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Trinidad Awards Deepwater Blocks to Exxon
Exxon Mobil could invest as much as $21.7 billion in Trinidad and Tobago if the U.S. energy major finds reserves in a large deepwater area it was awarded on Tuesday to explore for oil and gas in the Caribbean country, Energy Minister Roodal Moonilal said.Moonilal was speaking at an event in Port of Spain where a production-sharing contract was signed with Exxon, marking its return to the country after 20 years.Reuters reported last week that government had agreed to grant Exxon access to an area equivalent to seven blocks and located northwest of its prolific Stabroek block offshore Guyana."What we are awarding today is larger than the surface area of the country," Moonilal said.Exxon and Trinidad's government negotiated the deal in "record time," Exxon's Vice President of global exploration John Ardill said at the signing ceremony, adding that the company wants to use its knowledge about the Caribbean geology and replicate its success in Guyana.Exxon's initial exploration plan will need a $42 million investment for 3D seismic and up to two exploration wells, Trinidad's officials said. The first well could be drilled after completing seismic, to begin in six months, Ardill added.An Exxon spokesperson said the company is the operator of the block and holds 100% interest.An Exxon-led consortium has confirmed more than 11 billion barrels of recoverable oil and gas at the neighboring waters of Guyana."While this is still frontier exploration, it has great potential in this ultra deepwater area," Ardill said, referring to Trinidad.Trinidad has had some success in deepwater exploration by consortia including companies BHP, Woodside, BP and Shell. Some of the discoveries are advancing to commercial developments, the minister said.If reserves are confirmed by Exxon, it could move even faster than it did in Guyana to begin output because Trinidad has oil and gas infrastructure in place.Exxon plans to use its equipment and resources between Guyana and Trinidad and Tobago to expedite exploration, according to Ardill.Trinidad's Prime Minister Kamla Persad has promised that her country will review fiscal terms to further attract investment for its energy sector."Trinidad will not wait for the end of any energy era," she said. "Our principle is simple: investment goes where it is welcomed and stays where it is well treated."(Reuters - Reporting by Curtis Williams and Marianna Parraga; Editing by Mark Porter and Marguerita Choy)
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Gold prices rise as dollar weakens and rate cuts fuel bets
Gold rose on Wednesday as a result of a weaker US dollar. Investors were focused on the U.S.-Russia war in Ukraine talks this week, and bets on lowering interest rates in September had been reaffirmed by mild U.S. data. As of 0239 GMT, spot gold rose 0.2% to $3,351.46 an ounce. U.S. Gold Futures for December Delivery gained 0.1% at $3,401.60. Tim Waterer is the chief market analyst for KCM Trade. He said that the fall in USD allowed a modest bounce in gold prices. The precious metal was oscillating at around $3,350 ahead of Friday's Trump-Putin summit. If the meeting in Alaska does not resolve anything, and if the war in Ukraine continues to escalate, gold may be pushed back toward $3,400. The White House stated on Tuesday that the summit between U.S. president Donald Trump and Russian president Vladimir Putin was "a listening exercise" for the President, lowering expectations of a quick ceasefire agreement between Russia and Ukraine. The Consumer Price Index in the United States (CPI) increased 0.2% in July after a 0.3% rise in June, according to data released Tuesday. The CPI increased 2.7% on a year-overyear basis. The dollar index extended declines, making greenback-denominated assets more affordable to holders of other currencies. The markets are pricing about 90% of a Federal Reserve interest rate reduction in September. At least one more is expected before the end of the calendar year. Gold that does not yield thrives in an environment of low interest rates. The United States and China extended their tariff truce by another 90 days to ease trade tensions on the market. This will prevent the imposing of triple-digit duty rates on the goods of each other. Investors now await more U.S. Economic Data due later this Week, including the U.S. Producer Price Index (PPI), weekly jobless claims and retail sales. Spot silver increased 0.7%, to $38.14 an ounce. Platinum rose 0.4%, to $1341.80, and palladium gained 0.3%, to $1132.89. (Reporting and editing by Sherry Jac-Phillips, Subhranshu Sahu and Brijesh Patel in Bengaluru).
