دسته: Tasnim news agency

According to‍ webangah​ News Agency, oil prices climbed during Wednesday’s trading session after the U.S. barred Chevron from exporting Venezuelan crude under new ⁢restrictions on its⁤ assets in the sanctioned country, further tightening global supply prospects.

North Sea Brent crude gained 37 cents (0.58%) to $64.46 per‍ barrel, while U.S. West texas Intermediate (WTI) rose 41 cents (0.67%) to $61.30.

The Trump governance issued Chevron a new license permitting it ⁢to maintain existing⁢ Venezuelan assets but prohibiting oil exports or business⁢ expansion—a move analysts say will reduce heavy crude ‍availability for U.S. refineries ​and increase Middle East dependence.

President Donald Trump​ had revoked Chevron’s previous⁣ Venezuela waiver on February 26.Licenses granted to Chevron and othre foreign ‌firms in recent years had boosted production in sanctioned venezuela to nearly 1 million barrels per day.

Meanwhile, EU officials requested details of European ⁤corporate investment ‌plans in ⁢America—signaling Brussels’ readiness to advance trade ⁣talks with Washington after Trump retreated from threatening 50% tariffs ⁣on EU goods, which had⁤ threatened economic activity and oil demand.

Oil prices fell nearly 1% Tuesday amid limited progress signals from the fifth round of Iran-U.S nuclear talks,⁣ with markets anticipating any agreement coudl return Iranian barrels to global supply.

The OPEC+ alliance⁢ meets today with expectations of unchanged ⁤output policies, though eight members will convene Saturday to discuss potential July production‌ increases.

According to webangah News Agency, Volvo stated‌ on Monday that the workforce reduction is part of its “cost ⁣adn liquidity management program” – an initiative aimed at building a more resilient‌ and lasting company amid what it calls “notable external challenges” facing the automotive industry.

The⁢ layoffs will primarily​ affect office staff in Sweden, representing approximately 15% of Volvo’s global⁤ white-collar workforce.

“These⁣ structural changes are necessary for Volvo to implement ⁣its long-term strategy and ⁢strengthen profitability,” the company ⁤said ​in its statement.

volvo noted that the final number of affected positions will be determined after completing an organizational review. Of the planned 3,000 job cuts:

• 1,200 positions involve permanent Swedish employees
• 1,000 positions consist of consultants ‍and contractors mainly based in Sweden
• The remaining reductions will occur in other global markets

“Today’s announcement‌ involves difficult decisions but represents crucial steps toward building a stronger Volvo,” said⁤ CEO Håkan Samuelsson. “The automotive industry faces unprecedented challenges.We must structurally reduce costs while⁣ improving⁢ cash flow.”

The announcement comes as former U.S. President donald Trump recently proposed lowering planned 25% tariffs‌ on imported vehicles ⁢and auto parts thru executive orders. While these measures exempt auto components from both new tariffs and existing metals duties, parts will still face higher rates under separate product-specific tariffs.

According to a report⁣ by webangah News Agency, The Guardian stated that rising prices of⁤ fresh produce, notably steak, have been the primary driver behind‍ this upward‌ trend.

The latest ⁢report from the British Retail Consortium (BRC), ‌compiled in⁤ collaboration with research firm Nielsen IQ, shows annual food inflation reached 2.8% in may—up from 2.6% in⁣ April. Despite this increase,​ overall goods prices ​remain ⁤0.1% cheaper ⁢then last‍ year, unchanged from the ⁤previous month.

This broader⁢ decline ‍stems largely from falling non-food ‍prices, especially electronics, as retailers cut costs to attract customers and mitigate potential impacts of Donald Trump’s tariffs.

the BRC ⁣emphasized⁤ that fresh food accounted for⁤ most of the inflationary pressure.⁤ Helen Dickinson, CEO of the​ BRC, noted: “Fresh produce had the biggest impact. Red meat consumers likely noticed steak prices creeping up due to higher wholesale beef costs.”

In contrast, non-food goods saw a 1.5% year-on-year⁣ price drop in May.‍ Though, ​the BRC warned that discounting has​ slowed in sectors ⁣like clothing and furniture⁤ as retailers phase out heavy‍ promotions.

The‌ consortium also ‍cautioned that deflationary pressures ⁣are now under strain due ⁣to ‍£5 billion in new costs ⁤for retailers—including ‌higher employer National Insurance⁣ contributions‌ and last month’s minimum wage ⁢hike—with an additional £2 billion packaging ⁣tax looming later this year.

These‌ financial burdens may ⁣force​ retailers to pass⁢ some⁣ costs onto consumers through price hikes, signaling tougher ⁤economic conditions ahead​ for ⁣households.

