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The anti-corruption court in Ukraine arrests Zelenskiy’s former chief of Staff
Andriy Yeramak, former head of the administration of Volodymyr Zelenskiy, and close ally to him, was arrested on charges of money laundering by Ukraine's anti-corruption court on Thursday. The court set bail for Yermak at 140 million hryvnias (3.19 million dollars), which will allow him to be released pending a ruling on his case. Yermak has denied all allegations made against him. After the court's ruling, Yermak said to reporters: "I do not have that 'kind of money' and my lawyer will work with friends and associates (to raise'money for bail). My legal team will appeal. We will use all legal avenues to pursue justice and truth. Yermak was named as a suspect by Ukrainian authorities 'on Monday. It was the closest anti-corruption officials had ever come to the inner circle of the president. Ukraine's anticorruption agencies released a statement in which they said that Yermak was suspected of being part of a criminal gang who laundered $10.5 million via an elite housing project outside the capital Kyiv. Yermak, despite not being elected to his position, was widely regarded as the second most powerful Ukrainian after Zelenskiy. Former film producer and entertainment attorney, he often sat at the president's right hand at public events. He was also Kyiv’s chief negotiator during U.S.-backed talks for peace with Russia. His resignation last year was part of a wider government shake-up that aimed to'restore trust in the President's Office, which had been tainted by accusations of centralised powers. Analysts say that charges?against Yermak will not pose an immediate threat for Zelenskiy but could cause him to suffer a longer-term damage to his reputation if he decides to run for reelection following the war.
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Investor Caltagirone voices concern over possible Monte dei Paschi-Banco BPM merger
Francesco Gaetano Caltagirone, an Italian businessman, said that the merger of Banca Monte Dei Paschi d'Isena (MPS), and Banco BPM would weaken?the historic Tuscan bank?and could pose a risk to?Italian saving. In recent weeks, speculation on the market has increased over the long-promised merger between Banco BPM (the world's oldest banking institution) and Caltagirone, the second largest investor in the bank. BPM CEO Giuseppe Castagna stated last week that the bank is well-positioned to take advantage of?Italian M&A and is examining all options. Credit Agricole CAGR.PA, a French bank, is the largest shareholder in BPM. It also owns 3.7% in MPS. Credit Agricole played a major role in the febrile shareholder vote on April 15 that restored the Tuscan bank’s former CEO Luigi Lovaglio. Caltagirone supported the alternative CEO option during the vote. Caltagirone, Corriere della Sera, said: "I am afraid that the result of the recent shareholders meeting will facilitate the'merger of MPS with BPM and destroy something that has been in Siena since five centuries.?And, on another hand, it could lead to a new assault on Italian savings." In an interview, he told the Italian paper that he felt that there was a "strong pressure" for BPM, rather than MPS, to be absorbed by BPM. This would result in the'shifting of MPS headquarters from 'Milan to Milan and eroding the local expertise, as well as all the economic activities built around this over the centuries. (Reporting and editing by Alexander Smith, Gianluca Smeraro)
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Gold prices remain steady as Trump-Xi meetings and the Iran war are in focus
Gold prices held steady on Thursday as investors focused on the talks between 'U.S. President Donald Trump met with Chinese?President Xi Jinping and looked for any signs of progress on the Iran War. As of 0602 GMT, spot gold remained unchanged at $4,689.49 an ounce. U.S. Gold Futures for June Delivery fell 0.2% to $4,696.40. GoldSilver Central's Managing Director Brian Lan said, "Gold is consolidating right now as everyone is watching what happens in the high-level talks between China and the U.S." Lan said: "(Gold is) a bit 'downward-biased, and I believe that this is also an opportunity for investors looking to get into the metal." Trump will be meeting with Xi at a series in Beijing to discuss economic gains, maintain a fragile 'trade truce' and negotiate thorny issues like the Middle East conflict. Analysts say that Trump will likely not get the support he needs. Data released on Wednesday revealed that U.S. Producer Prices posted their largest increase in four-years in April. This was boosted by the rising costs of goods and services. It is yet another sign of inflation accelerating. The?U.S. The Senate has approved Kevin Warsh to be the chair of the Federal Reserve. According to CME Group’s FedWatch tool, traders have priced in a Fed rate cut for this year. Instead, they see a 28% likelihood of a rise by December. Gold is a good hedge against inflation. However, as interest rates rise, it tends to weigh down on this non-yielding material. Gold discounts in India reached a record-breaking $200 per ounce on Wednesday as an increase in prices after an import duty rise triggered investor selling in a weakening demand environment. Spot silver dropped 0.9%, to $87.19 an ounce. Platinum fell 0.2%, to $2,133.35. Palladium rose 0.1%, to $1,501.25.
