United States

Gold Reserve filed a motion on Wednesday to disqualify an opposing bid by an affiliate of Elliott Investment Management, which a Delaware court selected this month as the frontrunner in an online auction for Citgo Petroleum’s parent. The auction of PDV Holding (parent of Venezuelan refiner Citgo) was overseen by a court officer who determined that the winning bid in the competition was a $5.86-billion offer made by Elliott affiliate Amber Energy, despite his recommendation in July of a $7.4-billion bid from a group headed up Gold Reserve subsidiary Dalinar Energy. The officer will now have to submit a fresh...

India, which is the third largest oil consumer in the world and also the biggest buyer of Russian crude oil by sea, has been caught up in the diplomatic negotiations between Russia, and the United States, to end the conflict in Ukraine. Why has Trump imposed additional tariffs on Indian goods? In retaliation against New Delhi's increased purchases of Russian oil, President Donald Trump has added an additional 25% to the tariffs already in place on Indian goods. This is among Washington's most severe. Peter Navarro, White House's trade adviser, said that India's purchases were funding the war of Moscow...

The U.S. President Donald Trump doubled tariffs on Indian goods to up to 50% as planned on Wednesday. This escalated tensions between the two world's largest democracies. COMMENTARY: MADHAVI ARORA CHIEF ECONOMIST, EMKAY GLOBAL "While tariffs may add a downside tail risk to forecasts, it's too early to think about actual forecast changes." The impending global trade reset will not be easy, even though we are closely watching the results of the ongoing China-U.S. negotiations. The RBI and other EM central bankers may follow the U.S. Fed in the future, but will also have to deal with risk-aversion noise through...

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. A senior Exxon Mobil executive talked with Rosneft in Russia this year about returning the Sakhalin Project if the U.S. gave the greenlight as part of the Ukraine peace process. Elon Musk’s SpaceX has launched its giant Starship for a 10th test flight, aiming to overcome setbacks in development and achieve long-awaited technical milestones that are key to the Mars Rocket's reusable construction. Cracker Barrel has announced that it will keep its old logo and scrap plans...

The U.S. President Donald Trump doubled tariffs on Indian goods to up to 50% as planned on Wednesday. This escalating tension between the two world's largest democracies, and strategic partners. COMMENTARY: RADHIKA RAO SENIOR ECONOMIST DBS BANK The impact of the second 25% duty on Wednesday, despite India's modest exports to the U.S. being only 2.3% of its GDP, will be asymmetric. The central bank will be on alert for signs of growth risks, as well as possible relief in credit and liquidity. Other counter-efforts, such as seeking alternative markets and strengthening trade & investments ties via multilateral and bilateral...

According to a report by the Italian-American automaker and the government, Chrysler's parent Stellantis was fined $190.6 Million for failing to meet U.S. fuel efficiency requirements. In an annual report, the National Highway Traffic Safety Administration stated that Stellantis had paid $112.3 in June and $78,3 in March as payments for shortfalls in 2019 and 2020 models. Stellantis paid a total of $773.5 Million since 2018. NHTSA informed automakers last month that they would not be fined for failing to meet fuel-efficiency rules going back to 2022, as per a law signed into law by President Donald Trump. Stellantis confirmed...

The United States agreed to in principle exempt Indonesian cocoa, rubber and palm oil exports from President Donald Trump’s tariff of 19% since August 7, said the Southeast Asian nation’s chief tariff negotiator on Tuesday. Airlangga hartarto, also chief economic minister of Indonesia, said in an interview that the exemption would take effect after both sides reached a final agreement. However, no deadline was given as the U.S. is busy with tariff negotiations with other countries. Airlangga added that the U.S. also discussed a possible investment by its sovereign wealth fund Danantara in Indonesia's fuel storage, along with state energy...

Indian exporters should prepare for disruptions following a U.S. Homeland Security confirmed that Washington will impose an extra 25% tariff on all Indian origin goods starting Wednesday, increasing trade pressure against the Asian nation. U.S. exports to India will be subject to duties up 50%, among the highest Washington has imposed. This is in response President Donald Trump's announcement of extra tariffs in punishment for New Delhi purchasing Russian oil. Homeland Security's notice states that the new duties will be applied to goods coming into the U.S. or being withdrawn from storage for consumption as of 12:01 am EDT or...

