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Trump bought bonds worth more than $100 Million during his tenure as president, a disclosure shows
Since taking office in January 2017, Donald Trump has purchased more than $100,000,000 in bonds issued by companies, states and municipalities. This is according to new disclosures that shed light on his vast portfolio. The online forms posted on Tuesday show that the former Republican real estate mogul has made over 600 financial purchases in the past 21 days, the day following his second term as President. The filing of the U.S. Office of Government Ethics on August 12 does not give exact amounts, but only a range. These include corporate bonds issued by Citigroup, Morgan Stanley and Wells Fargo as well as Meta, Qualcomm, The Home Depot and T-Mobile USA. Other debts include bonds issued by states, counties, school districts, cities, as well as other issuers such as gas districts and others. The holdings are in sectors that may benefit from policy changes under the Trump administration, including financial deregulation. On Wednesday, the White House did not respond immediately to a comment request. Trump, a businessman-turned-politician, has said he has put his companies into a trust managed by his children. The annual disclosure form he filed in June revealed that his income, from various sources, still accrued to the president. This has led to accusations of conflict of interest. Trump disclosed more than 600 million dollars in revenue from cryptocurrency, golf properties and licensing, among other ventures, in this disclosure. The president's investment in crypto also added significantly to his wealth. According to an estimate made at the time, the president's assets totaled at least $1.6billion. (Reporting and editing by Sharon Singleton, David Gregorio and Trevor Hunnicutt)
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South Africa's Tariff Body proposes an increase in steel duties to stop imports
The International Trade Administration Commission of South Africa proposed Wednesday import duties on steel products starting at 10% as part of measures designed to protect the sector against an influx of imported goods. After a review of the steel tariffs announced in March as part of South Africa's crisis of steel, which was marked by an oversupply of steel, a weak local market and high input prices, the government released preliminary findings. The government estimates that imports, mostly from China, account for around 35% total domestic consumption. This puts companies like ArcelorMittal South Africa at risk of bankruptcy. South Africa's steel industry has suffered as a result of U.S. President Donald Trump’s tariffs. The Commission, whose role involves conducting tariff investigations, providing trade remedies, and implementing import-export controls, stated that its initial findings will not become final until after it receives and reviews feedback from the general public in the next two week. In a public notice, it said that more than 150 submissions had been received, "ranging from requests to increase duty, create rebate provisions, and include specific products under import controls". The proposal is to increase customs duties by 10% on certain products, including flat-rolled, bars, rods and wires. Currently, the rate of duty for these products is 0%. According to the schedule, selected tube and pipe products, as well as nails, would be subject to a 15% duty. The Southern Africa Customs Union (which includes Botswana and Namibia) also offers rebates for steel products which are imported from South Africa because they cannot be found in these countries. Reporting by Nelson Banya, Nqobile Dudla and Barbara Lewis
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Scientists say that rapid loss of Antarctic ice could be a tipping point for climate change.
A scientific study published Thursday warned that rapid loss of Antarctic sea-ice could tip the climate in a way that is impossible to reverse. It would cause sea level to rise, ocean currents to change and marine life to disappear. The Nature paper aims to describe the effects of global warming in Antarctica, the continent frozen at the South Pole. It said that "Evidence of rapid, interdependent and sometimes self-perpetuating change in the Antarctic environment is emerging." The study used data from observations, ship logbooks, and ice cores to chart the long-term change in sea ice. It also put into context a rapid decrease in recent years. It said that a regime shift had reduced Antarctic sea ice extent below its natural variability in past centuries. In some ways, it was more abrupt, nonlinear, and potentially irreversible, than Arctic sea ice loss. Nerilie Abram, lead author of the study, explained that changes are having knock-on impacts across the ecosystem, which in some cases amplify one another. A smaller ice-sheet reflects less sunlight, which means the planet will absorb more heat. It is also likely to accelerate the weakening the Antarctic Overturning Circulation (AOC), an ocean current that distributes nutrients, regulates the weather, and distributes heat. The loss of ice has a negative impact on wildlife, including the emperor penguins that breed on ice and the krills which feed beneath it. The study found that warming of surface waters will reduce the phytoplankton population, which is responsible for removing vast amounts of carbon dioxide from the atmosphere. Abram, former professor of the Australian National University and chief scientist for the Australian Antarctic Division, said that the Antarctic sea ice could be one of the Earth's tipping points. The study stated that reducing global carbon dioxide emissions could reduce the risk but not necessarily prevent major changes to the Antarctic. Abram explained that "once we begin to lose Antarctic sea ice we will set in motion this self-perpetuating cycle." Even if we stabilize the climate, we will still lose Antarctic sea ice for many centuries.
