United States

The U.S. Government sided with Argentina in its effort to temporarily suspend a court order requiring it to turn over its 51 percent stake in the oil and gas company YPF as part of a $16.1-billion judgment won by two investors. In a late-night filing, the U.S. government informed the 2nd U.S. The 2nd U.S. Circuit Court of Appeals stated that it is in the public's interest to resolve the dispute on its merits "free of the rushed compulsion of a non-stayed turnover order, and any negative impact on U.S. Foreign Relations with Argentina." Petersen Energia Inversora, Eton Park Capital...

Petrobras, the Brazilian state-owned oil company, may redirect oil sold to the United States to Asia and Pacific due to increased tariffs announced by the United States on Brazil, the chief executive said on Thursday. Magda Chambriard, CEO of Petrobras, said that although oil and gas exports account for a large share of Brazil's trade with the United States it is not a vital market for the company. "We don't export much (to the U.S.). She said, "In general, we're not too worried" in her first comments to the public about the 50% tariff announced by President Donald Trump last...

Alimentation Couche-Tard, a Canadian retailer, withdrew a $46 billion takeover bid for Japan's Seven & i Holdings. It blamed the lack of constructive engagement on the part of Japanese retailer. The 7-Eleven operator's "konbini stores" would have been the largest foreign acquisition of a Japanese firm. This is the timeline for the bid: AUGUST 19, 2020 Couche-Tard says that it has contacted Seven & i regarding a possible takeover. Both companies do not disclose the value of their offer. Seven & i shares surged almost 23%, to 2161 yen, valuing it at approximately 5.6 trillion yen (about 38 billion dollars)....

These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. After an extended year of negotiations, marked by dramatic turns and twists, Alimentation Couche-Tard announced that it would abandon its multi-billion-dollar bid to purchase the owner of 7-Eleven convenient stores. Indonesian President Prabowo Subianto confirmed Wednesday that the general outline of a new trade agreement between the United States and Indonesia was agreed. Under the agreement, U.S. goods exported to Indonesia will not be subjected to tariffs while Indonesian products in...

Alimentation Couche-Tard, a Canadian retailer, withdrew a $47 billion takeover bid for Japan's Seven & i Holdings. It blamed the Japanese retailer for ignoring its offer. The 7-Eleven operator's "konbini stores" would have been the largest foreign acquisition of a Japanese firm. Here is the timeline for a bid: AUGUST 19, 2020 Couche-Tard says that it has contacted Seven & i regarding a possible takeover. Both companies do not disclose the value of their offer. Seven & i shares surged almost 23%, to 2161 yen, valuing it at approximately 5.6 trillion yen (about 38 billion dollars). SEPTEMBER 6, 2020 Seven...

Abu Dhabi National Oil Company announced on Wednesday that it intends to transfer its 24,9% stake in Austria's OMV AG, to its XRG Investment unit. This will be done ahead of the creation of a new chemicals company combining OMV and ADNOC companies. ADNOC bought a 24,9% stake in OMV last year from Abu Dhabi sovereign fund Mubadala without disclosing financial terms. ADNOC and OMV merged their polyolefin business earlier this year to create a chemical company with a $60 Billion enterprise value. Khaled Salmeen, CEO of ADNOC Downstream, told Khaled Salmeen in March that the merged entity Borouge Group...

Three industry sources familiar with the matter have confirmed that India's GAIL, the state-owned gas company in India, is in the initial stages of talks to purchase liquefied gas from the proposed Alaskan LNG project. This comes as South Asia expands its capacity for imports. The discussions with Glenfarne developer come at a time when India is working to increase its energy imports to the United States in order to narrow its surplus trade as part of an broader trade deal with Washington, to avoid the impositions of heavy U.S. Tariffs. The sources stated that GAIL's talks are preliminary, as...

On Wednesday, drones carrying bombs attacked oilfields in Iraq’s Kurdistan region. Two fields operated by Norway’s DNO had to stop production. DNO, the oil and gas company that operates the Tawke-Peshkabir fields in the Zakho region, bordering Turkey, has temporarily suspended production following explosions which caused no injuries. Kurdistan’s counter-terrorism agency posted a Facebook message that three drones were used to attack the fields, but no one was injured. Only material damage occurred. DNO stated that "the damage assessment has begun and the company anticipates restarting production as soon as the assessment is complete." Later, another oilfield operated by U.S....

