2025-08-08 05:11
MOSCOW/SINGAPORE, Aug 6 (Reuters) - Russia has shipped its first naphtha cargo to Vietnam, as it looks for new buyers to support sales hit by Western sanctions, data from traders and shipbrokers showed. According to LSEG and Vortexa shipping data, the Malta-flagged tanker Northernlight loaded around 60,000 metric tons of naphtha in the Russian Baltic port of Vysotsk on June, 23 and delivered its cargo at Van Phong terminal in Vietnam's Khanh Hoa province. Sign up here. Nguyen Tran Trung, CEO of Van Phong terminal, on Friday confirmed the arrival of the cargo, and said owner of the cargo has since shipped the naphtha out of Vietnam. "We are operating as a customs warehouse and the cargo is not imported into Vietnam," Trung told Reuters in a telephone call. He declined to provide the next destination of the cargo or the name of the owner of the cargo. The tanker discharged up to 27,000 tons of naphtha at Khanh Hoa, one of the sources said, adding that the terminal mostly consists of bonded storage tanks. According to LSEG and Vortexa data, after the Vietnam stop the Northernlight is heading to Chinese port of Dalian to discharge the rest of its cargo. At least 15,000 tons of the petrochemical feedstock is heading there, one shipbroking source said. Since the European Union's full embargo on Russian oil products went into effect in February 2023, countries in the Middle East and Asia have become the main destinations for Russia's naphtha supplies. Naphtha is a primary feedstock in the petrochemical industry for producing olefins and aromatics, which are then used to manufacture a wide array of products, including plastics, synthetics, and various other chemicals, and also used for gasoline blending. Russia doesn’t supply oil to Vietnam, despite active cooperation in the oil industry between state companies. The only test supply was back in 2015, when a cargo of ESPO was shipped to Dung Quat refinery. https://www.reuters.com/business/energy/russia-ships-first-naphtha-cargo-vietnam-data-shows-2025-08-06/
2025-08-08 05:08
India prices hit all-time high of 102,191 rupees per 10 grams India dealers offer $9/oz discount this week China premiums at par to $2/oz this week Aug 8 (Reuters) - Physical gold demand in key Asian hubs slipped this week as a rise in prices weighed on buying interest, while higher rates encouraged some to cash in on their holdings. "Buyers aren't keen on picking up gold at these prices. In fact, some investors are offloading the coins and bars they grabbed when prices were lower," said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsinghji. Sign up here. In India, domestic gold prices were trading around 102,100 rupees ($1,165.45) per 10 grams on Friday after hitting a record high of 102,191 rupees earlier. Indian dealers this week quoted a discount of $9 to a premium of $2 per ounce over official domestic prices, inclusive of 6% import and 3% sales levies, compared to the last week's discount of up to $7. Jewellery exporters are not keen to buy gold, as demand from their biggest market, the United States, is likely to fall due to tariffs imposed by President Donald Trump, said a Mumbai-based bullion dealer with a private bank. In top consumer China, bullion changed hands at par to a $2 premium an ounce over the global benchmark spot price . Last week, dealers quoted gold between a discount of $4.2 and a premium of $12 per ounce. "Last week, we saw some buying interest, but this week prices have been on the rise, so there's less buying interest. Overall, we are seeing people buying gold on dips," said Peter Fung, head of dealing at Wing Fung Precious Metals. In Hong Kong, gold was sold at par to a premium of $1.60, while in Singapore , gold traded between at-par prices and a $2.50 premium. "As gold prices have gone up, we see more selling from the retail and wholesale sides. We see more of them borrowing gold at this point in time because prices are edging on the higher side," said Brian Lan, managing director at Singapore-based GoldSilver Central. In Japan, bullion was sold at a $0.25 premium over spot prices, according to a Tokyo-based trader. ($1 = 87.6060 Indian rupees) https://www.reuters.com/world/china/asia-gold-price-rise-dulls-activity-top-asian-hubs-2025-08-08/
2025-08-08 05:05
