President Donald Trump tells reporters 'I don't do drawings' while in Scotland
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CNBC
12 minutes ago
- CNBC
Sony hikes annual profit forecast by 4%, citing smaller trade war impact
Sony raised its full-year operating profit forecast Thursday by 4% to 1.33 trillion yen ($9.01 billion), citing a diminished impact from U.S. President Donald Trump's trade war. In May, Sony forecast a profit of 1.28 trillion yen, factoring in a 100 billion yen hit from the tariffs. The Japanese conglomerate has transformed from a maker of household electronics such as the Walkman to an entertainment behemoth spanning games, movies, music and chips. Sony reported a 36.5% rise in operating profit to 340 billion yen for the April-June quarter, beating an estimate of 288 billion yen from eight analysts surveyed by LSEG.
Yahoo
19 minutes ago
- Yahoo
Trump's Tariff Blitz on India Threatens 3.5 Million bpd in Global Oil Supply
On Monday, U.S. President Donald Trump vowed to slap India with extra tariffs because, "They're fueling the war machine," by buying Russian oil. Well, Trump made good on his threat on Wednesday, signing an executive order imposing an additional 25% tariff on India. The new tariff stacks on top of the existing 25% on Indian exports to the United States, and will come into effect in 21 days. Last year, India leapfrogged China to become the biggest buyer of Russian oil, purchasing up to 2 million barrels of discounted barrels per day, good for ~2% of global supply. India bought Russian oil worth $50.2 billion in fiscal year 2024/2025, accounting for 35% of its oil imports. It's not just that India is buying 'massive amounts of Russian Oil', said Trump, but 'they are then, for much of the Oil purchased, selling it on the Open Market for big profits… Because of this, I will be substantially raising the Tariff paid by India to the USA.' And now, Wall Street is warning that putting the clamps on Russia's top customer is likely to have some dire consequences. According to JP Morgan, Russia could retaliate by closing Kazakhstan's Caspian Pipeline Consortium (CPC), which western oil majors, including Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), Shell (NYSE:SHEL), TotalEnergies (NYSE:TTE) and Eni S.p.A. (NYSE:E) used to export 1 million barrels of crude per day. CPC has a total capacity of 1.7 million b/ are hints that Moscow is getting ready to act: Last month, Russian President Vladimir Putin signed a decree that requires all foreign vessels to obtain permission from the Federal Security Service of the Russian Federation (FSB) before entering Russian seaports. The FSB has the authority to grant or deny passage. Novorossiysk, which handles oil flowing through CPC, is one of the ports affected. Russia could find itself in a world of hurt, too, with the loss of 2 mb/d in crude exports likely to force the country to pare back its current production level of 9 million b/d. This would, obviously, hurt the country's coffers pretty badly at a time when Russia is already reeling under falling oil prices. According to data by Russia's finance ministry data, the country's oil and gas revenue fell 33.7%Y/Y in June to a 16-month low. Russia's revenue from oil and gas sales are estimated to have declined 37% Y/Y in July thanks to a strong ruble and weak oil prices. "Cutting off this flow would require a massive realignment of trade flows," BNP Paribas analysts Aldo Spanjer told Reuters, pointing out that global oil supply is already stretched. Russia might have some options. According to the analysts, Russia could divert around 800,000 bpd of oil to Egypt, Pakistan, Malaysia, Peru, Indonesia, Brunei and South Africa. The analysts estimate that the combined effects of the stoppage Russian flows to India and CPC flows would disrupt 3.5 million bpd, with Sparta Commodities analyst Neil Crosby estimating that this would trigger an oil price spike to above $80 per barrel. According to a Wednesday briefing from Standard Chartered, if Indian refiners 'cannot source a near alternative, any deviation from the optimal crude slate will cause operational inefficiencies and lower refined product outputs, and the elasticity of substitution is lower than the market often estimates'. (Russian Urals is a medium-sour that has high diesel yields in refining). Citing research by Baker & O'Brien, StanChart notes that 'a full-conversion complex refinery could experience a 7% reduction in distillate production if it switches from Russian Urals to WTI as Urals generates more feedstock residue for hydrocracking, catalytic cracking and coker units; in contrast WTI would produce less diesel, fuel oil and jet fuel, but larger volumes of gasoline.' Meanwhile, Kazakhstan finds itself in the crossfire of the unfolding trade war, with the country's economy heavily dependent on oil exports. Unfortunately, Kazakhstan is highly vulnerable to a shut down of CPC due to the lack of viable alternatives. Whereas it