Latest News
-
Sources say that Trump is looking to bring Azerbaijan and Central Asian nations under the Abraham Accords.
Five sources familiar with the situation say that the Trump administration is in active discussions with Azerbaijan about the possibility of bringing this nation and other Central Asian allies to the Abraham Accords. The goal is to strengthen their current ties with Israel. In the Abraham Accords signed in 2020 and 2021, during Trump's initial term, four Muslim majority countries agreed to normalize their diplomatic relations with Israel, after U.S. mediated. Azerbaijan, and all countries in Central Asia have had long-standing relations with Israel. Therefore, an expansion of the Abraham Accords to include these countries would be largely symbolic. It would focus on strengthening ties such as trade and military collaboration, according to the sources who requested anonymity for private conversations. This expansion would show Trump's willingness to accept pacts less ambitious than the administration's goal of convincing regional giant Saudi Arabia to restore relations with Israel as war rages on in Gaza. The Kingdom has said repeatedly that it will not recognize Israel until Israel acknowledges a Palestinian State. The Arabs are furious over the escalating death toll and the starvation of Gaza due to Israel's military actions and blockade of aid. This has complicated efforts to include more Muslim majority countries in the Abraham Accords. Global anger has been sparked by the war in Gaza where, according to local authorities, over 60,000 people, including tens and thousands of women, children, have died. Canada, France and United Kingdom announced in recent days plans to recognize an independent Palestine. Azerbaijan and Armenia's conflict is another key sticking point, as the Trump administration views a peace agreement between the two Caucasus countries as a condition for joining the Abraham Accords. Sources said that while Trump officials had publicly floated a number of potential participants in the accords the Azerbaijan talks were among the most structured. Two sources said a deal might be achieved within months, or even weeks. Steve Witkoff was the special envoy of Trump for peace missions. He traveled to Baku in Azerbaijan to meet President Ilham Aliyev. Three sources claim that Aryeh lightstone, a Witkoff aide who is a major player in the Abraham Accords discussion, met Aliyev in the spring to discuss this issue. Sources said that as part of the discussion, Azerbaijani representatives had contacted officials from Central Asian nations including Kazakhstan to gauge their interest for a broader Abraham Accords extension. Sources said that it was unclear which other Central Asian countries were contacted, including Kazakhstan, Uzbekistan Turkmenistan Tajikistan Kyrgyzstan, and Uzbekistan. When asked to comment, the State Department did not mention specific countries but stated that expanding the accords was one of Trump's key goals. A U.S. official said, "We're working to get more nations to join." The Azerbaijani Government declined to comment. Requests for comment were not answered by the White House, Israel's foreign ministry or the Kazakhstani Embassy in Washington. The Abraham Accords, which Israel signed in the past, will not be affected by any new agreements. OBSTACLES REMAINS Original Abraham Accords - signed between Israel, the United Arab Emirates (UAE), Bahrain, Morocco, and Sudan – were centered around restoration of ties. The second round of the expansion seems to be evolving into a wider mechanism to expand U.S. soft power and Israeli hard power. Azerbaijan, sandwiched between Russia and Iran in the north, and Central Asia and Europe to the south is a vital link for trade between the two regions. Oil and gas are abundant in Central Asia and the Caucasus, which has led to a competition between major powers for influence. Extending the accords to countries that have diplomatic relations with Israel could also be a way to give a symbolic win to a President who is known for praising even small victories. Two sources describe the Central Asia discussions as embryonic, but the Azerbaijan discussions as fairly advanced. There are still challenges and no guarantee that a deal can be reached. This is especially true given the slow progress of talks between Armenian and Azerbaijan. Both countries gained independence from the Soviet Union, in 1991. Since the late 1980s, when Nagorno Karabakh, an Azerbaijani area with a majority ethnic Armenian population, broke away from Azerbaijan, they have been at odds. Azerbaijan will retake Karabakh in 2023. This will cause 100,000 ethnic Armenians fleeing to Armenia. Since then, both sides have said that they would like to sign a peace treaty to end the conflict. The U.S. and Armenia have strong ties, but the Trump administration does not want to upset the authorities in Yerevan. Trump and Secretary of State Marco Rubio have both argued for a near-term peace between the two nations. Trump said to reporters in early July, "Armenia and Azerbaijan...we worked magic there." It's close." (Reporting and editing by Humeyra Pauk and Deepa Babyington; Additional reporting and editing by Steve Holland in Washington and Humeyra and Humeyra in Jerusalem, Nailia Bagirova and Nailia Rose in Baku)
-
BlackRock fails to dismiss Texas climate conspiracy claims