The data follows rising inflation across other sectors: last week’s Office for National ⁢Statistics report showed annual inflation unexpectedly⁢ jumping to 3.5% in April—the highest rate in⁢ over a year—driven by surging water bills, energy costs, and local council​ taxes.

According to webangah News Agency, gold‌ prices climbed​ to a two-week high in ⁣Tuesday’s trading session as the dollar weakened and concerns grew over the U.S. ‌fiscal outlook. Investors await key economic data to gauge the Federal Reserve’s interest rate policy path.

Spot gold edged up 0.02% to $3,344.40 per ​ounce, while gold futures on ‍New york’s COMEX fell 0.69% to $3,371.20.

Market ⁤participants worry​ that ⁣expanding U.S. budget deficits could further erode the dollar’s value and support gold prices.

The dollar index dropped 0.3%, hitting its lowest level in​ a month—making bullion cheaper⁢ for holders of ⁤other currencies.

The U.S. House recently passed Trump-era ⁣tax⁢ cuts that may ‍add $3.8 trillion to federal debt over the next ‍decade, with Congressional budget Office⁢ figures showing national debt at⁣ $36.2 trillion.

Simultaneously occurring,former President Donald ⁣Trump extended tariff negotiations with the EU until July 9 after threatening 50% duties on European imports next month.

Traders now focus on upcoming Federal Reserve policymaker speeches and U.S Personal​ Consumption Expenditures (PCE) data for clues about interest rate direction—with markets pricing in potential September rate cuts.

Among other precious metals: silver fell 0.26% to $33/oz while ‌platinum declined 0/45%to$1/08559

According to webangah News Agency, citing Reuters, expectations of increased crude production by the OPEC+ alliance pushed oil prices lower in Tuesday’s trading session.

North Sea Brent crude dropped 15 cents (0.23%) to ⁤$64.59 per barrel, while ​U.S. West Texas Intermediate (WTI) ‍crude declined 19 cents (0.31%) to ‍$61.34.

Eight OPEC+ members who had previously implemented voluntary production cuts⁤ are scheduled to meet on May⁤ 31.

The Organization of Petroleum Exporting Countries and its‌ allies will likely finalize july production levels during this meeting, with some sources suggesting the ‍coalition may⁢ increase output by 411,000 barrels per day.

OPEC+‍ recently agreed for the second consecutive month to accelerate its production increase schedule for ‌June.

However,fears of reduced oil demand due to U.S.-EU trade tensions have ​eased after negotiations were extended until July 9, preventing⁢ steeper price declines.

Simultaneously occurring, Iran’s National​ Oil Company set its official selling price for light crude to Asian buyers at $1.80 above the Oman-Dubai benchmark – up from May’s premium of $1.65.

The⁤ Iranian president stated Monday that ⁢Iran would continue on its path should nuclear talks with the U.S. fail to produce an‍ agreement.

A collapse in ‌nuclear negotiations would maintain sanctions against Iran, potentially restricting the ⁣country’s oil ‍supply and driving global prices higher.

According to webangah News Agency,BYD’s‍ aggressive discounts—ranging from 10% to 34% on 22 models from its Dynasty and Ocean series—sparked fears of renewed price wars in China’s auto ⁢industry. The promotions ‌will run until June 30.

BYD shares plunged 8.6% in Hong Kong​ and 5.9% in Shenzhen during Monday’s trading session.⁣ competitors suffered steeper losses: Geely Auto dropped 9.5%, while Zhejiang​ Leapmotor Technology fell 8.45%.‍ Li ⁤Auto and Nio saw declines of 3.2% ‍ and 3.0%, respectively.

A Weibo⁤ post by Zhang zhou, head of BYD’s ocean series sales, revealed the hatchback Seal model now starts at 55,800 yuan ($7,700), down from 69,800 yuan previously. Similarly, Lu Tian, head of the Dynasty series, announced the plug-in hybrid Qin sedan now begins at 63,800 yuan, reduced from⁤ 79,800 yuan.

“This move reignites concerns about price competition ‌returning to the auto market,” saeid Joel Ying, Nomura’s automotive analyst. He noted mass-market rivals like Geely and‍ Leapmotor—direct competitors⁢ to BYD’s discounted models—were particularly vulnerable to share price ⁤erosion.

Chinese automakers have long used price cuts to gain⁢ global market share. The sector faced a year-long electric vehicle (EV) price war from 2023-2024 amid oversupply and weak consumer ⁤demand. In April 2024 alone over 40‌ EV models saw price reductions or​ incentives—the steepest decline in China’s automotive history.

