Oil prices settle lower as Trump-Putin talks loom
HOUSTON: Oil prices closed down nearly US$1 on Friday as traders awaited talks between US President Donald Trump and Russian leader Vladimir Putin, which could lead to an easing of the sanctions imposed on Moscow over the war in Ukraine.
Brent crude futures settled 99 cents, or 1.5%, lower at US$65.85 a barrel, while US West Texas Intermediate crude futures eased US$1.16, or 1.8%, lower at US$62.80.
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New Straits Times
2 hours ago
- New Straits Times
Manufacturers turn to AI to weather tariff storm
MANUFACTURERS like American lawnmower maker The Toro Company are not panicking at the prospect of United States President Donald Trump's global trade tariffs. Despite five years of dramatic supply disruptions, from the Covid pandemic to today's trade wars, Toro is resisting any temptation to stack its warehouses to the rafters. "We are at probably pre-pandemic inventory levels," said its chief supply-chain manager, Kevin Carpenter, looking relaxed in front of a whiteboard at his office in Minneapolis. "I think everybody will be at a 2019 level." Among US manufacturers, inventories have roller-coasted this year as they rushed to beat Trump's deadlines for tariff hikes, only to see them repeatedly delayed. But how can firms run lean inventories even as tariffs fluctuate, export bans come out of the blue, and conflict rages? One of the answers, they say, is artificial intelligence. Carpenter says he uses AI to digest the daily stream of news that could impact Toro's business, from Trump's social media posts to steel prices, into a custom-made podcast that he listens to each morning. His team also uses generative AI to sieve an ocean of data and to suggest when and how many components to buy from whom. It is a boom industry. Spending on software that includes generative AI for supply chains, capable of learning and even performing tasks on its own, could hit US$55 billion by 2029, up from US$2.7 billion now, according to US research firm Gartner, driven in part by global uncertainties. "The tool just puts up in front of you: 'I think you can take 100 tonnes of this product from this plant to transfer it to that plant.' "And you just hit accept if that makes sense (to you)," McKinsey supply chain consultant Matt Jochim said. The biggest providers of overall supply chain software by revenue are Germany's SAP, US firms Oracle, Coupa and Microsoft and Blue Yonder, a unit of Panasonic, according to Gartner. Generative AI is in its infancy, with most firms still piloting it spending modest amounts, industry experts say. Those investments can climb to tens of millions of dollars when deployed at scale, including the use of tools known as AI agents, which make their own decisions and often need costly upgrades to data management and other IT systems, they said. In commenting for this article, SAP, Oracle, Coupa, Microsoft and Blue Yonder described strong growth for generative AI solutions for supply chains without giving numbers. At US supply chain consultancy GEP, which sells AI tools like this, Trump's tariffs are helping to drive demand. "The tariff volatility has been big," said GEP consultant Mukund Acharya, an expert in retail industry supply chains. SAP said the uncertainty was driving technology take-up. "That's how it was during the financial crisis, Brexit and Covid. And it's what we're seeing now," Richard Howells, SAP vice president and supply chain specialist, said. An AI agent can sift real-time news feeds on changing tariff scenarios, assess contract renewal dates and other data points and come up with a plan of action. But supply chain experts warn of AI hype, saying a lot of money will be wasted on a vain hope that AI can work miracles. "AI is really a powerful enabler for supply chain resilience, but it's not a silver bullet," says Minna Aila, communications chief at Finnish crane-maker Konecranes and member of a business board that advises the OECD on issues including supply chain resilience. Aila said: "I'm still looking forward to the day when AI can predict terrorist attacks at sea, for instance." Konecranes' logistic partners are deploying AI on more mundane data, like weather forecasts. The company makes port cranes that are up to 106m high when assembled. When shipping them, AI marries weather forecasts with data like bridge heights to optimise the route. Toro supply chain chief Carpenter says that without AI, supply chain managers might need to run bigger teams as well. Is he worried that AI is coming for his job one day?
