Iron Ore Bounces Back to Six-Week High on Trade-War Truce Hopes
Futures of the steel-making ingredient reached a six-week high, climbing nearly 2%, as the temporary truce in the US-China trade war held and US President Donald Trump said he is trying to open up the Asian country to American businesses. China also said substantial progress had been made in the talks, according to a coordinated joint statement on Monday.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
a minute ago
- Yahoo
Oil giant BP surprises with better than expected earnings
Oil giant BP, which recently pivoted away from green energy, posted Tuesday better-than-expected quarterly earnings and announced a fresh review of costs. The British group's return to profit in the second quarter contrasted with weaker results from energy rivals, as lower exceptional charges offset falling oil prices. Profit after tax came in at $1.63 billion in the April-June period, compared with a net loss of $129 million in the second quarter of 2024, BP said in an earnings statement. Stripping out exceptional items, underlying net profit was down nearly 15 percent. "This has been another strong quarter for BP operationally and strategically," chief executive Murray Auchincloss said in the earnings statement. BP on Monday said it made its biggest oil and gas discovery in 25 years off the coast of Brazil. In February, BP launched a major pivot back to its more profitable oil and gas business, shelving its once industry-leading targets on reducing carbon emissions and slashing clean energy investment. However, energy prices have come under pressure in recent months on concerns that US President Donald Trump's tariffs will hurt economic growth, while OPEC+ nations have produced more oil. BP managed to post a profit for the second quarter thanks to impairments which were lower than one year earlier, along with a revaluation of assets -- notably in relation to liquefied natural gas (LNG) -- and divestments. - Sector woes - By contrast, US rivals ExxonMobil and Chevron, along with French group TotalEnergies, posted heavy falls to their net profits in the second quarter. As did oil giant Saudi Aramco, which on Tuesday announced its 10th straight drop in quarterly profits as a slump in prices hit revenues. The average price for Brent North Sea crude, the international benchmark, stood at $67.9 per barrel in the second quarter, down from $85 one year earlier. British rival Shell still managed to post a slight increase to its profit after tax for the latest reporting period. As for BP, Auchincloss said the company was launching "a further cost review and, whilst we will not compromise on safety, we are doing this with a view to being best in class in our industry". Shares in BP gained 2.2 percent in London morning deals following its results and news of a fresh dividend and share buyback. "A slick turnaround plan pumped up BP's second-quarter results," noted Derren Nathan, head of equity research at Hargreaves Lansdown. "Despite lower oil and gas prices, it's managed to push underlying profits up by nearly $1 billion from the first quarter to $2.4 billion, well ahead of analyst forecasts." Nathan added that "shareholders will be glad to see this matched with financial discipline". BP already announced plans this year to cut cleaner energy investment by more than $5 billion annually and offload assets worth a total of $20 billion by 2027. It recently agreed to sell its onshore wind energy business in the United States, while Shell has also scaled back its climate objectives. BP last month named Albert Manifold as its new chairman, replacing Helge Lund, whose departure was announced amid the strategy reset. The group's net profit plunged 70 percent in its first quarter, hit by weaker oil prices. burs-bcp/ajb/lth
Fast Company
3 minutes ago
- Fast Company
This old Birkenstock factory will soon be a gorgeous ode to the Eames design legacy
The designers Charles and Ray Eames were two of the most important designers of the 20th century, and their legacy of innovative furniture, product, and industrial design continues to have an influence today. Now, the foundation that carries the couple's torch is planning to open a new museum that explores their work and its enduring impact on the design world. The Eames Institute of Infinite Curiosity just announced the purchase of a disused corporate campus in the San Francisco Bay Area that it will be converting into a large-scale art and design museum. With an adaptive reuse design by the architecture firms EHDD and Herzog & de Meuron, known for its work on the Tate Modern art museum in London and the De Young Museum in San Francisco, the new museum will focus on design through the lens of purpose. The Eames Institute expects to open the museum before 2030. John Cary, president and CEO of the Eames Institute, says the museum is a dream project that's finally taking form. 'When we conceived of the Eames Institute seven years ago, we always wanted to create a very large, high-capacity venue for the community and the public to come and experience art and design in ways that they might not be able to otherwise,' he says. The Eames Institute is still in the early stages of thinking through the curatorial angle for the museum, but Cary says it will be undeniably Eamesian. 