsidies that help businesses pay their bills, they ramp up everything to make sure they don't miss out. Our finance guy told us at the end the year that it was okay to keep the lights on more. "It's kind of strange and counterproductive," Adrian Musgrave said, head of sales for Bridgnorth Aluminium. The paradoxical situation is caused by the high electricity prices...

KoBold Metals - the mining company owned by U.S. billionaires Jeff Bezos & Bill Gates - has been granted seven permits for the search of lithium and other minerals within the Democratic Republic of Congo. This was announced on Wednesday. In July, the Central African nation signed a contract with KoBold that allowed it to begin a large-scale exploration program for minerals. KoBold also acquired Manono, a lithium deposit that is considered to be one of the largest in the world. A company official said that "our exploration efforts will be centered on lithium" across the seven new licenses. Four...

Yulia Shvyrydenko, Ukraine's Prime Minister, announced on Wednesday that the country has begun a public tender to acquire the rights to mine a deposit of lithium in Kirovohrad. The tender for "Dobra" is expected to represent the first project of a joint fund of investment with the United States, which was signed in April in Kyiv as part Kyiv’s efforts to keep Washington in line in its war on invading Russian troops. The U.S. has a preferential deal with Ukraine on new mineral deals, and can invest in Ukraine's reconstruction. This is a deal that was heavily promoted by U.S....

Gold prices fell on Wednesday, as Treasury and dollar yields increased. However, the losses were limited due to the demand for safe havens amid concerns over the independence of the U.S. Central Bank following President Donald Trump's attempts to remove a Fed Governor. At 1018 am, spot gold fell 0.4% per ounce to $3379.76. ET (14:18 GMT). U.S. Gold Futures for December Delivery fell 0.1% to $3.428. The dollar index rose 0.4% in relation to a basket major currencies. This made greenback-priced Gold more expensive for foreign buyers. Jim Wyckoff is a senior analyst with Kitco Metals. He said: "We...

TechMet, a U.S.-government-backed investment vehicle, is launching an arm to trade critical minerals following further investment by commodity trading house Mercuria. This was announced on Wednesday. TechMet, a private company, owns stakes in 10 different companies including Brazilian Nickel, Cornish Lithium, and Rainbow Rare Earths. According to a press release, TechMet SCM will be a new trading unit that will concentrate on specialty metals from its portfolio companies as well as third parties. Mercuria has increased its investment to make possible the launch the trading arm. It did not specify how much Mercuria had invested. TechMet stated that "it will......

The copper price fell on Wednesday after four consecutive sessions of gains. A stronger dollar, increasing inventories, and concerns about the demand from China, which is the world's largest metals consumer, all contributed to this decline. The benchmark contract for three months on the London Metal Exchange dropped 0.7% in open-outcry official trading to $9,772 per metric ton, after hitting a two-week high of $9,862 Tuesday. LME copper is up 11% in this year. It has recovered from a low of $8.105, which was more than 16 months old, at the beginning of April. Ewa Mnthey, a commodities analyst at...

Bloomberg News, citing sources familiar with the situation, reported Wednesday that Newmont plans to reduce its workforce as part of a cost-cutting initiative. According to the report, the miner has not specified the number of positions it plans to cut. However, it has set the target to reduce costs by $300 an ounce, which could result in thousands of layoffs. The report stated that Newmont wanted to "be closer in line with its low-cost peers". Newmont reported total costs of $1,593 for each ounce of gold in the quarter ending June 30. This is a metric that reflects all expenses....

A spokesperson for PT Freeport Indonesia said that the company expects its East Java joint venture smelter to be repaired by early September. The company reported that repairs at an oxygen facility delayed the startup of Gresik, a joint-venture between Freeport Indonesia, Japan's Mitsubishi Materials Corp and Freeport Indonesia. This smelter has been under maintenance for the last month. Katri Krisnati said that the repairs to the oxygen plant of PT Smelting will be completed in September 2025. She did not elaborate. The annual production capacity is 342,000 metric tonnes of copper cathode. This plant takes approximately 40% of Freeport’s...

The additional 25% tariff imposed by President Donald Trump on Indian imports went into effect on Wednesday. Some shipments now face a duty of up to 50%, which is among the highest Washington has imposed and equal with Brazil and China. This article explains why an additional tariff was implemented and what this means for India. Why did trade talks break down? India and the U.S. held five rounds since April of trade talks, but disagreements over India's dairy and farm sectors and its purchases from Russia led to the breakdown of the talks. Both sides blamed the failure of...