United States

Sources say that the White House will extend a waiver to the century-old Jones Act within the next few days. This is one of its few tools, which it can use if necessary, in order to?try and lower gasoline prices, as President Donald Trump intensifies his attacks against Exxon Mobil, Chevron, and other oil companies for "making too much money." The Jones Act mandates that cargo between U.S. port must be transported on vessels built in the U.S. and owned by U.S. firms, with crews made up of American workers. This waiver is intended to reduce gas prices by increasing...

German fashion group Hugo Boss announced its operating profit for the second quarter ahead of expectations and maintained its outlook for the full year despite a subdued demand from consumers. In a poll conducted by the company, earnings before interest and tax (EBIT), which were 81 million euros in 2014, fell to 59 million euros. This was higher than analysts' average predictions of 52 million euro. The currency-adjusted sale fell by 9%, to 905 millions euros. This was slightly lower than analysts' expectations, which were 907 million euro, as strategic realignment and a weak consumer background continued to weigh on...

Chevron is giving its employees a bonus for their operational performance so far in this year. This follows the U.S. Oil Producer's record earnings on Friday, which was?boosted by the high oil prices due to the ongoing war?in Iran. In an internal message that was seen by?, CEO Mike Wirth praised Chevron employees for meeting cost reduction targets, achieving deal synchronizations from the Hess purchase ahead of schedule, and operating safely amid the?geopolitical turmoil this year in Venezuela, and the Middle East. Wirth wrote, "Results such as these in an year like this one are not normal." They reflect an...

British government bond yields fell 'on Monday, as oil prices dropped by $4 per barrel after U.S. president Donald 'Trump announced that he would be resuming talks with Iran and calling off military strikes. At 0715 GMT, the yields on two-year gilts, which are sensitive to interest rate forecasts in the short-term, fell by?around nine basis points to 4.325%. This was a greater fall than that of German or U.S. government bonds. The 10-year gilt yields fell?below 5 percent, falling by?8 basis points to 4.975%. Meanwhile, the 30-year gilt rates were also 8 basis points lower at 5.702%. Michiel Tukker...

ExxonMobil, Chevron and other top U.S. oil companies warn that global supplies of refined products and diesel will remain tight and lead to high prices for the rest of the year. The Iran war is causing major disruptions in energy supply. The two companies both reported huge increases in their second-quarter profits for refining on Friday, as they saw an increase in margins due to declining fuel stocks combined with reduced exports from China and refinery problems in Russia. Mike Wirth, CEO of Chevron, said in an earnings call that "we'll see some upward pressure on product pricing... into the...

The U.S. Energy Information Administration published data on Friday showing that U.S. crude output dropped about 2% from its record-breaking April level, but exports reached a new record for the second consecutive month. The data revealed that crude oil production averaged 13,71?million barrels a day in May, while exports increased to 5,73 million bpd compared to the previous record of 5.59 million. U.S. Oil companies have increased exports dramatically?since beginning of Iran war. They are taking advantage of global supply shortages caused by disruptions in vessel movements through the Strait of Hormuz. The higher price of oil has affected consumption....

Chevron reported its highest quarterly profits in at least six year on Friday. The U.S. and Israel war against Iran has disrupted world energy markets, which is boosting profits of the largest oil companies. LSEG data shows that adjusted?earnings 'of $12 billion or $6.06 per a share beat the average analyst estimates of $5.56. Chevron's shares rose about 2% during premarket trading. The results were similar to those of European oil giants TotalEnergies, Shell and others who also reported record profits in the second quarter, boosted by higher oil costs. ExxonMobil's quarterly profit missed analyst expectations despite earning a record...

Chevron reported its highest quarterly profits in at least six years on Friday. The U.S.-Israeli conflict with Iran has impacted the world energy market, which is boosting profits of the largest 'oil' companies. LSEG data shows that adjusted earnings of $12 billion or $6.06 per common share beats the average analyst forecast of $5.56. These results were similar to those of European oil giants TotalEnergies, Shell and others who also reported record profits in the second quarter due to higher oil prices. Eimear 'Bonner, Chevron Chief Finance Officer, said in an exclusive interview that despite the current geopolitical unrest and...

