Latest News
-
Barrick increases Ebola screening after Congo outbreak kills at least 131
A spokesperson said that Barrick Mining has increased Ebola preventions at its gold mine in the eastern Democratic Republic of Congo. This includes worker screenings and tracking after an outbreak occurred in a neighboring province. Ebola is a deadly virus that spreads through bodily fluids. It was first detected in Congo's Ituri Province in early May, but the outbreak can be traced back to late April. Officials confirm that 131 people have died, but say the death toll could be much higher. A Barrick spokesperson confirmed that preventive measures are being taken at the Kibali mine in Haut-Uele, a neighbouring province. Experts say that the mobility of eastern?Congo mining and trading hubs with their frequent border crossings makes it difficult to contain. Barrick employee who asked not to be identified said that some?Kibali employees are from the province. Barrick's response, according to the person, included daily temperature checks and awareness campaigns. In an emailed response, Toronto-headquartered Barrick said it requires its employees and contractors, around 7,600 in total, to declare where they are travelling from to help screen for potential ?cases. The weekend saw the launch of a campaign to explain the symptoms and risks of Ebola. It also announced that the temperature screening program, which had already been implemented, would be completed by the 20th. Kibali is Africa's biggest gold mine. It is jointly owned by Barrick and AngloGold Ashanti, with 45% of each, as well as 10% by Congo State Miner SOKIMO. Previous?Ebola outbreaks had significant economic implications. The outbreaks that occurred in the Congo between 2018 and 2020 and in West Africa from 2014 to 2016 killed thousands of people and disrupted business, investment, and mining operations in the region. According to annual reports, Kibali is expected to produce between 600,000 - 688,000 ounces of Gold in 2026. Maxwell Akalaare Adombila and Portia Crowe reported the story. Editing was done by Veronica Brown and David Goodman.
-
Oil eases after Trump's Iran remarks, stocks fall as US bond rates rise
U.S. bond rates?rose on Tuesday as major U.S. indexes declined. Oil prices also eased following the announcement by U.S. president Donald Trump that he had paused an attack against Iran and referred to "a good chance" for a nuclear agreement. Trump said on Monday that he halted the planned resumption of attacks against Iran in order to give time to negotiate a peace deal after Tehran sent Washington a new proposal. Trump said that there was a'very good chance' the U.S. would reach an agreement with Iran in order to prevent Tehran obtaining a nuke weapon. The yields on U.S. Treasuries have moved up. On Monday, the 10-year yield reached a high of 4.659%. This was its highest level for 15 months. Peter Cardillo is the chief market economist of Spartan Capital Securities, a New York-based brokerage. He said that the long-term market was continuing to rise. Cardillo said that the stock market is on the defensive because of Trump's remarks about a possible halt in planned Iran attacks. Nasdaq was the leading decliner on Wall Street. Earnings from Nvidia, the world's largest chipmaker, are expected on Wednesday. The trade in artificial intelligence will be put to the test. The Dow Jones Industrial Average dropped 170.38 points or 0.34% to 49,515.42, while the S&P 500 declined 47.16 points or 0.63% to 7,356.14, and the Nasdaq Composite fell 255.26 or 0.98% to 25,835.47. MSCI's index of stocks around the world fell 6.07 points or 0.55% to 1,092.16. The European stock market was higher on Monday, however. They recovered ground that they lost last Friday, when they fell 1.5%, as bond market worries spread to equity markets. Stocks in Europe are still below their pre-war level and far behind those of the U.S. The STOXX 600 pan-European index increased by 0.3%. U.S. crude dropped 0.52%, to $108.09 per barrel. Brent was down to $110.26 a barrel on the same day. U.S. U.S. U.S. Treasury Yields have risen as concerns remain over a long-lasting inflationary shock caused by the Iran War. The yield on the benchmark 10-year U.S. notes increased 4.6 basis points, to 4.669% from 4.623% at late Monday. Prices and yields are inversely related. British bond yields dropped after reports that the most likely successor to Keir starmer, the Prime Minister of the United Kingdom, would not change the country's borrowing regulations. The U.S. Dollar was up partly?because higher U.S. Yields were driven by inflation fears, and uncertainty about how the new Federal Reserve Chairman Kevin Warsh would respond if prices continue to increase. The markets are pricing in major central bank rate increases this year based on the expectation that policymakers will tighten their policy to combat an inflation resurgence driven by high energy prices for longer. The dollar index (which?measures greenback against a currency basket including the yen, the euro and others) rose by 0.4%, to 99.39. However, the euro fell by 0.51%, at $1.1595. The dollar gained 0.14% against the Japanese yen to 159.06. Data released on Tuesday revealed that Japan's first-quarter economy grew at a rate of 2.1% annually, which supports expectations for an increase in Bank of Japan rates in June. Investors also await details of the government’s supplementary budget, which could further stress Japan's public finances already in decline and weigh down the yen. Spot gold dropped 1.45% to $4.500.36 per ounce.