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Eneos buys Chevron's Singapore refinery and Asian assets for $2.2 Billion
Eneos Holdings announced on Thursday that it would purchase U.S. giant Chevron's 50 percent stake in Singapore?Refining Company and other assets throughout Southeast Asia, Australia and Australia. This will be its first venture into refining outside of Japan. Eneos stated that the deal, which includes Chevron’s assets in Vietnam, Australia Philippines and Malaysia, is expected to be closed by 2027. Chevron is looking to sell its refining assets and storage facilities in Asia, to reduce costs and streamline operations. This investment is a major step towards strengthening the business platforms that connect Japan to Southeast Asia and Oceania. It also brings together the competitive strengths developed in each market, allowing our group to grow to the next level. Eneos has nine refinery complexes operating in Japan. This includes a joint venture between Eneos and PetroChina. The sale is expected to be completed by the end of May, according to a previous report. CHEVRON DIVERSTMENT SRC runs a refinery that produces 290,000 barrels per day in Singapore. The other half of the company, Singapore Petroleum Co., is owned by PetroChina. Andy Walz is the president of Chevron’s downstream, chemicals, and midstream. SRC's stake sale in Bukom is the second largest refinery deal to be made in Asia after Shell sold the complex in 2024. Chevron sold its Hong Kong retail station to Thai refiner Bangchak Corp. for $270 millions. The sale includes Chevron’s Penjuru Terminal and Lubricants Facility in Singapore. This facility has a storage capability of approximately 400,000 cubic meters, or roughly 2.5 million barrels. Analysts said that acquiring a fuel terminal at one of the largest oil storage hubs in the world will increase a company's trading abilities, particularly on refined fuel. Eneos's growth downstream is a strategic move, given that its domestic market in Japan has been saturated for a long time and is expected to continue to shrink, according to Wood Mackenzie Asia Pacific's research director in oils and refining. This refers to the decline in Japan's demand due to a declining population. "Not only the refinery, but other things will sweeten the deal." Morgan Stanley has been appointed by Chevron as the agent for the sale of refinery assets and stakes in Asia. Reporting by Katya Glubkova in Tokyo and Yuka Obaashi in Singapore, with editing by Muralikumar Aantharaman & Neil Fullick.
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CEZ, the Czech energy company, has raised its profit forecast for 2026 as Middle East prices rise.
CEZ raised its earnings forecast for 2026 on Thursday due to an increase in prices and generation caused by the Middle East conflict. The Czech electricity producer also posted a 6% rise in first-quarter adjusted profit. CEZ, which is majority owned by Czech state, and will undergo reorganisation in the next few years, has said that it expects an adjusted net profit between 30 billion crowns (about $1.44 billion and $1.64 billion), compared to its previous forecast of 27 billion crowns to 31 billion. Earnings are expected to be in the range of 107- 112 billion crowns. This is also higher than "the previous outlook". CEZ expects higher electricity prices, increased coal usage and higher coal mining volumes due to the Middle East Crisis, which has resulted in a blockade of Strait of Hormuz - a major waterway for oil, gas and other commodities. CEZ achieved a net profit of 28.1 billion crowns in 2025 and EBITDA 137.0 billion crowns. The adjusted net profit in the first quarter?rose above the average poll estimate of 12.3 billion crowns. The elimination of the windfall tax was a major driver of earnings. Lower prices and lower generation also played a role. EBITDA dropped 18% on an annual basis to 35.3 billion crowns in the third quarter. The company reported that it had pre-sold?31.9 terawatt hours of its output for 2027 at an average price of 86 euros per Megawatt Hour, as opposed to a previous rate of 85 euros.