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Shanghai copper prices rise as US rate cuts lift sentiment
Shanghai copper prices rose on Wednesday, as U.S. data on inflation reaffirmed expectations of a Federal Reserve rate cut in the coming month. However, higher stock prices kept gains at bay. By 0146 GMT, the most traded copper contract at the Shanghai Futures Exchange had risen 0.43%, to 79280 yuan (11,037.79 dollars) per metric tonne. Earlier in the session, the contract reached its highest level since 25 July at 79.510 yuan per ton. ANZ analysts stated in a report that the prospect of a softer U.S. monetary policies boosted sentiment throughout the sector. Data released on Tuesday showed that the consumer price index (CPI), which measures prices paid by consumers, rose 0.2% in July after rising 0.3% in June. The CPI was expected to rise by 0.2%, according to economists surveyed. The news that China plans to offer interest subsides to businesses in eight consumer services sectors to increase consumption also helped to support copper prices. Matt Huang, an economist at Bands Financial, noted that gains were capped, however, by the higher LME and SHFE stocks. Stocks at London Metal Exchange approved warehouses SHFE copper stocks have increased by 11% in August. The increase is nearly 13%. The increase came after U.S. president Donald Trump removed refined copper from the tariff of 50% effective August 1. This ended a wave front-loading cargoes into the United States in order to take advantage of the bumper premium. In the short term, a surplus of supply is likely to occur due to the rising stock levels. Matt from Bands Financial said that we haven't heard of many Chinese smelters reducing their output. The benchmark three-month LME price of copper fell 0.15%, to $9.825.5 per ton. This was after the price reached a two-week high Tuesday. The increase was attributed to a 90-day extension of a Sino-U.S. Trade truce. SHFE aluminium rose 0.68%. Nickel advanced 0.52%. Tin ticked up by 0.45%. Zinc edged up by 0.24%. Lead was little altered. LME aluminium climbed 0.15%. Lead fell 0.1%. Tin lost 0.18%. Zinc slipped 0.12%. Nickel was flat.
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Asian shares rise, dollar defensive after mild inflation data
The U.S. Dollar was weaker on Wednesday as data revealed both the resilience of major economies and the necessity for central banks remain accommodative. Wall Street reached new heights Tuesday due to the increasing certainty that the Federal Reserve would cut interest rates in a month. Japan's Nikkei surpassed the 43,000 mark for the first and cryptocurrency ether reached a four-year high. The much-anticipated U.S. Inflation readings showed that President Donald Trump's new tariff regime has not yet reached consumer prices. A report in Japan showed that manufacturers were more confident after the United States signed a trade deal. In a client note, Paco Chow (dealing manager at Moomoo Australia & New Zealand) wrote: "It is clear that investors will pile money into the markets, especially tech stocks, regardless of their high price tags." Chow explained that "they're riding 95% on the likelihood of a Fed rate reduction in five weeks, and feel comforted by the fact that inflation only creeps up, but is not out of control." The MSCI All Country World Index rose for the second consecutive day, reaching a new record high of 948.54. The Nikkei index of Japan's stocks rose by 1.4% and reached a new high for the second consecutive session. The U.S. Labor Department reported that the consumer price index increased 2.7% over the past 12 months, which was slightly lower than the 2.8% predicted by economists polled. Tankan, a Tankan survey that tracks the Bank of Japan quarterly tankan business surveys, showed that Japanese manufacturers' confidence index increased for a second consecutive month. A second report shows that wholesale inflation in Japan slowed down in July. This confirms the central bank's belief that raw material cost pressures will subside. S&P 500 index and Nasdaq reached record highs on Wall Street after President Trump's executive order halting triple-digit tariffs on Chinese imports. According to CME FedWatch, traders are now pricing in 94% of a Fed rate cut in September. This is up from 86% just a day earlier and 57% about a month ago. Investors were on tenterhooks because the data came after a shockingly weak jobs report released on August 1. It could have stoked concerns about stagflation. Trump nominated White House advisor Stephen Miran to fill a vacant seat on the board of the U.S. Central Bank, sparking speculation about presidential intervention in monetary policies. The White House also said that it was "the Plan" for the Bureau of Labor Statistics to continue publishing its highly-anticipated monthly employment report following Trump's choice to lead the agency, E.J. Antoni proposed to suspend its release. Chris Weston said that speculation the report would be stopped had "done USD no favours" and only encouraged foreign investors to review the hedging ratios of U.S. investment, he added. The dollar remained unchanged at 147.84 Japanese yen. After a 0.5% increase in the previous session, the euro edged up by 0.1% to $1.1684. The dollar index (which tracks the greenback versus a basket major peers) fell for a second consecutive day. Ether reached $4,634.70 in early trading, its highest level since December 2021. It then fell by 0.9%. U.S. crude oil fell 0.05%, to $63.14 per barrel. Gold spot was unchanged at $3,348.1 an ounce. Early trade saw the Euro Stoxx 50 futures, which span Europe, rise 0.2%. The German DAX futures also rose 0.3%, and FTSE Futures rose by 0.1%. U.S. stocks futures and the S&P500 e-minis were not much changed.
