Trump signals US may ease Iran oil sanction enforcement to help rebuild country
THE HAGUE, June 25 (Reuters) - President Donald Trump said on Wednesday that the U.S. has not given up its maximum pressure on Iran - including restrictions on sales of Iranian oil - but signaled a potential easing in enforcement to help the country rebuild.
"They're going to need money to put that country back into shape. We want to see that happen," Trump said at a news conference at the NATO Summit when asked if he was easing oil sanctions on Iran.
Trump said a day earlier that China can continue to purchase Iranian oil after Israel and Iran agreed to a ceasefire, but the White House later clarified that his comments did not indicate a relaxation of U.S. sanctions.
Trump imposed waves of Iran-related sanctions on several of China's independent "teapot" refineries and port terminal operators for purchases of Iranian oil.
Steve Witkoff, Trump's Middle East envoy, told CNBC that Trump's comment on China's ability to buy Iranian oil "was a signal to the Chinese that we want to work with you, that we're not interested in hurting your economy." China is the top buyer of Iranian crude and has long opposed Trump's sanctions on the oil.
"We're interested in working together with you in unison, and hopefully that becomes a signal to the Iranians," Witkoff said.
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Reuters
31 minutes ago
- Reuters
Asian stocks hesitant, dollar slides on Trump's attack on Powell
SINGAPORE, June 26 (Reuters) - Asian stocks stuttered on Thursday, while oil prices stabilized and the euro was perched at a 3-1-2/-year high as investors weighed geopolitical, economic and fiscal uncertainties as they braced for U.S. President Donald Trump's deadline on tariffs. Markets have been soothed by a ceasefire between Israel and Iran that appeared to be holding, reducing the risks of disruptions to the global oil trade and underpinning sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab was little changed in early trading, as the rally in Wall Street took a breather overnight. Tokyo's Nikkei (.N225), opens new tab rose 0.9% to a four-month high. The U.S. dollar selling kicked up a notch after a media report said Trump has toyed with the idea of selecting and announcing Federal Reserve Chair Jerome Powell's replacement by September or October in a bid to undermine his position. That pushed the euro to its strongest level since November 2021. It last fetched $1.6805. The Swiss franc firmed to a decade-high while the Japanese yen strengthened 0.35% to 144.70 per dollar. Trump has repeatedly criticized Powell for not cutting interest rates and has floated the idea of firing him or naming a successor soon, denting investor confidence in U.S. assets and undermining the central bank's independence. "I think it's a given that Trump's pick to succeed Powell, when it comes, will be one that sits at the highly dovish end of the spectrum and will support Trump's agenda of lowering interest rates," said Tony Sycamore, market analyst at IG. "The issue with this is it will resurface questions from earlier in the year around the Fed's independence, which, as we saw, undermines confidence in the Fed and the USD." The dollar index , which measures the U.S. currency against six rivals, wallowed at its lowest level since March 2022. The index has slid 10% this year as investors, worried by Trump's tariffs and their on U.S. growth, look for alternatives. Financial markets remain on edge over Trump's chaotic trade policies as the clock ticks down to his July 9 deadline for trade deals. Powell, who resumed two days of congressional testimony on Wednesday, said Trump's tariff plans may well just cause a one-time jump in prices, but the risk it could fuel more persistent inflation is large enough for the central bank to be careful in considering further rate cuts. Fed officials still expect to cut interest rates this year, but the timing is uncertain as officials wait on looming trade deadlines and for more certainty about the scope of the tariffs that will be imposed and the ways that rising import levies influence prices and economic growth. "No one knows exactly how tariffs will impact inflation, which will keep central banks in conservative mode, particularly the Fed," said Bank of America strategists, noting downside risks to global growth remain relevant, not only due to trade wars but also due to geopolitical developments. "We are carefully monitoring fiscal policy across key countries that can affect global interest rates. Unsustainable fiscal dynamics can trigger an accident in bond markets," they said in a note. In commodities, oil prices inched higher to continue recovering after a volatile month so far due to the conflict between longtime rivals Israel and Iran. Brent crude futures rose 0.2% to $67.82 a barrel, while U.S. West Texas Intermediate crude (WTI) gained 0.28% to $65.1.