A U.S. Judge on Friday rejected in large part a request from top asset managers, including BlackRock, to dismiss a suit filed by Texas and twelve other Republican-led States that claimed the companies had violated antitrust laws through climate activism which reduced coal production and increased energy prices. U.S. district judge Jeremy Kernodle, in Tyler, Texas, agreed to dismiss only three of the 21 count in the states' suit, which also names institutional investors State Street, Vanguard, and others. This is one of the most high-profile lawsuits aimed at promoting environmental, social, and governance goals. Requests for comment from the companies were not immediately responded to by representatives. Kernodle was appointed by Donald Trump and his ruling means that states can continue with their claims against asset managers for violating U.S. Antitrust Law by joining Climate Action 100+ an investor initiative to take actions to combat climate changes, as well as using their shareholder advocacy to further its goals. The companies deny wrongdoing, and have called the case "half baked." The theories of the states were supported by Trump's antitrust enforcers, who are now at the U.S. Department of Justice (DJ) and Federal Trade Commission. The result of the case could have major implications on how companies that together manage $27 trillion in passive funds and holdings approach their investments. BlackRock, the fund firm that is suing the plaintiffs, has stated that the plaintiffs could seek a remedy by asking the fund firms not to hold coal companies. This would likely increase energy prices and harm companies' access capital. Reporting by David Shepardson and Jody Godoy, both in Washington; editing by David Holmes
-
Chevron CEO: Exports of Venezuelan crude oil to resume in this month
The chief executive of U.S. oil company Chevron said that the company expects to resume its exports to the U.S. this month. This follows a limited license issued by the U.S. Treasury Department this week to operate in Venezuela and to do oil swaps. Mike Wirth, CEO of Chevron, said that exports would begin with "a limited amount" and that he did not expect them to have an impact on the third-quarter results. Chevron has not exported Venezuelan oil since April when the state-owned PDVSA cancelled cargoes scheduled for its joint venture partner due to payment issues related to U.S. sanctioned against Venezuela. In March, the U.S. administration of President Donald Trump revoked Chevron's license that was granted under former president Joe Biden. Trump's administration gave Chevron, PDVSA and some of its partners until the end of May to complete transactions. Washington reinstated licenses last month after a successful prisoner exchange with Venezuela. The U.S. Congress urged the reinstatement of licenses in order to stop Venezuelan barrels going to China. According to vessel movement data, Chevron had exported around 250,000 barrels of Venezuelan crude per day in the first three months before the licenses were cancelled. This was 29% of Venezuela's total exports. According to U.S. officials and sources, the new authorization is similar in nature to that of Biden's license but prohibits payment to Venezuelan President Nicolas Maduro’s administration using any currency. Chevron and the cash-strapped PDVSA have been in negotiations since Washington approved the license. Sources said that the agreement is likely to include payment of mandatory taxes and royalties to Venezuela, either in kind or by way of oil swaps where Chevron supplies Venezuela with diluents. Sheila Dang (Reporting, Marianna Pararaga and David Gregorio).
-
Sources say that despite the export ban, Russia may face gasoline shortages.
Sources said that despite the export ban, Russia may face gasoline shortages this August due to low stocks at home, a peak in seasonal demand, and repairs being done by domestic refineries. The ban was imposed Monday, and is intended to last through August 31. Its purpose is to stabilize the Russian market and avoid socially sensitive increases in motor fuel prices. Traders say that it is unlikely to be enough to bring the market back to equilibrium, since gasoline export volumes are much smaller than the domestic consumption. They also claim that diverting the fuel to the local market will not satisfy the demand. The oil companies expect state regulators will force them to sell more refined products in the domestic market and to delay planned plant maintenance. The Russian Energy Ministry did not immediately respond to a comment request sent on Friday after hours of business. According to participants in the market, this year, private retail networks did not create enough fuel reserves to meet summer's high demand. This was due to an increase in interest rates of 20%, which made borrowing from banks for fuel purchases in advance to be too expensive. "At the moment, gasoline production has reached a normal summer level. Sales are also in line with expectations. Private traders are short of stocks," said a source from a large oil firm. Sources at gas retailers say that frequent flight delays in Russian airports also lead to higher gasoline consumption as travellers switch from their cars. Market participants and industry analysts believe that the shortage of gasoline is likely to persist until September. Prices may fall in October when local refineries complete repairs while demand drops off its seasonal peak. (Reporting and Editing by David Holmes).