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INDIA BONDS-Indian Bonds rangebound as traders look at Trump-Xi meeting
Indian government bonds remained in a tight range on Thursday morning,?as traders avoided large bets, as U.S. president Donald Trump'met' China’s Xi Jinping. This could have an impact on the 'trajectory.of the Iran War. Trump is expected this week to ask Xi for help in resolving a costly and unpopular conflict with Iran. Analysts believe Xi will likely nudge Tehran towards negotiations, but he is unlikely to reduce economic support for its key Middle East partner. Brent crude futures rose 0.4% to $106.05 per barrel. The rising oil price could increase India's oil import-dependent inflation, pressurize the rupee and widen its current account deficit. The benchmark 2035 bond yield of 6.48% hovered around 7.0565% as of 11:03 am IST. It had settled at 7.0493% earlier in the day. In the last few sessions the 10-year yield failed to close above the critical?7.05% mark, which prompted some early buying. This limited further upside. The rupee fell to a new record low of 95.8875 weighed down by continued foreign portfolio outflows. This added to the current and capital account strains. A private bank trader stated that "there is growing anxiety about oil supply shortages across India, and the likely rise in petrol and diesel price," India raised import duties on bullion earlier to reduce the trade deficit. Barclays economists stated that they had previously raised their FY27 CPI forecast by 50 basis point to 4.5%, assumant of a fuel-price hike. They added that the increase in bullion duties before an increase in fuel prices could indicate a delay. As oil prices rose, the overnight index swaps surged. The five-year swap jumped 1.65% to 6.688%, while the two-year swap was up 4.5 basis points at 6.34%. Reporting by Khushi malhotra, Editing by Eileen Soreng & Harikrishnan Nair
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India's largest state, Uttar Pradesh, is hit by a storm that kills nearly 90 people
The state disaster management office announced on Thursday that almost 90 people were killed by a violent storm that slammed India's most populous state - Uttar Pradesh - with rain and hail. Storms are frequent in the north during the hot months of March to June before the monsoons rains provide relief. In a Facebook post, Uttar -Pradesh relief commissioner stated that "adverse weather conditions", on Wednesday, led to the death of 89 people. The post also reported that storms, hail and lightning caused 114 livestock deaths, 53 injuries, and 87 homes to be damaged in the state. TV images showed billboards and trees uprooted by strong winds, some of which crashed into cars. Dust and debris clouds also knocked over wooden furniture from roadside stalls. A state relief official said that some of the deaths were caused by falling trees and collapsed walls in homes. Authorities?said that the chief minister of a state governed by Prime Minister NarendraModi's Bharatiya Janata Party had ordered officials to distribute financial aid and assist survivors within 24 hours. (Reporting and writing by Saurabh Dash and Jatindra dash; writing by Sakshi dayal and Shanima aniyeri; editing by Clarence Fernandez, YPrajesh and Clarence Fernandez)
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Wall Street Journal, May 14,
These are the most popular?stories from the Wall Street Journal. These?stories have not been verified and we cannot vouch for their accuracy. Cerebras Systems' initial public offering in the United States was priced at $185 per share, which is above the upper end of their indicated price range. - 'Chip startup Fractile announced that it raised a $220 million Series?B funding round led by Accel, Factorial Funds and Peter Thiel’s Founders Fund. Cisco Systems will cut?thousands? of jobs in order to?increase artificial intelligence? in its business. The National Football League has signed a four-year contract with Netflix to license three additional games. Additional games have also been licensed to Fox and NBC. Equinox Gold and Orla Mining have agreed to merge in a deal that would create a $18.5 billion North American gold miner. This would allow both companies to accelerate growth, which would otherwise take years. Susan Collins, the Boston Fed president, has hinted that the central banks might have to raise interest rates in the future if inflation pressures increase. This is despite the fact that this is not her current most likely forecast for the economy.
