Latest News
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Trump extends U.S. Sanctions on Cuban Government
Two White House officials said that President Donald Trump signed an executive order on Friday broadening U.S. Sanctions against the 'Cuban Government. He is trying to put more pressure on Havana following his ouster of Venezuela's president from power. Officials said that the?new sanctions are aimed at people, entities, and affiliates who support the Cuban security apparatus, or are complicit with corruption or serious violations of human rights, as well agents, officials, or supporters of government. The order was reported first by. Officials said that the order authorized secondary sanctions for those who conduct or facilitate transactions with the individuals targeted by the order. The Trump administration's new sanctions against Cuba were its latest offensive. President Trump has declared Cuba to be near collapse. Since February 28, U.S. forces have waged war with Israel on Iran, launching strikes against Iran and Venezuelan vessels. Trump has stated that "Cuba will be next." He hasn't said what he intends to do about the island nation. Officials said that Trump's order was an implicit warning for Cuba. They claimed the Cuban government had aligned themselves with Iran and militant groups such as Hezbollah. Officials said that Cuba provides an environment conducive to hostile foreign intelligence, military and terrorist operations, less than 100 miles away from the American homeland. The U.S. demanded that Cuba open its state-run economic system, pay reparations to expropriated properties by the government of Fidel Castro and hold "free" and fair elections. Cuba's socialist form of government has been declared unassailable. After ousting Maduro in January, the U.S. imposed?additional pressure and sanctions on Cuba. Trump threatened to impose punishing tariffs on any country that shipped?crude oil to Cuba. This prompted Mexico, another major?supplier to stop shipments. Fuel shortages in Cuba led to three national-scale blackouts, and many airlines from abroad suspended flights to Cuba.
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Data shows that Tether purchases of gold for USDT reserves decreased in the first quarter.
In its latest quarterly report, Tether, the issuer of the?world's largest stablecoin?, revealed that it had slowed down its purchases of gold to back?Tether USDT to 6 metric tons, from 27 tons between October and December. Last year, the crypto company bought a lot of gold to use as reserves for the Tether USDT, a stablecoin that is backed by a digital currency with tokens worth $189.5 billion. It also purchased the Tether gold token, the Tether-XAUT, which has a circulation of $3.3 billion. Each Tether dollar token represents one U.S. Dollar held in reserve. Tether issues USDT when a user gives it a dollar. It also holds assets with the same value such as U.S. Treasury Bills. These reserves ensure that USDT is redeemable for dollars in the event of a need. The Tether XAUT is fully backed up by gold. The report revealed that the gold reserves?to support Tether USDT were worth $19.8 billion at the end of March. This would be equivalent to 132 metric tonnes of gold at market prices at that time compared to 126 tons at the end of December last year, according to calculations. As of the end March, Tether USDT's reserves are primarily U.S. Treasury Bills worth $117 billion. Gold represents only 10%. Bitcoin accounted for $7 billion in the reserves. Separate data revealed that Tether, the gold token, is currently backed by 22 tons of gold, an increase of 6 tons since the end of December. Tether holds a total of 154 tons gold in its two products. It would rank among the top 20 gold-holding countries if it were a central banking institution, but behind Brazil which according to World Gold Council data owns 172 tonnes. El Salvador-headquartered Tether doesn't disclose its ?total bullion holdings but they are probably larger: CEO Paolo Ardoino told in ?January that the company aimed to allocate 10%-15% of its own $20-billion investment portfolio to physical gold. Sources say that the group had planned to manage its own gold?investment by hiring two major traders in late 2025, but let them go in March. Four sources with knowledge of the situation said that the approach was not viable because a supervisory structure above the traders became an organizational constraint. One of them stated, "It didn't work." (Reporting and editing by Susan Fenton; Polina Devtt, Polina)
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Gold is a positive, as oil prices drop and hopes for Iran talks fade
Gold prices rose Friday, reversing losses of more than 1% earlier, amid hopes for a breakthrough in the Iran war. According to reports, Tehran had submitted a revised proposal for negotiation, which eased inflation fears. At 10:36 am, spot gold rose 0.3% to $4.636.72 an ounce. ET (1436 GMT), after having fallen as low as $4,59.48 in earlier sessions. The stock was still on course for a weekly loss of 1.6%. U.S. Gold Futures for June Delivery rose 0.4% to $4649.60. The potential 'peace breakthrough', as Iran has signaled that it is willing to resume talks, likely boosted risk appetite among investors, pushed the U.S. dollar index and pushed gold prices higher. "The potential?peace breakthrough, with Iran signalling that it wants to talk again, probably boosted investor risk appetite and pressured the?U.S. dollar index," said Jim Wyckoff. Dollars are cheaper to buyers of other currencies. IRNA, the Iranian state news agency, reported that Iran had sent its latest proposal for negotiations with America to Pakistani mediators. The news caused oil prices to drop, but they were still on track to make weekly gains. This is continuing the trend of fuel prices rising and fueling concerns about an economic slowdown in the world. Central banks could be prompted by rising costs to keep interest rates high for longer. This would put pressure on assets that do not yield, such as gold, as investors look at alternatives like Treasury yields. The U.S. 'Federal Reserve' kept interest rates the same this week, and struck a hawkish stance that caused?markets to abandon expectations of a rate reduction this year. The price of gold has fallen significantly since the beginning of the Iran conflict, in late February. This is despite its traditional role as a hedge against geopolitical uncertainties. Silver prices have risen 3.4%, to $76.26 an ounce. Ole Hansen is the head of commodity strategy for Saxo Bank. He wrote: "Long-term prospects (for silver), remain supported by a sixth consecutive year's market deficit. Palladium rose 0.9%, to $1,537.12, while platinum was up by 0.8%. (Reporting by Anjana Anil in Bengaluru. (Editing by Nia William and Mark Potter.
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Marchers demand the reopening Bosnia's final steel mill
On Friday, hundreds of workers marched in Zenica, the central city of 'Bosnia.' They protested against the closing of the country's 'last steel mill' which they said marked the end of 'an era of heavy industries.' Protesters say that the shutdown of Zenica Steel Factory, which has been in operation for 130 years, put thousands of jobs on the line. This followed the February closure of Lukavac Coke Factory. Avdija halilovic, a marcher from Zenica, said that the city would not exist if it were not for the steel plant in Zenica. Demonstrators blew whistles while carrying union flags and shouted slogans calling for the reopening. Bosnia's Pavgord Group, which purchased the plant from ArcelorMittal in 2011, blamed its closure on logistics problems, cheaper steel imported and the failure of the government to take measures to protect the industry. There was no immediate comment available on the public holiday of May Day, which fell on Friday. The N1 website reported that the Bosniak-Croat Federation Prime Minister, 'Nermin Niksic', stated?on Friday that the regional government is interested in taking ownership of a?the factory and helping it to continue production. This week, the Nova Ljubija Iron Ore Mines, a key supplier to the steel mill that employs 600 people, declared bankruptcy. (Reporting and writing by Amel Emric, Ivana Sekularac and Andrew Heavens).