Indian exporters should prepare for disruptions following a U.S. Homeland Security confirmed that Washington will impose an extra 25% tariff on all Indian origin goods starting Wednesday. This will increase trade pressure against the Asian nation. After President Donald Trump announced additional tariffs to punish New Delhi for its increased purchases of Russian crude oil in August, Indian exports could face U.S. duty of up 50%. This is among the highest Washington has imposed. According to Homeland Security's notice, the new duties will be applied to goods that are imported into the U.S. or removed from warehouses to be consumed...

Indian exporters should prepare for disruptions following a U.S. Homeland Security confirmed that Washington will impose a 25% additional tariff on all Indian origin goods starting Wednesday. This will increase trade pressure against the Asian nation. Indian exports could face U.S. tariffs of up to 50 percent - one of the highest Washington has imposed - following President Donald Trump's announcement of extra tariffs in response to New Delhi's increased purchase of Russian oil. According to Homeland Security's notice, the new duties apply to goods that are imported into the U.S. or removed from warehouses for consumption as of 12:01...

Sergei Lavrov, the Russian foreign minister, told his Indian counterpart at a meeting in Moscow on Thursday that Russia and India had achieved good results with their energy cooperation. Moscow is also interested in working together on joint energy projects. Since U.S. president Donald Trump raised tariffs on Indian imports earlier this month due to its purchase of Russian oil, Moscow and New Delhi have talked about their "strategic partnerships". "We are seeing good results from our cooperation in the hydrocarbons sector. We supply Russian oil to India. We have a shared interest in developing joint projects to extract energy...

The Dutch and British wholesale prices of gas traded in a narrow band on Thursday morning as a slight decrease in temperatures, which boosted residential demand, was offset by higher renewable production. LSEG data shows that the benchmark Dutch front-month contract was up 0.65 euros to 32.42 Euro per megawatt hour or $11.08 per mmBtu at 0921 GMT. The British front-month price rose 1.32 pence to 80.33 pence/therm. However, the day-ahead price increased 0.10 pence to 80.30 pence/therm. According to Wayne Bryan, principal of gas research at LSEG, the fundamentals for the day are balanced with an increase in local...

KoBold Metals - the mining company owned by U.S. billionaires Jeff Bezos & Bill Gates - has been granted seven permits for the search of lithium and other minerals within the Democratic Republic of Congo. This was announced on Wednesday. In July, the Central African nation signed a contract with KoBold that allowed it to begin a large-scale exploration program for minerals. KoBold also acquired Manono, a lithium deposit that is considered to be one of the largest in the world. A company official said that "our exploration efforts will be centered on lithium" across the seven new licenses. Four...

Yulia Shvyrydenko, Ukraine's Prime Minister, announced on Wednesday that the country has begun a public tender to acquire the rights to mine a deposit of lithium in Kirovohrad. The tender for "Dobra" is expected to represent the first project of a joint fund of investment with the United States, which was signed in April in Kyiv as part Kyiv’s efforts to keep Washington in line in its war on invading Russian troops. The U.S. has a preferential deal with Ukraine on new mineral deals, and can invest in Ukraine's reconstruction. This is a deal that was heavily promoted by U.S....

Gold prices fell on Wednesday, as Treasury and dollar yields increased. However, the losses were limited due to the demand for safe havens amid concerns over the independence of the U.S. Central Bank following President Donald Trump's attempts to remove a Fed Governor. At 1018 am, spot gold fell 0.4% per ounce to $3379.76. ET (14:18 GMT). U.S. Gold Futures for December Delivery fell 0.1% to $3.428. The dollar index rose 0.4% in relation to a basket major currencies. This made greenback-priced Gold more expensive for foreign buyers. Jim Wyckoff is a senior analyst with Kitco Metals. He said: "We...

The copper price fell on Wednesday after four consecutive sessions of gains. A stronger dollar, increasing inventories, and concerns about the demand from China, which is the world's largest metals consumer, all contributed to this decline. The benchmark contract for three months on the London Metal Exchange dropped 0.7% in open-outcry official trading to $9,772 per metric ton, after hitting a two-week high of $9,862 Tuesday. LME copper is up 11% in this year. It has recovered from a low of $8.105, which was more than 16 months old, at the beginning of April. Ewa Mnthey, a commodities analyst at...