This week, European refiners made bumper profits for producing fuels like gasoline and diesel. A wave of?attacks against oil refineries in Russia and the Middle East further tightened supplies and raised prices worldwide. Fuel prices are rising, which is affecting consumers and businesses around the world. Fuel prices continue to rise despite crude oil falling to $90 per barrel, well below the record $147 set in 2008. This is because attacks on refineries caused by wars in Iran and Ukraine has destroyed a number of major plants which make fuels from crude. The premium that European low-sulphur gasoline futures command...

Valero Energy reported on 'Thursday its highest quarterly profit in the last 20 years and surpassed Wall Street expectations. Oil market disruptions across the Middle East boosted 'demand' for U.S. fuels exports, and pushed its refining margins sky-high. U.S. refining companies have been the most benefited by the Iran War as buyers from around the world have demanded their products amid the disruptions in shipping through the Strait of Hormuz. This has pushed the country's fuel exports to new records. Valero's second-quarter adjusted operating profits in the refining segment nearly tripled from a year ago to $4.4 billion, while refining...

The British accounting 'watchdog' said Thursday that it has opened an investigation into KPMG’s financial audit of British oilfield services and engineering company Wood Group's fiscal year ending December 2023. The Financial Reporting Council said that it will also probe two individuals, who it did not identify, for financial statements and communication in relation to Projects Business Unit of the firm from?2022-2024. The FRC stated that the decision to launch the 'investigations' was taken at a meeting last month of its Conduct Committee. It said that the 'investigations will be conducted by the executive counsel. However, it did not give...

An official of the Korea Petroleum Association stated that South Korea's refiners were considering importing Venezuelan crude to diversify their supply sources, as the conflict in the Middle East is disrupting shipments through the Strait of Hormuz. GS Caltex is one of the country's largest refiners. In June, it imported 110,000 barrels from Venezuela to?test its quality. The association official confirmed a?local report. Officials said that the refiner would assess whether or not the crude is suitable for their facilities, and evaluate product yields. Officials said that the other 'three refiners - HD Hyundai Oilbank SK Innovation, and 'S-Oil -...

Lockheed Martin is in discussions to purchase two vital minerals from U.S. mining companies, according to two sources who are familiar with the talks. This comes as President Donald Trump "pressures" defense contractors to reduce their reliance on China. Sources said that the world's largest defense contractor, Lockheed Martin, is in talks with NioCorp Developments to supply scandium and?Teck Resources for germanium. Both minerals are used by military equipment, from aircraft components to sensors for infrared, according to these sources. The deals are a major step forward in the U.S. effort to build up domestic mineral supply chains. However, there...

The price of gold climbed a little on Tuesday, as investors weighed the mixed signals from potential 'U.S.Iran' talks and awaited this week's U.S. Labor Market Reports for clues about Federal Reserve interest rate trajectory. Spot gold increased 0.2% at $4,059.81 an ounce as of 0257 GMT. Investors are awaiting reports on the U.S. labor market. These include job opening data in the afternoon, the ADP Employment Report on Wednesday, and the nonfarm payrolls numbers on Friday. "Gold is in a consolidation phase." Ajay Kedia of Mumbai-based Kedia Commodities said that if we see a weakening in the U.S. Dollar,...

Gold prices fell on Monday, as concerns about inflation and the war in the Middle East remained. The markets will also be watching the U.S. Federal Reserve policy direction this week. Spot gold dropped 0.3% per ounce to $4,030.34 by 2:00 pm EDT (1800 GMT), and U.S. gold futures for delivery in August settled at $4,090.50, a 0.4% decline. Gold has been in a trading band for over a month, roughly between $4,000 and $4200. The fact that the market may be anticipating a rise in inflation is a positive factor, particularly in July when fresh data are expected to...

Gold prices fell a little on Monday, as concerns about inflation and the war in the Middle East remained. The markets are also watching the latest job reports to determine the Federal Reserve's next policy move. Spot gold dropped by 0.1% at $4,037.01 an ounce as of 12:37 pm EDT (1637 GMT) while U.S. gold futures for delivery in August fell by 0.3% to $4,000.05. "Gold is stuck in a range of trading for over a month, roughly between $4000 and $4200. The fact that the market may be anticipating a rise in inflation is a positive factor, particularly in...

