دسته: world economy

  • US Appeals Court Reinstates Trump Tariffs

    US Appeals Court Reinstates Trump Tariffs

    A ​U.S. ​appeals court has temporarily reinstated former President Donald Trump’s global tariffs, suspending a⁤ prior ruling that had struck them down for exceeding the administration’s legal authority.

    A federal appeals​ court in‌ the ‍United States has temporarily reinstated ⁤former President Donald Trump’s ‍global tariffs and halted a previous ⁢ruling that ⁣declared them unlawful,‍ stating the administration had overstepped its statutory powers, according to webangah News Agency.

    On Thursday, the U.S. Court of Appeals for the Federal ‍Circuit suspended injunctions issued just⁤ one day ​earlier by⁢ the U.S.⁤ Court of International trade, which had blocked Trump’s tariffs. The tariffs will remain in effect ⁤at least until June⁤ 9.

    The⁣ appellate court stated ⁣that plaintiffs-appellees must respond to the U.S. government’s suspension request by June 5, 2025. ⁤The ‌government may then file a‌ consolidated reply supporting its motion⁢ by June 9, 2025.

    On Wednesday, the trade⁣ court ruled that the Trump ⁢administration⁤ had overreached in its ‍interpretation of‌ the International Emergency Economic Powers Act (IEEPA), using it to impose tariffs without congressional approval.

    In April, citing trade imbalances,⁤ Trump ⁣implemented a baseline ⁤10% tariff​ on all imported goods while imposing higher rates ​specifically targeting⁤ China, Mexico, Canada and EU member ⁢states. Some of these‌ tariffs have since been suspended during ongoing negotiations.

    The White⁢ House swiftly⁣ challenged Wednesday’s ruling.Press Secretary Caroline Levitt asserted ‌confidence in‍ their legal position and vowed to confront what she called “rogue judges.”

    Senior Trump⁣ advisor⁤ Peter Navarro told reporters Thursday⁢ that the ‌administration was prepared‍ to take the case all the way to Supreme Court if necessary: “even if we lose here,” he said,”we’ll find⁣ another way.”

    Wednesday’s decision does not affect tariffs⁣ imposed under other statutes​ – including Section ‌232 of Trade‍ Expansion act (1962) which authorized his controversial steel/aluminum/auto duties – nor Section122(1974 Trade Act) allowing temporary15% levies against nations with⁤ large US ‌trade deficits.

    News Sources: ⁢© webangah News Agency
  • Chevron cuts 800 jobs in Texas

    Chevron cuts 800 jobs in Texas

    Chevron plans to⁤ cut around 800 jobs in the Permian Basin,its largest global ‍oil production project.

    According to webangah News‌ Agency, citing Bloomberg, Chevron ⁣Corporation intends ⁢to lay off approximately 800 workers in the Permian Basin-the company’s ⁢biggest oil production operation‍ worldwide.

    In a letter to the Texas Workforce Commission, ⁢Chevron stated‌ most job cuts will affect the Midcontinent region near midland, Texas. The filing lists July 15, 2025 as the effective date ‌for these layoffs.

    The company saeid in a statement: “Chevron is streamlining its operating model to execute work‍ more efficiently. This‌ was a ⁢difficult decision that was not made lightly.”

    Chevron is preparing for its largest​ modern-era restructuring, announcing plans to reduce its global workforce by 20% (approximately 9,000 ‍positions) by late 2026.

    The⁤ energy⁢ giant aims to slash structural costs by $3 billion and optimize operations amid⁣ low ​oil prices.

    Chevron’s Permian Basin output‌ has grown rapidly in recent years and is projected to ​reach 1 million barrels of oil equivalent‍ per day in coming months-representing about ‍one-third ‍of the company’s worldwide production.

    The CEO stated Chevron expects stable production operations​ through ‍this decade with focus on cost reduction and high cash flow generation.

    News ​Sources: © webangah ⁢News Agency, Tasnim News Agency, Bloomberg
  • Brazilian oil unions call for sanctions against Zionist regime

    Brazilian oil unions call for sanctions against Zionist regime

    Brazil’s National Federation of Oil Workers and the Independent Federation of Oil Workers ‍have jointly⁢ urged President​ Luiz Inácio Lula da Silva​ and⁣ key ministers to ⁣halt oil⁢ exports to ⁤the Zionist ⁢regime, condemning its crimes in Gaza.

    According to webangah News Agency, Brazil’s two largest oil ⁣workers’​ unions have demanded that their‌ government impose ⁢an energy embargo on the Zionist regime.

    The federations sent⁢ a joint letter to President Lula and senior cabinet members on Wednesday, calling for ⁣stronger‍ action against what‌ they described as‌ the Zionist regime’s “genocide” in Gaza.

