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Tennessee Guard soldiers in a task force under Trump's leadership kill an armed man.
Two Tennessee National Guardsmen assigned to a Donald Trump-backed task force against crime fatally shot a man who was being chased by the 'Memphis Police. This brought attention to a high profile 'federal' initiative that has been hailed as a success. The soldiers involved in the incident on Sunday were members of the Memphis Safe Task Force. This was a partnership between federal agents, National Guard units and local police that was launched last year in order to fight violent crime. Memphis is one of several Democratic-led U.S. Cities where the Trump Administration has deployed federal forces. Trump and senior officials visited Memphis, Tennessee in March to commend the operation. The 'Republican President' has credited the operation with reducing violent crime?in the city. The city police department reported that when they responded to a call of shots being fired downtown, they saw a man with a handgun. According to the Tennessee Bureau of Investigation (TBI), two Guard soldiers nearby joined the pursuit. The suspect was identified as Tyrin Johnson, 20 years old. The TBI stated that "for reasons under investigation, the situation escalated and two National Guard soldiers fired upon Johnson, hitting him and killing" him. The Memphis Police Department reported that the suspect turned his handgun toward the Guardsmen before they shot at him. The Tennessee National Guard did not respond immediately to an e-mail seeking a?comment. The TBI is conducting an investigation at the request from the Shelby County District Attorney. (Reporting and editing by Donna Bryson, Howard Golle and Howard Golle)
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Pakistan mediating Libya unity push as rival camps seek deal, Pakistani sources say
Two Pakistani sources claim that Pakistan is quietly mediating between Libya’s rival eastern-western?power centers. This effort, which was previously unknown, will raise Pakistan's diplomatic profile, if successful. The Pakistani involvement comes after months of monitoring a U.S. led push to find diplomatic solutions in Libya. The Trump administration has repeatedly credited Pakistan's role in separate mediation between Iran and the U.S. This year. One of the Pakistani source said that the U.S. had been "fully aware and engaged" with Islamabad’s Libya role. Both sources confirmed that Saudi Arabia was also supporting the effort. Islamabad and Saudi Arabia signed a mutual defense pact last year. Saudi Arabia has been seeking influence in Libya for a long time. Both sources in Pakistan said that the effort began at the end of last year, and both sides in Libya requested their involvement. It is unclear how closely Pakistan coordinates its efforts with regional stakeholders. The Pakistani foreign ministry and its military media, officials from western and eastern Libya, the Qatari, Turkish, Saudi Arabian and U.S. foreign ministries did not respond immediately to requests for comment. UNITY PLAN Analysts said that any successful plan for reunifying Libya would have to balance the vastly differing interests of foreign patrons, and resolve disputes about posts, election rules, and oil revenue, which have derailed previous attempts. The United States is pushing hard to impose a new format in Libya, but the structure is still vague and undefined. Summary of "Libya Reunification Plan" shared with would establish a 36-month power-sharing arrangement, under an entity called the Government of National Consensus & Presidential Council. One Pakistani source warned that the proposal was still under discussion. It would create a period of transition with Abdulhamid Dbeibah, the U.N. recognized and western-based Libyan Government of National Unity, as Prime Minister and Saddam Haftar as the deputy commander of eastern-based Libyan National Army as Chairman of the Presidential Council. The proposed budget plan would give Haftar's father Khalifa Haftar authority over the budget. He controls Libya's largest oilfields and infrastructure. Pakistani sources said that Pakistan will play an "active role" in ensuring this entire arrangement remains in place, with the details still being worked out. PAKISTANI MEDITATION Last month, Pakistani army chief Asim Muniz met Saddam Haftar at Rawalpindi. This meeting was followed by Haftar’s visit to Washington where he met Secretary of State Marco Rubio. In a statement issued at the time, the State Department stated that Rubio had welcomed Libyan leaders efforts to?overcome divisions? and reaffirmed U.S. backing for Libyan unification. Analysts may view Pakistan as an unimportant player in Libya where the U.S.A., UAE, Turkey, and Egypt have been battling for influence for years. However, Islamabad maintains ties with both sides, which other regional players might not. As reported in December, Pakistani officials pursued defence ties to the LNA based in eastern Pakistan, including possible sales of JF-17 jet fighters and Supermushshak trainer planes, despite an arms embargo by the U.N. According to a document that was not reported, the western GNU sought direct talks with Pakistan. Two Pakistani sources with knowledge of the situation said that Qatar and Turkey, which is one of the biggest supporters of the GNU, encouraged Pakistan to become involved in the mediation process. Tarek Megirisi, the director of the geopolitical consulting firm Informmi warned that no deal was guaranteed to last. He cited the collapse of the agreement between Rwandan and Democratic Republic of Congo leaders in the past year. Reporting by Ariba Bukhari and Mubasher Shahid in Islamabad, with additional reporting from Alexander Dziadosz and Alex Richardson in Cairo.
