Latest News
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Police: Five dead in Michigan shooting; suspect found dead
Michigan State Police released a statement via social media that a man suspected of?shooting and killing five people in northern Michigan?on?Friday?was found dead after a manhunt. Police said that one victim remains hospitalized and in critical condition. Troopers responded to a call at 11:40 am. A report of an incident led police to a house in Missaukee County (Michigan) at 1540 GMT. The state police said that officers found three dead people and one wounded. The suspect, identified as 39-year old?Chad Hickman by the?police, fled before troopers arrived. This prompted a manhunt. Investigators found another victim dead at a different residence while searching for the suspect. Police said that they later located Hickman’s vehicle in a wooded region near Whitlock Lake. They found Hickman, along with another person, dead. The police statement quotes Lieutenant Ashley Miller as saying, "This situation is heartbreaking and difficult for the investigators." The police did not release names, ages, or genders of the victims. They said that notifications to the next-of-kin were in progress. (Reporting and editing by Sergio Non, Tom Hogue and Maria Tsvetkova)
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Canadian minister says Canada, US far apart on draft trade deal, source says
Dominic LeBlanc told a 'committee of advisors' on Friday that Canada and the U.S. were still "far" from a draft deal, despite their regular meetings. This was according to an informed source. LeBlanc, his chief negotiator, and a team are in Washington for talks as the deadline for President Donald Trump's 50% tariffs approaches on August 19. LeBlanc met with U.S. Trade Representative Jamieson Greer four times in the last three weeks. LeBlanc’s office announced that he would be staying in Washington over the weekend to continue trade negotiations. Tariffs on Canadian goods worth nearly $20 billion would be imposed, or 5.2% of Canada’s exports to the U.S. The new tariffs would not apply to many of Trump's previous tariffs. Instead, they would be applied to products that qualify for preferential treatment as part of the U.S. Mexico-Canada Agreement. This poses an additional risk to Canada's economy. LeBlanc told the Advisory Committee on Canada - U.S. Economic Relations in a briefing that meetings with his U.S. counterparts are taking place on a daily bases, according to the source. The source stated that "they said they were quite far from an agreement the Prime Minister could sign." In negotiations such as these, nothing is decided until all the issues are resolved. Source added that LeBlanc had told the committee that both sides were meeting constantly at a technical-level but they haven't yet come to an agreement on major issues. Gabriel Brunet declined to comment. Candace Laing is the CEO of the Canadian Chamber of Commerce, and was a member of LeBlanc's advisory committee. She said that both sides were aiming to reach an interim agreement which would resolve some U.S. tariffs previously imposed and the 50% tariffs looming. She said that multiple meetings between the parties are planned for the weekend. LeBlanc briefed Canada’s provincial and territorial ministers of trade on the progress made in negotiations on Friday. The U.S. is concerned about Canadian tariffs on U.S. automobiles, disagreements regarding the allocation of?dairyquotas, and some Canadian provinces' refusal to stock U.S. alcoholic beverages. Canada wants U.S. steel and aluminum tariffs to be reduced. (Reporting and editing by Caroline Stauffer, Edmund Klamann and David Ljunggren)
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Alphabet is Berkshire Hathaway’s third largest investment