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Japan launches anti-dumping investigation into hot-dip-galvanized steel imported from China and S.Korea
The Ministry of Economy, Trade and Industry of Japan announced on Wednesday that it has opened an anti-dumping probe into hot-dip-galvanized steel imported from China and South Korea. The investigation follows a petition filed on April 28 by Nippon Steel (Kobe Steel) and other domestic manufacturers claiming that weaker demand at home and the shift to cheaper imports forced them to reduce prices. In construction, hot-dip galvanized metal is used for metals that are exposed to the weather. METI stated that Hong Kong and Macau are excluded from the investigation. Japan began its investigation of nickel-based cold-rolled stainless steel sheets and strips imported to Japan from China and Taiwan in July. METI and Ministry of Finance intend to finish the investigation in a year, before deciding on anti-dumping duty options. Tadashi Ima, the chairman of Japan Iron and Steel Federation said that this investigation was conducted independently and fairly in accordance with World Trade Organisation rules in order to address unfair imports practices. Imai, also the president of Nippon Steel said that the industry would continue to monitor unfair import practices outside the products under investigation, and will consult with the government whenever it becomes necessary for additional trade measures. He has warned that the rise of protectionism in the world could make Japan vulnerable to cheap steel imports and hurt domestic production. Reporting by Ritsuko Shiimizu and Yuka Obasashi; Editing and review by Chang-Ran Kim, Christian Schmollinger
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Report on the oil industry shows that US demand is slowing down
After falling the previous day, oil prices were unchanged on Wednesday. An industry report revealed that U.S. crude stocks grew last week, indicating the end of summer's seasonal demand is approaching. Brent crude futures rose 3 cents, to 66.15 per barrel at 0102 GMT. They had fallen 0.8% the previous session. U.S. West Texas Intermediate Crude Futures dropped 3 cents to 63.14, after a 1.2% decline. Market sources cited Tuesday figures from the American Petroleum Institute to report that crude oil inventories in the U.S. - the world's largest oil consumer - rose by 1,52 million barrels during the past week. Gasoline stocks fell while distillate stockpiles rose slightly, according to market sources. If the U.S. Energy Information Administration's data, which will be released later on Wednesday, also shows a decline it could mean that the consumption during summer driving season is at its peak and refiners have lowered their production. Demand season usually runs from Memorial Day at the end May until Labor Day in early September. According to the polled analysts, crude oil inventories are expected to have fallen by approximately 300,000 barrels in the last week. OPEC's and EIA's outlooks released on Tuesday indicated that production would increase this year, which will also impact prices. Both expect the U.S. to be the world's biggest producer in 2026, but other regions are expected to increase their oil and gas production. The EIA predicted in its monthly report that U.S. crude oil production would reach a record 13,41 million barrels a day in 2025, due to an increase in well productivity. However, lower oil prices in 2026 will cause output to decline. In its monthly report, the Organization of Petroleum Exporting Countries said that global oil demand would rise by 1,38 million barrels per day (bpd) in 2026. This is an increase of 100,000 bpd over the previous estimate. The 2025 forecast was not changed. The White House on Monday tempered expectations of a quick Russia/Ukraine ceasefire agreement, which could lead investors to reconsider a rapid end to the conflict and any ease in sanctions on Russian supply that had supported prices. The U.S. president Donald Trump and the Russian President Vladimir Putin will meet in Alaska this Friday to discuss ending war. Trump downplayed the expectations surrounding his meeting with Putin. The expectation of further sanctions against Russian crude continues to decline, according to ANZ senior commodities strategist Daniel Hynes. (Reporting and editing by Christian Schmollinger in New York, Nicole Jao is reporting from New York)
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As the National Guard assembles in Washington, DC, Democrats worry about what city could be next.
