South-West Asia

The Syrian state news agency said that French President Emmanuel Macron landed in Syria Monday. This was the 'first visit by a European Union Head of State to Damascus'since rebels led President Ahmed al-Sharaa overthrew Bashar al-Assad 2024. The visit highlights Syria's geopolitical change under Sharaa. A former al Qaeda leader, Sharaa has built close ties to Western and Middle Eastern countries that shunned Assad as he tries to rebuild a nation shattered after 13 years of war. "I'm here to affirm France’s commitment to the Syrian People. "I am here to affirm France's commitment to the Syrian people. Let's...

St Petersburg, Russia's second largest city and the surrounding Leningrad area were hit by a major Ukrainian drone attack over night. A Baltic Sea port which handles oil exports was also reported to have been affected. Alexander Beglov, the governor of St Petersburg, said that the city's?6-million population had been subjected to a "large scale" drone attack. He did not give any details about specific targets but the local media outlet Bumaga reported that there was a fire in the oil terminal of St Petersburg. Alexander Drozdenko, Governor of the Leningrad region, said that drones struck the port of Vysotsk...

U.S. Treasury Secretary Scott Bessent on Tuesday urged gasoline'retailers' to lower prices in celebration of the U.S.'s 250th birthday, reinforcing 'Trump's message with a warning 'we're monitoring' Bessent, in an interview with Fox News, said: "I'd encourage all gasoline retailers. Some of them are owned and operated by Big Oil. Others are independent. And some are international convenience stores." "I'd encourage them to act responsibly, especially during the 250th anniversary of the?Oil Industry, because we are watching." Bessent repeated his boss's warning to gas stations Monday that they must lower their prices immediately, or else face "big issues." "If Retailers...

Guinea's mines minister said that the country aims to be a regional hub for gold refining. This is part of a wider push by West African producers to 'process bullion locally instead of exporting it into the Middle East. Gold prices are high, and the move aims to preserve more value for consumers at home. Bouna Sylla, Mines Minister Bouna Sylla said over the weekend that there was no problem if each country (in West Africa) had a refinery. "If you are not competitive in the market, your refinery will either fail or succeed due to economics and not politics."...

Oil prices increased on Monday following days of titt-for-tat attacks?by the United States and Iran?in the Middle East, which highlighted the fragility of the interim peace agreement and once again slowed down energy shipping through the Strait of Hormuz. Brent crude futures rose 52 cents or 0.672% to $72.51 per barrel at 2313 GMT, while U.S. West Texas Intermediate was up 71 cents or 1.03%, trading at $69.94. Brent crude dropped 10.6% last weekend, its third consecutive weekly decline. Crude shipments through the Strait increased last week to the highest level since February, when the U.S. - Israel conflict with...

Venezuela is receiving cash, emergency aid and rescuers after two powerful earthquakes that shook the area around Caracas left thousands of people missing. Details of foreign aid are listed below: UNITED NATIONS U.N. humanitarian?body reported that 25 international teams with 1,000 personnel total had been mobilized. Tom Fletcher, the chief of aid at the United Nations, said that a collective effort would be needed in order to support a government-led response. UNITED STATES The U.S. State Department announced that it is?mobilizing? $150 million in assistance. The U.S. State Department said it is mobilizing $150 million in aid. Washington will also...

Venezuela is receiving cash, emergency aid and rescuers after two powerful quakes shook areas around the capital Caracas. Thousands of people are still missing. Here is the list of foreign aid: UNITED NATIONS According to U.N.'s humanitarian affairs agency, 25 international?teams with a total of 1,000 personnel have been mobilized. Tom Fletcher, the chief of aid at the United Nations, said that a collective effort will be needed in order to support government-led efforts and assist communities. UNITED STATES The U.S. State Department announced it would mobilize $150 million of aid. The U.S. State Department said it is mobilizing $150...

The oil prices dropped on Friday morning, and are headed for steep losses this week amid easing supply concerns. More oil tankers have left the Strait of Hormuz as stranded vessels leave. Brent crude futures dropped 19 cents or 0.25% to $75.07 per barrel at 0055 GMT. U.S. West Texas Intermediate was down 13 cents or 0.18% to $71.79 per barrel. The benchmark contracts both rose more than 2% after an unknown projectile hit a cargo ship near Oman. This prompted the U.N. shipping agency to suspend their voluntary evacuation scheme. Two U.S. officials said that Iran shot at the...