-
Chairman of Bharat Petroleum India says that Bharat Petroleum reviews oil imports every day and buys more on the spot amid Iran War.
Sanjay Khanna, the chairman of India's Bharat Oil Corp. said that it is recalibrating its crude import strategy nearly daily and increasing?spot purchase after the U.S./Israeli conflict in Middle East disrupted Middle East supply. India, which is the third largest?oil?importer and?consumer in the world, has been affected by the rising crude prices as well as supply disruptions after the Strait of Hormuz was closed. South Asian nation raised retail petrol and diesel prices twice in one week. The refiner planned to purchase about 55% of its crude requirements for 2026/27 via annual contracts, mostly from Middle Eastern producers. Khanna stated that Bharat has been forced to increase spot purchases to maintain refineries at 115% capacity due to force majeure declarations from some Gulf suppliers. Our spot volume has increased significantly in recent years because of the uncertainty. Bharat runs three refineries with a processing capacity of?706,000 barrels of oil per day in?India. Khanna stated that the state-run refiner purchases 40% to 45% of its crude oil needs from Russia, mainly on the spot market, after Washington lifted sanctions. Discounts have also narrowed dramatically. Finance director Vetsa RAMAKRISHNA GUPTA said that discounts on Russian crude are now $5 to $6 a barrel compared to Brent dated on a delivered basis, down from $10 to 12 earlier. Gupta stated that despite recent fuel price increases, BPCL still suffers a loss in revenue of between 25? and 30 rupees (26 - 31 U.S. Cents) per litre for diesel, and between 10? to 14? rupees ($26 to $31 cents) per litre for petrol. BPCL anticipates that spot purchases will ease if Saudi Arabian contracts improve?after the restoration the Kingdom's east west pipeline capacity. Gupta stated that Saudi Arabia is currently only giving "a small commitment" to supply through the pipeline. BPCL also evaluates annual supply 'deals' with new producers if they offer flexible?terms of delivery and competitive pricing. However, the company prefers to source from local regions rather than distant suppliers like Venezuela and Canada. The refiner has also an optional annual crude purchasing arrangement with Brazil.
-
US sanctions new Iranian shadow fleet and exchange houses
As the U.S. continues to pressure Tehran, the Trump administration imposed sanctions Tuesday on an Iranian foreign currency exchange house as well as a number of 'front companies' that it claimed were overseeing transactions for Iranian banks. The sanctions were imposed after Iran's latest peace proposal was presented to the United States regarding the U.S. and Israeli led war which began on February 28. It included ending hostilities across all fronts, including Lebanon, and the withdrawal of U.S. troops from areas close to Iran. Treasury Department sanctions?Iran's Amin Exchange (also known as Ebrahimi and Associates Partnership Company), which has a network of front companies in multiple jurisdictions including the United Arab Emirates. Turkey and Hong Kong. The U.S. has also blocked 19 vessels that it claims were involved in the shipping of Iranian oil and petrochemicals abroad. Treasury Department stated that "Iranian Exchange Houses facilitate billions of dollars in foreign currency transaction a year. This allows the government to avoid sanctions and access international financial system. The Treasury Department said that the front companies supervise hundreds of millions in transactions for Iranian banks. Treasury Secretary Scott Bessent stated in a press release that "Iran’s shadow banking system facilitates illicit transfers of funding to terrorist purposes." As the Treasury dismantles Tehran’s shadow fleet and banking system under Economic Fury the financial institutions need to be aware of how the regime is manipulating the international financial system to cause havoc. The Office of Foreign Assets Control has also identified the following companies, which it said were "front companies" assisting Amin Exchange. * China-based Ningbo Jiarui Trading Co., Ltd.; Starshine Petrochemical Corporation Limited, based in Hong Kong * Hong Kong based Vigorous Trade?Limited Alieen Goods Wholesalers LLC, based in the UAE Bold Trading FZE is based in the UAE The UAE-based Materia Group FZE Bestfortuna Company Limited, a Hong Kong-based company; Cheng Pan Co., Limited is a Hong Kong-based company. The sanctions prevent Americans from doing business with those who are designated, and block their assets in the U.S. The U.S. has also designated vessels to transport Iranian oil, petroleum products, and petrochemicals, including the Barbados-flagged liquefied gas tanker Great Sail; the Palau flagged products tanker Ocean Wave; and the Panama flagged chemical/oil vessel Swift Falcon. (Reporting and editing by Chizu Nomiyama; Timothy Gardner)
