North America

The U.S. economic system is experiencing a productivity boom, and it may even be spreading globally. Artificial intelligence (AI) is expected to accelerate these trends. However, there are some early signs that AI's benefits may be spreading. The Purchasing Managers' Index (PMI), released on Friday, showed that British businesses have started the year off on a high note. Demand at home and abroad has been robust. This is the fastest growth in output since April 2024. The pace of job loss has also increased since December. Since late 2024, the sub-indices of employment in Britain's PMI have been below that...

United Steelworkers and Marathon Petroleum started negotiating on Friday for a multi-year contract with U.S. refinery and chemical plant employees?with just a week left before their current contract expires. If the union and Marathon fail to reach an agreement, the contract will expire shortly after midnight on February 1st. This could lead to thousands of workers walking off the job. The last nationwide strike, which took place 11 years ago, lasted six weeks. However strikes at individual plants continued through the summer. A total of 7,000 workers went on strike. As the leading company in the national pattern negotiations, Marathon...

Since 2003, the United States has effectively controlled Iraq's oil revenues, which gives Washington a powerful influence over Baghdad, and can have implications for regional dynamics that involve Iran. How does the U.S. control Iraqi oil revenue? The U.S. control of Iraq's oil revenue is primarily due to the Federal Reserve Bank of New York's management of the oil income of Iraq. The U.S.-led 'Coalition Provisional Authority (CPA)' established the Development Fund for Iraq, which was housed at the New York Fed, after the 2003 invasion. The DFI's purpose was to collect Iraqi oil revenues and use those funds for...

The Russian rouble has strengthened 3.6% against U.S. dollars so far in January. This is mainly due to new 'hopes' for a peaceful resolution in Ukraine, as U.S.?Russian?and Ukrainian negotiators are scheduled to meet in the United Arab Emirates. Negotiators from Russia, Ukraine and the United States will meet in Abu Dhabi for two days to discuss the issue of territorial disputes. The rouble was flat by 1215 GMT after strengthening 1.3% on Thursday, in anticipation of the visit from the U.S. Steve Witkoff, the special envoy and Jared Kushner, President Donald Trump's daughter-in-law. Due to Western'sanctions,' the dollar trades...

The stock markets of the United Arab Emirates ended lower on Friday. Dubai was impacted by weakness in financial and utility shares, after U.S. President Donald Trump renewed his threats against Iran. Donald Trump stated on Thursday that he hoped not to have to use the "armada", warning Tehran to stop killing protesters and restarting its nuclear program. Dubai's main stock market fell 0.2% in the session after reaching a near 20-year high. Dubai Islamic Bank, a lender affiliated with the?Islamic bank Dubai Islamic Authority, slid 0.2%. Tecom Group, a business park operator, gained 0.6% when it acquired 125 million...

The U.S. took over Venezuela's oil imports and redirected crude barrels which were used to pay off debts owed to China. What is the debt owed by Venezuela to China and why was it paid after Venezuela defaulted? HOW MUCH DO VENEZUELA OWES CHINA? The data on Venezuela's debt are sketchy, especially since 2017, when U.S. sanctioned triggered a default. AidData, a?research laboratory at the U.S. University William & Mary that tracks lending, estimated official sector Chinese lenders extended loan commitments of $106 billion to Venezuela from 2000 to 2018. Separately they calculated that $44 billion was outstanding in 2017....

The U.S.'s control over Venezuela's oil exports ensnared the barrels that were servicing debts to China. This could lead to another showdown between two superpowers, which would further complicate the South American nation's path towards avoiding default. Venezuela's $150billion foreign debt is believed to be a tenth loan from China, which the OPEC country was paying with oil cargoes – until the U.S. seized Venezuelan president Nicolas Maduro this month. Experts in debt said that the impact of China's claim to the cargoes?and?any conflict with the United States?could make it harder for Venezuelans to restructure their debts after a default...

Trafigura, a trading house, has sold its first shipment of Venezuelan crude oil, as part of an agreement between Caracas, Venezuela, and Washington for the supply of 50 million barrels of oil. The Spanish refiner Repsol is expected to receive a shipment of this quantity. Two sources stated that the cargo should be delivered to Repsol by mid-February. Trafigura and Repsol have declined to comment. The agreement would be one of the first to sell Venezuelan oil in Europe since the United States captured Venezuela's leader at the beginning of this month, and struck an agreement with Caracas for the...

