North America

According to a'senior officer' in the Islamic Revolutionary Guard Corps Navy, Iran has expanded the definition of the Strait of Hormuz far beyond what it was before the Iran war. Fars, a news agency affiliated with the Iranian government, reported Tuesday that the strait was no longer viewed by the IRGC Navy as a small stretch of water around a few islands, but had been significantly enlarged and given a greater military significance. "In the past the Strait of Hormuz has been defined as a small area around islands like Hormuz or Hengam. But today, this view is changing," said...

Kevin Warsh, the new Federal Reserve chairman, is on his way to the Federal Reserve to "clip the wings" of a bank that he believes has strayed into politics. Many countries are afraid that this will only give the 'U.S. Politicians have more freedom to use financial instruments as a weapon. Warsh, who was nominated by U.S. president Donald Trump in January to succeed Jerome Powell at the helm of the board, is expected to be confirmed by the Senate before Powell's?term ends on May 15th. His confirmation hearing delved into his views on?Fed independence? and a controversial preference to...

Prices of oil rose by nearly 1% on Tuesday as the talks to end U.S. - Israel's?war on Iran? appeared fragile. Tehran's response?to a Washington proposal highlighted stark differences which have kept supply concerns alive. Brent crude futures rose 86 cents or 0.8% to $105.07 per barrel. U.S. West Texas Intermediate was up 99 cents or 1% at $99.06 as of 0411 GMT. Both benchmarks rose by nearly 2.8% Monday. U.S. president Donald Trump said on Monday that the ceasefire agreement with Iran is "on life support." He cited disagreements on several demands such as the cessation?of?hostilities across all fronts,...

The Iran War has further strained U.S. - Chinese ties and is expected to dominate the May 14-15 summit between U.S. president Donald Trump and Xi Jinping, his Chinese counterpart and host in Beijing. Here are some of the main issues that Washington?and Beijing will be dealing with as the U.S. - Israeli war against?Iran reshapes their broader relationship. IRAN CEASEFIRE CONFERENCES U.S. Treasury?Secretary Scott Bessent said the two presidents would discuss the Iran War, and asked China to "join in this international effort" to open up the Strait of Hormuz for international shipping. Analysts say that while Beijing did...

Reliance Jio Platforms, owned by Indian billionaire Mukesh Ambani, is preparing to apply for regulatory approvals to list in Mumbai. This is expected to be the largest-ever stock offering in India. Jio Platforms is the second largest telecom company in the world by number of users, after China Mobile. TELECOM BUSINESS Reliance Jio Platforms is part of Ambani’s oil-to retail conglomerate,?Reliance Industries. Reliance Jio Infocomm is its most well-known business. It has more than 500,000,000 subscribers and is the largest telecom company in the country. In 2016, when Jio was launched, it offered free voice and data to rivals like...

Sources say that Mukesh ambani's company Reliance Jio has shifted to a pure fundraiser for its planned Mumbai listing, selling 2.5% of the shares and abandoning earlier plans which would have allowed shareholders to exit. Investors include Alphabet, Google, and Vista Equity Partners, as well as Indian billionaire Ambani’s Jio Platforms. Jio Platforms is the second largest?telecom company in terms of users, after China Mobile. One source said that investors were not interested in selling and wanted to remain invested for the long-term. The company 'had earlier held discussions with 'its foreign investors to each sell 8% their individual holdings...

The U.S. Air Force has yet to answer Maryland's congressional delegation about the delay in notifying them of a fuel spill from Andrews Air Force Base. Maryland lawmakers say they have yet to receive a response from Defense Department following a letter they sent earlier this week asking for answers regarding a fuel spill into Piscataway Creek, Prince George's County. They were notified of the incident on March 23 - two months after it occurred. About 22,000 gallons were released into the environment contaminating soils, and Piscataway Creek. The delegation, with the exception of Republican Congressman Andy Harris said that...

The Russian Victory Day Parade will be the smallest in recent years due to the threat of an attack by Ukraine. Moscow's forces have been unable to win the war, which has been the deadliest European conflict for more than four years. The parade on Red Square, which takes place May 9, is Russia's most revered national holiday. It's an opportunity to commemorate the Soviet Union's triumph over Nazi Germany, and pay tribute to the 27,000,000 Soviet citizens who died, many of whom were Ukrainians. The parade, which was once used to display Russia's military might, including its intercontinental missiles...

