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Trump will meet with refiners and fuel retailers ahead of the midterm elections as Iran war increases gas prices, sources say
People familiar with the situation said that President Donald 'Trump' is expected to meet next week with U.S. fuel retailers and refiners to discuss efforts to reduce?gasoline costs. His administration is attempting to relieve the pressure on consumers from the Iran War ahead of the midterm elections in November. Trump and his Republican colleagues are facing a high political stakes as they try to protect their narrow majority in Congress. Trump's promise to lower the cost of living in 2024 is under threat as a result of higher gasoline prices and an unpopular war with Iran. Trump's approval ratings have fallen to just 33% according to a new Ipsos survey. Only 31% of Americans approve of the war. According to two sources, the attendees of the meeting will include refiners such as Valero Energy Corp., Marathon Petroleum Corporation, and PBF Energy Inc., along with major retailers. According to two sources familiar with the plans, the meeting will include refiners like Valero Energy Corp, Marathon Petroleum Corporation and?PBF Energy Inc as well as?major retailers. Trump has criticised these results, arguing that the oil companies who benefit from higher prices must do more to reduce costs for consumers. Trump has publicly pressured major?producers to lower their prices. By disrupting energy flow through the Strait of Hormuz - through which 20% of world oil travelled before the conflict began on February 28, the conflict has increased?oil prices and?gasoline costs. ?U.S. Regular gasoline is now above $4 per gallon. This is roughly $1 higher than it was a year earlier, and this has created a?visible financial burden for voters as they head?into midterm elections. Prices of oil spiked to $112 per barrel during the conflict. However, crude prices have since fallen as shipping has partly resumed through the Strait. (Reporting by Jarrett Renshaw, editing by Timothy Gardner and Chizu nomiyama)
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Trump declares that the U.S. will not talk to Iran about economic war
Donald Trump announced on Thursday that the United States does not want to talk with Iran, as Washington is focused on punishing Tehran financially. He also said that Washington would penalize countries who do business with Iran. "We don't want to speak with them." Trump told reporters that he was not interested in meeting or doing anything. Karoline leavitt, White House Press secretary earlier in the day said that the U.S. Economic Campaign would continue until Iran decided to negotiate meaningfully. Leavitt said on "Fox & Friends," "Now 'we have Operation Economic Outcast" to destroy their economic system. "No negotiations?are taking place right now. This will continue until President feels they?come?to the table in an meaningful way... He continues to have all options available." U.S. Treasury Secretary Scott Bessent on Monday warned countries to cut their financial ties with Iran or face secondary sanctions. This was part of the "Economic D-Day" but Treasury Department did not actually impose penalties. Trump said on Thursday that he might punish Russia if it continues to do business in Iran. As far as I'm concerned, Russia has behaved quite well in relation to the Strait of Hormuz. You have to realize that we are also responsible for what they do. Someone said something about China. What about China? We hear that they are spying. "We spy on them, too." When asked if he'd sanction Chinese banks if they were doing business with Iran, Trump replied: "Who told me I wasn't?" You don't know whether I'm doing this or not. "I don't need to announce anything, do I?" Qatar's Prime Minister visited?Tehran, Iran on Thursday to try and relaunch diplomatic relations after the U.S. Iran and the United States have traded accusations over Washington's promise of increasing economic pressure. One Iranian official called it "all-out war." (Reporting and editing by Susan Heavey; reporting by Ryan Patrick Jones, Katharine Jackson)
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Nikkei reported that Universal Studios Japan will spend up to 1.88 billion dollars on expansion.
The Nikkei reported that Universal Studios Japan is preparing for a major expansion. Investments are expected to total between 200 billion yen (US$1.26 billion to US$1.88 billion). Universal Japan will use a 60,000 square meter?site adjacent the theme park for?new attractions. This is the first time that the venue has expanded its footprint since 2001. Nikkei reported that Universal Japan wants to increase its annual attendance above the 16 million visitors it currently has, which is already the highest of all the theme parks in Japan. This will be due to the increasing number of overseas tourists visiting Japan. Nikkei reported that Universal Japan will extend its grounds to an ex-Nippon Steel Factory site north of its existing property. The operator of the 'park' is expected to sign a tenancy agreement with the Osaka municipal government in 2028 to lease the portion of the land owned by the city. Universal's parent company Comcast did not respond to a request for comment. ($1 = 156.2600 yen). (Reporting and editing by Shashesh Kuber in Bengaluru.