Trump's tariffs could strain US-India-China relations Experts doubt tariffs will change Putin's stance Potential oil market disruptions could spike global prices, carrying risks for Trump WASHINGTON/LONDON, Aug 8 (Reuters) - From punishing Brazil to trying to curb imports of fentanyl, U.S. President Donald Trump has wielded the threat of tariffs as an all-purpose foreign policy weapon. With a Friday deadline for Russia to agree to peace in Ukraine or have its oil customers face secondary tariffs, Trump has found a novel, but risky, use for his favorite trade tool. Sign up here. The administration took a step toward punishing Moscow's customers on Wednesday, imposing an additional 25% tariff on goods from India over its imports of Russian oil, marking the first financial penalty aimed at Russia in Trump's second term. No order has been signed for China, the top Russian oil importer, but a White House official said on Wednesday secondary measures that Trump has threatened against countries buying the petroleum were expected on Friday. These are the latest in a string of Trump's tariff threats on non-trade issues such as pressing Denmark to give the U.S. control of Greenland, attempting to stop fentanyl deliveries from Mexico and Canada, and penalizing Brazil over what he described as a "witch hunt" against former President Jair Bolsonaro. While secondary tariffs could inflict pain on the Russian economy - severing a top source of funding for Russian President Vladimir Putin's war effort - they also carry costs for Trump. Oil prices will likely rise, creating political problems for him before next year's U.S. midterm congressional elections. The tariffs would also complicate the administration's efforts to secure trade deals with China and India. For his part, Putin has signaled that Russia is prepared to weather any new economic hardship imposed by the U.S. and its allies. There is “close to zero chance” Putin will agree to a ceasefire due to Trump's threats of tariffs and sanctions on Russia, said Eugene Rumer, a former U.S. intelligence analyst for Russia who directs the Carnegie Endowment for International Peace’s Russia and Eurasia Program. "Theoretically if you cut off Indian and Chinese purchases of oil that would be a very heavy blow to the Russian economy and to the war effort. But that isn't going to happen," he said, adding that the Chinese have signaled they will keep buying Russia’s oil. The White House did not immediately respond to a request for comment. The Russian embassy in Washington did not immediately respond. NEW COSTS FOR RUSSIA Secondary tariffs would hurt Russia, the world's second leading oil exporter. The West has pressured Russia since late 2022 with a price cap on its oil exports, intended to erode Russia's ability to fund the war. That cap has piled costs on Russia as it forced it to reroute oil exports from Europe to India and China, which have been able to import huge amounts of it at discounted prices. But the cap also kept oil flowing to global markets. In an early sign that Putin hopes to avoid the tariffs, the White House said that Putin and Trump could meet as soon as next week, following a meeting between U.S. envoy Steve Witkoff and the Russian leader on Wednesday. But some analysts are skeptical that Moscow is ready to stop the war. Brett Bruen, former foreign policy adviser for former President Barack Obama now head of the Global Situation Room consultancy, cautioned that Putin has found ways to evade sanctions and other economic penalties. And even if tariffs and sanctions cut into Russia's revenues, Putin is not under much domestic pressure. Secondary tariffs, Bruen said, could start to cause some economic pain. "But the question is whether that really changes Putin's behavior." The tariffs could also create new problems for the Trump administration as it pursues sweeping trade deals, especially with India and China. Kimberly Donovan, a former U.S. Treasury official, said the tariffs could hamper the U.S. bilateral and trade relationships with India and China. “You’ve got two major oil importers that can kind of dig in their heels and push back, knowing what the U.S. needs out of them,” said Donovan, now director of the Economic Statecraft Initiative in the Atlantic Council’s GeoEconomics Center. China has demonstrated leverage over the U.S. by cutting off mineral exports and new tariffs would upset a delicate balance negotiated since May to restart those flows critical to a host of U.S. industries. India has leverage over generic pharmaceutical exports and precursor chemicals to the U.S. Both countries say that oil purchases are a sovereign matter and contend that they are playing by the previous rules, namely the price cap on Russian crude. RUSSIAN ROULETTE Secondary tariffs would raise the cost of imports