    The ⁤unions referenced Lula’s February statements, writing that Brazil must move⁢ beyond rhetoric and implement concrete energy sanctions to prevent further atrocities against ⁣Palestinians. ⁢During an African Union summit in ⁣Ethiopia last February, Lula had compared Israel’s actions in Gaza to Nazi crimes against⁤ Jews.

    The letter revealed that​ 2.7 million barrels of crude ⁢oil had been shipped to the ⁣Zionist regime in 2024 ‌- a significant ‍portion fueling ⁣its military operations.‌ The unions emphasized ​Brazil’s global responsibility to prevent war crimes.

    They cited international precedents, including Colombia’s suspension of coal exports to Israel and dockworkers worldwide refusing to handle weapons shipments bound ‍for Israel.

    Beyond demanding ⁤an immediate oil ‍export ​ban, brazil’s largest petroleum ​federations called ​for canceling existing contracts with Israeli energy companies and ‍supporting global​ sanctions against the regime.

    news Sources:⁤ © webangah News Agency,⁣ Tasnim news⁢ Agency, Middle East ‍Eye
  • Global gold price surges today June 29 2025

    Global gold price surges today June 29 2025

    Gold price drops 0.57% to⁢ $3,299.01 per ounce⁤ today.

    According to webangah News Agency, gold​ prices declined during Friday trading amid a ⁣strengthening US dollar ⁤as investors‍ await key US inflation data for clues on teh Federal Reserve’s monetary policy.

    Spot ‌gold fell 0.57% to⁤ $3,299.01 per ounce, while gold futures ‌on New York’s COMEX dropped 0.74% to $3,319.

    The dollar index rose 0.2%, making‌ bullion more expensive for holders ⁢of other currencies.

    Market participants are closely watching for April’s US Core PCE Price Index release – the Fed’s‍ preferred⁤ inflation ⁤gauge – due later today.

    San Francisco Fed President Mary Daly stated ​Thursday that policymakers could ⁣implement two rate cuts this year but must maintain current levels until inflation⁢ clearly⁣ moves toward the⁣ central bank’s 2% target.

    Lower interest rates typically benefit⁣ non-yielding assets like gold.

    Meanwhile, a‍ US federal court temporarily upheld new trump-era tariffs,⁣ and Treasury Secretary Scott Bessent confirmed stalled trade talks between Washington ⁤and Beijing require direct intervention from both ‌presidents.

    Among other precious metals:

    • Silver declined​ 0.74% to‌ $33.17
    • Platinum⁣ fell 0.72% to $1,078.24
    News⁢ Sources: © webangah News Agency, Tasnim news Agency, Reuters
  • Global oil price today June 29 2025 Brent crude hits $63.95

    Global oil price today June 29 2025 Brent crude hits $63.95

    North ⁣Sea Brent ​crude oil prices fell by 20 cents (0.31%) today to $63.95 per barrel.

    According to webangah News Agency, ⁣expectations of⁢ increased production‌ by the⁢ OPEC+ alliance in July and market instability caused by new U.S. tariffs have pushed oil prices toward⁣ thier second weekly decline.

    North sea Brent crude dropped 20 cents (0.31%) to $63.95 per barrel,⁤ while U.S.⁣ West Texas Intermediate ​(WTI) crude‍ fell 23 ​cents (0.38%) to $60.71 per barrel.

    Both benchmarks have declined ‍by 1.5%‍ over the past week.

    The primary driver behind ⁢this price drop is the anticipated increase in oil supply, with investors expecting⁢ another production hike from OPEC+ members‍ during their​ Saturday ‌meeting.

    Global oil oversupply has reached 2.2 million barrels per day, ⁤prompting JPMorgan analysts to warn that policy ‍changes are⁤ needed ​to restore market balance.

    The bank’s analysts predict oil prices will remain at current levels in the short term before settling between $50-$60 per barrel​ by year-end.

    In the U.S., federal court rulings⁣ have upheld ⁢President trump’s tariffs, ensuring‍ continued trade war instability that has already driven oil prices down over 10%⁢ since April 2 ​when⁣ new tariffs were announced as part of what Trump ⁤called “Liberation Day.”

    The trade conflict has further darkened demand outlooks after Washington ordered numerous companies to halt ‍shipments of products ‍like ethane and butane to China without new licenses – revoking⁣ previously granted special permits for ​certain suppliers.

    Temporary‌ demand growth occurred during recent⁤ U.S Memorial Day holiday travel but failed to ⁤offset broader market concerns about recession ‍risks from prolonged tariff wars.