Berkshire Hathaway announced on Friday that it increased 'the size of its investment in Alphabet by 83 percent during the second quarter, making the parent company of Google and YouTube the third largest stock holding. Berkshire Hathaway said that in a filing with the SEC, it had nearly 106,000,000 Alphabet shares valued at about $37.8billion as of June 30. This is up from 57.8million shares three months prior. This stake included a 10 billion dollar investment made in June to help Alphabet develop its AI infrastructure. Apple was Berkshire’s largest stock investment, valued at $66 billion by the end of June. American Express came in second at $51.3 billion. Bank of America and Coca-Cola were ranked fourth and fifth. Berkshire said that it had also eliminated its investment of a year and a half in alcoholic beverage producer Constellation Brands while increasing investments in Macy's, Delta Airlines, and Macy's. Berkshire disclosed the changes in a filing that described its U.S. listed stock holdings at June 30. These stocks accounted for most of Berkshire's $323.8 billion equity investment portfolio. BUFFETT CLAIMED CREDIT Berkshire purchased $23.5 billion in stock and sold $3.7billion of it during the second quarter. This ended a 14-quarter streak where it sold more than it bought. Greg Abel, the chief executive of Berkshire Hathaway, has started to reduce the huge cash pile left by his predecessor Warren Buffett when he stepped down from the company at the end of the year. Berkshire's stake in cash fell to $364.7 billion at the end of June, down from $380.2 on March 31. This decline was also due to stock buybacks worth $4.5 billion. Buffett is still chairman of Berkshire. He said to CNBC?last month that it was his idea for Berkshire to begin building a stake in Alphabet in the third quarter of last year. Buffett said that he and Abel also consult on the allocation of capital by Omaha-based Berkshire. SEVERAL TWEAKS In the second quarter, the Delta investment increased by 44% to 57.3 millions?shares valued at nearly $5.4 billion. The Macy's Investment more than doubled in value to 7.3 million shares. Berkshire bought additional shares in homebuilder Lennar, and revealed a tiny stake of $580,000 in D.R. Horton. It sold its shares in DaVita (a kidney dialysis provider), Bank of America, Capital One and Nucor, as well as in Kroger, the grocer, and Nucor, the steel manufacturer. Abel claimed in February that he was responsible for 94% of Berkshire’s stock holdings while Ted Weschler, Berkshire’s investment manager, handled the remaining 6%. The Friday filing does not mention who purchased and sold which stocks. Berkshire owns dozens of other businesses, including the BNSF railway, Geico auto insurance, energy companies, manufacturing firms, and retail brands like Brooks, Dairy Queen and Fruit of the Loom.
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Jason Arday, former Cambridge professor at the centre of plagiarism scandal found dead
Jason Arday, former University of Cambridge Professor who was at the center of a plagiarism controversy, died today aged 41. Arday resigned as a professor of sociology and education earlier this month after the allegations, which caused a commotion in academia. He was the youngest Black professor at the university. Ambulance service found him unresponsive at a property located in Battersea south London. A 41-year old man was declared dead on the spot. The Metropolitan Police released a statement saying that his 'next of kin' had been notified and were being supported by police officers. At this time, his death is being treated a surprise but not as suspicious. Police said that officers from the Central South Command Unit of the Met are investigating the case. The University of Cambridge announced this week that it would be conducting an investigation into Arday's appointment to the Faculty of Education in 2022, and his subsequent time at the Faculty. A prominent professor who was often in the media this year, Arday faced accusations that some of his 2015 PhD dissertation had been plagiarized. He denied these allegations. Arday was accused of a wide range of allegations, including apparent inconsistencies with his other academic work and his claims regarding his career, personal life, and medical conditions. We are deeply saddened by this news. In a statement, Cambridge Vice-Chancellor Deborah Prentice expressed her deepest sympathies to Jason Arday's friends and family at this difficult time. Lucy Powell, Britain's education secretary, expressed her sadness at the death of Arday. The family expressed shock at the death of their loved one. The family stated that the 'campaign of misinformation' was too much for Jason. He was a 'gentleman and always wanted to see what was best in others. We won't say anything more at this time, except to ask the media to stop harassing Jason and his family. Reporting by Andy Bruce, Manchester; Editing Rosalba o'Brien
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The US data that denies a Fed rate hike is based on the recent oil price rally.