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Two found dead at school near Berlin, 19-year-old suspect detained
Police said that two people were discovered 'dead' on Thursday in a school near Berlin, Gosen Neu Zittau. A suspect was arrested. Police received multiple calls reporting a violent crime that had occurred at a school. In a police statement, they said that emergency services discovered two people who had fatal injuries. It was reported that a 19-year old German, considered to be a suspect in the crime, had been arrested. Investigators believe it may have been motivated by a "personal relationship", it said. Maerkische Allgemeine, a local newspaper in Germany, reported on Thursday that one of the victims is an 18-year old woman who attends the school. The alleged perpetrator was her former boyfriend aged 19 years. The report stated that a 30-year-old man was killed when he?tried to stop the attack. Separately, the Berliner 'Zeitung' reported that two more people were injured. Reporting by Ludwig Burger and Christoph Steitz. Editing by Friederike Hiseine and Gareth Jones.
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Nepal and China warn about fresh flood dangers with lakes that are bursting.
Both Nepal and China?warned Thursday of new risks of flooding in Himalayas as two lakes have formed on either side of the border, which threaten to?burst into a region that is still coping with this week's devastating?flood. Nearly 1,000 people are still missing, and search and rescue operations continue in the debris-strewn hillsides and valleys. The flood that struck Nepal's border region with China's Tibet on Wednesday killed at least 362. Both countries blame the flood on glacier collapses that sent rock, ice and debris into mountain river systems. Nepal's disaster agency issued a warning on Thursday that a lake created by debris blocking a?river at the flood site was rising and could burst. The authority warned residents of the lower bank, passengers, rescuers involved in rescue operations, and everyone else to stay away from river banks and dangerous areas. China has warned that over the next 3 days, it expects to see a flow of approximately 1,200 Olympic-sized swimming pools worth of water into a dammed lake located on its side. This will create a high breach risk, with the peak flow occurring around September 1. A Chinese rescue team captured aerial footage of the formation of a lake barrier on Thursday. The state broadcaster CGTN confirmed this. The footage showed brown water in a basin without an outlet. The water was already submerged trees and bushes, and it appeared that the water was pushing against a wall of stones and debris. More Rain Expected Chinese state media cited the "Chinese Water Resources Ministry" to say that the forecast for rain?overcoming the next week will increase the threat. Zhu Jinfeng is a researcher in the hydrology department of the Ministry of Water Resources. He spoke to CCTV, the state broadcaster. On Thursday, some rescue workers began to move higher ground in Nepal after heeding the warning. Pawan Koirala was one of them. He and his team of 13 began to move away from the riverbed after the warning had been issued. He said, "We're here for rescue. We don't want a place near danger." Reporting by Saurabh Singh in Trishuli; Sakshi dayal in New Delhi; Xiuhao chen in Beijing; Additional reporting in London by George Sargent; Writing by Sakshi; Editing by YPrajesh; Gareth Jones; Rick Noack
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After Russia's ban, Turkey increases diesel imports from the US and India
Shipping data shows that Turkey increased its diesel imports from the United States and India to record levels in August. This was due to a Russian ban of diesel exports, and to wider disruptions caused by Iran's war. According to Kpler, the commodities data firm, Turkey has imported Indian diesel at a rate of more than 120.000 barrels per day, while its imports from the U.S. have reached 90,000 barrels per daily. Kpler data dating back to 2017 shows that these volumes are the highest monthly totals ever recorded. After Ukrainian strikes on refineries disrupted the domestic supply, Russia has banned diesel exports until at least the end August. Middle Eastern'supplies' have been curtailed by damage caused to oil refineries in the region and reduced shipping through Strait of Hormuz. Abhishek Kumar, an analyst at Sparta Commodities, said that the Russian refineries are currently experiencing disruptions. Energy Aspects also provides data on energy flows. It estimated that India shipped a smaller amount, 74,000 bpd, to Turkey in August, and the U.S. sent 70,000 bpd. These are still the highest levels since?data from EA shows that 2022 and 2019 respectively. Kpler data shows that Turkey's imports from Russia of diesel fell to around 100,000 bpd (in July) and 80,000 bpd (in August), after having been above 200,000 bpd since January. In August, Russia's share in Turkey's imports of diesel fell to 20%. According to Turkey's energy regulator, in 2025, Russia will?supply 85% of Turkey?s diesel imports, with 281,000 bpd. According to sources in the industry, Russia could extend its diesel export ban until September. Reporting by Enes Tunagur in London. Editing by Alex Lawler, Barbara Lewis and Barbara Lewis.
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The Russian rouble is expected to continue its decline against the dollar.
