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Wall Street Journal, June 3,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Staff at the U.S. Federal Emergency Management Agency have confirmed that they are abandoning a plan for hurricane response which their newly appointed leader David Richardson had claimed was near completion. The U.S. Federal Government has proposed to remove restrictions on oil and natural gas development in a 23-million-acre reserve of Alaska. EchoStar, a telecom company, has skipped another interest payment while it waits for the Federal Communications Commission to complete its review. Snowflake, a cloud-based data warehouse company, has acquired database startup CrunchyData, in an effort to attract customers who are looking to create their own artificial-intelligence agents. A person familiar with this matter estimates the deal at approximately $250 million. Walt Disney announced Monday that it would be laying off hundreds of people worldwide across a number of divisions. These include marketing for film, television, TV publicity and casting, corporate financial operations and corporate finance. In the proposed budget of U.S. president Donald Trump for fiscal 2026, funding for the Cybersecurity and Infrastructure Security Agency will be cut by $495 millions to $2.38 billion.
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The price of oil is rising due to supply concerns and a weaker dollar
The oil prices rose on Tuesday due to concerns over supply. Iran is set to reject the U.S. proposal for a nuclear deal that would ease sanctions on the country's largest oil producer. A weaker dollar also helped to support prices. Brent crude futures rose 21 cents or 0.32% to $64.84 per barrel at 0437 GMT. U.S. West Texas Intermediate Crude was up 27 cents or 0.43% to $62.79 per barrel after rising by about 1% in the previous session. In a report, ING analysts said that the oil market gained on Monday due to rising geopolitical risk and a lower-than-expected supply increase from OPEC+. ING stated on Tuesday that "the strength continued in the early morning trading today." Both contracts rose by nearly 3% the previous session, after the Organization of the Petroleum Exporting Countries (OPEC+) agreed to limit the increase in production in July to 411,000 barrels a day. This was lower than many market participants had feared, and the same as the two previous months. Analysts at ANZ said that investors have unwound the bearish positions built up before the weekend meeting. The dollar index, which measures the performance of the US currency against six major currencies, was near its six-week low as the markets assessed the impact that President Donald Trump's proposed tariffs could have on the economy and inflation. Oil, for example, becomes cheaper when the dollar value of commodities is weaker. "Crude Oil Prices Continue to Rise, Supported by the Weakening Dollar," said Priyanka Sackdeva, Senior Market Analyst at Phillip Nova. Prices were also supported by geopolitical tensions. Iran is set to reject the U.S. proposal for settling a decades-old dispute over nuclear energy, a diplomat from Iran said on Monday. He claimed that it did not address Tehran's concerns or soften Washington’s stance towards uranium enrichment. If the nuclear talks between Iran and the U.S. fail, this could lead to continued sanctions against Iran. This would limit Iranian oil supply and support oil prices. A wildfire in Alberta, Canada, has caused a temporary shut-down of oil and gas production. This could lead to a reduction in supply. Wildfires have affected the production of crude oil in Canada by more than 344,000 barrels per day (bpd). This is about 7%. (Reporting and editing by Sonali Freed and Jamie Freed; Anjana Anil and Michele Pek)
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India's imports of iron ore will continue to rise, but it is not China: Russell
India's growing steel industry is hailed as a boon for iron ore miner's looking to expand their market as China's production slows down. But the reality may not match the hype. India's capacity to produce steel is about 200 million tons per year, and the South Asian country has ambitious plans for reaching 300 million tons by 2030. How would this change the dynamics of the global iron ore seaborne market if these plans were to be realized? To get a definitive answer, you need to determine how much of India's demand for iron ore can be met from its own mines. According to preliminary data, India is the world's fourth largest iron ore producer. Its production reached a record of 289 million tonnes in the fiscal period from April 2024 through March 2025. The amount of steel produced in the last fiscal year was 277 million tonnes. However, this is still far short of the 300 million tons required per annum to meet demand. It takes about 1.6 tonnes of iron ore to produce one ton using the basic oxygen furnace/blast furnace process. This is the most popular method used in India and China, the world's largest steel producer. It is possible for India's iron ore production to reach 460 million tonnes by 2030. If it does, can the infrastructure to transport ore from mines to steel mills be built? Anil Agarwal, chairman of Vedanta group, told Business Standard in October that India could overtake China and Brazil as the world's second largest iron ore producer after Australia. Vedanta is the owner of Sesa Goa Iron Ore. While Agarwal's claim of India's vast reserves is true, it is unlikely that such an increase in iron ore production in a short time period is possible. The Indian Steel Association predicts that iron ore will be in short supply by more than 100 millions tons over the next few years. This will mean an increase in imports. Imports are rising. India is a net iron ore exporter. It usually ships lower-grade ore to China, while importing material of higher quality to mix with the domestic ore. According to commodity analysts Kpler, India exported 13.67 million tonnes in the first five month of 2025, with 11.11 million of those going to China. As domestic steel mills use more ore, exports are on the decline. The average monthly exports for the first five month of 2025 is 2.73 million tonnes, down from 3.13 million in 2024 and 3.70 millions in 2023. Kpler reports that imports also increased, reaching 4.57 million tonnes in the first five month of 2025. The Indian imports are expected to double this year, from 6.72 million tonnes in 2024, and 6.67 millions in 2023. Even if imports rise to 10 million tonnes this year, there is a long road to 100 millions tons by 2030. How quickly India can build up its steel capacity, and how the domestic iron ore miners respond will determine how much of an impact this has. According to the Global Energy Monitor, India currently has a steel capacity of 20 million tons and another 155 million are planned. Iron ore imports will be boosted by the under-construction plants, but volumes are expected to remain modest for at least this year and next. It is most likely that the current trend will continue, with India's low-grade iron-ore exports decreasing and its higher-grade imports increasing over time. These are the views of the columnist, an author for.