Democrats accuse the deployment of being political theatre, citing historical crime rates Washington Mayor Bowser: deployment to reduce crime will be used Trump's emergency powers are questioned Andrew Goudsward, Julia Harte WASHINGTON, August 12 - As Democrats expressed concern about the next city to be targeted, a steady stream uniformed soldiers began arriving at the National Guard Headquarters in Washington to begin the deployment. Democrats have called President Donald Trump’s deployment of an 800-strong force political theater. Democrats claim that Trump has threatened to replicate this move in other large cities. They point to Washington's statistics which show violent crime at historic lows over the last two years. Washington Mayor Muriel bowser tried to put a good spin on the deployment Tuesday. She said she wanted to use extra personnel to reduce crime, despite calling it "unsettling and unparalleled." She stated that the National Guard will not be able to arrest anyone. Officially, the troops will not carry weapons, but they will keep their standard issue rifles close to hand. Trump will also send 500 federal agents to the city as a supplement during the 30-day deployment. Rebecca Harkey of Washington, who was out walking with her daughter on Tuesday, admitted that crime made her think about leaving the capital. She said it is "a very active fear" she lives by. Rodney Miller who has lived in Washington for over 50 years questioned, however, the need for National Guard soldiers given the lower crime rates now. Data shows that violent crime in the District of Columbia has declined rapidly since 2023, when it peaked. It is now at historic low levels. In a Monday announcement, the President said that he wanted to rid the city "of violent criminals, roving gangs of wild youths, drugged out maniacs and homeless people." Monica Hopkins, executive Director of ACLU's D.C. Office, described the National Guard deployment, and the temporary control granted to U.S. attorney general Pam Bondi of the D.C. Metropolitan Police, as "political theatre and a blatantly fake justification for abuses of emergency powers." The administration used federal law enforcement agents even before the National Guard was deployed to deal with what they deemed a crisis in Washington. White House reported that 850 agents and officers made 23 arrests for charges like homicide or driving under the influence on Monday. They also seized six illegal guns. Jeanine Pirro is the U.S. Attorney for the capital. She dismissed a question regarding the violence in the city compared to that of other cities. She said, "All I can tell you is that we are ranked in terms of death," at a press conference held on Tuesday. "I don't want any more statistics." BREAK THE NORMS Washington's National Guard is directly responsible to the President. In contrast, in the states the National Guard is a militia which reports to the Governor, except for when it is called up into federal service. Rarely are troops used to enforce law and order in the United States. Trump's decision in June to take over California's National Guard as a response to immigration protests marked the first time that National Guard personnel were deployed to respond to unrest in the United States since 1992's Rodney King Riots. Other deployments were in response to disasters and to strengthen border security. A trial has been started to determine whether Trump's use the troops is legal. This is the first time that the National Guard of a State was federalized, without the governor's consent, since the Civil Rights Era. When Trump was campaigning for election, he pointed out cities that had large Black populations such as Baltimore and Washington when he talked about urban crime. Chicago, the city Trump spoke of on Monday, is a long-time hotbed of violent crime. However, it has been significantly reduced in the first six months of this year. In a Monday statement, Chicago Mayor Brandon Johnson stated that shootings and homicides had both decreased by 40% over the last year. Johnson said that if President Trump wanted to make Chicago safer, he could start by releasing funds for programs to combat violence and crime. These programs have been crucial to our efforts to reduce crime and violence. Trump spoke Monday about the crime that occurs in New York City and other cities, which he attributes in part to the elimination of cash bail laws. New York eliminated the requirement that criminals pay a cash bail to be released from jail before a trial for low-level offenses in 2019. Legislators added exceptions, and New York Governor Kathy Hochul worked to restore judges' power to set cash bonds. Hochul's spokesperson, a Democrat, who sent National Guard troops to New York City's Subway System last year to combat crime, stated that crime rates in the city and state were at records lows.