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Gold drops as inflation fears fuel expectations of higher rates
Gold prices fell on Friday and were headed for a loss of a week as inflation concerns reinforced expectations that rates would rise in the future. Oil prices remained near $110 per barrel. At 9:30 am, spot gold was down by 0.7% to $4,588.32 an ounce. ET (1330 GMT), after having fallen as low as $4,559.48 earlier in session. It was on course for a loss of 2.3% per week. U.S. Gold Futures for June Delivery fell by 0.6% to $4600.00. Chris Gaffney is the president of EverBank's world markets. He said: "Precious Metal Traders continue to sell Gold after the Fed signaled that U.S. Interest Rates would remain on Hold for the Near Term Due to Inflation Concerns." He added that this downward trend could continue as long as these concerns remain and oil prices remain high. As fuel prices rise, Brent prices are expected to continue their upward trend. Cost increases could encourage central bankers to keep interest rates high for longer. This would put pressure on non-yielding investments like gold, as investors look to other options such as Treasury yields which offer higher returns. The U.S. Federal Reserve?kept rates unchanged this past week, and took a hawkish stance that caused markets to give up any hope of a rate reduction in the United States this year. The price of gold has fallen significantly since the start the conflict with Iran in late February, despite the fact that the metal is regarded as a hedge for geopolitical uncertainties. IRNA, the state news agency, reported that Iran's latest proposal for negotiations with the United States was sent to Pakistani mediators on Thursday. Silver spot prices increased 1.4%, to $74.78 an ounce. Ole Hansen is the head of commodity strategy for Saxo Bank. He wrote: "Long-term prospects (for'silver') remain supported by a sixth consecutive annual market deficit, declining above-ground inventories, and firm demand from private investors and solar." Palladium was down 0.1% at $1,522.25 and platinum rose 0.3% to $1,991.80. (Reporting by Anjana Anil in Bengaluru; Editing by Nia Williams)
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TMC claims seabed mining application meets US standards, expects regulatory decision in Q1 2027
The Metals Co announced on Friday that U.S. regulators found their consolidated application for deep-seabed mineral exploration and commercial recovery to be "fully compliant" with federal requirements. This is a major step towards approval. The company expects that the regulatory process including the environmental review will be completed by the end of the first quarter 2027. TMC reported that the National Oceanic and Atmospheric Administration (NOAA) determined that the application submitted by the U.S. division met all requirements under the Deep Seabed Hard Mineral Resources Act. The decision comes ?as President Donald Trump's administrationencourages U.S. exploration ?of the deep ?sea by accelerating permits for companies seeking critical minerals in international waters, a move expected to face environmental and legal challenges. Environmental groups have opposed the practice of mining seabeds to obtain metals such as nickel, manganese and copper, which are used in electronic products, weapons, and consumer goods. TMC has applied for approval to?explore and?recover metals from polymetallic nodules that are used in energy, defense, and infrastructure applications. The company announced in January that it was the first deep sea?miner?to seek Washington's approval as part of a simplified permitting process launched earlier this year.
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Policymakers: Fed should abandon rate-cutting lean due to oil price shock
The Federal Reserve officials who disagreed with this week's statement of policy said that the rising oil prices due to the U.S. supported war against Iran mean the U.S. Central bank officials should make it clear that they cannot continue to lean toward interest rate reductions, due to the uncertainty surrounding the future of the economy and inflation. The Fed's most divided vote since 1992 kept the overnight benchmark?interest rates steady at 3.50% to 3.75% but maintained language that indicated its next likely move would be a cut. This is consistent with the process started about 18 months ago, of lowering high borrowing costs used in order to combat inflation and towards a "neutral" position. The Fed's target of 2% is still well above inflation, and it has been increasing. With the risks associated with the outcome the war being so high, policymakers are less confident that rates will fall. Some are worried that they might need to increase. The pressures on inflation are still broad, and the rising oil price is a new source. She said that she no longer considered this easing of bias to be appropriate given the current outlook. Neel Kazhkari, the Minneapolis Fed president, said that a prolonged closing of the Strait of Hormuz or any further damage done to Middle East energy infrastructure would produce a large price shock. The Fed would then need to "potentially" raise rates to keep inflation expectations under control. After the Fed's weekly meeting, the lid was lifted on its policy communications. We would have to respond with a strong response. Federal funds rate hikes, possibly a series, could be justified even at the cost of further "weakness" in the labor market. The policy statement