-
Bessent will examine US sanctions list and urge more disruption of Iran's financial system
Treasury Secretary Scott Bessent called on allies on Tuesday to'more forcefully disrupt Iran’s financing networks. He also said that the Treasury would scrubbing its outdated sanctions list to make it easier to root out sophisticated terrorist financing schemes. Bessent, in remarks prepared for a conference on anti-terrorism finance after the G7 finance leaders had met in Paris said that participants should "stand with us fully" against Iran. Bessent stated that "that will require our European partners, for example to join the United States by taking action against Iran, by designating its financials, unmasking their shell and front companies and?shuttering their bank branches and dismantling his proxies." It will be up to those in the Middle East and Asia, including you, to eliminate Iran's shadow banks. The U.S. Treasury, as the Trump administration attempts to press Tehran to reopen the Strait of Hormuz in order to restore vital oil flow disrupted by U.S. and Israeli attacks against Iran, has increased its sanctions efforts through a?program dubbed Economic Fury." The program aims to disrupt Iran’s shadow banking networks and has frozen nearly half a billion dollars of cryptocurrency tied to the regime. Treasury will update its sanctions system to make it more effective because "our enemies adapt and innovate", by creating new shell corporations. Treasury sanctions are mostly imposed against individuals, companies, and other entities who are on the Specially Designated Nationals List. This list contains tens and thousands of designated persons and entities. These are cut off from a dollar-based financial system, and their assets are frozen. Transacting with designated entities can lead to sanctions for the person or company involved. Treasury tailors its sanctions program to the 21st Century in order to sharpen national?security?outcomes. Bessent stated that we are reviewing outdated and obsolete designations to help financial institutions focus their attention on the most sophisticated terrorist funding schemes and sanctions evasion plans. He said that the most effective sanctions are aggressive and targeted. Those left in place for too long may have unintended effects. Bessent stated that sanctions are not meant to punish people, but to change their behavior. "Sanctions in place for many years without any visible or 'tangible' changes in behaviour can have generational impacts that are almost impossible to predict." He stated that Treasury would maintain "agility to maximize effectiveness", and gave examples such as easing sanctions against Venezuela and Syria after regime changes. (Reporting and editing by David Lawder)
-
Dombrovskis, EU's Dombrovskis, says that the G7 has not agreed on everything.
Valdis Dombrovskis, EU Economy Commissioner, said that the extension of a waiver for Russian sanctions showed that 'G7 members are not always in agreement. Dombrovskis stated that the G7 was a forum to discuss and cooperate with like-minded allies. He said, "But, well... we're not always 100% in agreement on everything. This is unfortunately one of those topics." He praised, however, the joint statement after the G7 meeting. It was said to be a positive outcome of the meeting between the central bank governors and finance ministers. Dombrovskis stated that he was reassured by the United States, who said that European banks will be able to access Anthropic’s Mythos AI Model while?the U.S. maintains tight control over it. He said, "Because it's?important to ensure that this model doesn't end up in the wrong hands." Christine Lagarde said that the ECB was studying defenses against Mythos guided cyberattacks. However, it is 'at a disadvantage because of lack of access to model.
