European pharma companies warn tariffs could expedite shift to US
The European Commission on Monday proposed counter-tariffs of 25% on a range of US goods, including soybeans, nuts and motorcycles.
— Reuters
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Oil rises 1% on signs of strong demand, Russia-Ukraine peace uncertainty
LONDON: Oil prices rose 1% on Thursday, bolstered by signs of strong demand in the US, with uncertainty over efforts to end the war in Ukraine also lending support. Brent crude futures were close to a two-week high and up 64 cents, or around 1%, to $67.48 a barrel at 1012 GMT. US West Texas Intermediate (WTI) crude futures were up 65 cents, or 1%, to $63.36 a barrel. Russia said on Wednesday that attempts to resolve security issues relating to Ukraine over the war without Moscow's participation were a "road to nowhere". "If the White House's efforts do result in a halt to hostilities in Ukraine and Russia gradually coming back into the international fold, it will be bearish for the crude market. But for now, the Brent price floor to watch out for remains at $65 a barrel," said independent analyst Gaurav Sharma. US President Donald Trump has announced an additional tariff of 25% on Indian goods from August 27 because of India's Russian crude purchases, which make up nearly 35% of its overall oil imports. Russian embassy officials in New Delhi said on Wednesday that Moscow expects to continue supplying oil to India despite warnings from the US. Given uncertainty over progress towards ending the war in Ukraine, the possibility of tighter sanctions on Russia has resurfaced, which led to bullish sentiment among traders, said Tamas Varga, an analyst at PVM Oil Associates. Meanwhile, US crude inventories fell by 6 million barrels last week to 420.7 million barrels, the US Energy Information Administration said on Wednesday, against expectations in a Reuters poll for a 1.8 million-barrel draw. While the large draw indicates increased demand, the rise in crude levels at Cushing suggests underlying demand may be softer and that the draw was higher in part due to higher refinery runs and increased exports, Panmure Liberum's Ashley Kelty said. — Reuters
Observer
6 hours ago
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Zelensky says security first, Putin meeting next
KYIV: Ukrainian President Volodymyr Zelensky said he could meet with Russian counterpart Vladimir Putin, but only after his allies agree on security guarantees for Ukraine to deter future Russian attacks once the fighting stops. In comments released on Thursday, he also warned both sides were preparing for further fighting. Russia was building up troops on the southern front line and Ukraine was test-launching a new long-range cruise missile, he said. Russia said that Ukraine did not appear to be interested in 'long-term' peace, accusing Kyiv of seeking security guarantees completely incompatible with Moscow's demands. US President Donald Trump is trying to end Russia's three-and-a-half-year war of Ukraine through talks with Zelensky and Putin. While he has upended a years-long Western policy of isolating the Russian leader, he has made little tangible progress towards a peace deal. "We want to have an understanding of the security guarantees architecture within seven to 10 days," Zelensky said. "We need to understand which country will be ready to do what at each specific moment," he added. A person walks past a residential building damaged following Russian air attacks in the western Ukrainian city of Lviv amid the Russian war of Ukraine. - AFP A group of allies led by Britain and France are putting together a military coalition to support the guarantees. Once an outline of the security guarantees is agreed upon, Trump would like to see a bilateral meeting between Putin and Zelensky, the Ukrainian leader said. But any meeting with the Russian leader should he held in a "neutral" European country, he added, ruling out any summit in Moscow. He also rejected the idea of China playing a role in guaranteeing Ukraine's security, citing Beijing's alleged support for Moscow. Zelensky's comments came as Russia launched hundreds of drones and missiles against Ukraine overnight, killing one person in the western city of Lviv and wounding many others. A later shelling attack on the city of Kherson killed one person and wounded six others, a local official said. France on Thursday condemned the overnight strikes as showing Moscow's "lack of will to seriously engage in peace talks", describing the strikes as the "most massive attack in a month". On the front lines, Russia said it had captured the village of Oleksandro-Shultyne in the eastern Donetsk region, the latest in a long string of territorial gains. The village lies less than eight kilometres from Kostiantynivka, a fortified town in the Donetsk region that Russia has been pressing towards on both sides. - AFP
Observer
6 hours ago
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Tariff turmoil weighs on German machinery exports in H1
FRANKFURT: German exports of machinery were down by 3.4% year-on-year in the first half of 2025, amid pressure from global trade conflicts, according to industry figures released on Thursday. In the first six months of the year, German machinery and plant engineering manufacturers exported goods totalling €98.3 billion ($114.5 billion), the German Mechanical Engineering Industry Association (VDMA) said. Adjusted for prices, the decline was as much as 4.9% compared to the same period last year. Second-quarter results were notably influenced by the trade war unleashed by US President Donald Trump, according to the VDMA. Repeated threats of new tariffs as well as uncertainty about the outcome had a significant negative impact on business, it said. Exports to the US, the most important trading partner for German machinery producers, fell by 9.5% compared to the same period last year. Chief VDMA economist Johannes Gernandt expects the conflict to continue to have a negative impact in the third quarter due to the ongoing uncertainty. While manufacturers are looking for new markets to compensate for the losses, exports to European nations were also down by 3.7% in the first six months of the year. "However, the increase in orders received in recent months from eurozone countries gives hope for a positive development in exports to this important sales region," said Gernandt. Meanwhile, exports were up to MERCOSUR states as well as to the Near and Middle East, according to VDMA. — dpa
