Trump to Miss Albanese Meeting at G-7
A planned meeting between President Donald Trump and Australian Prime Minister Anthony Albanese at the G-7 summit in Canada has been scrapped, following Trump's abrupt exit due to the escalating crisis in the Middle East. The American Chamber of Commerce in Australia says there are still positive signs for the relationship between the two countries, and sees a chance for the two leaders to meet at the next Quad gathering in India. AmCham Australia CEO April Palmerlee shares her outlook on Australia-US relations on "Bloomberg: The Asia Trade." (Source: Bloomberg)
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News24
19 minutes ago
- News24
Oil climbs after Trump's Tehran warning, Sasol now up 80% since April
• For more financial news, go to the News24 Business front page. Oil prices jumped on Tuesday after US president Donald Trump call for Tehran residents to evacuate. Brent crude rose more than 1% to $74.15 a barrel. A month ago, it was trading close to $60. The synthetic fuels group Sasol's share price continued its surge from Friday. By late morning on Tuesday, it was trading at R99.43. It was trading at R87 on Thursday, before Israel's attacks on its regional foes. Its shares have now gained 80% since it reached its lowest level since the pandemic in April. Sasol has been grappling with the fallout of a disastrous US chemicals project, which resulted in a huge debt burden. After Friday's surge sparked by the attacks, crude ticked more than one percent lower Monday as traders bet that the conflict would not spread throughout the Middle East and key oil sites were mostly left untouched. Prices bounced back Tuesday after Trump called for the evacuation of the Iranian capital, which is home to nearly 10 million people. "Iran should have signed the 'deal' I told them to sign," he said on social media, referring to nuclear talks that were taking place. "What a shame, and waste of human life. Simply stated, IRAN CAN NOT HAVE A NUCLEAR WEAPON. I said it over and over again! Everyone should immediately evacuate Tehran!" Trump later poured cold water on remarks from French President Emmanuel Macron that he was leaving the G7 summit in Canada to discuss a possible ceasefire. Gains were tempered after the International Energy Agency said in its 2025 report that global demand would fall slightly in 2030 for the first time since the start of the Covid pandemic in 2020. It cited "below-trend economic growth, weighed down by global trade tensions and fiscal imbalances, and the accelerating substitution away from oil in the transport and power generation sectors". Traders are keeping a wary eye on developments in the Iran crisis, with the aircraft carrier USS Nimitz leaving Southeast Asia on Monday after cancelling a Vietnam visit as the Pentagon announced it was sending "additional capabilities" to the Middle East. Trump has maintained that Washington has "nothing to do" with Israel's campaign, but Iran's foreign minister said Monday the US leader could halt the attacks with "one phone call". Tehran has said it would hit US sites if Washington got involved. Meanwhile, Britain, France and Germany called on Iran to quickly return to the negotiating table over its nuclear programme, a French diplomatic source said. The US president had earlier said Iran wanted to make a deal, adding "as soon as I leave here, we're going to be doing something". He later left the gathering in the Rockies, telling reporters: "I have to be back as soon as I can. I wish I could stay for tomorrow, but they understand, this is big stuff." Tehran had signalled a desire to de-escalate and resume nuclear talks with Washington as long as the United States did not join the conflict, according to the Wall Street Journal. Rand recovers After briefly breaking through R18/$ on Friday, the rand strengthened to R17.8177 by mid-morning on Tuesday. The rand has lost half a percent of its value against the dollar over the past week. Equities were mixed in Asian trade, with Tokyo, Singapore, Seoul, Manila, Bangkok, Jakarta and Taipei all advancing, while Hong Kong, Sydney, Wellington and Mumbai struggled along with London, Paris and Frankfurt. The JSE's All-Share index was 0.3% lower, with Harmony (-3.9%), AngloGold (-3.4%) and Gold Fields (-3%) among the biggest losers. Dealers also kept tabs on the G7 summit, where world leaders pushed back against Trump's trade war, arguing it posed a risk to global economic stability. Britain, Canada, Italy, Japan, Germany and France called on the president to reverse course on his plans to impose even steeper tariffs on countries across the globe next month.
