North America

The media frenzy around Elon Musk's SpaceX's public listing is soaring. This poses a serious threat to investors, especially retail investors. In a large initial public offer, "mom-and-pop" investors receive no more than 10% of the shares, while the majority of the newly listed'shares' are held by?large institutions. This is a good way to protect small investors, as a new launch could fail in the first few days of trading or become volatile in the following weeks and months. The biggest institutions have the ability to handle market volatility and are able to tolerate losses with a high threshold. Retail...

SpaceX's initial public offering in the United States raised $75 billion on Thursday as investors raced to get exposure to Elon Musk’s space?and satellite empire before its highly anticipated Nasdaq début. This is a time line of?SpaceX’s journey towards the blockbuster IPO Elon Musk started SpaceX in March 2002 with money from the sale of PayPal. SpaceX launched its first rocket in March 2006, the Falcon 1. It failed. Falcon 1 is launched successfully in September 2008. It's the first liquid-fuel rocket developed by a private company to reach Earth orbit. SpaceX signs its first major contract in December 2008...

Imperial Oil Canada was fined C$120,000 (85,849.19 USD) after pleading guilty to violating environmental regulations at its 'Kearl Oil Sands' site. According to the Alberta Energy Regulator, following a hearing on May 29, the Canadian oil producer was ordered to pay C$2,000, which included a victim surcharge. They also had to contribute C$118,000 to a creative'sentencing project. In an email, the company said that it has taken steps to prevent this from happening again, including reprogramming of equipment, updating sediment management processes, and increasing inspections. There is no evidence that the overflow of water has had any adverse effects on...

Global trade doesn't cool in the shadow of tariffs, wars on trade, real wars, and energy shocks. It's heating. How durable is it when the price, and not volume, is what's stoking up the flames? Recent trade data, from the U.S., China and other major economies, shows that cross-border commerce has grown at a faster rate than economists expected. In many cases the price increases were the primary cause of increased activity and surprising export figures. This reflects the spike in inflation caused by the Iran War, particularly on the oil and energy markets. This was especially true in the...

Global trade is not cooling in the shadow of tariffs and trade wars. It's heating. How durable is it when the price and not the volume is what's stoking up the flames? Recent trade data from the U.S., China and other major economies show that cross border commerce is growing at a faster rate than economists expected. In many cases the "increased activity" and the "surprisingly strong headline export numbers" were primarily driven by "higher prices". These reflect the spike in inflation caused by the Iran War, particularly on the oil and energy markets. This was especially true in the...

After a flat start, Indian?shares rose on Wednesday, led by Reliance Industries. This was after Meta Platforms announced its first AI-enabled?data centre partnering in India. As of 9:57 a.m. IST, the benchmark?Nifty 50 index rose 0.59% to 23,379.4 while the BSE Sensex increased 0.7% to 74436.6. Reliance rose 2.1% following a Meta announcement that the company would lease a datacenter the Mukesh Ambani?led?company, will build in India. 11 of the 16 largest sectors saw gains. The broader small and mid-caps were flat. The heavyweight financials and the private banks each gained 0.6%. As renewed Middle East hostilities, and expectations of...

Saudi Arabia cut its official'selling prices' (OSPs), for crude oil sold to 'Asia, in July, for a second consecutive month. This was expected, since spot premiums fell on a sluggish demand despite the supply disruptions caused by U.S. - Israeli war against Iran. A document reviewed on Monday by?showed that the July OSP was set at $9.50 per barrel over the average Dubai and Oman quote, which is $6 lower than the OSP in June. The July OSPs of other Saudi grades for Asia fell by $6 per barrel compared to the previous month. The price reduction was in line...

After the war in Iran, companies that have borrowed oil from the U.S. Strategic Petroleum Reserve will receive an 'extra 40 mln barrels - of crude as premiums. Fuel prices have risen since the U.S. and Israel war against Iran began in early February. Wright, however, said that he was not concerned about low stock levels at?the SPR. Wright told Fox Business's "Varney & Company," "I am not concerned because we are not'selling' any barrels of crude oil. We're supplying oil 'to the market 'in the short-term when it is needed, and we trade those barrels." "For every barrel we...