could turn to the Baku-Tbilisi-Ceyhan (BTC) pipeline as a backup route, the 1,768-kilometer-long pipeline spanning three countries is frequently hindered by shallow waters. Kazakhstan's oil volume via BTC is expected to clock in at 1.7 million tons in the current year, an increase of only 300,000 tons. That said, Kazakhstan might be motivated to support Russia now more than ever. A major dispute has been ongoing between Kazakhstan and international oil companies over the Kashagan oil field development, with Kazakhstan seeking billions of dollars in compensation. The dispute centers around claims that the oil majors have not fulfilled their contractual obligations, leading to significant financial losses for the country. Kazakhstan's claims have escalated to $160 billion, encompassing lost revenue due to delayed and underperforming production. A couple of days ago, Bloomberg reported that Kashagan project shareholders won a lawsuit over a potential $4 billion environmental fine by Kazakhstan. However, the celebrations by the oil majors might be short-lived if Astana plays hard ball and demands they start paying a price that reflects the heightened political risks Alex Kimani for More Top Reads From this article on Sign in to access your portfolio
Yahoo
41 minutes ago
- Yahoo
South Park Savages ICE and Kristi Noem, Sends Trump to Mar-a-Lago — Read Recap
Did you think South Park would take it easy on Donald Trump this week? Yeah, we didn't, either. In Wednesday's episode, Cartman is enraged when he sees Clyde start a debate podcast where he says terrible things about women and Jews. Hey, that's Cartman's thing! As Clyde explains to guidance counselor Mr. Mackey, 'I'm just trying to make my nut, man.' (DoorDash isn't free, you know.) But then P.C. Principal fires Mr. Mackey because the government is cutting back on 'unnecessary expenses,' and Mr. Mackey is left wondering: 'What about my nut?' More from TVLine The Chi's Yolanda Ross Breaks Down Her Heartbreaking Exit in the Season 7 Finale: 'We All Lost It' The Sandman's Finale Made Us Wish for a Death-Centric Spinoff: 'We Did Play With Those Ideas,' EP Says Dexter: Resurrection Recap: Dexter's Connection With Mia Takes a Shocking Turn Mackey goes to the bank to look at his finances, and it's grim: His nut is $8,000 a month. ('I had no idea my nut was that big.') He can't find a job as a counselor, so he has to work for ICE rounding up undocumented immigrants because they're the only ones hiring: 'We don't ask for experience!… We don't care if you've read a book!' Mackey goes to the recruitment center and is immediately hired, and they show him an orientation video starring Homeland Security head Kristi Noem, who shoots dogs dead when she's not locking up immigrants. (Oh, and she doesn't look great without makeup on.) While Cartman takes over Clyde's podcast and becomes a 'master debater,' sporting a Charlie Kirk haircut, Mackey is handed a machine gun and sent out on his first ICE raid… at a Dora the Explorer concert. He and the other ICE agents rush in and arrest dad and grandmas, even Dora herself. Noem is pleased — but her Botox falters, and her face melts like a hot candle. ICE's overreach leads to angry protests in Denver, where one protestor argues 'there are many Latinos in heaven.' So Noem sends her ICE agents to heaven to round up all the Hispanic angels: 'If it's brown, it goes down.' By now, though, her face falls completely off and scurries away. Mackey's making good money as an ICE agent, but as his income increases, so does his nut. Noem has good news, though: The President has invited Mackey to Mar-a-Lago to thank him personally. He's flown down to Trump's pleasure palace, where Trump emerges in a pristine white suit like Ricardo Montalban from Fantasy Island — while his VP J.D. Vance is reduced to playing the pint-sized Tattoo. Trump wants to promote Mackey to head of homeland security, he says. But what about Noem? 'Her face freaks me out,' Trump admits. Mackey gets cold feet, though, when Trump pulls him into a bedroom with Satan — yikes — and as he tries to escape, Mackey finds that Mar-a-Lago is just a house of horrors. Even fellow guest Clyde is disillusioned: 'Just wanted to make my nut, sir. Didn't really want all this.' Mackey understands, telling the kid: 'If you're doing something you don't really believe in just to make your nut, you're gonna find that you just get sadder, and your nut just gets bigger.' They decide to leave together, with the help of Superman's flying dog Krypto… well, until Noem takes out poor Krypto with a sniper rifle. But when her face crawls off and leaves the ICE agents scrambling to recover it, that gives Mackey and the immigrants enough time to escape. All's well that ends well, we guess. Got thoughts on this week's ? Drop 'em in a comment below. Best of TVLine Mrs. Maisel Flash-Forward List: All of Season 5's Futuristic Easter Eggs Yellowjackets Recap: The Morning After Yellowjackets Recap: The First Supper