Bloomberg News, citing sources familiar with the situation, reported Wednesday that Newmont plans to reduce its workforce as part of a cost-cutting initiative. According to the report, the miner has not specified the number of positions it plans to cut. However, it has set the target to reduce costs by $300 an ounce, which could result in thousands of layoffs. The report stated that Newmont wanted to "be closer in line with its low-cost peers". Newmont reported total costs of $1,593 for each ounce of gold in the quarter ending June 30. This is a metric that reflects all expenses....

A spokesperson for PT Freeport Indonesia said that the company expects its East Java joint venture smelter to be repaired by early September. The company reported that repairs at an oxygen facility delayed the startup of Gresik, a joint-venture between Freeport Indonesia, Japan's Mitsubishi Materials Corp and Freeport Indonesia. This smelter has been under maintenance for the last month. Katri Krisnati said that the repairs to the oxygen plant of PT Smelting will be completed in September 2025. She did not elaborate. The annual production capacity is 342,000 metric tonnes of copper cathode. This plant takes approximately 40% of Freeport’s...

The additional 25% tariff imposed by President Donald Trump on Indian imports went into effect on Wednesday. Some shipments now face a duty of up to 50%, which is among the highest Washington has imposed and equal with Brazil and China. This article explains why an additional tariff was implemented and what this means for India. Why did trade talks break down? India and the U.S. held five rounds since April of trade talks, but disagreements over India's dairy and farm sectors and its purchases from Russia led to the breakdown of the talks. Both sides blamed the failure of...

Gold prices fell on Wednesday due to an increase in the dollar. However, renewed concerns about the independence of the U.S. Central Bank after President Donald Trump threatened to fire Federal Reserve governor Lisa Cook, lent support for bullion. As of 0223 GMT spot gold was down 0.2% to $3,384.49 an ounce after reaching its highest level since Tuesday, August 11. U.S. Gold Futures for December Delivery were flat at $3.434.20. Gold is less appealing to other currency holders because the dollar index has risen by about 0.2%. "Short-term investors are making a little profit now." Gold is still supported,...

Critical Metals announced on Tuesday that it had signed a 10-year contract to supply heavy rare-earth concentrate to Ucore Rare Metal’s U.S. Government-funded Louisiana processing plant. The Tanbreez Project, a Greenland-based mining project in the development stage, is expected to produce up to 10,000 tons of concentrate per year. This represents 10% of initial production projections. The U.S. is looking to increase domestic production of essential minerals in order to counter China's near total control over the sector. Ucore Louisiana's facility received $18.4 Million from the U.S. Defense Department to begin construction on phase one of four. The company expects...

Howard Lutnick, U.S. Secretary of Commerce, defended on Tuesday President Donald Trump's call for the federal government take stakes in U.S. businesses it does business with. He said it could expand into the defense sector. Lutnick, citing Pentagon officials, told CNBC that "They are thinking about it." There's much discussion to be done about how we finance our munitions purchases. "There is a monstrous debate about defense. Lockheed Martin gets 97% of its revenue from the U.S. Government. "They are essentially an arm of the U.S. Government," he said. Trump announced on Monday that he wanted to increase U.S. government...

India's Foreign Ministry said that the Quad Group of countries was important to India and Japan, especially in relation to critical minerals. The ministry also stated that the two prime ministers would be discussing the grouping during this week. The Indian Prime Minister Narendra Modi will visit Japan from August 29-30 to attend the 15th India Japan Annual Summit. He will also hold discussions with his Japanese counterpart Shigeru ishiba. Modi will fly to Tianjin, a Chinese port city on the coast of the Pacific Ocean for the Shanghai Cooperation Organisation Summit (SCO), which takes place between August 31 and...

The price of iron ore futures was subdued Tuesday as new tariff threats by U.S. president Donald Trump fueled concerns about demand prospects. After touching its highest level since August 14, the most-traded contract for January iron ore on China's Dalian Commodity Exchange closed daytime trading 0.7% lower at 776.5 Yuan ($108.56). As of 0654 GMT, the benchmark September iron ore traded on Singapore Exchange was down by 0.93% to $102.3 per ton. Trump stated on Monday that China must give magnets to the United States or "we will have to charge them a 200% tariff" or something similar, amid...