After two powerful earthquakes in Venezuela on Wednesday, governments and humanitarian groups around the world have started sending cash, teams of rescuers, and other types of aid. The number is expected to rise. At least 250 buildings were damaged by the two quakes that struck Caracas in a distance of?160km (100miles). The latest count shows 200 people still trapped under debris. U.N. HUMANITARIAN AFFAIRS OFFICE Tom Fletcher, the U.N.'s chief of aid, said that the office for humanitarian affairs was responsible for coordinating the deployment international search and rescue teams. He said that "the coming days will need a massive...

International Monetary Fund?said Thursday that it had seen energy and commodities prices drop since?the U.S. and Iran agreement to?halt?hostilities and reopen?the Strait of?Hormuz.?But it will take some time for prices to return to normal and Gulf trade to resume. IMF spokesperson Julie Kozack said at a press briefing that the Fund would decide on whether or not to stick with the three growth scenarios that it had presented in April, which were dependent on the outcome of the Iran war. Kozack said that as the Strait of Hormuz was closed in May and benchmark oil prices remained above $100 per...

SK Hynix, a South Korean company, said it planned to?raise up to $29.4billion through a U.S. -stock market listing. This would be one of the largest?listings globally. If completed at the top end, the deal would be the second-biggest share sale after a record $85.7 billion initial public offering by SpaceX earlier this month, surpassing Saudi Aramco's $25.6 billion IPO in 2019and Alibaba'ssimilar-sized offering in 2014. The planned listing reflects a strong global appetite for AI linked equities even as volatility rises across U.S. technology and semiconductor markets. This comes after Elon Musk's SpaceX and other record-breaking equity offerings in...

Under the interim agreement to end the war with Iran, the U.S. began lifting some sanctions. However, it will be difficult for any comprehensive agreement to unravel the tangled webs of restrictions that restrict the country's trade and activities. It is for this reason that any attempt to lift the sanctions against Iran may take many years, and foreign investment could be slow to return. WHEN WILL THE SANCTIONS AGAINST IRAN BE RELEASED? Since decades, the U.S. has imposed sanctions, trade 'embargos' and asset freezings on Iran over its nuclear program, human rights record, and support of groups in the...

These are the most popular?stories from the New York Times business pages. The New York Times has not?verified?these?stories and cannot?guarantee?their accuracy. U.S. president Donald Trump will likely restore the rights of Turkey to buy F-35 stealth jets at the NATO summit, which would reverse a 7-year-old ban imposed by Trump himself. Canada announced on Monday that it has selected ThyssenKrupp to build a fleet of submarines in collaboration with the Norwegian, German and Canadian governments. This is a move towards reducing Canada's military and economic dependence on the United States. Walmart announced on Monday that it would be slashing the...

Gold gained on Friday and was set for a weekly gain following four consecutive weeks of declines. Weak U.S. job data dampened expectations that the Federal Reserve will raise rates in the near future. Gold spot was up 1.3% to $4,174.21 an ounce by 1241 GMT after reaching its highest level since June 23. Bullion is above its 21-day average and has gained over 2% this week. U.S. Gold Futures for August Delivery?Delivery gained 1.5% to $ 4,186.80/oz. Data released on Thursday revealed that nonfarm payrolls in the U.S. rose by just 57,000, below the 110,000 economists had predicted. Han...

Gold rose on Friday, and was expected to gain a weekly profit after four weeks of losses. Weak U.S. job data dampened expectations that the Federal Reserve will raise rates in the near future. Gold spot was up 1.3% to $4,176.29 an ounce at 1006 GMT after reaching its highest level since June 23. Bullion is above its 21-day moving average and up over 2% this week. U.S. Gold Futures for August Delivery gained 1.53% to $4188.80/oz. Data released on Thursday revealed that nonfarm payrolls increased by 57,000 in the U.S. last month. This was below the 110,000 economists had...

Gold rose on Friday, and was expected to gain a weekly profit after four weeks of losses. This is because weaker U.S. job data has reduced expectations that the Federal Reserve will increase rates in the near future. Gold spot was up 1.5% to $4,184.75 an ounce at 0835 GMT after reaching its highest level since June 23. Bullion was above the 21-day moving average, and up 2.4% this week. U.S. Gold Futures for August Delivery gained 1.73%, to $4197.20. Han Tan, chief analyst at Bybit, explained that the gold price rise is due to the sharp slowdown in U.S....