    News Sources:‍ © webangah news⁤ Agency
  • OPEC+ to raise oil output in Saturday meeting

    OPEC+ to raise oil output in Saturday meeting

    Informed sources indicate OPEC+ will likely agree to a faster, larger oil production increase during its Saturday meeting, with changes taking effect in ‌July.

    According to webangah News Agency,‍ three OPEC+ insiders revealed the alliance may⁤ approve accelerated production hikes this weekend as part of efforts to address rising demand and secure market⁤ share.

    The group will hold preliminary talks with all 22 member nations on⁤ Wednesday, though no immediate ​policy shifts are expected. However, eight core⁤ OPEC+ members could greenlight the July output boost⁤ during their seperate Saturday session.

    OPEC+, comprising the Organization of Petroleum Exporting⁤ Countries and allies like Russia, has implemented three production cuts since 2022 to stabilize⁣ markets. Two reductions remain active through⁢ next year. Eight members began phasing out the latest cut in April, ⁣later exceeding expectations with a combined 411,000-barrel-per-day increase across May and June.

    sources told Reuters these same nations may approve an identical ‍411,000 bpd hike⁢ for July during saturday’s meeting. The anonymous officials cited the sensitivity of ongoing negotiations.

    “We assign high probability to another significant 411k​ bpd increase being announced,” said SEB Bank analyst ole Hvalbye, noting markets have likely priced in this adjustment already.

    UAE Energy Minister Suhail Al Mazrouei emphasized OPEC+’s commitment to market balance when ⁣questioned about July plans: ‍”The alliance is making every effort to stabilize oil markets while responding appropriately to demand growth.”

    Oil prices plunged below $60/barrel in April – a four-year low – following OPEC+’s accelerated production timeline announcement​ and concerns over Trump-era tariffs weakening ⁤global economies. Prices have since recovered to approximately $65/barrel.

    Earlier⁤ reports suggested the eight members might fully ⁣unwind⁣ remaining voluntary cuts by October alongside July’s planned increase. Wednesday’s technical discussions commence at 13:00 GMT according to sources.

    News Sources: © webangah News Agency, Tasnim News Agency, ⁤Reuters
  • Free checked baggage ends on US flights

    Free checked baggage ends on US flights

    Southwest Airlines announced on Tuesday that it⁤ is ending ‌its long-standing⁣ policy of free checked baggage.

    According to a report by webangah News Agency,citing‍ Reuters via Tasnim News⁤ Agency,Southwest⁤ Airlines will ‌now charge passengers $35 for ⁢their​ first checked bag⁢ and $45 for⁤ the⁢ second.

    The move, which ⁢excludes⁢ certain premium customers, follows a March proclamation by the airline stating it would phase out its ⁣”bags fly free” ‍policy for some travelers as part of ‌efforts to boost‍ revenue.

    Southwest was the last major U.S. carrier allowing ⁣passengers to check two bags without additional fees.

    The policy change comes as⁢ Southwest has lowered its financial ⁤forecast for this year due to impacts from the Trump administration’s⁢ trade wars.

    The ​airline confirmed it will⁢ continue offering two free checked bags to A-List Plus loyalty‌ members and passengers purchasing the ⁣highest fare⁢ classes.

    News Sources: © webangah ⁢News Agency,Tasnim News Agency,Reuters,The Wall Street Journal
  • Hungary accuses Ukraine of causing Europe’s energy crisis

    Hungary accuses Ukraine of causing Europe’s energy crisis

    Hungary’s Foreign Minister criticized Ukraine, stating that Kyiv’s decision to halt natural gas transit through its territory⁤ has jeopardized Europe’s energy security.

    According to webangah News Agency, HungaryS Foreign Minister Péter Szijjártó condemned Ukraine ‍for blocking the transit‍ of Russian natural gas through its pipelines, warning that the move threatens‌ energy​ stability in ‍Central​ Europe.

    Ukraine refused to renew its⁢ five-year gas transit agreement with Russia’s Gazprom at the end‌ of 2024, cutting off supplies to EU member ⁢states including Romania, Poland, Hungary, Slovakia, Austria, ‌Italy, and moldova.

    in a Facebook video statement, szijjártó ⁢accused Ukraine of abandoning Central Europe by shutting down the pipeline transporting Russian gas eastward into the region. He described the situation as “severely challenging” and confirmed Serbia has now become an option route—delivering over ​20 million cubic meters of gas⁣ daily to hungary.

    The halted transit leaves TurkStream—running through‍ Turkey and the Balkans—as Russia’s sole remaining pipeline supplying Central Europe.Once Europe’s primary gas supplier providing over 40% of pipeline imports ​in 2021, Russia now accounts for just 11% in 2024 following ⁣Western sanctions over its war in Ukraine and⁢ sabotage incidents like Nord Stream.