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US sanctions against Congolese mining companies and armed groups
The United States announced Tuesday sanctions against an armed organization aligned with the Congolese military, as well as two Hong Kong exporters and a Congolese miner over violent acts and the sale critical minerals. The measures taken by President Donald Trump are the latest in a series of steps to bring peace to the eastern Congo. Rwanda-backed M23 M23 rebels made a rapid advance this year and triggered violence that killed thousands. The Treasury Department announced that it would sanction the Coalition des Patriotes Resistants Congolais - Forces de Frappe (PARECO - FF), a group of militias it claimed controlled mining sites within the mineral-rich Rubaya region from 2022-2024. Rubaya is now owned by M23 and produces 15% of all the coltan in the world. This metal is then processed to produce a heat resistant metal known as tantalum, which is highly sought after by manufacturers of mobile phones, computer systems, and other electronics, aerospace, and medical applications. The Treasury Department has announced new sanctions that restrict trade with U.S. persons and companies. They also target the Congolese Cooperative des Artisanaux Ministres du Congo (CDMC), a company which, according to the Treasury Department, sold minerals smuggled out of PARECO-FF controlled areas, as well as the Hong Kong export companies East Rise Corporation Limited & Star Dragon Corporation Limited. Unnamed senior U.S. officials said Washington wanted to increase the price of illicit trade in order "to make licit trade more attractive." The Trump administration is hoping that a future peace deal will bring Western investors in billions of dollars to a region with tantalum and gold deposits, as well as cobalt, lithium, copper and copper. According to a report published by a U.N. expert group last month, the Congo's Army received support from PARECO FF between late 2024 and 2025. East Rise and the Congolese Government spokesperson did not respond immediately to comments Tuesday. Star Dragon, CDMC and PARECO-FF were not available for comment. PEACE TALKS Jason Stearns is a Congo expert who was surprised to learn that PARECO FF and not M23 had been included in the new mining sanctions. He said this could be a move made in order not to derail the ongoing Doha talks. Qatar hosts direct talks between Congo M23 and Washington, while Washington hosts talks between Congo Rwanda. Congo, the United Nations, and Western powers claim that Rwanda supports M23 by sending troops or arms. Rwanda has denied for years that it helped M23. It says its forces were acting in self defence against the Congolese army and ethnic Hutu armed militiamen who are linked to Rwanda's 1994 genocide. The senior U.S. Official acknowledged that M23 is involved in the illegal trade of minerals. He also noted that the U.S., as well as the United Nations have already imposed sanctions on M23. In a January 2013 U.S. announcement, M23 was accused of "committing serious violations of international laws involving the targeting children in situations of conflict in the DRC." These included killings and maimings, sexual violence and abductions, as well as forced displacement. The report did not mention mineral smuggling. The Treasury Department imposed sanctions last year on the Alliance Fleuve Congo rebel alliance, which M23 is an integral part of. The Treasury Department has also sanctioned the M23 leadership. The senior U.S. officials said that the Trump administration’s diplomacy is "progressing". They also stated that sanctions are a means of targeting those who profit from the illegal mineral trade. The official wanted to make sure that all parties understood there would be a better economic future if U.S. businesses had confidence they could invest into a "stable, peaceful" eastern Congo. (Additional reporting from Ange Adihe Kaongo Writing by Portia Crowe Editing by Robbie Corey Boulet, Chizu Nomiaya and Rosalba OBrien)
Minister says wildfires in Turkey are largely contained
Firefighters contain several
Wildfires
On Tuesday, fires raged across Turkey. One of the largest blazes was in Canakkale province, located in the northwest. This large blaze forced hundreds to leave their homes.
Wildfires caused the closure of Canakkale Airport and the Dardanelles Strait on Monday, connecting the Aegean Sea with the Sea of Marmara.
In a recent post, Ibrahim Yumakli, Minister of Agriculture and Forestry in Turkey said that wildfires had been completely controlled in Canakkale Province and the southern part Dardanelles Strait as well as in Izmir province in western Turkey.
Tugbagul Gulgun, 40 said that she and her family left their home in minutes with only a few possessions. She tried to minimize the risk of fire by removing flammable objects and watering nearby surfaces and trees.
The home was not spared the fires.
"Our house was burned on one side." Gulgun explained that although it appears as if you can enter, the house is charred. This includes many of our possessions as well as rooms and doors. Reporting by Ali Kucukgocmen, Writing by Huseyin Haatsever and Editing by Daren Butthorne, Andrew Cawthorne, Giles Elgood
(source: Reuters)