was approved by 8-4 this week. It repeated the existing language in order to show that the easing bias felt by three voting Fed officials is no longer appropriate. Other non-voting policy committee members are likely in agreement. The fourth dissent was 'in favor of a rate reduction. MARKET MEASURES OF FUTURE INCREASEMENT EXPECTATIONS ARE ON THE RISE The closure of the Strait of Hormuz - a vital shipping route for the world's supply of energy - and threats to the infrastructure has pushed the price of oil above $100 a barrel for several weeks. It reached $126 this week, compared with $70 when the conflict began two months ago. According to the AAA group, the average price of gasoline in the United States has risen by almost 10 cents over night to $4.39 per gallon. It was around $3 at late February. Omair Sharif of Inflation Insights said it was "early days" but that the Fed could be surprised to see that the consumer price index for May is above 4%. This would echo the spike in inflation that occurred after the COVID-19 Pandemic, and the Russian invasion of Ukraine 2022. Kevin Warsh could face "not only surging energy prices that threaten to spill over into the wider economy, but also rising inflation expectations numbers," Sharif wrote in a Friday article. Donald Trump said that he expected Warsh to deliver rate cuts in a difficult environment. While Fed officials claim that inflation expectations are stable at the moment, they have seen a sharp rise in expectations of near-term inflation since the start of the war, but their expectations of the rate of inflation over the longer term have increased more modestly. The market-based measures have also begun to increase. The yields of 10-year Treasury Inflation Protected Securities have risen by 25 basis points and are the highest they've been since 2023. The rate on 5-year TIPS also increased by roughly the same amount. The 5-year, 5-year-forward rate, which is a measure for expected inflation in five years' time, and the five years following, has risen by about 20 basis points. Powell said in a press conference after the Fed meeting on Wednesday that inflation dynamics were so fluid, the "center of thinking" among Fed officials was moving away from a statement with an easing bias in favor of a neutral tone, which would open the door for a rate increase. He said this change could happen, depending on the events, at the next policy meeting on June 16-17. Kashkari, in his Friday statement, pointed out another possible issue with the language of "easing". Kashkari's analysis shows that even in a "benign" scenario, where the Strait of Hormuz is opened relatively soon, the underlying inflation rate in the U.S. will remain at 3%. This would be well above the Central Bank's target, and would allow it to stay unchanged for a long period of time.
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Imperial Oil's quarterly profit misses expectations as throughput volume falls
Imperial Oil, a Canadian oil company, missed Friday's analysts' expectations for the?first quarter profit. Weaker crude realizations and unplanned outages at its facilities lowered?refinery?throughput. The geopolitical tensions that have been brewing in the Middle East have tightened the global oil supply. This has led to higher fuel prices. However, the gains are not enough for the weaker realisations and reduced downstream volumes. Imerial Oil refinery's quarterly?throughput dropped to 384,000 barrels a day (bpd), from 397,000 bpd?a year ago, and capacity utilization decreased to 88% from 90%, primarily due to unplanned outages and disruptions to synthetic crude feedstock. Early trading saw shares of the Calgary-based company, which is listed in the U.S., fall 2.7%. The company reported that the average price of synthetic crude oil fell from C$98.79 to C$96.13 a barrel, compared with C$98.79 a barrel a year ago. Western Canada Select remained largely unchanged at $58.33 per barrel. The quarterly upstream production however increased marginally to 419,000 barrels of crude oil equivalents per day (boepd) compared with the 418,000 boepd produced a year ago. The company also stated that the U.S. Trade Measures introduced in 2025 and Canada's retaliatory Tariffs were not expected have a material impact on its financial situation or operations. Imperial 'Oil reported its net income dropped to C$940 ($692.96 millions), or C$1.94 a share, for the quarter ending March?31. This compares with analysts' LSEG data compiled estimates of C$995?or C$2.47 a share.
Israel aims to boost Red Sea oil deliveries despite ecological dangers
Israel plans to permit more oil tankers to dock at a Red Sea port in Eilat despite environmental threats, as it makes every effort to preserve energy security amidst dispute on numerous fronts, according to Israeli authorities and government documents.
Prime Minister Benjamin Netanyahu's workplace wishes to withdraw limitations on the quantity of oil that can be unloaded at a. jetty in the city, which sits in the middle of a string of. resorts and beaches and is surrounding to a fragile reef.
The curbs enforced in 2021 by the Environmental Protection. Ministry and which efficiently halted an oil supply handle. the United Arab Emirates, were relieved momentarily late last year. at the start of the Gaza war.
The jetty comes from state-owned Europe Asia Pipeline Co. ( EAPC), which runs a pipeline across Israel linking the. Red and Mediterranean seas as an option for tankers. crossing the Suez Canal.