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Yonhap reports that the prosecutor has charged South Korea's four oil refining companies with collusion over price.
Yonhap News Agency, citing the prosecution, reported that South Korean prosecutors indicted four oil refiners for alleged collusion over fuel prices, which was estimated to have caused anti-competitive damage worth $17 billion. Yonhap reported that the companies are HD Hyundai Oilbank GS Caltex S-Oil and SK Energy. The 'Seoul Central District Prosecutors' Office spokesperson did not reply to my phone call and text message seeking confirmation of the report. A phone call or text message asking for confirmation of the report was not answered. Yonhap reported that the prosecutors alleged pricing managers from HD Hyundai Oilbank, SK Energy and other companies colluded on prices of petroleum products shortly after the outbreak of the conflict in Iran this year. Yonhap reported that they discussed the timing and scale of price increases. Yonhap reported that GS Caltex, S-Oil and other oil companies followed the same pricing. Yonhap, citing prosecutors, said that the total value of the anti-competitive effects was estimated to be 26 trillion won (17 billion dollars). SK?Innovation (the parent company of SK Energy) declined to comment. ?S-Oil ?had no immediate comment. HD Hyundai Oilbank, GS Caltex and BP did not respond to our requests for comments immediately. Korea Fair Trade Commission raised the penalty for collusion from 0.5% to at least 10% of the sales related to the violation.
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Nikkei is weighed down by technology as Nikkei's Topix falls on lower oil prices
Japan's Topix index of stocks?climbed for the sixth consecutive day on Monday as the decline in oil prices and positive momentum in global markets boosted investor confidence. The?Topix rose?0.50%, marking its longest winning streak in August 2025. The Nikkei, heavily weighted with tech shares, was down by 0.16% at 69,630.74. Investors kept an 'alert eye' on the central bank policies. The?Federal Reserve, under its Chair Kevin Warsh signaled a hawkish position, and the Bank of Japan was expected to tighten further. The markets were also able to breathe easier due to an increase in the oil production targets and the reopening of Strait of Hormuz. Maki Sawada is an equity strategist at Nomura Securities. She said that while Wall Street was closed for the holiday on Friday, Japanese stocks took their cues from the strong performance of European and South Korean markets. Sawada stated that "these factors, coupled with the downward trend of crude prices after?OPEC+ made its decision to increase production over the weekend, seem to support investor sentiment." "Fluctuations in ?these AI and semiconductor-related shares will continue to influence whether ?the Nikkei ?225 rises or falls." Sector performance was mixed, with industrials and transportation-related shares leading gains. Kawasaki Heavy Industries?surged 7.62% while Mitsubishi Heavy Industries rose 59.38%, marking a sixth consecutive session of gains. This is the longest run of gains since September 2025. Taiyo Yuden and Socionext both fell by 4.99% and 6.98% respectively. The Nikkei was positive in terms of breadth, with 169 advancing Nikkei shares against 56 declining ones.