The President Donald Trump, along with executives of some of the biggest U.S. energy and tech companies will be attending a summit on Tuesday in Pittsburgh as the Administration prepares new measures to drive the U.S. growth of artificial intelligence. The top economic rivals U.S.A. and China have entered a technological arms-race to see who can dominate AI, as this technology becomes more important in every area of life from the boardrooms of corporations to the battlefield. The Energy and Innovation Summit, to be held at Carnegie Mellon University, is expected to attract tech executives and representatives from leading energy...

The President Donald Trump, along with executives of some of the biggest U.S. energy and tech companies will be attending a summit on Tuesday in Pittsburgh as the Administration prepares new measures to drive the U.S. growth of artificial intelligence. The top economic rivals U.S.A. and China have entered a technological arms-race to see who can dominate AI, as this technology becomes more important in every area of life from the boardroom to the battlefield. The Energy and Innovation Summit, to be held at Carnegie Mellon University, is expected to attract tech executives and representatives from leading energy and technology...

The major Gulf stock markets rose early on Tuesday, ahead of U.S. data on inflation due later that day. This indicates investors' positive outlook for talks between Washington and major trading partner countries. After threatening to impose 30% tariffs on imports from Mexico and the European Union from August 1, U.S. president Donald Trump indicated he would be open to discussion on tariffs. The Yomiuri reported that the Japanese Prime Minister Shigeru Shiba is planning to meet with U.S. Treasury Sec. Scott Bessent this Friday. Investors will also be watching for U.S. consumer prices for June due Tuesday. They are...

Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of oil rigs and natural gas production for the 11th consecutive week for the first since July 2020. This was when the COVID-19 epidemic reduced demand for fuel. The number of oil and gas drilling rigs, a good indicator of future production, dropped by two in the week ending July 11 to 537, the lowest level since October 2021. Baker Hughes reported that the total number of rigs is down by 47 or 8% from this time last week. Baker Hughes reported...

The U.S. Commerce Department announced on Thursday that it would impose preliminary antidumping duties of 93.5 percent on anode grade graphite imported to the U.S. after concluding the materials were being sold at a lower price than their fair market value. The Commerce Department's fact sheet, seen by, shows that all Chinese producers have a single antidumping margin of 93.5% and a cash deposit rate at 93.5%. Commerce reported that the order will affect imports worth $347.9 million by 2023. The duties are applicable to anode grade graphite materials with a minimum graphite purity of 90% by weight. They can...

In an interview on Thursday, the chief executive of Volvo Cars called on the European Union (EU) to reduce its 10% tariff against American-made vehicles, arguing that European carmakers don't need protection from U.S. rivals. Brussels and the auto industry have spent months trying persuade Washington, with its 27,5% tariff, to lower it on imported European cars. Hakan Samuelsson, after the company announced its second-quarter results, said: "If Europe wants free trade then we should lead the way by lowering tariffs to very low levels first." Donald Trump, the U.S. president, has threatened to increase tariffs on European Union imports...

The price of copper in London and Shanghai fell slightly on Thursday as the markets continued to be under pressure in anticipation of the United States' imposition on August 1st a 50% tariff on imports. As of 0123 GMT the three-month copper price on the London Metal Exchange fell 0.07%, to $9,628 a metric ton. The most traded copper contract on Shanghai Futures Exchange also declined 0.04%, to 77,930 Yuan ($10,855.12) per ton. ANZ stated that the U.S. market will likely draw from existing stocks, putting downward pressure COMEX and LME Copper prices in the short-term. In an interview with...

The U.S. factory output edged up slightly in June, as a decline of motor vehicle production was offset by gains elsewhere. Manufacturing remains constrained due to tariffs on imported goods. The Federal Reserve announced on Wednesday that manufacturing output increased by 0.1% in June after a 0.3% rise in May which was upwardly revised. The Federal Reserve said that economists polled had predicted production to remain unchanged following a 0.1% increase in May. In June, the production at factories increased by 0.8% compared to last year. The second quarter saw a growth of 2.1% on an annualized basis, after a...