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PMI data shows that growth in Saudi Arabia's private non-oil sector accelerated in May.
A survey released on Tuesday showed that the expansion of Saudi Arabia's private non-oil sector activity accelerated in May. This was due to an increase in new orders and a boost in business confidence. The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index rose from 55.6 to 55.8 by May, firmly in the growth zone even though it is still below the peak level of 60.5 at the start of the year. In May, new order volumes recovered strongly from an eight-month low reached in April. This was due to a combination of increased demand, a strong sales performance and new marketing campaigns. Export orders also increased, although at the slower pace than in previous months. The subindex for new orders jumped from 58.6 in April to 62.5 readings in May. The pace of growth in output has slowed to its lowest level since September 2024. According to the survey, the construction industry led both in terms of activity and the number of new businesses. Naif Al Ghaith is the chief economist at Riyad Bank. He said that domestically, firms have increased hiring in order to meet rising output requirements. Meanwhile, purchasing activity has seen its highest growth since March 2024. This was supported by faster vendor delivery times, and a more flexible supply chain. The increase in raw material supplier fees was the main reason for the sharp rise in input prices. However, firms were forced to lower their prices by competitive pressures, especially in the service sector, despite increased costs. As companies cited improved demand conditions and expansion plans, the degree of optimism among respondents reached an 18-month peak. Toby Chopra, Toby Chopra (Reporting)
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China's data and Trump's tariff increase plan hurt iron ore prices, which fell to a 2-month low.
Iron ore futures fell to their lowest level in almost two months on Monday, due to fears about demand sparked by President Donald Trump’s plan to double tariffs on imports of steel to 50%. Also contributing to the decline were weak factory data from China, which is the world's largest consumer. The September contract for iron ore on China's Dalian Commodity Exchange ended the morning trading 0.92% lower, at 697 Yuan ($96.84). Early in the session, the contract reached its lowest level since April 10, at 690.5 Yuan per ton. As of 0334 GMT the benchmark July iron ore traded on the Singapore Exchange was down 1.03% at $94.25 per ton, after hitting its lowest level since April 10, when it hit $93.8. Trump announced his intention to raise tariffs on steel and aluminum imports to 50%, up from 25%. This will increase pressure on steel producers around the world and intensify his trade war. On Monday, U.S. steel and aluminum prices spiked while the shares of foreign steelmakers fell. Due to a holiday, Chinese markets were closed Monday. The ongoing tariff war between two of the largest economies in the world has affected the Chinese manufacturing industry, and cast a shadow over the outlook for steel demand. Manufacturing is the largest steel consumer in the country, surpassing both infrastructure and real estate. A private sector survey revealed on Tuesday that China's manufacturing activity contracted for the first month in eight in May. Official data had recorded a contraction for a 2nd month on Saturday. Coking coal and coke fell by 2.97% and 0.99%, respectively, and reached their lowest levels in nearly nine years. The Shanghai Futures Exchange's steel benchmarks have fallen due to lower raw material costs. Rebar fell 0.88%. Hot-rolled coil dropped 0.55%. Wire rod dropped 0.25%. Stainless steel slipped 0.39%. ($1 = 7.1975 Chinese Yuan) (Reporting and editing by Amy Lv, Lewis Jackson)
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Fugro Lands Deepwater Gas Field Job in Southeast Asia
Fugro has signed a letter of award to perform a site characterization program for a deepwater gas field development in Southeast Asia.The contract award represents the largest geotechnical and geophysical survey project for Fugro in the Asia Pacific region to date, reflecting the positive momentum of deepwater developments in the region.The complex project builds on a combination of Fugro’s onshore, nearshore and offshore geophysical and geotechnical survey services.Geo-data acquisition is scheduled to begin in the third quarter of 2025, with fieldwork estimated to last approximately one year. Detailed testing and consulting deliverables will continue into 2027.Supporting site planning and engineering design, the resulting ground model will be made available to project owners in near real-time, to facilitate faster decision-making by project engineers and improved collaboration with stakeholders including regulatory agencies.Fugro did not disclose the name of the client or the value of the contract.
