United States

Emmanuel Macron, the French president, reiterated his commitment to reopening the Strait of Hormuz on Saturday. This comes a day after TotalEnergies's head warned of a global energy shortfall if the Iran swar continued for several months. Speaking at a press conference with Greek Prime Minister KyriakosMitsotakis in Athens, Macron said that geopolitical uncertainties can lead to panic, which in turn could cause shortages. "Our aim is to achieve full reopening of the Strait of Hormuz in the next days and weeks in accordance with the international law. This will guarantee freedom of navigation, without tolls, on the Strait of...

Maduro is captured by US forces in Caracas raid in January The charges against him and his spouse include narcoterrorism conspiracies Defense attorneys call restrictions on payment unconstitutional By Luc Cohen A court filing on Friday showed that the United States has agreed to change its sanctions against Venezuela so that the South American nation's government can pay Nicolas Maduro’s defense lawyer. This is a reversal of a restriction which had 'threatened' to derail the drug-trafficking case brought against the former Venezuelan President. Maduro and Cilia Flores were arrested by U.S. Special Forces on 3 January from their Caracas home...

The Republicans are revising their plan ahead of the November midterm elections. With gas prices in the U.S. up, Donald Trump's ratings on approval down, and Iran still a hot topic, they're recalibrating. The strategy? The strategy? Four people who attended the meeting said that a group of Trump's advisers, including White House chief staff Susie Wiles and political?chief James Blair, laid out a plan to help candidates promote Republicans' policies on?tax reductions? and inflation. Republicans are trying to keep Trump out of the spotlight, because they fear that his declining political fortunes will hurt competitive congressional races. Trump's party...

Sefcovic said that during his Friday talks with U.S. Treasury Secretary Scott Bessent he had raised concerns over 'the recent U.S. easement of sanctions on Russian Oil,' and understood it would not happen again. Sefcovic said he had been told by U.S. officials the relief in sanctions was due to concerns over the "extremely hard situation" that some low-income countries face, who are heavily dependent on imported oil. The U.S. Treasury Department issued on Friday a general license related to Russia, allowing for the sale and delivery of Russian crude oil as well as petroleum products on vessels from April...

Trump Administration announced on Friday that it had imposed sanctions on an independent "teapot refinery" in China for?buying billions worth of Iranian crude oil while Washington and Tehran are struggling to restart peace negotiations. Treasury Department targeted Hengli Petrochemical Refinery Co., which they said was one of Iran's biggest customers for crude oil and petroleum. The Office of Foreign Assets Control of the Treasury Department said that it had also imposed sanctions against about 40 shipping firms and vessels operating as part of Iran’s shadow fleet. Last year, the Trump administration imposed sanctions against teapots Hebei Xinhai Chemical Group and...

On Friday, German Chancellor Friedrich Merz said that the European Union could ease sanctions against Tehran as part a comprehensive deal that would end the war in Iran. However, other EU leaders struck a more cautious tone. In response to Iran's human rights violations, its nuclear activities, and its military support of Russia, the 27-nation EU imposed sanctions against Iran over the past few years. These included travel bans, asset freezes, and travel restrictions for senior officials. U.S. officials suggest that a comprehensive agreement?covering Iran’s nuclear and missile programs and the reopening of Strait of Hormuz, could bring about a...

The Spanish antitrust and energy regulator CNMC 'has added more power 'companies to the list 'of firms 'being investigated in relation to last year's unprecedented Blackouts in Spain and Portugal.' It said on Friday. The CNMC launched formal investigations last week after?finding?evidence that certain power sector rules had been?breached for extended periods of time, potentially contributing to the crippling 'outage in April 2025. The investigation was then announced to include the?grid operators Red Electrica MC> and Naturgy MC> as well as Iberdrola MC> and Repsol. It has now opened sanctions proceedings against Engie Cartagena, TotalEnergies Clientes and?others. Engie and Total...

U.S. defense secretary Pete Hegseth stated on?Friday, that the U.S. is extending its blockade to Iran. He added that Tehran had a chance of making a "good deal". Hegseth said to reporters that "our blockade is?growing, and it's going global." He said that no one could sail from the Strait of Hormuz anywhere else in the world without permission of the United States Navy. Three Pakistani sources said on Friday that peace talks between Iran, the United States, and other countries could resume in Pakistan soon, after the last round of negotiations, which was expected to take place earlier this...