Sources in the industry said that Trafigura sold its first cargo of Venezuelan crude oil as part of a 50 million barrel supply agreement between Caracas, Washington and Spain. The shipment was taken by Spanish refiner Repsol. Two sources confirmed that the cargo will be delivered in Spain to Repsol in February. Trafigura did not respond immediately to a comment request. Repsol refused to comment. This deal marks the first time that Venezuelan oil has been sold to Europe since the United States seized?the South American nation's leader earlier this month, and struck agreements with Caracas for the export of...

Data from the Joint Organizations?Data Initiative revealed that Saudi Arabian crude oil exports reached their highest level for more than two and a half years in November. Crude oil exports from the world's biggest oil exporter rose to 7.378 millions barrels per day in November, a higher level than the 7.100 million barrels bpd recorded in October, and their highest level since March of 2023. Saudi Arabian crude production reached a record high of?about 10.50 million bpd during November. This is the highest level since April?2023. In October, the output was 10.002 millions bpd. Saudi Arabia and OPEC members provide...

Four sources with knowledge of the matter have confirmed that India's Reliance industries Ltd, the operator of the largest refinery in the world, will'receive' sanctions-compliant Russian crude oil between February and March, after a one month pause. Reliance received its last shipment of Russian crude in December, after it secured a U.S. concession allowing it to extend the deadline for ending business with Rosneft (a Russian oil company sanctioned by the U.S. government) beyond November 21. Sources said that Reliance, like other Indian refiners will purchase Russian oil from non sanctioned sellers. They did not elaborate on how many cargoes...

Saudi Arabia's National Infrastructure Fund and Humain - the artificial intelligence company of the Kingdom - announced on Wednesday that they had reached a financing deal of up to $1.2 billion. The agreement is intended to'support the expansion' of AI and digital technology in the country. According to a press release, the agreement sets out non-binding terms of financing for the development up to 250 Megawatts of AI data centre capacity to support Humain’s customers. It was announced in Davos, Switzerland. As part of an 'overall effort' to diversify economic activity and income sources away from hydrocarbons, the world's largest...

On Monday, gold prices soared to record levels of $5,100 as investors sought refuge from the international political turmoil. Silver and platinum prices also reached new highs. By 11:37 am, spot gold had risen 1.9% to $5,076.43 per?ounce? After hitting a new record of $5,110.50, ET (1637 GMT), gold prices were up 1.9% to $5076.43. U.S. Gold Futures for February Delivery gained 1.9%, to $5 074.10. Gold prices are supported by the elevated level of geopolitical uncertainty and economic instability. Central banks continue to be strong buyers, as they diversify their foreign exchange reserves and decrease reliance on the U.S....

USA Rare Earth announced on Monday that Trump's administration will support a $1.6billion debt-and equity funding package for it to build a Texas magnet and mine facility to supply the defense and high tech sectors. Over the weekend, it was reported that the U.S. Department of Commerce had taken a 10% stake of USA Rare Earth in Oklahoma as part of an effort to?boost the production of critical materials and reduce reliance on the market leader China. USA Rare Earth shares grew 15% on Monday to $28.42. Rare earths are a grouping of 17 minor elements and magnets made of...

Century Aluminum will take a 40% share in a U.S. aluminum smelter planned by Emirates Global Aluminium. This is the first primary aluminium plant built in the United States in nearly 50 years. EGA,?which retains 60% of the joint-venture, announced plans to construct the smelter at Inola in?Oklahoma in May 2025. The financial terms of the transaction were not disclosed by either company. EGA said last year that it was expecting to invest $4 billion in the development of the project. The smelter will now be able to produce 750,000 tons of aluminum annually, up from the previous 600,000 tons,...

The companies announced that Zijin Gold would buy Canada's Allied Gold at a price of?about C$5.5billion ($4.02billion) in cash. This is as the Chinese miner accelerated its global expansion amid record-high yellow metal prices. Gold prices have risen, boosting margins and cash flow for miners. This has led to consolidation as large producers look to boost production through acquisitions instead of developing new mines. Canada and China have also agreed to a deal to improve their relationship after reaching a preliminary agreement this month to reduce tariffs on canola and electric vehicles, while vowing to lower trade barriers and enhance...

USA Rare Earth shares jumped up to 62% on Monday in premarket trading after reports that the Trump administration would take a 10% stake as part of a $1.6billion debt-and equity investment package. Sources who were briefed about the plans over the weekend said that the deal and a separate $1 billion private investment would be announced on Monday. The company will also host a conference call in the morning with investors to discuss terms. According to LSEG data, a 10% stake would?make administration the largest shareholder in the company. USA Rare Earth is developing a mine with Texas Mineral...

Gold miners' shares jumped on Monday in premarket trade as bullion prices surged to record highs of $5,100 per ounce. This extended a historic rally driven by safe-haven demand amid market volatility and geopolitical uncertainty. Gold's annual rise of 64% is the highest since 1979. This was a result of U.S. monetary policy ease, central?bank purchases and investors flowing into ETFs to hedge against macro-uncertainty and global policy risks. Gold is a non-yielding asset that benefits from a low interest rate and an uncertain economic environment. Bullion prices have risen by more than 18% in the past year. Gold prices...

On Monday, gold reached a new record of $5,000 per ounce as investors continued to pile into the asset that is considered a safe haven amid increasing geopolitical tensions. By 2321 GMT, spot gold had risen 0.94% to $5,029.62 an ounce, while U.S. futures for delivery in February rose 1.02%, reaching $5,029.70. Independent analyst Ross Norman stated that "our forecast for the coming year is gold will reach a maximum of $6,400 per ounce, with an average price of $5,375." Gold's recent gains have been fueled by the escalating tension between the United States, NATO and Greenland. This is due...

Gold reached a new record high of $5,000 per ounce on Monday as investors continued to pile into the safe haven asset amid increasing geopolitical tensions. Spot gold increased 0.75% at $5,019.85 an ounce as of 2304 GMT. U.S. gold futures for delivery in February gained 0.84%, to $5.020.60 per ounce. Gold's recent gains have been attributed to the escalating tension between the U.S., NATO and Greenland. This is due to expectations of increased financial and geopolitical uncertainties. Independent analyst Ross Norman stated, "Our forecast for the year is gold will reach a high price of $6,400 per ounce, with...

Financial Times, Saturday, reported that the United States plans to invest $1.6 billion in 'Oklahoma based miner USA Rare Earth, and receives a 10% stake. Reports said that the government's investment, as well as a separate private financing agreement of $1 billion, would be announced Monday. The White House, USA Rare Earth and the White House did not respond immediately to our request for comment. Report said that the government would receive 16.1 million shares and warrants worth $17.17 each in the company. Washington In December of last year, it planned more "historic deals" with the U.S. Mining Sector to...

Documents seen by former Barrick executives and Canadian mining company Barrick show that the joint venture partner Newmont will be key to Barrick's plans to spin off North American assets. This is a dramatic change in fortunes for both global mining companies. The Denver-based Newmont has a lot of influence over Barrick's strategies. This is a big change from just a few short years ago, when the Canadian company had hoped to purchase Newmont's?minority?stake?in the Nevada mines. Barrick had tried to buy Newmont a decade before. Documents show that Newmont would have the right to first refusal if Barrick tried...

Investors rushed into safe-haven assets amid the geopolitical turmoil, and also on expectations of U.S. rate cuts. Metal prices rose 147% in 2017 due to a combination of?strong demand for investment, challenges with scaling up the refining process, and a persistent shortage on the market. How does silver trade work? Over the Counter London is the largest marketplace for silver and gold, and it's where brokers and banks handle all of the buy and sell orders. The trading is done over the counter between financial institutions. An investor must be in a relationship to gain access to this market. Bars...

The price of silver rose to $100 an ounce on Friday for the first ever time, and gold reached a new record on its way to $5,000/oz. Investors are flocking into safe haven assets due geopolitical unrest and expectations that U.S. rates will be cut. Spot silver rose 4.05% at $100.1 per ounce as of 1547 GMT. Metal prices have risen by more than 200 percent in the last year. This is also due to ongoing challenges with scaling up the refining of the metal, and a persistent shortage on the market. Silver should benefit from the same forces that...