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Sovecon increases its 2025 Russian wheat production forecast on the basis of improved prospects in Siberia, Urals and Ural
The grain consultancy Sovecon announced on Wednesday that it has raised its forecast of Russia's wheat crop for 2025 to 85.4 millions metric tons. This is up from the previous estimate, which was 85.2 million tons. It cited improved prospects in Siberia as well as the Urals. Sovecon analysts stated in a report that the wheat forecast has been revised upwards as yields are expected to reach record levels in these regions due to favorable weather conditions. Sovecon reported that the overall estimate of grain and pulse production remains unchanged, at 130.5 millions tons. The Russian statistics agency has revised the data regarding the area sown. The weather conditions in the south made it less likely to grow corn. It reduced its forecast from 14.3 millions tons to 13.4 due to unfavorable conditions. Andrey Sizov of SovEcon said that "yields continue to confirm our expectations". "However, although good crops may offset the losses in the South, it will take some time to deliver this wheat to Azov or Black Sea ports. This complicates Russia's export programme over the next several months - which is often the most important period of the year." The Russian IKAR consulting firm raised its forecast for 2025 wheat production to 85.5 millions metric tons, up from 84.5million tons. The Ministry of Agriculture has forecast a grain harvest of 135, 000 tons in 2025, which includes 88-90 millions tons of wheat. (Reporting and writing by Olga Popova, Anastasia Teterevleva, Editing by Mark Trevelyan).
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As the dollar falls, gold prices rise. Focus on Fed Minutes and Jackson Hole
The U.S. Dollar eased on Wednesday, and the gold price rose by nearly 1%. Market participants awaited the minutes from the last U.S. Central Bank policy meeting as well as the upcoming Jackson Hole Symposium for clues about future interest rates. Gold spot rose by 0.9%, to $3,343.42 an ounce at 10:06 am EDT (1406 GMT), after having fallen as low as it had been since August 1, earlier in the day. U.S. Gold Futures rose by 0.9% to $3387.10. The U.S. dollar eased, making dollar-priced-bullion more affordable for other currency holders. Federal Reserve meeting minutes for July will be released at 2:00 pm EDT two days before Fed Chair Jerome Powell delivers his speech at the annual Jackson Hole Economic Symposium on Friday. Two central bankers disagreed with the Fed's decision to keep interest rates the same last month. They wanted rates lowered to prevent further deterioration of the labor market. Bob Haberkorn, RJO Futures' market strategist, said that traders see the recent drop in gold prices as an opportunity to buy ahead of Fed minutes. If Powell is dovish it's good for gold as it doesn't pay interest. If he is dovish, it will be necessary to break through the $3,350/oz barrier and ultimately retest the $3,400/oz level if he is a hawk. According to CME FedWatch, traders expect a quarter-point cut in rates by September. The U.S. president Donald Trump called for Fed Governor Lisa Cook's resignation on Wednesday, citing the call from the head of the U.S. Federal Housing Finance Agency, who urged the Department of Justice investigate Cook regarding alleged mortgage fraud. Silver spot rose 1%, to $37.73 an ounce. Platinum gained 2%, to $1,331.70. Palladium, which had hit its lowest level since earlier in July, was unchanged at $1115.92. Ashitha Shivaprasad reports from Bengaluru.