Marco Rubio, Secretary of State on Friday, said that the United States could have a productive relationship with the Catholic Church despite tensions over President Donald Trump's repeated criticisms of Pope Leo. Rubio visited the Vatican Thursday and told reporters that the meeting had been "very positive" before departing Rome. Rubio, when asked about Trump's criticism of Leo for his comments about the Iran War and other issues, said that Trump acts to the benefit of the U.S. Rubio said that Trump acts in the best interest?of the U.S. and "will always speak clearly about how he feels about the?U.S....

Treasury Department: The United States sanctioned?Iraq’s deputy 'oil minister? and militias on Thursday for their support of Iran. The Treasury Department accused Iraqi deputy minister Ali Maarij Al-Bahadly, of abusing his "position to facilitate the diversion" of oil for sale to the Iranian regime and their proxy militias in Iraq. The deputy oil minister and the Iraqi oil ministry did not respond to requests for comment. Hayan Abdel Ghani, Iraq's Oil Minister in March, said that Iranian oil tankers stopped by U.S. Forces in the Gulf used forged Iraqi papers. ?Tehran denied using such documents. The United States and Iran...

U.S. Energy Secretary Chris Wright stated on 'Thursday' that Iran has reduced its oil production by about 400,000 barrels per day and will likely reduce it further as the storage units fill up. It looks like they have already reduced their production by maybe 400,000 barrels per day. Wright told Fox News that?they'll continue to ramp down production as their storage fills up and they are unable to export oil. Shipping data and analysts say that a U.S. navy blockade against Iranian ports has slowed down Tehran's oil production, leaving a growing stockpile on tankers, as Iranian storage facilities are...

Kentucky Governor Andy Beshear reduced 'the state’s gasoline tax by ten cents' as residents continued to struggle with rising prices due to the U.S. - Israeli conflict with Iran. The Democratic Governor also announced that he would delay a 0.6-cent increase per gallon in the current state tax of 26.4-cents, which was due to go into effect on July 1. Together, the two moves will save residents $1.7 million each month. Beshear announced in the emergency regulation that "oil prices will continue to rise until April 30th 2026 when they reach a four-year high." This emergency administrative regulation will remain...

Emirates Global Aluminium is sticking to its investment plans, despite the Iran War. This was revealed by the chief marketing officer of the company on Tuesday. EGA, largest aluminium manufacturer in the Gulf, had to close its Al Taweelah Smelter in United Arab Emirates due to an Iranian attack on late March. It is also planning to build the first primary aluminium smelter built in the United States for almost 50 years, alongside Century Aluminum. Adel Abubakar, during a discussion panel at the CRU World Aluminium Conference on Tuesday, said: "I don't think that anything is really changing from an...

Gold prices fell on Tuesday as the markets weighed developments in the Middle East conflict and interest rate expectations before key U.S. Inflation data. Gold spot fell 0.6% to $4,705.99 an ounce at 0603 GMT after reaching a session high of three weeks earlier. U.S. Gold Futures for June Delivery fell 0.3% to $4.714.50. The hope for a peace agreement on?Iran has faded since U.S. president Donald Trump said that a ceasefire deal with Iran is "on life support".?Tehran rejected the U.S. proposal and refused to accept a list demands from the U.S. President Donald Trump called the proposal "garbage"....

The rupee and Indian shares both fell to a new record low Tuesday as crude oil prices rose. This was due to fragile negotiations over the end of the Iran 'war, which fueled concerns about global supply and economic fallout. As of 10:15 a.m. IST the Nifty 50?was down 0.69% to 23,652.4 while the BSE Sensex fell 0.82%, to 75,386.61. The benchmarks fell by 1.5% each on Monday. The mood was also affected after Prime Minister Narendra modi, over the weekend, urged fuel conservancy and restraint in gold purchases to help preserve foreign currency reserves. Jewellers, oil companies and travel...

Canada's main index of stocks closed in the black on Monday and reached its highest level in nearly three weeks, supported by gains in oil and metal stocks. Investors weighed the effects of the Middle East conflict. The S&P/TSX Composite Index of the Toronto Stock Exchange closed up 0.18% to 34,138.88. This was its highest closing since April 21. Energy stocks rose?1.7% and materials rose over 3% as oil and precious metal prices rose. The rapid rejection by President Donald Trump of Iran's response to the U.S. Peace proposal has fueled fears that the 10-week conflict will continue and keep...

Michael Meding is the vice president and general manager of McEwen Copper. Michael Meding is McEwen Copper’s vice president and manager general. He said that the loan was part of the $4 billion total financing package for the McEwen Copper project. He refused to identify the lender, but said that an announcement will be made shortly. In a recent interview, the executive stated that he had already signed a?agreement? with a company that handled the entire debt package with international export agencies. The project is located in the Andean Province of San Juan. Los Azules is located 3,500 meters above...

Canada's main stock index rose to near three-week highs ?on Monday as ?Barrick Mining jumped after stronger-than-expected ?results ?and other commodity-linked stocks climbed while investors weighed the impact of the Middle East conflict. At 10:47 am. The S&P/TSX Composite Index of the Toronto Stock Exchange was up 0.3% to 34,205.24, its highest level since April 21. As precious metals prices and oil prices increased, energy stocks, materials and gold gained. The President Donald Trump's rejection of Iran's response to the U.S. Peace Proposal fueled fears that the conflict, which has been going on for 10 weeks, would continue and paralyze...

In a press release, Brazilian labor inspectors fined Sigma Lithium after they found that the company had deposited waste into a pile which was closed because it posed a "grave" and "imminent" risk to workers and local residents. Inspectors discovered that despite three Sigma waste piles being closed last December, trucks continued to deposit waste on one of them. Sigma did not respond immediately to a comment request. The largest lithium producer in Brazil announced that it would resume mining at its flagship Grota do Cirilo Mine despite the piles having been shut down. When the piles closed late last...

Investors awaited the key U.S. Inflation data that is due later this week and assessed developments in 'U.S. diplomacy with Iran. As of 10:20 am EDT (1420 GMT), spot gold had risen 0.3% to $4,730.49 an ounce after having fallen over 1% in the previous session. U.S. Gold Futures increased 0.2% to $4.740.40. Jim Wyckoff of American 'Gold Exchange, a market analyst, said: "There are just some bargain hunters and positions?ahead?of the U.S. Inflation data this week." The U.S. Consumer Price Index is due to be released on Tuesday, and the Producer Price Index (PPI) will be released on Wednesday....

Gold prices fell Monday as U.S. president Donald Trump's "swift" rejection of Iran's response to a peace proposal raised inflation fears and affected the outlook for interest rate rates. As of 8:45 am EDT (1245 GMT), spot gold was down by 0.5% to $4,692.49 an ounce. U.S. Gold Futures fell 0.6% to $4701.30. After the U.S. made an offer to reopen negotiations in the hope of reopening the talks, Iran released on Sunday a response focusing on ending the conflict on all fronts, particularly Lebanon. The document also demanded compensation for the war damages. In a few hours, Trump had...

On 'Monday', copper prices rose to their highest level in over three months as fears of supply shortages outweighed worries about lower demand because of the stalemate during the 'Iran War. In open-outcry official trading, benchmark three-month copper at the?London Metal Exchange rose 1.1% to $13,715 per metric ton. This is its highest since January 29. The stock was on course to post its sixth consecutive session of gains. This is the longest bullish streak since December. It has gained 10% this year but is still well below its peak of $14,527.50 in January. Ole Hansen is the head of...

The ongoing closure of the Strait of Hormuz may not seem to have much in common with the Indian diet cola consumers, but both are at risk. The world economy will be affected by the second and third round effects of the closure. This is because the price of refined fuels like gasoline and diesel has already increased. Electric vehicles (EVs), which allow drivers to reduce their dependence on fossil fuels, are widely considered one of the biggest winners in the current conflict between Iran and the United States. But EVs have a direct connection to the Strait of Hormuz,...

Australian shares dropped on Monday, as risk aversion grew after U.S. President Donald Trump rejected Iran’s response to an?outline of peace?. CSL also fell to a low not seen in over a decade, with the biotech company cutting its?outlook? and announcing $5 billion worth of?impairments. As of 0031 GMT, the?S&P/ASX 200 was down 1% to 8,661.4 points. The benchmark index closed Friday 1.5% lower. Investors' appetite for risk was drained by the escalating geopolitical uncertainties, as Middle East tensions revived demand for safe haven assets. This weighed on equity markets. On Sunday, President Trump rejected Iran's response on a U.S....