Next week, investors will be focusing on three major issues: the war in Iran and the interest rate path. Five of the "Magnificent Seven" U.S. technology giants are reporting their earnings. Four of the top central banks in the world meet to discuss how long they will be able to'realistically' look past the rise in energy prices caused by the blockage of the Strait of Hormuz. Marc Jones, Dhara Ranasinghe and Lewis Krauskopf in New York will give you all the information about this week's financial markets. Rae Wee is in Singapore. 1/CORRIDOR POWER The next week will be dominated...

The German lower house of Parliament approved on Friday a relief bonus of up to 1000 euros ($1,169.30). This was part of a package to'soften the impact of the high gas prices caused by the Iran War. The AfD, the Left Party and the Greens abstained. Companies can pay an 'unique bonus' to their employees under the plan until June 30th 2027. Payments?will be deductible by employers and tax-free for workers. The bonus is voluntary, which creates uncertainty about how many companies are going to participate in the weak economy. Coalition estimates that the measure will result in a loss...

Baker Hughes, a provider of oilfield services, beat Wall Street estimates for the first quarter profit as strong demand from its industrial and energy technology units offset drilling 'weaknesses' caused by disruptions in Middle East. The IET unit saw a surge in orders due to the increased demand for electricity from data centers and investments in gas infrastructure, liquefied Natural Gas (LNG), and grid equipment. The first-quarter IET order total rose to $4.89 billion, up from $3.18billion a year ago. The disruptions in the Middle East have weighed on oilfield services. Oilfield Services and Equipment (OFSE), a division of the...

Dow Inc ?on Thursday reported a smaller-than-expected first-quarter ?loss, as cost cuts helped offset weaker prices ?and volumes, while ?disruptions from the ?Middle East ?conflict weighed on operations, including its Sadara joint venture in Saudi Arabia. The company stopped recording losses in the first quarter when its liabilities reached the level of existing obligations. Sadara ?Chemical, a joint venture between Dow and Saudi Aramco, recently ?shut down productiontemporarily at its petrochemicals complex in Jubail, citing ongoing supply chain disruptions ?from the Iran war. Dow has also been ?reevaluating its ownership ?of non-product-producing assets across its global portfolio, including power and...

European Trade Commissioner Maros Sefcovic stated that he and U.S. Secretary of Commerce Howard Lutnick had 'agreed' to accelerate discussions about steel derivatives on a technical level. Talks have already begun. Sefcovic told reporters that, in his opinion, both sides are moving forward on the steel issue. He said that both the United States as well as the EU were facing the same problem of massive overcapacity on the global market, without mentioning China. Sefcovic told a press conference that "we are not each other's problem" after signing an agreement on critical minerals with U.S. secretary of state Marco Rubio....

As part of an 'overall Western push to loosen China’s grip on materials vital to advanced manufacturing, the U.S. & European Union deepened their cooperation?on critical mineral?on Friday. U.S. Secretary Marco Rubio signed a Memorandum of Understanding with European Union Trade Commissioner Maros Sefcovic for a partnership to produce and secure critical minerals. Rubio didn't mention China, but said that the preliminary agreement reached with Brussels showed that Western allies are becoming more aware of the importance of supply chain and minerals to their economic success. China has used geo-economic pressure to 'chokehold' the processing of minerals. It has sometimes...

Gold was largely?stable' on Friday but?was heading for a weekly drop as high oil prices fueled fears of inflation, and interest rates that would continue to rise in the face of stalled U.S. - Iran peace talks. As of 0230 GMT, spot gold was down by 0.1%, at $4,686.29 an ounce. After a four-week streak of gains, the metal has fallen 3% this week. U.S. Gold Futures for June Delivery fell by 0.5% to $4702. Brent crude prices are up over 17% this week, hovering above $100 a barrel. The Strait of Hormuz remains largely closed in spite of an...

According to court documents filed Thursday, the U.S. Federal Trade Commission has settled a case it brought against a private-equity portfolio company that they claim was used to 'buy up anesthesiology practices and raise prices in Texas. Why it's Important The FTC filed a lawsuit against U.S. Anesthesia Partners under the Biden Administration. This was a major antitrust move to combat private equity rollups or purchases of many small businesses, which allegedly reduce competition in an industry. Private equity firms will closely examine the terms of the settlement which has not yet been made public. CONTEXT Under President Donald Trump,...