-
Trump tariffs spark 'deep concern' among Brazil chemical firms
A Brazilian association of chemical companies, which includes large U.S. companies like ExxonMobil, Dow Chemical, and ExxonMobil, has expressed "deep concerns" about a U.S. Executive Order that raised tariffs on Brazilian imports to 50%. Abiquim, in a Friday statement, said that the Brazilian chemical industry is inextricably linked with the United States. The relationship was marked by "integration," and "cross investments." Andre Cordeiro said that the impact on Brazilian chemical exports would be significant, as it would compromise supply chains, jobs and investments both in Brazil and in the U.S. Abiquim reported that more than 20 of the chemical companies in Brazil are owned by Americans. Abiquim, along with the American Chemistry Council, submitted a joint declaration to the Brazilian and United States governments "requesting action to prevent damage to integration and resilience in chemical supply chains. The statement focused on trade facilitation and regulatory collaboration." According to Abiquim, Brazil exported $2.4 billion worth of chemical products to America last year. This sector has a deficit of almost $8 billion. The executive order of President Donald Trump from July 30, affects approximately $1 billion annually in Brazilian chemical exports into the U.S. while only exempting five products that represent $697 million sales to the U.S. by 2024. Abiquim also said that its companies will suffer more losses as the chemical products are used in many industries, including furniture, textiles and leather goods. Some of these industries have already experienced cancellation of orders from the United States due to this new tariff. Abiquim announced last week that its own sector was already facing contract cancellations due to Trump's tariffs. (Reporting and editing by Andrea Ricci; Ana Mano)
-
Baxter, a medical products manufacturer, has cut its 2025 forecast and shares have plunged to a 19-year low.
Baxter International cut its profit forecast for 2025 and reported disappointing earnings on Thursday as the lingering effects of Hurricane Helene, and hospital fluid conservation continued to weigh on its medical product business. The shares of the medical product maker fell about 23% during morning trading, reaching their lowest level since 2006 The CFO Joel Grade said that despite the fact that he never wants to lower expectations, his overall goal is to reduce the outlook in order to take into account more of the possible downside risks. Baxter has voluntarily halted shipments after receiving reports of multiple injuries and two deaths. The manufacturer of medical products now expects adjusted earnings between $2.42 to $2.52 per shares, down from the previous expectation of $2.47 - $2.55. Analysts expected $2.52 per shares. Hurricane Helene, which struck in North Carolina last year and damaged Baxter’s North Carolina facility, caused the production of IV solutions to be disrupted. Hospitals were then forced to conserve fluids. The company reported that while supply has been restored, the demand is still low. The company stated that the volume declines of IV solutions had a significant impact on operating income and profit/share. Its outlook assumes fluid conservation will remain at 20 percent below normal levels through the remainder of 2025. Robbie Marcus, JPMorgan analyst, said that many investors had been concerned about this scenario due to the absence of an announcement following the appointment of a new CEO at the beginning July. Earnings for the second quarter were 59 cents, which was below expectations of 61 cents. Revenue came in at $2.81 billion - just shy of expectations. Baxter’s pharmaceuticals division also underperformed with anesthesia sales dropping by low double-digits and injectable drug sales declining by 1% globally. Baxter has reduced its estimate of the impact on 2025 to $40 million from $60 million or $70 million. (Reporting from Bengaluru by Kamal Choudhury; editing by Vijay Kishore).
-
Barclays is the latest British lender to leave climate banking alliance
Barclays is the latest British lender that has quit the Net Zero Banking Alliance. The bank announced this on Friday. It argued that it was no longer able to support its green transition due to the departure of other global lenders. Barclays' decision, which follows that of HSBC as well as several major U.S. financial institutions, to leave the leading banking alliance aimed at tackling climate changes raises concerns about the group's ability to influence the sector in the future. In a website statement, the bank stated that it had "decided to withdraw from Net Zero Banking Alliance". The bank said that its commitment to achieve net zero by the year 2050 was unchanged, and that they still saw an opportunity in energy transition for themselves and their clients. Barclays released its first sustainability strategy update in several years earlier this week. The company said that it will make 500 million pounds ($666.20) from transition financing for low-carbon and sustainable projects by 2024. Jeanne Martin is the co-director for corporate engagement of ShareAction, a responsible investment NGO. She called the decision to leave Net Zero Banking Alliance an "incredibly disappointing step and a wrong direction in a time where the dangers of global warming are rapidly increasing." Barclays stated that the alliance no longer met its original purpose. "With most global banks having left, the organisation does not have the membership to support our transformation." On its website, the Net Zero Banking Alliance (a global initiative launched under the United Nations Environment Programme Finance Initiative) lists more than a hundred members, including major international financial institutions. The alliance, according to a spokesperson, is committed to "supporting members in their efforts to be leaders on climate change by addressing barriers that prevent clients from investing into the net-zero transformation." The NZBA overhauled their rules earlier this year after key members left. Banks voted to abandon some of the more stringent rules. Virginia Furness is reporting, Iain Withers is editing and Philippa Fletcher is a contributor.