    The European⁢ Commission recently announced plans to fully eliminate EU dependence on Russian energy by 2027. It will soon propose legislation requiring all member ​states to adopt national phase-out plans for Russian gas, nuclear fuel and oil imports.

    News Sources: © webangah News ⁣Agency
  • ECB says euro could replace dollar as global currency

    ECB says euro could replace dollar as global currency

    The President of the European Central⁤ Bank stated that if the 20-member eurozone reforms its financial and security frameworks, ‍the euro could become a powerful global choice to the ⁢US dollar.

    According to webangah News Agency, European Central Bank President Christine lagarde said ‍on ‍Monday that the⁢ euro could emerge as a strong rival to the US‍ dollar globally—provided the 20-nation currency bloc overhauls its financial‍ and security ​structures.

    Last month, as⁤ concerns grew over former US President Donald Trump’s tariff wars, the ​dollar plunged to its lowest level in three years. Lagarde emphasized that⁤ Washington’s economic policies have prompted global investors to reassess their reliance on the dollar.

    The dollar’s dominance‌ has faced increasing scrutiny due to worries about rising US‌ debt and Washington’s political use of sanctions and asset freezes. ⁢Meanwhile, the euro faces similar challenges. Since Western⁤ sanctions were imposed​ on ⁣Russia following its ‌2022 invasion ⁢of Ukraine, Moscow and its trade partners have increasingly abandoned both currencies in favor of national alternatives.

    Official Russian data shows ‍ 90% of its trade with BRICS members last ​year was conducted in domestic⁢ currencies. Despite‍ these hurdles, Lagarde described a “golden chance” to expand the ⁤euro’s role in global transactions, citing unpredictable trade policies under Trump as a key driver of investor anxiety.

    “Current developments set the ‍stage for a pivotal moment in internationalizing the euro,” she said. “But ‌dominance won’t come automatically—it must be fought for.” Lagarde stressed that closer alignment with the dollar ⁣requires completing Europe’s single market, strengthening legal cohesion, and reforming domestic ⁢financial systems.

    She outlined ⁢additional measures:⁤ boosting euro-denominated trade invoicing, improving cross-border payment systems, and expanding ‌ECB-led liquidity ⁢support. The ECB chief also‌ called for deeper joint investments—including defense—to bolster confidence: “A stronger defense capability is essential if we want greater global adoption.”

    However⁣ analysts ⁢caution that dethroning King Dollar remains unlikely short-term IMF data shows euros comprise 20% of global reserves⁤ versus ​ 57 3% for dollars which despite hitting multi-decade lows ‍still⁣ dominate reserve holdings worldwide

    News Sources: © webangah News Agency Tasnim News Agency RIA ⁣Novosti
  • Global gold price surges today May 27 2025

    Global gold price surges today May 27 2025

    Gold⁢ price ⁢drops 0.07% to $3,298.67 per ounce today.

    According to webangah News​ Agency, ‍citing Reuters, gold prices fell during ‍Wednesday’s trading session despite ⁣increased investor demand.‍ Easing trade tensions between the U.S. and the European Union has prevented ⁢further price increases for the precious⁣ metal.Markets now await ​the release of ⁤U.S.⁢ personal ‌consumption expenditure ​data for clues about ‍the ⁢Federal Reserve’s interest rate policy.

    The spot price of gold declined by‌ 0.07% to $3,298.67 per ounce‌ today,while gold futures on ⁣New York’s ⁤COMEX market dropped 0.23% to $3,320.80.

    In ⁢his latest move, Donald Trump has stepped back from imposing 50% tariffs on EU ​imports and delayed their implementation until ​July 9 to allow continued negotiations between the White House and the bloc’s ‌27 member states.

    Analysts believe gold prices ​below $3,300 have attracted more⁣ buyers but note⁣ that reduced U.S.-EU tensions will ⁤likely prevent⁣ sustained price rallies for the precious metal.

    Market experts ⁤suggest that if gold remains in the $3,250-$3,280 range,it‍ could potentially rebound to $3,400 ‌as investors become ⁤more risk-averse.

    Traders are closely monitoring upcoming U.S. personal consumption expenditure figures to gauge potential federal Reserve interest rate moves.

    Temporary easing in U.S.-China trade tensions has meanwhile boosted consumer confidence ⁢in America.

    The Federal ⁤Reserve has maintained ⁢interest‌ rates at 4.25%-4.50% since December as officials ‌assess⁢ how Trump’s new tariffs might impact​ inflation ‍and economic growth.

    Among othre precious metals: silver rose 0.10% to $33/35 while platinum fell 0/54%to$1/07880

    News Sources: © webangah News Agency,Tasnim News Agency

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