?U.S. The U.S. and European markets fell on Friday, while oil prices rose by more than $1 a barrel as the markets watched the tense U.S. - Iran talks and digested recent data that lowered expectations of a Federal Reserve rate increase next month. Oil and gas prices are poised to make significant weekly gains due to the failure of talks that were supposed end "the Iran war". The U.S. has threatened to increase economic pressure against Iran, including by extending a navy blockade. A survey released on Friday showed that the U.S. consumer's sentiment declined in early August due to the cost of living rising because of the Middle East war. Gold prices were supported by a sudden drop in U.S. Retail Sales. The data has further reduced expectations for a Federal Reserve rate increase at the meeting next month. U.S. Treasuries dropped on Friday, after an initial rally driven by retail sales data failed to gain momentum. S&P 500 shares fell 0.17% to 7,785.76, a session low. This was due to the decline in shares of chip equipment maker Applied Materials. Broadcom, Intel and other chipmakers also fell. The Dow Jones Industrial Average fell 0.20%, to 53,732.41 while the Nasdaq dropped 0.28%, to 26,729.16. Thomas Martin, Senior Portfolio Manager at GLOBALT Investments Atlanta said: "A lot of the drivers on the market today revolve around different parts of AI." European shares ended lower on Friday, ending a four-week streak of?winnings' as rising crude oil prices and renewed geopolitical conflict offset the support provided by a robust earnings season. MSCI's global stock index fell by 0.79 points (or 0.07%) to 1,160.01. The broadest MSCI index of Asia-Pacific stocks outside Japan closed 0.29 percent higher at 1,640.08. GEOPOLITICAL RISK The markets ended the week with a positive note. There were few events on the corporate and economic calendar that could have a negative impact on the markets. It's Friday and, as is typical, geopolitical risk, or at the very least, bombastic rhetoric between the U.S. Rodda stated that "currently, geopolitical uncertainties remain the only major macro roadblock for a market which is experiencing strong tailwinds due to earnings and the outlook of monetary policy". Brent crude oil futures closed at $88.52 per barrel, an increase of 1.67%. U.S. Futures ended at $82.40 a barrel, an increase of 1.42%. John Sidawi is a senior portfolio manager at Federated Hermes for fixed income. He said that a feature of the markets over recent months was the growing disconnect between asset price volatility and geopolitical uncertainties. "For the moment, it appears that markets are willing to accept a considerable amount of uncertainty before demanding higher risk premiums. This equilibrium, however, is not likely to last forever," Sidawi stated. "A significant escalation of?conflict, or a clear pathway toward resolution, could finally force investors to leave the sidelines and trigger a larger volatility reaction than current market prices suggest." YEN STUCK IN INTERVENTION LOOPS In currencies, the Japanese yen gained 0.1% against the dollar to 159.33 after three sources who are familiar with the policymakers' thoughts said that the Bank of Japan may raise rates in September. The 160 level is still in sight, and traders believe that it could spark another round of yen purchases from Tokyo after a joint intervention with the U.S. Last month, the Japanese currency was not supported. The dollar index, which measures greenbacks against a basket including the yen, and euro, dropped 0.28%, to 99.65. Meanwhile, the euro rose 0.35%, at $1.1567. The spot price of gold increased by 0.53%, to $4,374.27 per ounce. U.S. gold contracts settled at $4,437.30, up 0.4%. The yield on the benchmark 10-year U.S. notes increased 4.72 basis points, to 4.688%.
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British media reports that an ex-Cambridge professor who was at the centre of a plagiarism scandal has been found dead.