Gold prices fell on Monday as concerns about inflation and the conflict in the Middle East remained. The markets will also be watching the U.S. Federal Reserve policy direction this week, which is based on a number of employment reports. Spot gold dropped by 0.3% per ounce to $4,029.84 at 10:12 am EDT (1412 GMT) while U.S. gold futures for delivery in August fell 0.5%?to $4.029.00. Gold has been stuck between a range of $4000-$4200 for over a month. Marex analyst Edward Meir stated that the market may be anticipating a rise in inflation in July, when new data is...

U.S. Construction Spending unexpectedly dropped in June, as higher mortgage rates continued to stifle?homebuilding. Census Bureau of the Commerce Department reported on Monday that construction spending had decreased by 0.1%. The?Construction Spending in?May has been?revised. It was not reported that it had increased by 0.1% but was actually unchanged. Economists surveyed by predicted construction spending to rise 0.2%. In June, construction spending fell 3.2% compared to the same month last year. Spending on private construction projects fell 0.2% last month, but only by 0.1% this month. ?Investment in residential construction dropped 0.3%. The spending on single-family housing fell by 0.6%....

Gold prices rose on Monday as oil prices dropped after U.S. President Donald Trump held back on announcing new attacks against Iran, hoping for a quick deal. This helped ease concerns about inflation and rising interest rates. As of 0210 GMT, spot gold was up 0.4% to $4,055.76 an ounce. U.S. Gold Futures increased 0.9% to $4054.00. After authorities intervened on the foreign exchange markets to support the yen and make dollar-priced gold more affordable for overseas purchasers, the U.S. Dollar was under pressure. Tim Waterer is the chief market analyst for KCM Trade. He said that gold has had...

Holcim Group, a Swiss building materials company, announced on Sunday that it intends to sell its Philippines operations to Huaxin Building Materials of China in a deal worth at least $807,000,000. Holcim is selling an initial 68% stake at $527 million. The remainder will be sold in the following three to five year period for a price minimum of $280million. Holcim stated that this would result in an overall valuation $807 million. However, the figure may rise "based upon incremental value creation over?this time period". This sale is Holcim's largest divestment, since the $1 billion deal it made with Huaxin...

Holcim Group, a Swiss building materials company, announced on Sunday that it intends to sell its Philippines business to China’s Huaxin Building Materials. The deal could generate at least $807 million. Holcim is selling a 68% initial stake at $527 million. The remainder will be sold in the next 3 to 5 years for $290 million. Holcim stated that the total valuation would be $807 million. However, this figure could increase "based on incremental values created during?this time period". The money raised will be used for?large acquisitions as well as further investments in Holcim’s existing business. After spinning off their...

Gold fell 2% on the Friday, as the U.S. Dollar rebounded after a session in which it had fallen to a low of more than ONE MONTH. However, the metal is still on course for its first gain monthly in five months as the inflation data was weaker and expectations of future rate hikes by the U.S. were reduced. At 12:18 pm EDT (1618 GMT), spot gold fell 1.4% to $4,044.87 an ounce after dropping 2% earlier. U.S. Gold futures for August delivery fell 1.5% to $4043.80. Gold is up 1% this month, the biggest gain since February. Oil prices...

Gold fell more than 1% on Friday as the U.S. dollar gained ground. The dollar recovered its footing but was still on course to post its best monthly gain since February, as investors reduced their rate hike bets following the Federal Reserve meeting last week. Spot gold fell 1.1%, to $4.055.41 an ounce at 1050 GMT. However, it was on track for a 0.5% weekly increase. Prices have also risen by about 1.7% this month. U.S. Gold Futures for August Delivery dropped by 1.2% to $4053.60. Independent analyst Ross Norman stated that "gold struggles to gain meaningful momentum and is...

According to data released by the Labour Office on Friday, the number of unemployed people in Germany rose slightly higher than expected in July. They are now close to 3 million in adjusted seasonal terms. Labour Office data showed that the number of unemployed people increased by 6,000 in seasonally adjusted terms to 2,99 million. Analysts polled had predicted a rise of 5,000. The seasonally-adjusted unemployment rate was 6.4% in November, up from the 6.3% recorded the month before. Daniel Terzenbach is a member of Regional Management Board at the Federal Employment Agency. He said that the weak trend in...