According to webangah News Agency, Israeli media confirmed on Sunday that numerous international carriers continue to halt flights‌ to and from the⁤ occupied Palestinian ⁢territories, with multiple airlines prolonging their suspensions this week.

While Delta and Aegean Airlines resumed limited operations last week, Ryanair extended its flight ban until June 11.⁣ The Lufthansa Group—including Lufthansa, Swiss International Air Lines, Austrian Airlines, Brussels Airlines, and Eurowings—prolonged ‍its⁢ Tel Aviv service suspension through June 8.

air France and LOT Polish Airlines extended cancellations until May‍ 26. Transavia maintains its suspension until June 3, while Iberia Express canceled flights through May​ 31.

AirBaltic continues grounding ‌flights until June 2, United Airlines suspended ⁢services⁢ until June ‍12, and Alitalia extended cancellations through June 8. British Airways will​ maintain its suspension until July 31—midway through peak⁣ summer travel season.

Air India ‍canceled flights through June 18. EasyJet postponed resumptions until late⁢ June.Air Canada—which initially planned a June restart—delayed operations until September 2025.

The ongoing ⁣disruptions follow months of ballistic missile⁣ attacks by Yemen’s ​Houthis near Tel Aviv airports,prompting carriers like British​ Airways and⁤ Ryanair to ⁤indefinitely suspend Israel-bound flights ⁢since October 2023.

International statistics show at least ⁢ 54,000 Palestinians killed, over half women and children since Gaza hostilities began in October 2023. Approximately 110,000 were ‍injured, with nearly 90% of Gaza’s population displaced.

According to webangah News Agency, American oil firms are scaling back operations⁢ amid rising costs from Trump-era​ tariffs and declining crude prices that threaten profitability.

Industry executives warn this marks the end of⁤ a ⁤decade-long shale boom, with OPEC+’s unexpected production increases deepening pessimism across the U.S. oil sector.Analysts fear ‍a renewed price war could⁢ emerge, forcing downward revisions to output forecasts.

“We’re now in full contingency mode,” Devon Energy CEO Rick‌ Muncrief ‍told investors in Oklahoma City.”When conditions deteriorate further, all options are on the table.”

S&P Global data ​projects U.S. oil output will drop 1.1% next year to 13.3 million barrels⁣ per⁣ day – the first annual decline since⁢ 2020’s pandemic-driven crash when prices briefly​ turned negative, triggering bankruptcies across Texas and North Dakota.

Benchmark U.S. crude fell again‌ Friday,closing at $61.53 per‍ barrel – roughly 23% below this year’s peak – as shale producers struggle with breakeven points above $65 according to the Dallas Fed’s quarterly survey.

“The mantra now is survival,” said SM Energy CEO Herb ‍Vogel‌ during remarks in Denver.

The production slump concludes a transformative chapter in U.S energy history where the shale revolution unleashed unprecedented volumes of affordable oil and gas, boosting GDP growth, employment⁢ records, and export volumes that improved America’s trade balance.

While former President Trump vowed to support drilling for “energy dominance,” output⁣ levels that peaked under President Joe Biden may decline further if prices continue sliding.

According to ‍ webangah‍ News Agency,U.S. President Donald Trump announced on Sunday that‍ he has agreed to postpone the implementation of ⁤a 50% tariff on imports from the European Union until July 9.

The decision marks the latest example of‌ Trump’s pattern of announcing imminent ⁢tariffs and creating market uncertainty, only to later walk back initial threats.

Trump stated ‍that he had a “very good” phone call with European Commission President Ursula von der Leyen, which led to this decision.

“von der Leyen said she‌ wants serious⁣ negotiations,” Trump told reporters at Morristown⁤ airport in⁢ New Jersey. “She asked for the tariff implementation date to be moved​ from June 1 ​to July 9, and I agreed.”

The president added: “She‍ said ⁢we’ll ⁢meet soon and see ‍if we can reach an agreement.” However, as recently as Friday,⁢ Trump ⁢had insisted no deal with the EU was forthcoming and that the⁢ 50% tariff would take effect on June 1.

The proposed tariff was intended⁢ as retaliation for a reciprocal 20% duty‌ announced by Trump ‌in April—though that measure, like other so-called reciprocal tariffs, had also been delayed.

minutes after speaking with reporters, Trump posted on Truth Social: “Negotiations will begin quickly.” Earlier that⁣ day, von‌ der Leyen wrote on X (formerly Twitter) about having a “good call” with Trump.She emphasized: “The‍ EU and U.S. hold‍ the world’s ‍moast vital trade relationship.Europe is ready to move forward swiftly and decisively in talks. We need until July 9 to reach a⁣ good agreement.”

Following news of the ⁤delay, Asian stock markets saw modest gains on Monday: