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Zelenskiy: Ukraine faces fierce fighting in the eastern city of Pokrovsk
Volodymyr Zelenskiy, the president of Ukraine, said that on Friday the Ukrainian forces were fighting fiercely around Pokrovsk. This is a logistical hub in the east where Russia has announced the capture of villages almost every day. Zelenskiy said in his video nightly address that Ukraine's top general, Oleksandr Syrskyi, had told a senior official meeting the situation in Pokrovsk is the main focus of the war. The war began in February 2022 when Russia invaded Ukraine. Pokrovsk was given special attention. Zelenskiy stated that it receives the greatest attention. He said that Ukrainian forces were "continuing to operate" in border zones in the northern Sumy Region, where Russian troops had gained a foothold over recent weeks. In a separate Telegram report, Syrskyi described Pokrovsk as one of the most difficult theaters along the 1,000 km (620 miles) front. Syrskyi wrote that "The Russian Federation pays the maximum price for trying to launch a summer offensive." Since months, Russian forces have been closing in on Pokrovsk. This road and rail hub's pre-war population has been almost completely evacuated. Syrskyi reported in May that Kyiv had stabilized the situation in the area, which is also home to the only coal mine in Ukraine that produces coking coal used in the steel industry. The Russian Defence Ministry announced on Thursday that two villages to either side of Pokrovsk - Zvirove in the west and Novoekonomichne in the east - had been captured. Moscow declared Novotoretske, a third village in proximity to the city, "liberated" on Wednesday. The Ukrainian government has not acknowledged that villages have changed hands. In an evening report, the General Staff of Ukraine’s military stated that two of these villages -- Zvirove et Novoekonomichne -- were in areas where Russian soldiers were trying to penetrate Ukrainian defenses. The popular Ukrainian military blog DeepState reported that Kyiv forces had recaptured a village in Sumy, where Russian troops were trying to establish a "buffer area" as Kremlin Leader Vladimir Putin has called it. DeepState, a website that relies on reports from open sources to track the presence and movements of Russian troops, reported that Ukrainian troops had regained control of the village of Kindrativka. No official comments were made by either side. (Reporting and editing by Rosalba o'Brien, Oleksandr kozhukhar)
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Investors eye possible US-Europe trade deal as deadline looms
Investors hope that a possible trade agreement between the U.S., and European Union will bring more certainty to the markets before next Friday's deadline for tariffs. Ursula von der Leyen, the European Commission president, was scheduled to meet Donald Trump in Scotland on Sunday after EU officials and diplomatics had said that they were expecting to reach a framework agreement this weekend. Trump said on Friday that there was only a 50-50 or less chance of the U.S. and EU reaching a trade deal. The trade tensions between Europe and the U.S. may have given some investors a reason to be cautious. This is according to Sameer Samana. He is the head of global equity and real assets for the Wells Fargo Investment Institute. It's our largest trading relationship... If that last piece falls in place, you will probably have at least a few more people who need to return to the markets," Samana explained. It's a source that will disappear. The officials and diplomats stated that a deal would include a baseline 15% tariff on all EU products entering the U.S., and likely a 50% duty on European steel and aluminium. The optimism about easing trade tensions in general has pushed U.S. stock prices to record highs. Stocks fell in the immediate wake of Trump's "Liberation Day," April 2, announcement that sweeping tariffs would be applied to all countries. This was due to fears about recession, which have since subsided. Investors have braced themselves for an increase in volatility as the U.S. sets August 1 as a deadline to raise levies against a wide range of trading partners. Trump said that he will increase the tariffs to 30% by August 1 on all EU goods. The EU faces U.S. duties on more than 70 percent of its exports. These include 50% on steel, aluminum and cars, and 25% on car parts. After Trump's trade deal with Japan, hopes for a deal in Europe increased. Capital Economics analysts said that the deal with Japan, and likely