The Sun
an hour ago
- The Sun
M&S has made a huge change at ALL cafes and shoppers will be fuming
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The posh retailer has also shaken up what is served on menus, axing its nutty granola bowl priced at £4.25. This has been replaced with a Berry Bliss granola bowl that costs 70p more. An M&S spokesperson told The Sun: " We're committed to providing trusted value for our customers by mitigating and offsetting as much of the current food inflation as we can. Shoppers race to M&S as one of their best selling items which is a mum-essential viral are scanning for just 63 PENCE "We are working hard to ensure we offer a wide range of price points and options for our customers, never compromising on the M&S quality they expect." It is not uncommon for restaurants, cafés and grocery stores to raise prices due to increased operational costs, including hikes to National Insurance contributions and wages. M&S has previously faced ridicule for hiking the cost of popular items, such as Percy Pigs. Shoppers were outraged after it was discovered a 170g of the iconic sweet treat had been hiked by 10p, now costing £2. The bestselling sweets have undergone a 33% price hike since 2017 when a packet cost just £1.50. MORE PRICE RISES M&S is not the only retailer hiking costs for customers. Earlier this year, Morrisons also increased the cost of a number popular menu items in its cafés. The Full Breakfast was hiked by 25p to £7, while its sweet Stacked Pancakes have risen by £4.25 to £4.50. The price of a Ultimate Fish, Chips & Mushy Peas has increased by £7.75 to £8.50. Meanwhile, battered sausages, chips and mushy peas increased from £6 to £6.50. Greggs increased the price of a sausage roll to £1.30 nationally at the start of the year. The rise means that the Brit favourite jumped by more than a third since it cost £1 in 2022. At some travel locations, such as London Bridge, the price of a sausage roll has increased from £1.50 to £1.55. Elsewhere, Costa Coffee has hiked the price of a brew across its hospital concessions. An audit by our investigators found that a small latte or cappuccino costs £3.90 and a medium £4.10 at Medivest's Royal Victoria Infirmary's Costa Coffee outlet in Newcastle. That's a 10p increase on February 2025 prices and a 20p more compared with high street prices just yards down the road. NEW M&S MENU All Day Breakfast All Day Big Breakfast: £9.95 New Pesto Eggs, Halloumi & Asparagus: £9.95 New Berry Bliss Granola Bowl: £4.95 Pancake Stack with Maple Syrup & Butter: £6.00 Add Bacon: £1.50 Toast with Smashed Avocado: £5.25 Add Egg/Salmon/Bacon: £1.50 Toast with Jam & Butter: £3.75 Toasted Teacake: £2.95 Salmon Royale Brioche: £7.50 Breakfast Ciabattas (Choose one filling): £5.25 Smoked Bacon / Sausage / Mature Cheddar Omelette From Noon Gastropub Fish & Chips: £11.95 New Crispy Chicken Caesar Schnitzel: £9.95 Super Greens Omelette Bowl: £8.95 Hot & Crunchy Sandwiches (With smashed avocado and rocket. Choose one filling) New Pesto Chicken: £7.50 New Spicy Tuna: £7.50 Soups New Thai Green Chicken Curry: £6.50 Loaded Tomato & Basil: £6.25 Tomato & Basil: £5.50 Add Ciabatta or GF Roll: £0.70 Jacket Potatoes (Served with rainbow slaw. 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Times
an hour ago
- Times
A better paternity leave package would encourage take-up
Paternity leave rights in the UK currently run to a fortnight that must be taken within 52 weeks of a child's birth — and is paid at the rate of £187.18 a week or 90 per cent of average weekly earnings, whichever is lower. That is significantly below the national living wage and places a strain on working families. The current system also leads to many fathers and same-sex partners falling through the gaps, with the self-employed, those earning less than £123 per week, or those who have not yet been with their employer long enough being entitled to no paternity leave or pay. The shared parental leave scheme that was introduced in 2014 aimed to give fathers and other parents the chance to play a more prominent role in the first year. This scheme allows parents to surrender maternity leave and pay, and switch into the shared parental leave regime, so that up to 50 weeks of leave and 37 weeks of pay can be taken flexibly between parents. However, the uptake has been low. The complexity of the regime (which many employees and employers struggle to understand), the statutory rates of pay, and the fact that it effectively takes time away from the parent on maternity leave, all contribute to a lack of enthusiasm for the scheme. As a result, many, often larger, employers take it upon themselves to provide enhanced family leave and pay entitlements in a bid to support their staff and provide a more attractive array of benefits. Legal advice is often taken to ensure such policies are fair and non-discriminatory. A better enhanced statutory paternity regime would certainly improve the position for many families, particularly on lower incomes, and would undoubtedly increase take-up. While most people would agree with the idea that giving both parents more time with their families is beneficial, the real issue will be to work out how this is funded. Currently employers that qualify for small business relief can recoup the full cost of statutory paternity pay, and other employers can generally recoup 92 per cent of the cost. If paternity leave is extended and pay enhanced, it is unclear how much of the cost would remain funded. Businesses may well be concerned about the burden of additional cost and the pressures on resourcing that more prolonged absences would cause. Ultimately a balanced approach that considers the needs of families and the financial realities of business will be Wallbank is a partner at the law firm Freeths