New Straits Times
3 hours ago
- New Straits Times
Made-for-TV pageantry as Trump brings Putin in from the cold
SETTING foot on Western soil for the first time since he ordered the invasion of Ukraine, Vladimir Putin basked in choreographed pageantry courtesy of Donald Trump, but was also confronted by signs of American power. In made-for-television images, Putin and Trump each flew in their presidential planes to Elmendorf Air Base, the largest US military installation in Alaska that played a key role in monitoring the Soviet Union. Trump waited in Air Force One until Putin landed and then stepped down to the tarmac, clapping as he saw the Russian leader for the first time since 2019, this time under a frigid slate-grey sky. They then walked towards each other, smiled and shook hands before posing together on a stage that read "Alaska 2025". In a highly unusual move, Putin stepped in "The Beast", the ultra-secure US presidential limousine, alongside Trump before they headed into talks that focused on Ukraine. Putin grinned widely and appeared to joke to reporters as the two met in a room which the American hosts emblazoned with the words — written only in English — "Pursuing Peace". Putin sought to flatter Trump, speaking to him of how he wanted a positive relationship and — seizing on one of the US leader's favourite themes — agreeing that he would not have invaded Ukraine if Trump and not Joe Biden were president in 2022. When Trump told Putin of how he hoped to meet again, the Russian leader broke out rare words of English: "Next time in Moscow." The reception was a striking contrast to a White House meeting with Ukrainian President Volodymyr Zelenskyy in February, when Trump and Vice President J.D. Vance berated him and accused him of ingratitude. Zelenskyy was long hailed across the Western world. Putin by contrast has curtailed his travel sharply since he sent troops to invade Ukraine, and he faces an arrest warrant from the International Criminal Court related to the war. Putin was quickly confronted on the war as a reporter repeatedly and loudly shouted out to him, "When will you stop killing civilians?" Putin did not react. Both sides sought to press their message, sometimes in unsubtle ways. As Putin walked in, a B-2 stealth bomber — an ultimate symbol of US military power — flew overhead. Sergei Lavrov, the veteran Russian foreign minister rarely seen out of a jacket and tie, was photographed arriving ahead of Putin in Alaska in a sweatshirt emblazoned with "CCCP" — the USSR — in a reminder of the superpower status that Putin has been striving to recreate. Senior Russian officials were temporarily relieved from severe US sanctions in place since the Ukraine invasion, allowing them not just to arrive in the US but to carry out day-to-day transactions such as withdrawing money from cash machines. Putin and Trump did not step off the base, but activists held out hope of at least a fleeting protest by posting blue-and-yellow Ukrainian flags on roofs that could be spotted if either leader looked out of his plane's windows. With just a week to prepare since Trump announced the summit, Anchorage was strained to capacity with hotels full of tourists on fishing expeditions and coastal cruises who had no warning that their summer destination would become the focus of global diplomacy. Russian journalists, unable to secure accommodation, posted disapproving pictures of staying at a sports arena, where they slept on cots partitioned off from one another by black curtains. The US hosts served the Russian journalists a selection of familiar foods — shashlik meat skewers, grilled fish and, in a common dish for Russians that suddenly could take on another meaning, chicken Kiev.
The Star
4 hours ago
- The Star
Thai lawmakers pass massive US$117bil budget to revive economy
Image from The Nation Thailand/ANN BANGKOK (Bloomberg): Thailand's lower house of parliament passed a 3.78 trillion baht (US$117 billion) annual budget, needed to support a fragile economy that's at risk from issues ranging from the impact of higher US tariffs to a downturn in tourism. The budget bill for the year starting Oct 1 was backed by 257 lawmakers in the 500-member House of Representatives late Friday, following a three-day debate. A total of 229 members opposed the spending plan. The vote will be a relief to investors in the Southeast Asian nation, by avoiding a repeat of the months-long deadlock over spending plans seen in 2019. The country faces a litany of problems, including political instability linked to the suspension of Prime Minister Paetongtarn Shinawatra; continued tensions with Cambodia which recently erupted into violent clashes; and a stiff 19% tariff on shipments to the US, Thailand's biggest export destination. Finance Minister Pichai Chunhavajira thanked the house for approving the budget and said the government will ensure the spending is efficient, transparent and delivers maximum benefit to the people. "I would like to assure that the policies, measures, and budget approved will be implemented in accordance with the designated objectives and plans,' Pichai said in a post on X. The government has defended a marginal increase in spending for the year starting October, and a projected budget deficit of 860 billion baht ($27 billion), or 4.3% of gross domestic product. Officials say the outlays are necessary given the increased risks to the economy from global trade uncertainties. The Senate will review the budget on Aug. 25-26, but analysts expect the spending plan to take effect on Oct. 1 as planned. The Constitutional Court will rule on Aug. 29 whether to disqualify Paetongtarn, amid allegations that she breached ethical standards in handling a border dispute with Cambodia. "Put together, these developments increase the odds that the 2026 budget could be passed before the conclusion of Paetongtarn's case, thereby removing the most significant headwind to growth as a result of the ongoing political crisis,' Citi Research said in a note to investors this week. More support is coming for the economy. The Bank of Thailand on Wednesday cut its policy rate for the fourth time since October to the lowest level in more than two years to ease the burden for vulnerable groups. -- ©2025 Bloomberg L.P.