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Trump bought bonds worth more than $100 Million during his tenure as president, disclosure shows
Since taking office in January 2017, Donald Trump's disclosures revealed that he has purchased more than $100,000,000 in bonds issued by companies, states and municipalities. The online forms posted on Tuesday show that the billionaire Republican President made more than 600 financial transactions since January 21, just one day after his second term as president was inaugurated. The filing of the U.S. Office of Government Ethics on August 12 does not give exact amounts, but only a range. These include corporate bonds issued by Citigroup, Morgan Stanley and Wells Fargo as well as Meta, Qualcomm, The Home Depot and T-Mobile USA. Other debts include bonds issued by states, counties, school districts, cities, as well as other issuers such as gas districts and others. The holdings are in areas that would benefit from U.S. policies under the Trump administration. Trump, a businessman-turned-politician, has said he has put his companies into a trust managed by his children. Trump's annual disclosure form, filed in June, showed that his income from different sources ultimately accrued to him - opening him up to accusations of conflict of interest. The White House did not respond immediately to a comment request on Wednesday. (Reporting and editing by Sharon Singleton, Trevor Hunnicutt and Susan Heavey)
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Orlen Unipetrol is forced to seek help from the state to meet diesel demands due to a Czech refinery shutdown
A breakdown at the largest refinery in the Czech Republic forced Orlen Unipetrol to borrow 50,000 cubic meters from its state reserves to meet demand. It said that "despite all the measures taken including the stopping of fuel exports and increasing imports, at this time it is not possible to cover the demand for Diesel fuel on the Czech Market in full." The company has been granted permission to use state diesel reserves. The Czech unit of Polish refiner Orlen reported on X that a power failure at Orlen Unipetrol’s refinery in Litvinov in the northwest of Czech Republic in July damaged the ethylene units and severely limited the operations of the site. After repairs, the refinery resumed its operations. However, during the transition from partial power to full power Unipetrol discovered a second failure in the main ethylene compressor and was forced to shut down the Steam Cracker, and again reduce fuel and petrochemical production. Unipetrol said that its second largest refinery, located in Kralupy in the middle of the Czech Republic, is still in operation. It also stated that the company's other fuel production was sufficient. (Reporting and editing by Barbara Lewis; Marek Strzelecki)
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CNBC-TV18 reports that the government is against Vedanta's demerger.
CNBC-TV18, an Indian news channel, reported Wednesday that the Indian government had objected to Vedanta’s proposed split into four new firms, claiming the demerger would make it more difficult to collect dues. CNBC reported that the Indian government claimed at a hearing held by the National Company Law Tribunal that Vedanta had modified its demerger plan after receiving a certificate of no objection from the Securities and Exchange Board of India. The NCLT is an independent quasi-judicial tribunal that decides on matters relating to companies. Could not verify the court proceedings immediately. Vedanta said in a press release that it filed a detailed reply to the government, but declined to share any specifics. The Ministry of Mining, Petroleum and Natural Gas did not reply to a comment request. They have not specified the amount claimed. Vedanta has told the tribunal it will provide a corporate guarantee in favor of the Ministry of Petroleum and Natural Gas in order to recover the debts. Oils-to-metals, a conglomerate that combines metals and oils, announced in December it would be split into four separate companies while still remaining as the main company. This plan was scrapped earlier to divide into six businesses. CNBC-TV18 reported that the government, via its legal representative alleged that key information regarding demerger was concealed and not disclosed. The report also stated that key information was not disclosed, including "inflated revenue" and "concealed liability." Vedanta said earlier in the month that it SEBI sent a letter warning them of certain non-compliances. However, the government did not respond to their allegations. News channel: NCLT postpones next hearing until September 17 Vedanta's shares dropped as much as 2.8% following the report. However, they recovered some of their losses and closed 1% lower than before at 445.50 Rupees. Reporting by Sethuraman NR, Manvi Pant and Niveditarjee; editing by Sonia Cheema & Niveditarjee
As shale oil gains slow, deepwater port struggles for clients
As U.S. shale oil flourished last years, an oil pipeline business pitched an ambitious multibilliondollar export port off the Texas coast to ship domestic crude to purchasers in Europe and Asia.
In April, Business Products Partners' area ended up being the very first job to receive a license from the U.S. maritime regulator for a deepwater port that could pack two supertankers, each of which can carry up to 2 million barrels of oil at a. time.
However multi-year regulatory hold-ups, a loss of industrial. backers and slowing U.S. shale production has left SPOT, or Sea. Port Oil Terminal, and its three competing projects with no. protected consumers, energy industry executives say.