Prices of copper fell on Wednesday, as concerns about supply disruptions eased and inventories increased amid uncertainty over the impact of U.S. Tariffs. The benchmark three-month price of copper at the London Metal Exchange fell 0.4% to $9,610 per metric tonne at 0945 GMT. This is down from a peak reached on July 2 that was just above $10,000. Nitesh Sha, commodity strategist at WisdomTree, said that there haven't been additional supply disruptions pushing prices higher on the different exchanges. One of the protest leaders said late Tuesday that the blockades had been lifted in Peru, which is the third...

Donald Trump announced on Tuesday that he will meet with British Premier Keir starmer in Aberdeen, Scotland later this month, to finalize a U.S. - British trade agreement. An official at the White House said that Trump will visit his golf properties on Scotland's west coast in late August, recreating his 2016 trip to Scotland during his first presidential run. The official, who spoke on condition of anonymity, said that Trump planned to visit his Turnberry and Aberdeen properties during a trip scheduled to last between July 25-29. When asked by reporters about his trip, Trump replied that he was...

If trade talks with Washington do not succeed, the European Commission may impose tariffs on 72 billion euros worth of U.S. products - including Boeing aircraft, bourbon whisky and cars. The U.S. president Donald Trump has threatened to impose a tariff of 30% on imports coming from the EU as early as August 1. European officials have said that this level is inacceptable and would stop normal trade between the two largest markets. The list sent to EU members states, and seen by on February 2, predates Trump's weekend move to increase pressure on the 27 nation bloc, and instead...

The European Commission is proposing to impose tariffs if trade talks with Washington fail to produce an agreement. This is the second package put forward by European Commission which oversees the trade policy of the 27 nation European Union. The package is intended to counter U.S. car and auto parts tariffs and a 10% baseline tariff. The U.S. president Donald Trump is now threatening to impose a 30% baseline tariff on EU imports starting August 1. European officials claim that this level is unacceptable, and it would stop normal trade between the two largest markets in the world. The list...

Alcoa Corp announced on Monday that it anticipates a loss of up to $110,000,000 due to the delay in the restarting of its San Ciprian Aluminium Smelter in Spain. The plant's production was halted in 2021 because of high electricity prices. The plant was in the process to be restarted, but this was delayed because Spain was hit with a nationwide blackout on the 28th of April. This disrupted the smelter as well as an adjacent refinery. The smelter is operated by Alcoa in a joint venture with Ignis Equity Holdings since March. Alcoa now expects a net loss between...

Boris Pistorius, German Defence Minister, will discuss with Pete Hegseth, U.S. Secretary for Defence of Defence in Washington the possibility that Germany could pay for American Patriot air defense systems for Ukraine. Donald Trump, the U.S. president, said on Sunday that the U.S. will send an unspecified number of Patriots into Ukraine and the European Union will pay for them. The Ukrainian president Volodymyr Zelenskiy asked for additional defensive capabilities including Patriot missiles and systems to counter daily Russian missile and drone attacks. Here are some important facts about the Patriot What is the Patriot System? The Patriot is a...

The London Metal Exchange (LME) and Shanghai Futures Exchange (SFE) were volatile on Monday, as investors assessed trade talks between the U.S. with its major trading partners and a tariff of 50% on copper imports. The LME's three-month copper rose 0.07%, to $9,667.5 a metric ton, by 0104 GMT. Meanwhile, the SHFE's most traded copper contract fell 0.37%, to 78240 yuan (10,915.03). Donald Trump, the U.S. president, announced on Saturday that he will impose a tariff of 30% on imports from Mexico and the EU from August 1. He also issued similar warnings to other countries. They have less than...

Donald Trump, the U.S. president, has started a global war of trade with a variety of tariffs targeting individual products and nations. Trump has set an initial tariff of 10% for all imports into the United States. He also imposed additional duties on specific products or countries. Here is a listing of the targeted tariffs that he has either implemented or threatened to implement. PRODUCT TARIFFS ARE IN EFFECT Steel and Aluminum - 50% Automobiles and auto parts: 25% PRODUCT TARIFFS- THREATENED Copper - 50% will take effect on August 1 Pharmacies - Up to 200% Semiconductors with a 25%...