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Louis Dreyfus Takes Delivery of Two New Offshore Wind CTVs
Singaporean shipbuilder Strategic Marine has delivered two new Crew Transfer Vessels (CTVs) to Louis Dreyfus Armateurs (LDA), expanding its high-specification offshore wind support fleet.The newly delivered StratCat 27 vessels, sister ships to Acti’Vent and Esti’Vent, will be deployed in the growing offshore wind sector in France and Europe.Built at Strategic Marine’s Singapore shipyard, the 27-metre aluminum catamarans are based on the proven design and can accommodate 24 technicians each."In line with our commitment to deliver operational excellence, we are confident that these two StratCat27will reliably support the growing offshore wind market in France and Europe,” said Gaël Cailleaux, Renewables Managing Director at LDA.“We are delighted to deliver these two state-of-the-art CTVs to our valued customer Louis Dreyfus Armateurs. These vessels are the second pair of CTVs which we have delivered in the past two years.“The deliveries mark another important milestone in our shared commitment to advancing offshore wind operations through innovation, quality, and performance. The StratCat 27 continues to prove its value across Europe and Asia, and we look forward to seeing these vessels in action,” said Chan Eng Yew, CEO of Strategic Marine.
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Dollar ticks higher as gold retreats from four-week high
The gold price fell on Tuesday as it retreated from a near four-week-high, but investors remained cautious due to the uncertainty surrounding the U.S. China trade agreement. As of 0249 GMT spot gold dropped 0.3% to $3369.98 per ounce after reaching its highest level since the 8th of May earlier in session. U.S. Gold Futures were unchanged at $3,390. Metal gained 2.7% the previous day, its best daily performance in over three weeks. Brian Lan, Singapore's managing director of GoldSilver Central said that the dollar has recovered a little and gold is down. Lan said that gold still closely tracks developments in global trade and, while investors have reduced their gold positions slightly, it's not as much as in the past when tensions seemed to ease. The U.S. Dollar Index recovered from its six-week low. White House announced on Monday that U.S. president Donald Trump and Chinese president Xi Jinping would likely meet this week. This comes after Trump accused China in a series of tweets for violating an agreement aimed at reducing tariffs and trade barriers. The U.S. tariffs for imported steel and aluminium are set to double on Wednesday to 50%, coincident with the deadline that Trump's administration has set for other countries to present their best trade offers. The European Commission announced on Monday that it would continue to make a strong argument this week to convince the U.S. of its need to reduce or remove tariffs, despite Trump's decision on Tuesday to double import duties for steel and aluminum. According to Russian media, Russia said to Ukraine on Monday at the peace talks that it would not agree to the end of the war until Kyiv gave up large new pieces of territory and accepted limits to the size of its military. The price of palladium rose 0.1% to $990.26. Platinum was unchanged at $1,062.46. (Reporting and editing by Rashmi aich, Eileen Soreng, and Anmol Choubey from Bengaluru)
Labor union says Enbridge Gas to cut emergency situation response shifts in Toronto
Canadian labor union Unifor said on Friday that Enbridge's gas system wishes to cut its emergency action shifts in Toronto, in the middle of a focus on curtailing costs.
Enbridge Gas, the Canadian pipeline operator's gas energy, means to trim night and over night shifts and lower compliance jobs such as examining and examining valves and other parts of gas infrastructure for problems due to a labor lack, the union said.
The union likewise advised city government firms in Toronto to evaluate the business's agreements worrying maintenance and security of natural gas lines.
The absence of over night shifts will require increased reliance on emergency situation services, delaying crucial intervention, increasing risk of gas occurrences, putting the general public at threat, Lana Payne, the union's national president, composed to government authorities.
The business cut hundreds of jobs previously this year to curb costs, following its acquisition of three U.S. gas utilities from Rule Energy for $14 billion.
The recommendation that there is an absence of workers to provide an emergency situation action is unconditionally incorrect, Enbridge Gas said in an emailed statement to .
The energy company stated it is also engaging with the Unifor and resolving the grievance/arbitration procedure to fix the concerns.
(source: Reuters)