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As the M&A frenzy grows, Australia's Genesis makes a $3.9 billion offer for Vault.
Genesis Minerals, a company based in Australia, has made a bid for Vault Minerals worth A$5.6 billion (about $3.95 billion). This is a higher offer than Regis Resources, as the surging gold price fuels a wave of consolidation within Australia's mining industry. This combination will create one of Australia's largest gold producers, with a value of A$12.6billion and a production capacity of 700,000oz per year. Genesis estimated on Monday that it would bring in about A$2 billion worth of synergies, as its Leonora operation is only 25 kilometers (15.53 miles) away from Vault. The ore of higher quality could be processed through Vault instead of having to expand its own processing plant. Vault shares rose 12.3%, to A$5.12, the highest since mid-March. Genesis shares fell 8.4% to A$5.76, whereas the benchmark was mostly unchanged. Genesis proposed 0.7629 shares and A$0.475 cash per Vault share. This valued Vault at A$5.274, which is a 15.7% increase over the last close of the stock, and almost 6% higher than Regis' bid for all the stocks in May. Vault claimed it had notified Regis about the proposal, and given them until Friday to match it or improve it. Genesis shareholders will hold 59.8% of the combined entity, and Vault shareholders 40.2%. It has also proposed to restructure its expanded board so that it includes three Vault nominees. Regis stated that it was evaluating its position and rights under the scheme. The shares of Regis rose 5.6% in the last week. In a $2.4 billion deal, Ramelius Resources acquired Spartan Resources last year amid a wave in consolidation driven by the rising gold prices. After a long period of poor performance, activist investor Elliott also pressured?Australia's biggest gold producer Northern Star?to put itself on the market.
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As oil prices drop and earnings loom, shares in Asia are on the rise
Asian shares were mostly higher on Monday as Wall Street futures started the week on a positive note on the back of a good earnings season. Meanwhile, oil prices are dropping, which will ease inflationary pressures. Although there have been no developments in the U.S. Iran peace talks, 160 ships were reported passing through the Strait of Hormuz from Monday to last Saturday. OPEC+ agreed to increase output targets for August by 188,000 barrels a day, in addition to the increases made in June and July. Brent crude fell 0.6%, to $71.70 per barrel, a level near the four-month low. U.S. Crude also lost 0.5% at $68.38. Futures indicate that there is a 78% probability of a stable outcome at the Federal Reserve meeting on July 29. This is due to the cooling of energy prices and a soft U.S. payrolls data. The minutes of the Fed meeting last week are due Wednesday. They should provide some insight into the recent hawkish turn by certain board members. Richard Yetsenga is the head of research for ANZ. He said: "Even if there were any fears that the Fed would move soon, we are safe, at least, for another month." He added, "Our overall view is that the Fed will not do anything. But clearly we have been above the Fed's preferred measure of inflation for five years." "There's a risk that the Fed runs out of patience." Investors should be able to focus on the earnings season ahead, when the AI boom will deliver bumper profits in tech. The only two companies to have made a big splash this week are Delta Air Lines (and PepsiCo), though Samsung Electronics will make a huge one on Tuesday, as analysts anticipate an 18-fold rise in profits. CHIMP MAKER BONUS PROFIT According to LSEG SmartEstimate, the world's biggest memory chipmaker based on sales will likely report an operating profit for the quarter of April to June of 86 trillion won (56.35 billion dollars). South Korea's hot market has cooled down a bit last week, but it is still up 92% this year as AI demand and limited supplies have boosted chip prices. The index gained another 2.25% Monday while Japan's Nikkei fell 0.1%. The broadest MSCI index of Asia-Pacific stocks outside Japan rose 0.4%. In Europe, EUROSTOXX Futures were flat. DAX Futures rose by 0.2%, and FTSE Futures declined by 0.2%. S&P futures rose 0.5% while Nasdaq rose 1.4%, adding to a 2.1% increase last week. The first data release is the U.S. ISM Services Survey is due to be released on Monday. Forecasts suggest a slight decline in June, but still a healthy 54.0. Later in the day, a number of central bankers, including Christopher Waller from the Fed Board, will be speaking at ECB's