EAPC wishes to get more oil but ecological regulators. and Eilat's mayor oppose the plan.
With the war versus Hamas triggering battling with. Hezbollah in Lebanon and drawing attacks from other Iranian. proxies in Yemen, Iraq and even by Iran itself, Israel is. pushing to guarantee it can keep its economy running efficiently.
When its primary energy source, the offshore Tamar gas field,. was briefly shut at the beginning of the war with Hamas, the. country turned to products allocated for export.
With Yemeni Houthis interfering with trade in the Red Sea, ships. have diverted to Mediterranean ports. Utilities have developed their. own backup networks.
EAPC signed an offer to transfer large amounts of oil from the. UAE to Europe through its pipeline in 2020, soon after Israel. and the UAE stabilized ties, in one of the most significant. collaborations to emerge from the U.S.-brokered Abraham Accords.
The deal was anticipated to move tens of millions of loads. of oil, meaning about 50 tankers docking at the congested Eilat. coastline yearly, the Environmental Protection Ministry said. The previous average was two.
The environment ministry took a hardline policy of no. additional risk and set a limitation of 2 million tons of oil,. successfully blocking the offer.
Eilat's reef is unique in having proved more resilient. to environment change, when numerous reefs around the globe are dying. It is also a huge tourist draw. Its proximity to the jetty leaves. it vulnerable to even the tiniest leakage from one tanker.
Despite those threats, Netanyahu's office advised this. month that the easing of constraints be extended and broadened. to consist of fuel for trade in addition to domestic usage, and even for. capacity to unload oil products in Eilat to be broadened, an. internal report seen showed.
The federal government of Israel does not take an approach of. total risk avoidance - not in security, not in energy and not. in the environment, a ministerial committee formed by Yossi. Shelley, director general of Netanyahu's office, stated in the. report which has not been made public.
Not canceling the constraint of the 'no additional risk'. policy, without managing the danger, and not broadening the. distillates port may cause the closure of the Eilat terminal. and not permit the necessary response in times of emergency.
The committee advised the environment ministry to come up. with a strategy to minimize risks from more oil deliveries.
The Environmental Protection Ministry composed to Netanyahu's. workplace on April 16 after receiving the report, and in its letter. seen said its issues were ignored, the report's. suggestions were undesirable, and that it did not have the. resources to control the proposed increase in shipments.
In arguing its case, the ministry has actually cited past accidents,. like in 2014 when EAPC's pipeline burst, spilling countless. litres of oil into a nature preserve.
It was uncertain whether eliminating the Eilat constraints would. revive the UAE oil deal. Petromal, a system of Abu Dhabi-based. National Holding and among the owners of the company that. signed the handle EAPC, did not instantly react to a. ask for comment.
KEEPING THE OIL FLOWING
EAPC Chairman Erez Halfon invited the government's U-turn. in a statement in which he said the war has actually made clear the. strategic, security and energy importance of EAPC's facility in. Eilat.
Without consistent oil deliveries, the Eilat center will. degenerate and end up being unreliable, EAPC stated.
Nearly all Israel's trade, consisting of energy deliveries, is. seaborne and most takes place along the Mediterranean coast in ports. at Haifa, Ashdod and Ashkelon.
In 2023 Israel imported 267,000 barrels per day of crude. oil, according to data from delivering analytics firm Kpler,. mostly from Kazakhstan, Azerbaijan and Kurdistan.
The Emirati oil offer might be worth about $50 million a year. for EAPC, according to the internal report.
Israel's Energy Ministry informed that oil shipments. need to be enough to economically sustain the terminal however require. to be managed appropriately vis a vis the environment.
One government main dismissed an argument by the. director general of the Environmental Protection Ministry that. there were other ways to keep the jetty functioning.
The professional position was clearly specified that any methods. aside from functional activity will not be sufficient to keep. that channel performance, the official told .
The committee, the official highlighted, did not tell the. Environmental management Ministry exactly how much oil should be. allowed or how to conduct the survey, only that it be brought. out. It offered the ministry 3 months to comply.
(source: Reuters)