There are a great deal of gray areas right now with export. jobs, stated Zack Van Everen, an oil expert at energy. financial investment banker Tudor Pickering Holt & & Co.
. Enterprise decreased to make an executive available for. an interview, however said it continues to develop the task.
Shale producers and traders depend on ports to get their oil. to market and are balking at the higher-than-expected loading. fees for brand-new projects even if they are able to fully load. supertankers, executives said.
HIGHER COSTS
AREA, proposed for a point 30 miles off the Gulf coast in. 2019, is the only Texas deepwater project with its federal government. approvals. However its expense has skyrocketed to about $3 billion, two. industry professionals said, from an initial quote of $1.85. billion for Enterprise.
It has no long-lasting client agreements, or joint endeavor. partners, stalling a financial green light from the business,. sources stated. The project, if authorized, is presently anticipated to. launch in 2027.
A customer ready to devote the largest volume is being. provided a $1 per barrel rate by Enterprise to pack at SPOT oil. transferred from its Houston storage terminal, three individuals. familiar the terms said. Customers with smaller sized loads have been. provided an about $1.20 a barrel charge.
That compares with the all-in expense of about 75 cents per. barrel to load in Corpus Christi, Texas, the leading U.S. oil export. port, a source acquainted with export operations said.
To sweeten the offer, Business is providing preferential. terms for packing schedules, and may bundle a few of its other. services to make the price more competitive, 2 of individuals. stated.
Enterprise contested the charges, but decreased to provide. the project's cost and the per barrel terms.
A deepwater port permits customers to pack oil straight onto. a supertanker, eliminating the additional expense of filling the. oil on smaller ships at shallower ports and then transferring. the crude from the smaller sized vessels to larger ones.
However it has actually lost Chevron as an early backer since. of the regulatory delays to protect a license, and Canadian oil. pipeline operator Enbridge has launched its alternative to take a. stake in area, Business stated.
Chevron declined to talk about business matters.
An Enbridge representative stated it sees SPOT as an important. option for our Canadian heavy crude clients to be able to. gain access to the job, however declined more comment.
LESS NEED FOR DEEPWATER PORTS
U.S. exports of crude rose to a peak of 5.6 million bpd in. February 2023, and existing facilities can handle as much as. another 1.5 million barrels, though port blockage might restrict. that number, according to RBN Energy. Russia's invasion of. Ukraine also has moved global circulations with more U.S. vessels. going to Europe instead of Asia, which were primarily geared to. utilizing supertankers.
The short-term dynamic is less need for huge ship capacity,. which actually fits the present U.S. export capability a lot. better, Colin Parfitt, Chevron's vice president of midstream,. stated in an interview in March.
Changing flows and slowing shale output gains have actually developed. uncertainty for carriers. That's changed the dynamic a little. about how people want these (deepwater ports), Parfitt said. If you get one built, it is going to crowd out the others.
Presently, there is one U.S. overseas port - called the. Louisiana Offshore Oil Port - that can fully load supertankers. However it mainly manages oil produced in the Gulf of Mexico. and has few pipes that connect to the leading U.S. shale field, the. Permian, in West Texas.
Area's largest target would be moving shale oil, and those. output gains have actually slowed dramatically. U.S production is. expected to increase 280,000 barrels per day to 13.21 million bpd. this year, according to the U.S. Energy Info. Administration. That compared with an one-year gain of 1.6. million bpd in 2018.
Business stated this month that it forecasts development in and. around the Permian basin past 2030.
Consolidation among top shale players, like Exxon Mobil's. recent purchase of Pioneer Natural Resources,. also took away customers for Enterprise and other players, with. a few of the biggest shale drillers currently holding long-term. agreements with existing export facilities.
Of the three other deepwater port jobs along the Texas. coast, private-equity backed Guard Midstream, oil refiner. Phillips 66 and pipeline operator Energy Transfer. each have actually looked for U.S. approvals for offshore ports. Up until now, none. have gotten licenses.
In between the existing dock capacity along the U.S. Gulf. Coast, and the most aggressive production projections, it. appears that one, at the majority of 2, could continue, said oil export. specialist Brett Hunter of Energy Hunter LLC.
(source: Reuters)