Mike Dolan: ROI-Fed might have to hike its prices to maintain its credibility
It may not be sufficient to wait out the oil crisis. Federal Reserve officials may have to show that they will take action to achieve their inflation targets, just as European counterparts seem to be determined to do. If that happens, it could be a big deal given what Wall Street forecasters are currently thinking.
The crude oil futures for the end of year are at their highest levels since the Iran 'war began, with little evidence of a lasting peace agreement. The latest U.S. April inflation data showed that the damage to?already high prices was escalating.
The Fed's target of 2% for annual consumer price inflation has not been met since February 2021. Producer prices rose the most since March 2022, when Russia invaded Ukraine. They also increased at the fastest annual rate in three years.
You can manipulate the numbers in a thousand different ways, but there is no doubt that core inflation and "trimmed-mean inflation rates" that remove the extreme monthly price movements are on the rise. The price trend is now moving higher, as has the overall trend.
The regional Fed presidents are concerned that the central bank’s inability of returning to its target could undermine its credibility over the long term and push inflation expectations and market prices even higher.
Susan Collins, the president of Boston Fed, is the latest to express concern.
Collins stated on Wednesday that "more than five years of inflation above target has lowered my patience to 'look through' another supply-shock." "I can imagine a scenario where some policy tightening would be needed to ensure that inflation returns to 2% durably and in a timely fashion."
Collins is not the only one. The more hawkish members of the Fed's Policymaking Council echo Collins' view.
Beth Hammack of the Cleveland Fed, for instance, was among three policymakers to dissented against the Fed's easing bias in its last statement.
She said that the statement should be neutral about whether or not the next step is up or down, or if it's just on hold.
The hawkish nature of the central bank is not hidden by talk of a split. Many Fed watchers believe that only three of the 18 Fed board members or regional presidents are dovish.
And Warsh only replaces one of the doves.
The only way up is up?
How likely is the next Fed action if a prolonged energy squeeze continues to affect core goods and service prices?
Fed futures markets that bet confidently on two rate cuts up until the attack on Iran in late Febuary now see no further easing. They place an 80% probability of a 25 basis-point increase in the policy rate of 3.625% over the next year.
This week, the yields on two-year Treasury bonds topped 4% once again. The 30-year bond rate is now above 5% and the average 30-year fixed-rate mortgage rates are at 6.46%, above 6% for almost four years.
Fixed-income markets are already bracing themselves for a shift in Fed policy, and it's not what most people had in mind when Warsh first was nominated back in January.
The 'persistence of forecast rate cuts suggests that the investment world is still focusing on further easing. This is based on the assumption that the Gulf conflict will end and oil prices will fall, re-opening the Fed door.
Only one economist and strategist polled three weeks earlier expected that rates would rise by mid-year. Median view was two further cuts in that time.
Even though the poor inflation data has forced many banks and forecasters? to delay their timelines for easing, rate reductions remain on the table.
UBS Global Wealth Management pushed back its expectations for the next cut by three months, to September. However, it still expects that two cuts will be made in December and February next year.
Morgan Stanley's mid-year outlook still pencils a Fed reduction next year. It also predicts an S&P 500 rise of 11% and a decline in 10-year Treasury rates to 4.2%.
All these investment firms hedge their bets with different scenarios, which is understandable considering the geopolitical uncertainty.
Even though the market for rates may have partially repricing, there would?have to a tsunami of changes in forecasts if the Fed's next move was indeed upward.
The opinions expressed are those of Mike Dolan a columnist at. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
(source: Reuters)