the one with the EU soon afterward, are of particular importance because both countries are important U.S. trade partners. They account for about a quarter each of the country's goods imports. The agreement with Japan will reduce the existing tariffs on the auto sector of the United States, which account for more than 25% of the exports. Previously, these levies were as high as 27.5%. Capital Economics stated that an agreement lowering EU auto tariffs by 15% would be a "big deal" not only for the region, but also because about 10% of the region's shipments to the U.S. fall into the same category. Over the weekend, investors were also keeping an eye on developments in the trade between the U.S.A. and China. Next week, officials from both countries will meet in Stockholm to discuss the extension of an August 12 deadline to negotiate a deal. (Reporting and editing by Alden Bentley, Edward Tobin and Lewis Krauskopf)
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Trump tariffs on Brazil's chemical exporters lead to order cancellations
Brazilian chemical companies, who exported $2.4 billion in products to the U.S. during the past year, are facing a wave of contract cancellations, as President Donald Trump threatened a new tariff of 50% on Brazil's exports starting August 1. Andre Cordeiro of Brazilian chemical lobby Abiquim said that since Trump's announcement export orders for certain resins, compounds and other materials used in the production of fertilizers have been cancelled. Brazil supplies these products to the U.S. agricultural sector. Cordeiro explained that "fundamentally these decisions are made because it is bet on whether he will apply the tariff." Cordeiro added that some other companies have also had contracts cancelled. In some cases, sellers have secured export finance for an order that was later revoked. He refused to identify the exporters. He said that the losses associated with tariffs extend beyond direct exports. Almost every industry, from steel to oil, machinery to agricultural products, uses chemicals to manufacture their products. No one can produce coffee or grains without using some type of chemical product. Cordeiro said that the chemical industry is losing both export business as well as local sales from clients who export goods to the U.S. He said that Brazilian plywood exporters use chemicals to bond and have themselves faced cancellations of orders from the United States. Chemical preservatives are also used by orange juice producers, who sent 42% their exports to America last year. Brazilian companies such as Braskem could be affected by the U.S. Dow Chemical, with its 10 plants in Brazil, and large exports of silicon for processing to the U.S. is also in danger. Braskem and Dow have not yet commented. Exxon Mobil operates in Brazil, but declined to comment. It serves clients from various industries. Abiquim said that tariffs were unjustified due to Brazil's chemical industry running a trade deficit of $7.9 billion with the U.S. (Reporting and editing by David Gregorio.)
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MSF reports that at least 652 Nigerian children have died of malnutrition during the last six months.
Medecins Sans Frontieres reported on Friday that at least 652 children in Nigeria's state of Katsina died of malnutrition during the first half of 2025. The organization attributed this to the funding cuts made by international donors. Insecurity is a problem in Katsina in the north. MSF (also known as Doctors Without Borders) said that the massive budget cuts in the United States, United Kingdom and European Union are having a real impact on malnourished children. The United Nations Food Agency announced on Wednesday that it would be forced to stop food and nutrition assistance for 1.3 millions people in the northeast of Nigeria, which is ravaged by insurgency. Stocks have run low. The United States withdrew funding from the health sector, and Nigeria budgeted 200 billion Naira ($130million) to cover the shortfall. MSF reported that the number of Katsina children with severe malnutrition increased by 208% in comparison to the same period in the previous year. "Unfortunately, 652 children have died in our facilities as of the start of 2025." Insecurity in Katsina has forced many to abandon their farms due to banditry. In an effort to curb the activities of criminals, both the government and local vigilante groups have worked together.
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It's time to get rid of capital gains tax on your house.