-
US construction spending extends decline in June
U.S. Construction Spending dropped even further in June, mainly due to a sharp drop in expenditures on single-family homes projects as a result of rising mortgage rates and a growing inventory. Census Bureau of the Commerce Department reported on Friday that construction expenditures fell by 0.4% following a 0.4% decline in May. The economists polled had predicted that construction spending would remain unchanged following a 0.3% decline in May. In June, spending fell 2.9% year-over-year. The amount spent on private construction projects fell by 0.5%. Residential construction investment fell by 0.7%. Outlays for new single-family housing projects dropped 1.8%. The latest government data released this week shows that residential investment has contracted at the fastest rate since the fourth quarter 2022. The Federal Reserve has paused its rate-cutting cycle due to the uncertainty created by tariffs on imported products. The new housing inventory has reached levels not seen since late 2007. In June, the expenditures on multi-family housing units remained unchanged. Investments in non-residential private structures such as offices and factories decreased by 0.3%. The second consecutive quarter saw a decline in spending on non-residential buildings. The spending on public construction projects increased by 0.1%. State and local government spending on construction increased by 0.5% while federal government expenditures dropped by 4.4%. Reporting by Lucia Mutikani, Editing by Chizu nomiyama
RPT-Indian state refiners pause Russian oil purchases, sources say
Industry sources claim that Indian state refiners stopped buying Russian crude oil last week, as the discounts have narrowed in this month. Donald Trump has also warned other countries against purchasing oil from Moscow.
India, which is the third largest oil importer in the world, is the top buyer of Russian crude by sea. This revenue stream for Russia, as it continues to wage war against Ukraine, has been vital for the country.
Four sources familiar with the refiners’ plans to purchase Russian crude have told us that the country's state-owned refiners, Indian Oil Corp., Hindustan Petroleum Corp., Bharat Petroleum Corp. and Mangalore Refinery Petrochemical Ltd., have not purchased Russian crude for the last week or so.
IOC, BPCL HPCL MRPL, and the Federal Oil Ministry did not respond immediately to'comments.
Sources said that the four refiners buy Russian oil regularly on a delivery basis, and they have also turned to spot markets as a source of replacement oil - mainly Middle Eastern grades like Abu Dhabi's Murban oil and West African crude.
Reliance Industries, a private refiner, and Nayara Energy are owned in majority by Russian entities, including Rosneft. They have signed annual agreements with Moscow, and they are the largest Russian oil buyers for India.
Trump announced 100% tariffs against countries that purchase Russian oil, unless Moscow agrees to a major deal of peace with Ukraine.
Sources say that Indian refiners have withdrawn from Russian crude due to the decline in Russian exports, and a steady demand. This is because of the Western sanctions imposed against Moscow for the first time in 2022.
Even buyers who adhere to the price cap are concerned that the latest EU curbs will complicate international trade, including fund-raising. India reiterated its opposition against "unilateral sanction".
Trump announced on Wednesday that a 25% tariff would be imposed on all goods imported from India starting August 1. He also said that negotiations are ongoing. He warned against possible penalties for the purchase of Russian oil and arms.
Trump reduced the deadline for imposing secondary sanctions on buyers of Russian goods to 10-12 from 50 days, if Moscow fails to agree to a peace agreement with Ukraine.
About 35% of India’s total supplies are supplied by Russia.
In the first half 2025, private refiners purchased nearly 60% of India’s average 1.8 millions barrels per day Russian oil imports, while state refiners, which control 60% of India’s total 5.2 million bpd refinery capacity, purchased the rest.
Reliance bought Abu Dhabi Murban oil for loading in October of this month. This was an unusual move from the refiner.
(source: Reuters)