USA Today
28 minutes ago
- USA Today
Dems scream that democracy is in peril while proving that it's absolutely fine
Dems scream that democracy is in peril while proving that it's absolutely fine | Opinion Despite the fact they were able to protest freely – something that isn't allowed in Cuba or Russia – progressives still act as if President Donald Trump is destroying democracy. Show Caption Hide Caption Army 250th anniversary parade marches on despite weather worries President Donald Trump's controversial military parade kicked off 30 minutes early to avoid inclement weather. I would like to thank the 'No Kings' protesters. The estimated 5 million people who attended more than 2,000 protests nationwide June 14 made an excellent point: Our democracy is alive and well. Now, that is not what protest organizers intended. They chose the name for their day of action in response to President Donald Trump's decision to hold a military parade to honor the 250th anniversary of the Army (June 14 also happened to be Trump's 79th birthday). Liberals have painted the president as a tyrant and authoritarian, resembling the dictators in Russia and North Korea – thus the plea for 'no kings.' Yet, the protesters disproved their own point. Opinion: Hey, Democrats, LA riots make Americans like me glad Trump is president The demonstrations mostly went off without hitches, and the federal government did nothing to stop them. Protesters carried signs and shouted things extremely critical of Trump and his administration. No one was arrested for participating in peaceful rallies. That is exactly what democracy and our constitutional rights look like in practice. Liberals are confused about the freedoms they have Despite the fact they had every right to protest freely – something that is not allowed in countries like Russia and North Korea – progressives still acted as if Trump is destroying the principles of our country. 'On this day, where we celebrate the flag, where we celebrate America, we are fighting for democracy,' Randi Weingarten, president of the American Federation of Teachers, said at an event in Philadelphia. 'The throughline in America is that the people are governed not by a king, not a tyrant, not nobility, but the people.' Perhaps Weingarten, whose Democratic-loving teachers union helped organize the No Kings protests, has forgotten that the American people decisively elected Trump just seven months ago. She's not the only one. Opinion: Trump hosts patriotic parade as Democrats plan silly protests against 'kings.' Another protestor, Margo Ross of California, told NPR, 'I am completely terrified of what's going on in our country' and that 'from the beginning it's been a coup and a fascist overthrow.' Again, the very ability to hold the protests disproves those 'fears.' Democrats, media show they were not really worried about Trump's parade The reaction to the weekend's festivities also highlighted how Democrats and journalists were never that concerned about Trump's Army parade, despite all their handwringing ahead of time. After raising fears about the parade and what it says about Trump's authoritarian instincts, progressives roundly mocked the military display as 'underwhelming,' a 'disappointing, sad affair' and 'pathetic.' Opinion: Can you be legally punished for misgendering someone? Colorado says yes. This belies that they ever really thought the parade would be a threat to democracy. 'Overall this was a pretty listless and low-energy parade and crowd," The New York Times' John Ismay observed from the event. Opinion alerts: Get columns from your favorite columnists + expert analysis on top issues, delivered straight to your device through the USA TODAY app. Don't have the app? Download it for free from your app store. The Independent's Richard Hall acknowledged the parade was less North Korea-lite and 'something closer to a medium-sized town's July 4th celebration.' Following the June 14 parade and protests, here's my takeaway: Trump is nowhere close to a dictator – and Democrats proved U.S. democracy is just fine. Ingrid Jacques is a columnist at USA TODAY. Contact her at ijacques@ or on X: @Ingrid_Jacques
Yahoo
29 minutes ago
- Yahoo
Indonesian coal industry risking a tough transition as demand declines, report says
HANOI, Vietnam (AP) — Indonesia's coal industry is facing mounting pressure and should diversify as China and India, its biggest customers, cut back on imports of the heavily polluting fossil fuel, according to a report from a Jakarta-based energy thinktank, Energy Shift. The report released Tuesday says that the industry, which accounts for about 3.6% of Indonesia's economic activity and employs tens of thousands of people, needs to shift toward cleaner energy now or risk being forced into a costly transition later. Indonesia is the world's biggest exporter of coal, which is central to its economy, generating tax revenues and jobs. So the expected long-term decline in demand presents a unique challenge for the country of some 280 million. Indonesia's coal production is still rising, hitting a record 836 million tons in 2024, nearly 8% more than the year before. The industry also relies heavily on just a few buyers, with China and India buying nearly two-thirds of Indonesia's coal exports in 2023. China still relies on coal for more than half its electricity generation. It accounted for 41% of global coal imports in 2024, or nearly 543 million tons. But more than 75% of the growth in demand last year was met by clean energy. India's coal imports fell 8.4% to 183.42 million metric tons from April to December 2024, down from 200.19 million metric tons in the same period a year earlier, government data shows. The drop is part of India's push to reduce import dependence by ramping up domestic coal production. Imports for industries like cement, steel and aluminum that buy coal at market rates declined 12% while imports for thermal power plants fell even more sharply, down 29.8%. Indonesia's coal exports fell to a three-year low in January-April of this year, a shift that may signal a longer term decline, experts say. 'These are signs that Indonesian coal miners have to start taking seriously as well,' said Hazel Ilango of the Energy Shift Institute. There are other risks too. Most Indonesian coal companies are tightly controlled by insiders — owners, executives, and board members — who hold about 75% of company shares on average, according to the report. Regulations such as domestic supply rules and high royalties also limit profits, while access to global financing remains restricted. The private sector and investors are generally uninterested in long-term transition plans and are more focused on immediate profits, while government policies remain inconsistent, said Putra Adhiguna of the Energy Shift Institute. Experts say that the country's coal policy is riddled with contradictions. It has pledged to cut emissions and transition to clean energy, but it continues to expand coal production and approve new plants. Domestic subsidies keep coal cheap, but abrupt export bans have disrupted global markets. Meanwhile, the state utility plans to retire coal plants early under a $20 billion transition deal — even as new ones tied to the industry are still being built. As major coal importers like China and India cut imports to boost their energy security, Indonesia's coal sector needs to plan ahead, said Jordan Lee, an energy transition expert at the Tony Blair Institute for Global Change in Jakarta. 'The reason I say that is basically if you look at what happened with some big oil companies that have tried something similar, we have seen the market not respond too positively,' he said. ___ The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at Sign in to access your portfolio