conference, and Christine Lagarde, ECB President, is also scheduled to speak in Paris. Markets are betting that New Zealand's Central Bank will increase its cash rate from 2.25% to 2.35% by a quarter-point, marking the first increase since mid-2023. The policy makers have been predicting a tightening of rates for some time. However, this was before the fall in oil prices. There is a chance that they will surprise us by keeping them steady. The?dollar index has stabilized at 100.880 on the currency markets after the disappointing payroll report for June. The euro remained flat at $1.1445 just above its recent 13-month low. As speculators continue to be wary of Japanese interventions, the dollar is still trading at 161,45 yen - not far off its 40-year high of 162,84. Gold was barely moved on the commodity markets at $4,177 per ounce after a 2% increase last week. (Reporting and editing by Jacqueline Wong; Wayne Cole)
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Oil prices drop after OPEC+ agrees on raising output targets
The oil prices fell on Monday as OPEC+ agreed that it would?increase the output target for August, while key?producers are recovering their exports via the Strait of Hormuz. This could add to global supplies. Brent crude futures fell 24 cents or 0.33% to $71.88 per barrel by 0010 GMT, after closing 0.45% higher Friday. U.S. West Texas Intermediate Crude was $68.58 per barrel, down by 11 cents or 0.16%. WTI was not settled on Friday due to the U.S. market being closed for Independence Day on Saturday. The two contracts were largely unchanged last week after falling over the previous few weeks. Investors kept an eye on the talks between the United States and Iran regarding the fate of shipping via the Strait of Hormuz, while also keeping tabs on the recovery of 'Gulf oil exports. On Sunday, the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia have agreed to increase their output targets by 188,000 barrels a day starting in August. This is on top of the similar increases made for June and July. The increase in oil production has remained largely on paper due to the U.S./Israeli war against Iran. This conflict closed the Strait of Hormuz for tanker traffic, limiting the output of key OPEC producers such as Saudi Arabia, Kuwait, and Iraq. Tony Sycamore, IG's market analyst, said that the number was in line with expectations. "I'm not certain they mean much right now. With UAE leaving, and when quotas probably aren't being met because production is still ramping up following the conflict, I don’t think they really matter." The United Arab Emirates left OPEC on?May 1? Gulf countries have started reopening the supplies that were closed during the Iran War and are increasing exports. OPEC's oil?output? in June increased by 3.3 millions barrels per month, a study found. It had been at its lowest in over two decades. Gulf oil exports increased by?more than three million barrels in June from May, to 10 million barrels a day. However, the volume was still 40% below pre-war levels, according to data. Sources in the industry said that oil shipments from Russia's western port ports reached a record high in June, and that they are expected to remain at that level throughout July, as Ukraine drone attacks have damaged its refineries, forcing Moscow to increase crude exports. (Reporting and editing by SonaliPaul)
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Can it deliver? Who will buy and how much crude oil can OPEC+ increase? Russell
Two questions are raised by the decision of OPEC+, to increase crude production quotas a fifth consecutive month? from August. Who will purchase the product if they are able to ship it? At a Sunday meeting, the'seven core members' of OPEC+ (which groups together OPEC, as well as other producers like Russia) agreed to increase quotas - by 188,000 barrels a day starting August. This will bring the 'total increase since April to nearly 800,000 bpd. The first question can be answered positively if the Strait of Hormuz remains open and the volume of water flowing through the narrow waterway is restored to levels similar to those before the United States, Israel and Iran attacked Iran on 28 February. It's important to note that the benchmark should be total crude exports from the Middle East, not just the flows through the Strait. Saudi Arabia and the United Arab Emirates continue to use ports that are outside of the Strait of Hormuz. Even though the total number of shipments out of the Middle East has increased since the United States, Iran and other countries agreed on a 60-day truce on June 17, the volume is still below the pre-war levels. According to