Residents of Gaza and south Lebanon, as well as northern Israel and Kuwait, were all targeted this week, despite a ceasefire allegedly in place in their respective regions, arranged by the United States. Israeli forces are still active in Gaza and Lebanon. Hezbollah's rockets struck northern Israel and Iranian attacks targeted Kuwait's airport. Donald Trump, the U.S. president, commented on Wednesday about the continued violence in the Middle East. He said that ceasefires involved "shooting?in a moderate manner", rather than an end to all fighting. Three truces that his administration has negotiated are meant to stop the "warfare". While the...

As of Friday, the U.S. designated Brazil's largest criminal groups as "Foreign Terrorist Organizations" (FTOs). This is likely to increase risks and costs of doing business in Brazil where gangs are well-established. Comando Vermelho (CV), and Primeiro Comando da Capital, both of the 'biggest Brazilian crime gangs, began in prisons during the 1970s. Since then, they have grown to dominate drug trafficking in South America and their money laundering operations have spread into the far corners of Brazil’s mainstream economy. Investigators have recently discovered that both groups are deeply embedded in sectors like fuel distribution, real-estate and finance. They also...

In an interview, Bonta said that he would decide soon whether or not to sue Paramount to stop its $110 billion purchase of Warner Bros. He added that he believes corporate pledges to address antitrust issues are 'better' when they are backed by divestitures. Bonta's Office has been evaluating the deal to determine if it violates U.S. Antitrust Law. Movie?theater owners and Hollywood actors have all expressed concern that the deal would reduce competition in the film industry and lead to higher prices, lower wages and fewer choices for consumers and content purchasers. According to a source with knowledge of...

The U.S. House of Representatives approved legislation Thursday that would provide 'aid to Ukraine' and impose new Russian sanctions. This is the latest indication that Republicans are willing defy their party leaders and push back against President Donald Trump. The House passed the Ukraine Support Act 226-195. It had been pending for months. A few Republicans signed a petition with Democrats to force a vote. On Thursday, Democrats and 18 Republicans joined forces with one independent who usually votes along side them to pass the bill. This was the latest indication of a rift in the nearly unanimous support that...

Gold prices fell on Friday, and were "on track" to make a loss for the week. This was due to concerns about inflation and possible interest rate increases by the U.S. Federal Reserve. As of 0442 GMT spot gold was down by 0.5%, at $4,193.58 an ounce. This was set to be a loss of 3.1% for the week. U.S. Gold Futures for August Delivery rose 2.5% to $ 4,215.30. Gold dropped to a more-than-six month low on Thursday, before closing at $4,219.69 as U.S. president Donald Trump canceled planned military strikes?on Iran, and signalled a forthcoming peace deal. Edward...

Gold prices fell on Friday, and were on track to lose a significant amount of money for the week. This was due to concerns about inflation and possible interest rate increases by the U.S. Federal Reserve. As of 0252 GMT the spot gold price was down 0.5%, at $4,191.17 an ounce. This was a loss of 3.2% for the week. U.S. Gold Futures for August Delivery rose 2.4% to $ 4,212.70. Gold fell to a six-month low before closing at $4,219.69 on Thursday, after U.S. president Donald?Trump cancelled planned military strikes against Iran and announced an imminent peace agreement. Edward...

Investors covered their short positions on Thursday and gold prices rose, rebounding from the?a six-month low. However, concerns about higher inflation rates in the U.S. and rising interest rates have limited gains. Gold spot rose 0.6%, to $4.097.01 an ounce at 836 GMT. It had fallen earlier in the session to its lowest level since November 21, U.S. Gold Futures for August Delivery were down 0.4% to $4,118. Ross Norman, an independent analyst, said that gold is "clearly" oversold right now. It remains to be determined whether or not this is a real recovery of the metal as such or...

Investors?bought? the metal at a bargain price on Thursday as they awaited a crucial U.S. Inflation Report that could influence Federal Reserve policy. Gold spot rose 0.7% by 0741 GMT to $4,103.74 an ounce, after having fallen as low as $4,022.09 per ounce on November 21, earlier in the day. U.S. gold futures for August were down 0.2% to $4,125.10. Matt Simpson, senior analyst at StoneX, said: "With prices hurtling toward $4,000, there's an obvious level of support which could encourage bears to make a quick profit, or tempt battered bulls off the sidelines." The U.S. Dollar Index failed to...