Mark Carney, the Prime Minister of Canada, said that Donald Trump had not discussed the idea of Canada paying an "entry fee" before a scheduled re-examination?of?the United States Mexico Canada trade agreement can begin. The three countries are expected to complete their work by the 1st of July, but tensions between the U.S. and Canada over tariffs imposed by Trump on 'key imports' from Canada last summer have complicated this schedule. The United States already has outlined the concessions that it expects 'Canada' to make, a move some commentators and domestic media say is similar to requiring an entry fee...

The copper price fell from a?multi-week peak on Thursday due to the stalled U.S. Iran peace talks, the continued closure?of Strait of Hormuz as well as a stronger dollar. Benchmark three-month Copper on the London Metal Exchange fell 1.4% to $13,247 per metric ton during 'official open-outcry' trading after reaching its highest since February 27, at $13,481.50. No signs of a return to peace talks between Iran and the U.S. have emerged, while Iran has tightened the grip it holds on the Strait of Hormuz. This has sent oil prices over $100 per barrel. Standard Chartered's head of base-metals research,...

Cemex reported Thursday record core earnings for the?first quarter and reaffirmed its full-year forecast, as a result of cost-cutting and price discipline by the Mexican cement maker. Operating earnings before taxes, depreciation, and amortization (EBITDA), which are compiled by LSEG, rose 34% to $794 millions from a previous year, exceeding the analysts' expectations of $696. Cemex's 'disciplined pricing' and the cement volume recovery in Mexico boosted net sales by 11%, which was better than expected. In a press release, Chief Executive Jaime Muguiro stated that the results showed a "structurally strengthened" company with an improved earnings profile. Muguiro, who took...

Mexico's Economy minister Marcelo Ebrard acknowledged on Wednesday that tariffs will likely remain in place on the country's automotive and steel sectors, regardless of whether or not a trade agreement with the U.S., Canada, and other countries is renewed. Ebrard said to reporters at an event in Mexico City on Wednesday that we shouldn't look back nostalgically on a time without tariffs. "We know that it's very hard to imagine tariffs disappearing in the automotive industry. Steel and aluminum have always been our priorities. We are trying to find ways to reduce tariffs. He made his comments just one day...

The price of copper rose on Wednesday, as President Donald Trump extended a ceasefire agreement with Iran. However, lingering uncertainty over the Middle East conflict limited gains. In official open-outcry trade, the benchmark?three-month?copper price on London Metal Exchange rose 0.3% to $13,270 per metric tonne. This month, the renewed premium in Comex copper over the LME benchmark has been a key feature of the copper markets for 2025. It encourages shipments to the United States. More copper is expected to flow into the United States. While the premium price persists until the end of July, a decision will be expected...

According to Mercuria's top metals analyst, the global aluminium market has experienced a "black-swan" event as disruptions caused by the Middle East war have triggered a supply shock. This will?lead? to major shortages in this year. Around 7 million metric tonnes of aluminium is smelted in the region each year, which represents about 9% of global production this year. Aluminium is used in the construction, transport and packaging industries. Nick Snowdon of Mercuria's metals & mining research said that the scale of supply shock in the aluminium industry is "probably the biggest single supply shock a metals market in post-2000...

The Financial Times reported that U.S. trade representative?Jamieson G. Greer told American allies to 'pay more' for critical minerals sourced outside of China. Greer, in an FT interview, said that U.S. allies would have to be willing to pay a premium for minerals that are sourced within a group of?trading partner countries, including Europe. Greer said in an interview that "there is a security premium we all pay. I call it the national security fee. We will pay this premium to have a safe supply chain." Greer, who has been drafting a draft of detailed information to share with partners...

Four sources familiar with the matter said that HSBC is hiring JPMorgan executive James Willis as its global precious metals sales director. Mark Augustynak, formerly of ICBC Standard Bank, was recruited by HSBC this month to lead its global metals trading division. HSBC is a market'maker' and a clearer on the London Over-the-Counter Market, where participants do not trade via an exchange but directly with one another. Each day, London clears 20 million troy-ounces of gold worth $96 billion at current prices. The appointments are part of a wider reshuffle in the trading and sales departments at major bullion bankers...