-
The Canadian inflation rate has accelerated to 2.8% due to the Iran war and higher gasoline prices
Data released on Tuesday showed that the annual inflation rate in Canada increased to 2.8% from 2.4% in March. This was largely due to a sharp rise in gasoline prices following the 'Iran War, which pushed up global crude oil prices. The consumer price index has reached 2.8% for the first time since almost two years. This shows how quickly the economic effects of the war in Iran that began on February 28 have been felt. The inflation rate was lower than analysts expected as the prices of travel, tours, certain accommodation costs and furniture fell on an annual basis in April. The analysts polled had predicted the annual inflation rate to be 3.1%, and?the monthly rate of inflation at 0.7%. Statistics Canada reported that the monthly inflation rate in April was 0.7%. StatsCan reported that the removal of the carbon tax on consumers in April 2025 has resulted now in a monthly decrease for gasoline and natural gases. This also increased the pressure in the CPI basket. The cost of transportation increased by 7.6%, the highest level since November 2022, due to higher gasoline prices. These prices rose 28.6% from April to April, and 38% overall since the beginning of war. The carbon tax has ended, and the gasoline prices have also increased on an annual basis. Rents rose 3.6%, and prices for passenger vehicles rose 2.8%. The Bank of Canada closely monitors the core measures of inflation to gauge underlying inflation trends. They have slowed. CPI-median (the centermost component in the CPI basket) was 2.1% in April, down from 2.3% in march. CPI-trim (which excludes the most extreme changes in price) was down from 2.2% to 2%. Prime Minister Mark Carney offered a 10-cent-per-liter reduction in gasoline excise tax for a period of five months. After the inflation report, the Canadian dollar fell 0.20% to C$1.3766 (or 72.64 U.S. cents). The yields on two-year government bond were down 4 basis points at 2.782%. After the CPI report, money market bets on a rate increase slipped and now price in a 25 basis-point hike in interest rates for October.
-
Bloomberg News reports that Indonesia is planning to tighten its state control on commodity exports.
Bloomberg News reported on Tuesday that Indonesia plans to tighten controls over commodity exports, including palm oil and coal. Indonesia is the largest producer of palm oil and thermal coal in the world. The government intends to create a state entity to supervise commodity exports and reduce under-invoicing. According to the report, this new entity will be overseen by the sovereign wealth fund Danantara which reports directly to President Prabowo. It could be announced as early as Wednesday. The report stated that details on how the body will function are still being worked out. Purbaya Yudhi Sadewa, Indonesia's Finance Minister, declined to comment on this report. Indonesia's main equity index continued its week-long slumber on Tuesday. This was due to traders responding to rumours earlier that the government would be implementing new export controls for strategic commodities to try and limit capital flow. The spokesperson for President Prabowo Subianto, officials from Indonesia's ministries of economic affairs and trade, as well as Danantara, the sovereign wealth fund, did not respond to requests earlier that day. Reporting by Abu Sultan from Bengaluru, and Gayatri Sundero. Andrew Heavens, Mark Potter and Andrew Heavens edited the report.
UAE claims drone which struck near its nuclear facility was launched by Iraq
The United Arab Emirates (UAE) said that six drones were launched from Iraq against them in the past 48 hours, including one 'that caused a fire at a nuclear plant in the Gulf State on Sunday.
In a press release, the UAE's Defence Ministry said that all drones except one had been intercepted. The ministry said that three drones?in all?were targeting the Barakah Nuclear Power Plant which is?the Arab World's first commercial nuke power station.
The drone that breached the UAE's defenses struck an electric generator outside of the inner perimeter, according to the?ministry.
The UAE's Federal Authority for Nuclear Regulation stated that the plant was safe and no radioactive materials were released as a result of the drone attack.
Officials from the UAE have stated that the UAE has the right to respond fully to "terrorist" attacks.
Iraq has powerful Iranian-backed militias that have attacked "enemy base in Iraq and the area" during the war.
Although hostilities in the Iran 'conflict' have been largely scaled back since a ceasefire came into effect in April, Iraqi drones were launched towards Gulf countries including Saudi Arabia and Kuwait.
Saudi Arabia announced on Sunday that it had intercepted 3 drones from Iraqi airspace, and would take all 'necessary steps' to respond to attempts?to violate their sovereignty?and security.
Iraq has said that its air defences have not detected any drones launched from its airspace. Menna Alaa el-Din, Jana Choukeir and Gareth Jones edited the report.
(source: Reuters)