Investors?bought? the metal at bargain prices on Thursday as they awaited a U.S. inflation data that could shed light on Federal Reserve policy. Gold spot rose 0.5%, to $4,095.64 an ounce, by 0558 GMT. It had fallen as low as $4,022.09 per ounce on November 21, earlier in the day. U.S. Gold Futures for August Delivery were down 0.4% to $4,116.20. Matt Simpson, senior analyst at StoneX, said: "With prices soaring towards $4,000 it's a level of support which could encourage bears to make a quick profit or tempt battered Bulls off the sidelines." The U.S. Dollar Index?failed?to gain much...

Investors awaited the release of a key U.S. Inflation Report that could shed light on Federal Reserve policy. Gold spot rose by 0.1%, to $4,077.39 an ounce, at 0429 GMT. It had fallen earlier that day, to its lowest level since November 21, when it was $4,022.09 per ounce. U.S. Gold Futures for August Delivery were down 0.8% to $4,098.90. "Bearishness had?taken a hold of gold and traders are derisking now." Prices are 'hurting towards $4,000 and this is an obvious level of resistance that could encourage bears to take a quick profit or tempt battered Bulls off the sidelines,"...

Short-covering helped gold prices bounce back from a six-month-low on Thursday as investors awaited the key U.S. Inflation report, which could shed light on Fed policy outlook. Gold spot rose 0.4% by 215 GMT to $4,089.12 an ounce, after having fallen as low as $4,022.09 per ounce on November 21 earlier in the day. U.S. gold contracts for August delivery fell?0.5% to $4,111.10. "With prices hurtling toward $4,000, there's an obvious support level that could prompt bears to book a profit quickly or tempt battered Bulls from the sidelines," said Matt Simpson, a senior analysts at StoneX. The US dollar...

Elliott Investment Management, an activist investor, called on Australia's biggest gold miner Northern Star Resources late on Wednesday to restore shareholder value immediately by re-evaluating its board and conducting a formal strategic assessment. They cited severe underperformance. Elliott Investment Management, an activist investor, announced last week that it had acquired a stake of more than A$1 Billion ($700.80 M) in Northern Star Resources. The investor cited severe underperformance and repeated "operational mistakes", including seven missed outlooks over the past four years and a share value that was vastly below its peers. Elliott's call, which was instrumental in convincing BHP to...

Jim Anderson, the CEO of Coherent, a chipmaker backed by Nvidia in an earnings call early in May, warned about a shortage of Indium Phosphide. A U.S. delegation of businessmen accompanied President Donald Trump to China. Three sources with knowledge of the matter said that Anderson's trip was to highlight the delays in China's licensing for the export of the high-speed optical chip needed in the manufacturing of AI data centres. According to two U.S. officials and a person who was briefed about the talks, the issue was also raised during the Seoul talks between the top 'trade negotiators' of...

Gold prices fell more than 3% Wednesday as investors focused on U.S. key data to get clues about the direction of monetary policy. By 11:40 am EDT (1540 GMT), spot gold had fallen 3.3% to $4,123.89 an ounce. This was its lowest price since March 23. U.S. Gold futures for August deliveries fell 3.3% to $4147.10. Tai Wong, a metals trader and independent, said that the markets are desperate for some good news following Friday's strong payrolls as well as President Donald Trump's warning earlier today morning that Iran would 'pay the price' for not having negotiated a deal. Trump...

Amitabh Kumra, a trade official in India, said that India did not have'surplus manufacturing capacity' in textiles and steel as claimed in the Section 301 investigation by the U.S. Trade Representative. Washington has cited structural surplus capacity in Indian industries, from solar panels and petrochemicals, to steel and textiles. It also cites its $42 billion goods trade deficit with the United States by 2025. Kumar, India's Additional Trade Secretary, said that its textile and Steel output should be evaluated in relation to the size of its population, its domestic demand, and its growth needs rather than its absolute production. "Overcapacity"...

Indian share benchmarks remained largely unchanged on Wednesday at the close, with gains in heavyweights financials countering a wider selloff caused by a re-escalation of?the Middle East conflict. After American attacks on Iranian targets near Strait of Hormuz in April, Iran launched "missile" and drone attacks against U.S. bases in Jordan Kuwait and Bahrain. This was one of the largest outbreaks of hostilities in the past few months. The fourth month of the war has seen a 'pummeling' of emerging market assets. This has forced governments in Asia to take steps to reduce the impact on growth and inflation. The...