The Russian rouble fell sharply against the U.S. Dollar on Thursday. It lost more than 2%. China's currency, the yuan, also hit multi-month lows as a result of fading tax-related support amid rising imports and lower oil prices. Analysts have predicted that August will be the weakest rouble month of the year so far, due to the Ukrainian attacks on energy infrastructure, which are driving up the imports for fuel and equipment for refinery repair, increasing the domestic demand for foreign currency. The rouble was supported earlier in the week by exporters who sold?foreign currency revenue before Friday's monthly taxes. But on Thursday, it fell to 12.879 against the yuan at the Moscow exchange. This is its lowest level since?February?2025. According to LSEG, the euro lost 2.3% against the dollar to reach 86.30. This is its lowest level since March. In a recent note, Bank Saint Petersburg analysts said that the falling oil price put pressure on Russian currency. Most exporters probably had already sold enough foreign-currency income to pay taxes. Oil prices have been falling for a number of days this week. However, they started to rise on Thursday when traders weighed the lingering risk of oil supply disruptions from the Middle East against signs of diplomatic progress with Iran. After the tax deadline, the rouble could continue to lose value. One broker from a major Russian Bank said that it could weaken to?88 or 89 per dollar in the near future. Andrey Zatepin, analyst at Alor Broker, said that the decline could be accelerated in the first few days of September. (Reporting and writing by the Moscow bureau; Editing and proofreading by Timothy Heritage).
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Nepal and China warn about fresh flood dangers with lakes that are bursting.
Both Nepal and China warned of new 'risks of floods in the Himalayas on Thursday, as two lakes that have formed on either side their border are threatening to 'burst. This is a region still coping with last week’s devastating?flood. Nearly 1,000 people are still missing, and search and rescue operations continue in the debris-strewn hillsides and valleys. The flood that struck Nepal's border region with China's Tibet on Wednesday killed at least 362. Both countries blame the flood on the collapse of a glacier that sent rock, ice and debris into mountain river systems. Nepal's disaster authority issued a warning on Thursday that a lake created by debris blocking a stream at the flood site was rising and could burst. The authority warned residents of the lower bank, passengers, and rescuers involved in rescue operations to stay away from the river banks and dangerous areas. China has warned that over the next 3 days it expects to see 3 million cubic meters -- or 1,200 Olympic-sized swimming pools -- flow into a dammed lake along its border. This will create a high-risk of breach. The peak flow is expected around September 1. Chinese state media, citing the Chinese Ministry of Water Resources, said that the forecasted rains for the next week would exacerbate this threat. Zhu Jinfeng is a researcher in the hydrology department of the Ministry of Water Resources. He told CCTV that the volume and risk are both increasing. On Thursday, some rescue workers in Nepal started moving to higher ground after heeding the warning. Pawan Koirala was one of them. He and his team of 13 began to move away from the riverbed after the warning?was given. He said, "We're here to rescue you and don't want to go near the danger zone." Reporting by Saurabh Singh in Trishuli; Sakshi dayal in New Delhi; Xiuhao chen in Beijing; Writing by Sakshi - Editing by YPrajesh & Gareth Jones
Brazil oil export tax suspended by court, but extended by government
Brazil's oil export tax is in a state of uncertainty after a local court ruled to suspend the levy and the Foreign Trade Chamber approved extending it for another 60-days.
These contradictory moves have left the future of 12% tax unclear, and the oil companies are challenging it. This could lead to a legal battle between the Luiz Inacio Lula Da Silva administration and the oil producers.
Sources familiar with the issue said that the Foreign Trade Chamber?Camex had approved the extension of tax due to expire September 9. A 'federal court' had granted an injunction to suspend the tax hours earlier.
The tax was implemented earlier this year, as part of the Lula administration's package of measures to protect consumers from rising oil prices after the U.S./Israeli war against Iran and the closing of the Strait of Hormuz.
The government claimed that the money raised from the tax would be used to fund fuel subsidies for gasoline, diesel, jet fuel, and cooking gas.
According to regulatory filings, the duty was imposed on Brazil's state run oil company Petrobras, which paid export taxes of?around $4,928.27 million? during the second quarter.
The suspension of tax may also benefit other major oil companies operating in Brazil such as Shell, Equinor, and TotalEnergies. ($1 = 5.1673 Reais) (Reporting and editing by Chris Reese, Gabriel Araujo and Chris Reese in Brasilia; reporting by Ricardo Brito in Brasilia and Marcela Ayres and Andre Romani at Sao Paulo)
(source: Reuters)