British media reported that Jason Arday was found dead. He was the former University of Cambridge professor at the center of a plagiarism scandal. Arday resigned as a professor in sociology of education earlier this month after the allegations, which rocked "the world of academia". He was the university's youngest Black Professor. The 'ambulance service' found him unresponsive at a home in Battersea (South London). "Unfortunately, a 41 year old?man has been pronounced dead on the scene. The Metropolitan Police sent a press release to inform his next of kin. In keeping with usual police practice, the statement didn't name the man. The Telegraph, Times, and?Sky News all linked the statement referred?Arday. "At this time, his death is treated as unexpected but it is not suspected to be suspicious. Officers from the Central South Command Unit of the 'Met are investigating this case. The police have said that a?file' will be prepared for a coroner. (Reporting and editing by Rosalba o'Brien, Andy Bruce)
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Trump escalates Iran rhetoric as he urges Americans accept higher gas prices
On Friday, President Donald Trump urged Americans accept slightly higher gas prices as a 'cost of stopping Iran from obtaining a nuclear bomb. He also said that he would declare the Strait of Hormuz an American territory. These comments highlight the increasing political risk that Trump faces as higher fuel costs collide with the campaign promise he made to reduce energy costs. Democrats are already trying to make the economic fallout of the Iran 'war' an issue leading up to the midterm elections in November. In a Garden 'City speech, Trump said that Americans who "pay just a little bit more" for their gasoline should remember this is the price to ensure "a very 'evil country" cannot have a nuclear weapon. Trump said that he will never apologize for his attack on Iran. Around 20% of all global oil and LNG shipments pass through the Strait of Hormuz. The potential for a long-term disruption is what has driven up oil prices. Trump escalated his rhetoric about the waterway, saying: "After we defeat Iran... I will declare the 'Hormuz strait' a territory of the United States pretty soon." It wasn't clear how serious Trump meant the remark or if it was a new position. The remarks are made as the Strait of Hormuz "remains" a major pressure point on global energy markets. This week oil prices have increased, with Brent crude nearing $90 per barrel and U.S. gas prices rising to $4 per gallon. (Reporting by Humeyra Pamuk, Jarrett Renshaw and David Ljunggren; Editing by David Ljunggren).
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Sources say that Codelco has reshuffled its mine leadership.
Sources at the Chilean copper?miner Codelco confirmed on Friday that a new executive had been appointed to oversee its troubled El Teniente Mine, while also replacing two other mine heads. The changes are being made as the new Chief Executive Jorge Gomez reviews the operations of Codelco following an investigation into irregularities found in production numbers reported for 2025. Two?sources claim that Codelco's current head of mineral resource, development and innovation Julio Diaz will be transferred to El Teniente - the company's flagship mine. According to two sources, Mario Quinonez will replace Diaz, who worked with Gomez in the Collahuasi Mine. Diaz's appointment would give Codelco a senior executive to oversee El Teniente after a fatal accident that killed six workers in July 2025 and disrupted construction projects. Codelco announced in February that it would undergo a "radical reorganization" at El Teniente following an internal audit which found serious breaches of duties?related to a accident in 2023 and flaws with reporting to the mining regulatory. Codelco is also replacing the general managers at Ministro Hales and Chuquicamata mines, according to?sources?. Sources say that Lindor Quiroga - currently the interim head of operations - is expected to take charge of the northern?operations for the company, including Chuquicamata and Ministro Hales, as well as?Radomiro Tomic. Sources said that Francisco Carvajal would lead the southern operations of the company. Codelco is also evaluating how to reprioritize its projects, as delays in?key development weighs on the output and prevents the company from reaching its original production goals in the next years. (Reporting and editing by Daina Beth Solon)
Saudi Arabia claims to have intercepted drones that were launched by Iraq and targeted oil facilities
Saudi Arabia announced 'on Tuesday' that its air defenses intercepted and destroyed a number of drones that were launched from Iraqi territory in an attempt to 'target?oil?installations in the kingdom’s Eastern Province. This was the second attack of this kind in less than a week, and it raises the stakes as Riyadh tries to pressure Iraq to stop its territory being used as a launching pad against Saudi oil installations.
Turki al-Maliki, a spokesperson for the Saudi Defense Ministry, said on X that drones had been 'launched by militias backed by Iran from Iraqi soil.
Al-Maliki stated that Saudi Arabia retains the 'legitimate right to defend themselves and their 'national capabilities, and to respond "at a time and place appropriate to them. Iraqi Prime Minster Ali al-Zaidi, who ordered a Monday investigation into the incident and said that Iraq would not allow its land to be used against neighboring nations, also ordered a probe. Saudi Arabia's oil pipelines have been repeatedly targeted by missiles and drones during times of increased tensions in the region. Riyadh has attributed these attacks to Iran-backed groupings, but Tehran denies involvement. Saudi Arabia's foreign ministry called on the Iraqi government to do everything possible to stop Iraqi territory being used to launch attacks. Saudi Arabia's oil export and production infrastructure is located in the Eastern Province. (Reporting and editing by Mark Porter, Sanjeev miglani, and Muhammad Al Gebaly)
(source: Reuters)