Kpler, data from commodity analysts, June exports were 9,62 million bpd. This is about half the average of 18,4 million bpd for the three-month period leading up to the conflict with Iran. Kpler is tracking shipments at 9.99 million bpd in July. However, this number is likely be revised higher once more cargoes have been?assessed. Even so, data shows that Middle East exports remain constrained, and the increased shipments of other regions such as Americas and Africa have not been enough to offset losses in the Gulf region. The oil industry is known to adapt quickly and it's reasonable to assume that they can increase production and exports from the Middle East as long as the Strait oh Hormuz remains open. The crude oil market prices crude as if OPEC+ will be able deliver its higher production quotas and as if there will be additional crude from former OPEC+ members the United Arab Emirates as well as Iran. Brent contracts traded around $71.72 a barrel in the early Asian trading on Monday. This is down from the closing price of $72.12 on the 3rd July and also lower than the $72.48 on the 27th February, the day before U.S. - Israeli attack on Iran. SUPPLY GLUTEN The crude futures markets appear to be pricing in a return to a narrative of oversupply that was prevalent prior to the Iran War. This narrative can only be justified if supply chains are restored, and OPEC+ producers and non-OPEC ones are able deliver increased production. There are other factors at play besides the obvious danger of a return of some sort of conflict between Iran and the United States. Brent prices were not able to rise above $126 per barrel during the Iran War because China, the world's largest crude importer, drastically reduced purchases. Kpler estimated that China's seaborne exports fell to their lowest level in over a decade, in June. Arrivals were?5,84 million bpd or half of pre-war levels. Kpler's tracking of imports shows that only 5.31 million bpd were imported in July. However, this number will increase as more cargoes arriving in July are assessed. If past experience is any indication, China will return to the crude market when refiners feel that crude prices have dropped enough. China's imports have a strong track record for increasing when prices drop and decreasing when they increase. This pattern has been accelerated in the last few months. Imports of petroleum products from smaller refineries will likely increase by August. If prices remain low, China's largest refiners will also be?likely to repurchase, though it won't show up until the fourth quarter at least. You like this column? Check out Open Interest, your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, who is also an author. Editing by Jacqueline Wong
Russian Urals unrefined materials to Turkey struck record in March, LSEG data programs
Turkey's imports of Russia's flagship Urals crude increased to a monthly record of more than 12 million barrels in March, as Ankara stays the world's. second biggest importer of the grade after India, according to. LSEG information.
Turkey became the most significant importer of Russian energy in the. Western hemisphere after Russia's military actions in Ukraine. triggered European countries to halt most imports of Russian oil. and gas.
Urals exports to Turkey have actually increased much more because last year. following the deal in between Russian personal oil producer Lukoil. and Azerbaijan's Socar - an owner of 200,000-barrel-per-day. Turkish STAR refinery.
The deal offered Lukoil another customer in close distance to. Russian ports, after Bulgaria has actually made it almost difficult for. its sole refinery to work on Russian oil, and has chosen to stop. all Russian crude imports from March.
Russian oil materials to Turkey rose while Urals costs this. month balanced above $70 per barrel, surpassing a $60 per barrel. Western cost cap as they have actually done given that late last year.
The West has stepped up pressure on Moscow in recent months,. presenting harder constraints on its energy sector, a key. source of Russian incomes.
According to LSEG, in March seaborne Urals oil materials to. Turkey rose to 12.5 million barrels from some 9 million barrels. in February. March imports of Urals oil to Turkey were the. largest on record, according to LSEG information.
SOCAR's STAR refinery received some 6 million barrels of the. grade in March and about 3 million barrels in February,. according to LSEG information.
India stayed the biggest buyer of Urals seaborne cargoes. in March, according to LSEG shipping data, while China was the. 3rd most significant purchaser of the grade, the data revealed.
(source: Reuters)