into the United States of products from Russia's customers, giving them an incentive to buy their oil elsewhere. Squeezing the shipments risks spiking fuel prices and inflation around the world that could pose political difficulties for Trump. The month after Moscow's February 2022 invasion, fears of disruptions from Russia pushed international crude prices close to $130 per barrel, not far from their all-time high of $147. If India were to stop buying 1.7 million barrels per day of Russian crude, about 2% of global supply, world prices would jump from the current $66, analysts said. JP Morgan analysts said this month it was "impossible" to sanction Russian oil without triggering a price jump. Any perceived disruptions to Russian shipments could propel Brent oil prices into the $80s or higher. Despite Trump's statements that U.S. producers would step in, it would be unable to quickly ramp up, they said. Russia could retaliate, including closing the CPC Pipeline from Kazakhstan, which could create a global supply crisis. Western oil firms Exxon (XOM.N) , opens new tab , Chevron (CVX.N) , opens new tab, Shell (SHEL.L) , opens new tab, ENI (ENI.MI) , opens new tab and TotalEnergies (TTEF.PA) , opens new tab ship up to 1 million barrels per day via CPC, which has total capacity of 1.7 million bpd. Cullen Hendrix, senior fellow at the Peterson Institute for International Economics, said energy shocks are never welcome, especially not amidst a softening housing market and weak job growth. A key question is whether Trump can frame any economic pain as necessary to force Russia to negotiate. "Of all his tariff gambits, this is the one that could resonate best with voters, at least in principle," said Hendrix. "It’s also one with massive downside risks." https://www.reuters.com/business/energy/trump-tariffs-russias-oil-buyers-bring-economic-political-risks-2025-08-08/
2025-08-08 04:41
MADRID, Aug 8 (Reuters) - Binance is working with Spanish bank BBVA (BBVA.MC) , opens new tab to allow customers to hold their assets off the cryptocurrency exchange, Financial Times reported on Friday. The Spanish bank is working as one of only a small number of independent custodians for the world's biggest crypto exchange, the report added, citing two people familiar with the matter. Sign up here. The move comes as Binance, the world's leading digital asset exchange, faces heightened regulatory scrutiny worldwide and as crypto exchanges seek to reassure investors about fund safety in the wake of FTX's 2022 collapse. Reuters could not immediately verify the report. A BBVA spokesperson said the bank does not comment on current or potential clients, adding that although it acts as a cryptocurrency custodian for individual customers in markets such as Turkey and Switzerland, where it offers the service for institutional investors. Binance could not be immediately reached. Last February, U.S. authorities fined Binance more than $4.3 billion for violating federal anti-money laundering and sanctions laws through lapses in internal controls at the company, while its founder and chief executive Changpeng Zhao was sentenced to four months in prison. https://www.reuters.com/business/finance/binance-teams-up-with-bbva-let-customers-keep-assets-off-exchange-ft-reports-2025-08-08/
2025-08-08 04:32
A look at the day ahead in European and global markets from Rae Wee With U.S. President Donald Trump's nomination to fill a newly vacant seat at the Federal Reserve now out of the way, investors are awaiting a Senate confirmation to see if Stephen Miran would have a vote at the central bank's September meeting. Sign up here. Trump on Thursday picked the Council of Economic Advisers Chairman to serve out the final few months of an open spot on the Fed Board, following Fed Governor Adriana Kugler's surprise resignation last week. The news hardly elicited a response from markets on Friday, with Miran's chances of winning Senate confirmation still uncertain. The economist has called for a complete overhaul of the Fed's governance. But one thing's for sure - should Miran join the Fed, he would most certainly vote to lower rates. And even in a placeholder role, his appointment would give Trump a potentially more direct route to pursue his desire for easier monetary policy and sway over the world's most influential central bank. Trump also said that the White House continues to search for someone to serve in the 14-year Fed Board seat that opens February 1 and is also weighing options for a successor to Fed Chair Jerome Powell, whose term ends May 15, 2026. Bloomberg News reported on Thursday that Fed Governor Christopher Waller is emerging as a top candidate to be the central bank's next chair and has met with members of Trump's team, who are impressed with him. In other tariff news, the U.S. government on Thursday promised to amend a presidential executive order to remove overlapping tariffs on Japanese goods, Tokyo's trade negotiator said, after talks in Washington to fix what he called a "regrettable" oversight. In those discussions, Ryosei Akazawa urged U.S. Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent to ensure that a 15% levy agreed last month on Japanese imports was not stacked on goods, such as beef, that are subject to higher tariffs. The removal of the tariff overhang lifted stocks in Tokyo and sent the Topix index climbing above the key psychological mark of 3,000 points for the first time on Friday, further buoyed by a streak of strong earnings reports. Shares of SoftBank Group (9984.T) , opens new tab rose nearly 11% after the technology investor reported a swing back to profit in the first quarter. Key developments that could influence markets on Friday: - St. Louis Fed President Alberto Musalem speaks - Under Armour Q1 earnings Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here. https://www.reuters.com/business/global-markets-view-europe-2025-08-08/
2025-08-08 04:32
Lawmakers say 450 meteorologists and other experts to be hired Hiring turnaround would restore most of positions cut by DOGE NWS job vacancies drew scrutiny amid summer of extreme weather Aug 7 (Reuters) - The Trump administration is allowing the U.S. National Weather Service to restore most of the hundreds of jobs eliminated by the cost-cutting Department of Government Efficiency once led by Elon Musk, several members of Congress said on Tuesday. The National Oceanic and Atmospheric Administration, parent agency of the NWS, plans to hire 450 weather service meteorologists, hydrologists and radar technicians, U.S. Representatives Mike Flood, a Nebraska Republican, and Eric Sorensen, an Illinois Democrat, said in a joint statement on Thursday. Sign up here. The two lawmakers have sponsored legislation to exempt weather service employees from DOGE-imposed layoffs and early retirement by reclassifying those positions as critical to public safety. Musk was originally named by President Donald Trump to spearhead the DOGE program, but the billionaire entrepreneur resigned from the administration months later. Flood and Sorensen said they welcomed the hiring turnaround but would keep pressing for passage of their bill to ensure the newly hired staff will remain permanent, protecting them from any future reductions. "Hundreds of unfilled positions have caused NWS offices across the country to cancel weather balloon launches, forego overnight staffing and force remaining meteorologists to overwork themselves," Sorensen said. A third lawmaker, Republican Mark Alford of Missouri, also hailed the administration's "move to hire 450 front-line mission critical staff" at the NWS. CNN, which broke the news before statements emerged from lawmakers on Capitol Hill, reported that the new hiring figure included 126 positions previously approved by NOAA, a U.S. Commerce Department agency. Representatives of the NWS and NOAA could not immediately be reached for comment. Layoffs and early retirement "buyouts" had reduced the NWS workforce by more than 550 positions from levels before Trump's second term, leaving fewer than 4,000 employees remaining, according to CNN. Thursday's announcement of a reversal comes during a summer of weather extremes, including flash floods , opens new tab that ravaged Texas Hill Country last month, claiming at least 137 lives. The devastation raised questions about whether job vacancies at local NWS offices were a factor in the scale of the disaster. Senate Democratic leader Chuck Schumer urged the Commerce Department's acting inspector general last month to investigate whether staffing vacancies at the NWS's San Antonio office contributed to "delays, gaps, or diminished accuracy" in forecasts of the flooding. In May, the National Weather Service chief Ken Graham said large staffing and budget cuts at NOAA, including his agency, would not hinder the government's ability to forecast devastating storms and warn the public. At the same time, NWS forecasters were predicting an above-normal 2025 hurricane season. https://www.reuters.com/world/us/us-national-weather-service-restore-hundreds-jobs-cut-under-trump-2025-08-08/
