North America

Russia and Ukraine both accused each other of a violation of a ceasefire that was announced by Moscow to cover the celebrations marking the Soviet Union's triumph over Nazi Germany. Sergei Sobyanin, the Moscow mayor, said that the city had been targeted. Officials also said that the Urals region of Perm was attacked by drones. Russia has announced a ceasefire from May 8 to 10, when they celebrate the Soviet Union's triumph over Nazi Germany. They will also hold a military parade in Moscow. Russia warned that any attempt to disrupt the celebrations by Ukraine would result in a massive'missile...

The price of oil rose by more than 1% after renewed fighting between the U.S.A. and Iran. This triggered a fragile ceasefire, and dashed hopes that the Strait of Hormuz would be reopened, an important transit route for oil and gas. Brent crude futures rose $1.41 or 1.41% to $101.47 per barrel at 0123 GMT. West Texas Intermediate (WTI), U.S. crude oil futures, rose $1.12 or 1.18% to $95.93 per barrel. Prices had already risen more than 3% at the opening of the market. This ended three days of declines following reports that earlier in the week,?the U.S. was close...

Fatih Bibil, the head of the International Energy Agency said that the 'war' in Iran continues to drain'millions' of barrels of 'oil every day. Brent oil futures fluctuated between $96 and $102 per barrel on Thursday, following mixed reports of an interim deal to end the war and possibly reopen Strait of Hormuz. This key trade chokepoint has been closed since the conflict began at the end of Feb. Birol warned that such volatility is likely to continue, and that the supply would return gradually once the war ended. He said that oil security would still be a major issue....

Semafor reported that the Trump administration has invited CEOs of Nvidia, Apple, Exxon, Boeing, and other large 'companies' to join him on his trip to China next week. According to the report, executives from Qualcomm, Blackstone Citigroup and Visa were also present. Citigroup, Visa, Nvidia and Apple did not respond immediately to a request for comment. Qualcomm confirmed the invitation, but declined to provide any further comment. Blackstone and Boeing declined comment. As Donald Trump prepares to visit 'Beijing' next week for a meeting with China's leader Xi Jinping, the media is buzzing about possible deals. Boeing CEO Kelly Ortberg...

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...

Serbia won't allow a newly formed 'local company' to buy a majority stake in its Russian owned NIS oil firm, said President Aleksandar Vucic on Thursday. KFT Senator Treasury G.T.7 Two LLC, run by Ranko Mimovic and founded in August last year, said Wednesday it had offered to buy a 51.16 percent stake?in NIS for 2.35 billion euros. The bid would be a challenge for Hungary's MOL, which is negotiating to buy a majority stake of NIS. This purchase is a condition that the United States must meet before lifting sanctions against the company operating Serbia's only oil refinery. Vucic,...

Solvay, a Belgian chemicals company, said it would pass on higher energy and transportation costs to its customers in response to the Iran War. Solvay says it will assess how the temporary closure of its Saudi Arabian-based joint venture peroxides would affect its business during the second quarter. It adds that the overall impact is limited. Vara Research had predicted a core profit of 220 millions euros, but the comments accompanying them showed that it fell to 219 million euros (257.37 dollars), a 12.4% decline. Solvay's Middle East sales are less than 5%, but since mid-March, production has been stopped...

Canadian retailer Loblaw missed Wall Street expectations for the first quarter revenue on Wednesday, as consumers become more cautious in their spending amid rising macroeconomic uncertainty. Lower-income Canadians are cutting back on non essential spending due to a squeeze on their household budgets caused by?higher prices for groceries, higher crude oil prices from Iran's war, and increased inflation. Retailers in North America are feeling the pinch. U.S. supermarket Albertsons forecasted soft sales last month, and Canadian discount retailer Dollarama projected a year-end?sales that were largely below expectations. Loblaw continues to expect that its adjusted net income will grow in the...

Pirelli announced on Wednesday that it would begin producing Cyber Tyres for the United States after Italy curbed its influence with Sinochem, the Chinese investor of the premium tyre manufacturer, in an effort to aid the company's expansion across the Atlantic. Italy's government resolved a dispute last month over Sinochem’s stake in Pirelli by using "golden powers". Sinochem, Pirelli's largest shareholder with a stake of 34.1%, was the cause of the dispute. Sinochem fears that Pirelli may fall foul of U.S. regulations restricting use of Chinese technology within?the automotive sector. Pirelli announced that it would manufacture its connected Cyber Tyre...

GasBuddy data showed that the U.S. average retail price of gas in the United States surpassed $4.50 a galon on Tuesday, for the first time since July 20, 2022. The U.S.-Israeli conflict?with _Iran? was disrupting a significant portion of the global oil supply shipped through the Strait of Hormuz. The U.S. Memorial Day Weekend and the peak driving season of summer are approaching. As President Donald Trump and Republicans campaign for November's midterm elections, rising pump prices present a serious political risk. Analysts say that without a de-escalation of the Middle East, U.S. motor oil prices could surpass previous records....

The U.S. Trade Deficit widened in march as a boom in artificial intelligence investments pulled in imports. This more than offset an increase in exports which was partly boosted by crude?oil shipments?amid Middle East conflict. The Commerce Department's report on Tuesday confirmed the fact that the trade deficit was a drag in the economy during the first quarter. Imports of goods are expected to increase, due in part to the AI spending spree. The increase in imports can be offset by the rise in petroleum exports. This is because economists expect that the U.S. and Israeli war against Iran will...

The U.S. Trade Deficit widened during 'March, as a 'artificial intelligence investment boom 'pulled in imports. This more than offset an increase in exports that was partly driven by the Middle East conflict. The Bureau of Economic Analysis and Census Bureau, part of the Commerce Department, reported that the trade deficit grew 4.4% in March to $60.3 billion. The economists polled by?by predicted that the trade deficit would rise to $60.9 billion in march. The trade deficit 'diminished by 1.30 percentage points the growth of gross domestic product in the first quarter. The economy grew by 2.0% on an annualized...

The U.S. trade court ruled on Thursday against President Donald Trump’s latest 10% tariffs on global goods, stating that they were not justified by a 1970s law on trade. However, the court only halted 'the levy on Washington State and two small businesses. The U.S. Court of International Trade has ruled in favor of two businesses, Washington State and the state of Washington that had challenged the tariffs which went into effect on 24 February. The decision was 2-1 with one judge stating that it was premature for the small businesses to win. The White House didn't immediately respond to...

The United States imposed financial sanctions on Thursday on a conglomerate of businesses run by the?Cuban military and a joint venture between Cubans and Canadians in the mining industry. This comes as the Trump Administration intensifies its pressure on Cuba's communist leadership by targeting foreign investment sources. Donald Trump, the U.S. president, has commented on the January military raid that was conducted to capture the leader of Venezuela's longtime ally Cuba. Cuba is next" and blocked most oil deliveries to the country. This worsened power outages in the island. Trump signed an executive directive last week that broadened U.S. Sanctions...

Three sources claim that the largest contractor of Barrick Mining’s Loulo-Gounkoto Gold Complex in Mali has closed operations and laid off more than 600 employees. This is a new sign the Canadian miner wants to reduce its exposure to high-risk assets. Sources familiar with the situation said that the move was prompted by a sluggish investment and production at the complex. Barrick had taken control of the complex from Malian administrators after a standoff over taxes and ownership. First and second sources said Barrick did not intend to renew its contract with Gounkoto Mining Services in 2026. They added that...

The head of Argentina's mining chamber said Thursday that the flagship investment incentive program for large projects, which currently has a 2027 deadline, should be extended. He argued the program was key to unlocking billions in planned investments. Roberto Cacciola said that the Incentive Regime for Large Investments, or RIGI, has helped to attract capital into the mining sector. The RIGI offers tax, currency, and legal stability advantages for projects valued at more than $200,000,000. Cacciola suggested that the scheme be expanded to include smaller projects which are important in creating jobs and supporting local supply chains. Cacciola told the...

Australian'shares' logged their second consecutive session of gains,?boosted by mining and financial stocks as hopes for a?peace agreement off the Middle East helped stabilize markets worldwide and lift risk appetite. The benchmark S&P/ASX 200 rose 1% to 8,878.10, continuing gains for the second consecutive session after gaining 1.3% on Wednesday. The global markets were encouraged by the prospects of a Middle East Peace Deal after Trump stated that he expects the war in Iran to be over soon. This positive sentiment spread into Australian markets. Cameron Curko (chief investment officer, Pitcher Partners) said that gold and copper-related miners are rising...

In 2024, a new mine producing silver, barite, and lead opened in the mountainous central Bosnian town of Vares. After decades of economic devastation, new roads, houses, and cafes were built. The population of the small town Vares, in central Bosnia, grew with new workers and residents. Blood tests in recent months have shown that more than 300 residents living near the mine are exposed to lead. Some of these levels are high, alarming the locals and putting the future of the town into question. Four Bosnian environmental agencies have filed criminal charges with the Zenica Doboj cantonal prosecutor's office...

On 'Wednesday', copper prices reached their highest level in almost two weeks on hopes that Iran and the U.S. are nearing a deal to end the Middle East?war. The benchmark three-month 'copper' on the London Metal Exchange increased 2.1% to $13,410 per metric ton during official open-outcry trade for a third consecutive session. It had earlier reached its highest level since April 23, at $13,462. Sources said that the United States and Iran were close to an agreement over a memorandum of understanding (MOU) of one page in order to end the Gulf War. Robert Montefusco, broker at?Sucden financial, said...

The Group of Seven Trade Ministers met in Paris on Wednesday to find common ground for securing vital?mineral? supplies that are dominated primarily by China. However, the United States' recent tariff threats against European Union made cars could strain unity. As ministers prepare to hold a summit of leaders in mid-June, Nicolas Forissier, the French Foreign Trade Minister said that France wanted critical minerals supplies among its most tangible deliverables. He said: "I think we'll make concrete progress in rare earths, critical minerals and supply chain security. We won't be held hostage to certain countries." There was a broad consensus...

Nickel prices reached $20,000 for the first time since about two years as U.S. president?Donald Trump hinted at a possible peace agreement that would end the war with Iran. The benchmark three-month copper price on the London Metal Exchange increased 1.1% to $13,284.50 a metric ton at 0804 GMT. This is its highest level since March 27. The Shanghai Futures Exchange's most traded copper contract was up 1.6% to 102,660 Yuan ($15.029.98) a ton. The Chinese markets resumed trading Wednesday after the May Day holiday. LME nickel rose 1.4% to $19 915 per ton, after reaching $20,000, the last time...

Gold prices rose?more?than 2% on Tuesday after the?U.S. President Donald Trump suggested that a possible deal could be made with Iran. This sent the dollar and crude prices lower, as inflation fears waned. As of 0811 GMT, spot gold rose 2.7% to $4680.91 an ounce. This is the highest it has been since April 28. U.S. Gold Futures for June Delivery rose?2.7%, to $4693.20. U.S. president Donald Trump announced on Tuesday that he will temporarily pause a mission to help escort vessels through the Strait of Hormuz. He cited progress towards a comprehensive deal with Iran. Iran's foreign minister said...

The new CEO Berta De Pablos Barbier is struggling to deal with the weak consumer sentiment that has been affecting the U.S., Europe and the Middle East due to the "Iran War". Pandora is under pressure due to high U.S. tariffs on imports and an increase in the price of silver. The Danish company sells silver charms bracelets starting at $70, made in its factories in Thailand. The company's poll of analysts predicted a first-quarter revenue of 7.089 billion crowns, which sent the shares of Pandora up by 9% at?early trade. Sales in Europe, Middle East, and Africa declined by...

The gold price rose by 2% Wednesday due to a weaker dollar. Meanwhile, lower oil prices eased concerns about inflation and interest rates that would be higher for longer, in anticipation of an agreement between the U.S. and Iran. As of 0415 GMT, spot gold was up by 2% to $4,647.09 an ounce. U.S. Gold Futures for June Delivery rose 2% to $4 658. U.S. president Donald Trump said Tuesday that he will temporarily halt an operation to help escort vessels through the Strait of Hormuz. He cited progress towards a comprehensive deal with Iran. The gold price rose as...