The original version of this article was published in On The Money, a newsletter that shares personal finance insights and tips from the United States every two weeks. Subscribe here to get it free. It's time to get rid of capital gains tax on your house. My humble opinion: The most important personal finance story! This week, President Donald Trump has announced that he is considering eliminating capital gains taxes from home sales. Trump told reporters at the Oval Office that if the Fed lowered the rates, then we wouldn't have to do anything. "But we're thinking of no tax on capital gain on houses." According to current law, homeowners may exclude up $250,000 (single filers), or $500,000 for joint filers (increased gains) from the sale of their primary residence. These thresholds are unchanged since 1997. According to a study by the National Association of Realtors, 34% of homeowners (30 million) have equity in their home that exceeds the $250,000 threshold. More than 10% (8 millions) have equity enough to go beyond the $500,000 limit. Recently, Congress passed legislation to make permanent the tax cuts that were passed during Trump's first term in office. The bill also fulfills Trump's election promises by including new tax breaks for seniors, auto loans, tips, overtime pay and seniors. Who could benefit from the end of capital gains tax on home sales? Would you be more likely to sell your home if capital gains tax were eliminated? Would you be more inclined to sell your house? Let me know what you think by writing to me. It's a Gas Recently, have you noticed lower gas prices? U.S. gas prices may fall below $3 per gallon for the first summer in four years, as bad weather has dampened fuel demand. Imports have also risen to fill up inventories. Gasoline is at a low price, which is great news for Americans who are traveling this summer. After Russia's invasion of Ukraine in 2022, consumers faced record-high prices at the pump. The summer is usually the U.S.'s peak gasoline season, but this year the demand has been lower. The U.S. gasoline demand is expected to drop permanently from its 2018 peak due to the increased use of fuel-efficient cars and changes in driving habits following the pandemic. What will be the impact of lower gas prices on your driving habits and how? READ, WATCH and LISTEN Coke's switch to cane sugar will be costly and hurt US farmers Goldman and BNY launch tokens linked to money market funds Trump Executive Order to Open Up 401(ks) to Private Markets Delta's plans to use AI for ticket pricing is criticized by US lawmakers Luxury heavyweights battle to overcome shopper fatigue What's behind the recent rally in meme stock? How Americans deal with late career layoffs Portfolio manager: Don't risk everything, but preserve capital Big Alcohol is ready to fight back against buzzy cannabis drinks that steal sales Are you holding too much technology? Are you bursting at the seams with technology stocks in your portfolio? Due to the recent strong performance of technology stocks, equity investors may be overweighting them. The Magnificent 7 stocks have risen by almost 25% over the last year, compared to 17% growth for the Nasdaq Composite Index. The performance of the Magnificent 7 (which includes Google, Tesla and others) has been mixed in recent years. They have all recovered since April after a fallout following Donald Trump’s "Liberation Day", which announced sweeping tariffs around the world. According to LSEG Datastream, the group accounted for one-third the weight of S&P 500 on Friday due to its massive market cap. This is their biggest combined presence since the beginning of the year. My retirement portfolio is made up of target-date funds that are rebalanced regularly. The tech sector is at 24% which is slightly lower than the average. Have you rebalanced your portfolio recently? Tell me what you think about the Magnificent 7 or the tech sector in general! (by Lauren Young)
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Arpege, a Parisian restaurant with three Michelin stars, switches to plant-based meals
Alain Passard is a French chef who has mastered the art of roasting. He decided to remove almost all animal products in his Arpege restaurant. Arpege had already eliminated red meat in its dishes back in the early 2000s. Passard's new menu will exclude meat, dairy and fish. However, honey from the restaurant's beehives is an exception. Passard said that his passion for the natural world motivated him. He added that seasonal vegetables could also help reduce the environmental impact of a restaurant. Passard's 68-year-old fame was largely due to his roast dishes such as "poulet à foin", or chicken cooked with hay. But he has become a leading figure in the growing vegetable dining scene in Paris. Passard said, "Everything I did with the animal is a memory that will last a lifetime." Today, I'm more inclined to a cuisine of emotions, a culinary style that I would describe as artistic. It's more like painting and sewing... today I'm a new chef. Arpege, the first three-star restaurant in France, has made the switch to plant-based foods. It joins Eleven Madison Park, a New York restaurant that did the same under the chef Daniel Humm. The menu includes a "mosaic", a tomato dish, aubergine flambée with melon confit and a carrot, onion and shallot dish. The most expensive set menu is 420 euros (about $493) and the lunch cost 260 euros. In recent years, meat consumption has declined in some countries. Organisers of the Paris Olympics in 2012 set out to reduce the amount meat served to spectators and athletes. ($1 = 0.8526 euro) (Reporting and writing by Noemie Olivier and Lauren Bacquie; Editing and proofreading by Gabriel Stargardter, Louise Heavens and Lauren Bacquie)