As investors lowered expectations of rate increases in the U.S. following weaker-than-expected job data, gold rose by more than 1% on Friday. As of 0744 GMT spot gold was up by 1.4% to $4,179.42 an ounce after hitting its highest price since June 23. U.S. Gold futures for delivery in August gained?1.6%, to $4191.90. Bullion is on track to gain 2.2% in a week, its first weekly gain since May 29. Weaker-than-expected data from nonfarm payrolls as well as private payrolls helped ease concerns about inflation and rising interest rates. Dollars were headed for a weekly decline, making the price...

Gold gained 1% on Friday, and investors were set to?make their?first weekly gains in five as they dialed back expectations for U.S. interest rate hikes after softer than expected jobs data. As of 0612 GMT spot gold was up by 1% to $4,165.29 an ounce. It had earlier reached its highest level since the 23rd of June. U.S. Gold Futures for August Delivery gained 1.3% to $4,178.50. Bullion is on track to gain 1.8% in a week, its first weekly gain since?May 29. Weaker-than-expected data from nonfarm payrolls as well as private payrolls have tempered inflation concerns and interest rates...

Operation Epic Fury, which was launched at the end February, quelled the early-year euphoria of copper and tin. Since then, the Iran war has been the main topic of discussion. This has made it difficult for traders to make sense of the headlines because they are so confusing. It seems that the Strait of Hormuz has entered a quantum world in which it is simultaneously open and closed, depending on who is speaking at any particular point?in time. Vanda Insights, a provider of oil market analyses, founded by?Vandana hari, says Schrodinger Strait is "continuing to reopen, but it's patchy and...

Investors lowered their expectations of U.S. interest rate increases after softer than expected jobs data. As of 0416 GMT spot gold rose 1.3% to $4,177.31 an ounce. This is the highest price since June 23. U.S. Gold Futures for August Delivery gained 1.6% to $4,190.70. Bullion is on track to gain 2.2% in a week, its first weekly gain since the week ending?May 29. Weaker-than-expected data from nonfarm payrolls as well as private payrolls have tempered inflation concerns and interest rates that are higher for longer. Dollars were headed for a weekly decline, allowing holders of other currencies to afford...

As investors lowered their expectations for Federal Reserve rate hikes after softer than expected U.S. job data, gold rose by more than 1%. As of 0235 GMT spot gold rose 1.4% to $4179.94 an ounce. This was its highest price since June 23. U.S. Gold futures for delivery in August gained?1.6%, to $4193.20. Bullion is on track to gain 2.3% in a week, its first weekly gain since the week of May 25. Weaker-than-expected data from nonfarm payrolls as well as private payrolls helped ease concerns about inflation and longer-term interest rates. The dollar was heading for a weekly decline,...

Operation Epic Fury, launched at the end of February, quelled the early-year euphoria which had propelled copper and tin prices to new highs. Since then, the Iran war has dominated headlines. This has made trading difficult for traders as the headlines are so confusing. Strait of Hormuz appears to have entered into a quantum world in which it is simultaneously open and shut, depending on who is speaking at any given time. Vandana Hari is the founder of oil market analyst?Vanda Insights. She says Schrodinger's Strait continues to reopen, but it's patchy and unpredictable. This is a good way to...

?Abu Dhabi’s?International Holding Company? plans to invest $11.5billion in an integrated aluminum project in eastern Indian state Odisha via a joint venture India’s Adani Group?, a State official announced on Thursday. This would be the largest foreign investment?in metals in the country. India is investing in aluminium to meet the growing demand for infrastructure, power, transportation and renewable energy. It also wants to reduce its reliance on imports of metal products with added value. The federal government announced steps last year to increase aluminium production and stated that 'domestic demand will reach 8.5 millions metric tons in fiscal 2030. According...

* It could take up to a year for hot metal production to return to its previous levels Since the first EGA reduction cell on May 26th, EGA has restarted 89 cells. * Cast metal production at the recycling plant resumed in early May (Adds statements, quotes; paragraphs 1-12). By Hadeel Al Sayegh DUBAI, July?2 -- Emirates Global Aluminium announced on Thursday that it had restored production earlier than expected at the Al Taweelah facility, which was hit by Iranian attacks in March. However, hot metal output would take up to one year to reach previous levels. The complex, which...