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Holtec's request for restarting Michigan nuclear plant is approved by the NRC
Holtec International has received approval from the U.S. Nuclear Regulatory Commission to submit a number of requests that will lay the foundation for the restart of the Palisades Nuclear Power Plant in Michigan. The agency and the company announced this on Thursday. Holtec will be able to load fuel with the approvals, but it will still need additional approvals for the plant that ceased operation under a new owner in May 2022. Holtec plans to restart the Palisades plant, a decommissioned 800 megawatt facility. It will also install two small modular units (SMRs) based on the existing technology of light water reactors (LWRs), at the same site. Holtec, in partnership with Hyundai Construction, plans to build ten gigawatts worth of SMRs across North America by 2030, starting first at Palisades. Holtec purchased the plant in order to decommission, but hopes to now reopen it. It is the first U.S. Commercial reactor to restart operations after ceasing to operate. Holtec stated that "Once Palisades is returned to service it will generate over 800 megawatts (safe, reliable and carbon-free) of baseload power, enough to power 800,000 homes... increase grid reliability and meet growing energy demands in Michigan and beyond." The company did not specify a date for the start-up. Holtec announced in March that it hoped to reopen its plant by the fourth quarter 2025. The NRC stated that "while these NRC approvals allow Holtec fuel to be loaded, there are several licensing actions still under NRC review, and additional requirements need to meet before the plant can begin operating under its original operating license which expires March 24, 2031," The NRC transferred the operating authority of PNP from Holtec Decommissioning International LLC to Palisades and restored key documents including emergency plans, security plans, and maintenance and inspection programmes. (Reporting by Sarah Qureshi in Bengaluru Editing by Marguerita Choy)
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Three trapped workers are rescued from Newmont's Red Chris Mine in Canada
Newmont said that three contract workers were rescued from the Red Chris copper-and-gold mine in British Columbia after 60 hours of being underground. Bernard Wessels said that some operations have been resumed at the mine, but the underground mine is still suspended. He made this statement at a Newmont news conference. Wessels stated that Newmont would reopen its underground mine following a thorough investigation of the incident. Kevin Coumbs (Hy-Tech Drilling), Darien Maduke and Jesse Chubaty, were trapped in the mine after two "falls of ground" at the accessway. The walls and floors collapsing in a mine is a serious safety concern for the mining industry. The miners were sheltered in the designated refuge bay of the mine for two days. Wessels stated that the men were "in good spirits" and had walked themselves to their vehicle. They were also relieved to have escaped. He added that the three miners stayed where they were told to stay and followed all safety protocols. Newmont owns 70% of the mine and Imperial Metals Corp. holds the remaining 30%. Wessels stated that Newmont conducted a thorough psychological check on the miners. Newmont says it conducts monthly investigations into its operations and that this incident was a surprise to the company. Newmont acquired the Red Chris mine in 2023 as part of its larger purchase of Australian miner Newcrest. Red Chris has two mines, an open-pit mine and an underground mine.
Valero Energy's profit margins improved as refinery margins increased, and the company beat Q2 profits estimates
Valero Energy, a refiner, beat Wall Street's expectations for the second quarter profit on Thursday. A rebound in refining profits helped to cushion the loss of its renewable diesel unit.
Investors expected top U.S. refining companies to report higher profits in the second quarter.
bouncing back
Profits increased during the first quarter of the year, despite the fact that diesel prices were unseasonably high.
Valero is the first major refiner in this earnings season to report results. Its refining margin was $12.35 per barrel throughput, up from $11.14 a year ago.
Lane Riggs, CEO of Lane Riggs Oil Company, said: "We achieved a record in refining throughput in our U.S. Gulf Coast Region in the second quarter."
In the third quarter, the company's throughput volume was 2.9 million barrels a day (bpd), compared to 3.0 million bpd one year ago.
The refinery segment's quarterly operating income was $1.3 billion, up from $1.2 billion last year.
The Diamond Green Diesel joint-venture, which is part of its renewable diesel segment reported a loss of $79M for the quarter compared to a profit $112M a year earlier.
The company said that it is also progressing on a fluid catalytic unit optimization project, which will allow the St. Charles Refinery increase its high-value products yield.
The project will cost approximately $230 million, and it is anticipated to be completed by 2026.
According to data compiled and analyzed by LSEG, Valero posted a profit per share of $2.28 for the quarter ending June 30. This compares with an average analyst estimate of $1.74. Tanay Dhumal, Bengaluru. Pooja Dasai, editing.
(source: Reuters)