'We're especially inclined toward problem-solving design, the kind of design that actually addresses a need. What we're really interested in is trying to untangle the process from the product. That's something that the Eameses did so well.' Known best for iconic furniture pieces like their molded wood lounge chair and ottoman, the Eameses were multihyphenate designers who worked on projects ranging from World War II leg splints to lamps, children's toys, and educational films. Cary says this range of output—and the emphasis on designing things people needed—makes the Eameses' work continually relevant. He says the new museum will celebrate this legacy of design work and house the official Eames archive, while also championing newer generations of designers and artists, as well as emerging talents. 'We're interested in really teasing out the life stories of these creatives. What were their trajectories? How did they come to be who they are?' Cary says. Located about 30 miles north of San Francisco in the city of Novato, the museum project is adapting a 1960s-era corporate campus and distribution center originally designed for the publisher McGraw-Hill, and used most recently by the shoemaker Birkenstock. The 88-acre campus was designed by John Savage Bolles, a modernist architect who designed San Francisco's Candlestick Park stadium and the IBM campus in San Jose. Despite the Novato campus being mostly a utilitarian warehouse, it jumps out from its freeway-adjacent landscape with a boldly layered shark-tooth roofline in bright white. After Birkenstock left in 2019, it sat unused. 'I fell in love with that warehouse, mostly by driving by a lot, then managing to sneak my way in. Authorized, but nonetheless, it wasn't on the market at that point or anything,' Cary says. 'I just am pretty relentless about things.' The campus eventually went up for sale, and Cary says the Eames Institute had to beat out some stiff competition to take it over. They bought the property for $36 million and have been working with Herzog & de Meuron for the past few months to come up with conceptual designs for adapting the warehouse, an adjacent office building, and the site's vast landscape. advertisement Herzog & de Meuron have deep experience creating museum spaces, including the Tate Modern in London and the De Young Museum in San Francisco, and in adaptive reuse. According to Simon Demeuse, partner at Herzog & de Meuron, the firm is 'deeply committed to working with existing buildings whenever possible.' Turning a former goods distribution facility into a museum offers the potential to rethink how collections are made accessible to the public, he says, via email. 'The Eameses explored the world and their designs in a very open manner, leading to new ways of understanding and seeing their surroundings,' says Demeuse. 'This building will allow its stewards and visitors to experience the collections and exhibits in an open manner as well, from many different perspectives and vantage points that can evolve over time.' Despite sitting right next to Highway 101, which expands from four to six lanes across the span of the campus, berms around its edges make the property surprisingly quiet. 'That kind of acoustical protection was really, really appealing,' Cary says. It's a bucolic condition that's led the Eames Institute and the architects to think about the warehouse building as a kind of indoor-outdoor space. Made up of five long bays that once held canyons of pallets full of schoolbooks and, later, sandals, the warehouse's edges could feasibly open up wide to allow programming to spill outward. Partly subterranean, the warehouse stays naturally cool, which works well for preserving artwork and archival materials, as well as for handling the region's hot summers. These conditions all play into the problem-solving ethos of the Eames Institute. Adapting the building to a new use instead of simply building from scratch is squarely on brand. But Cary is cautious to note that this is not a museum about the Eameses, or at least not only that. 'We're really interested in creating a multigenerational offering for a truly multigenerational audience,' he says. 'While we will always celebrate the Eameses as the seed of all of this, we have the chance to create an even bigger canvas and to bring others into it.' The early-rate deadline for Fast Company's Most Innovative Companies Awards is Friday, September 5, at 11:59 p.m. PT. Apply today.
Entrepreneur
3 minutes ago
- Entrepreneur
TurboHire Secures USD 6 Mn in Series A Funding Led by IvyCap Ventures
The Hyderabad-based startup plans to use the capital to expand its global presence, enhance product capabilities, and strengthen integration across human resource technology ecosystems. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Enterprise recruitment automation startup TurboHire has secured USD 6 million in Series A funding led by IvyCap Ventures. The Hyderabad-based startup plans to use the capital to expand its global presence, enhance product capabilities, and strengthen integration across human resource technology ecosystems. TurboHire was founded in 2019 by Deepak Agrawal, Rakesh Nayak, and Gaurav Kumar with the aim of addressing inefficiencies in enterprise recruitment. The platform uses agentic artificial intelligence, advanced analytics, and deep integration with major human resource management systems such as SAP SuccessFactors, Oracle HCM, and Workday. It supports hiring across scenarios from large-scale recruitment events to senior executive searches through a single configurable interface. Deepak Agrawal, CEO and Co-founder of TurboHire, said, "Enterprises are under intense pressure to transform, but traditional hiring systems are rigid, slow, and drain executive time. TurboHire brings together AI-powered automation, workflows, and data on one single enterprise-grade platform—with exceptional configurability and integrability. It's a game changer for companies serious about AI-led hiring transformation. With IvyCap's support, we're poised to scale this globally." The company's offerings operate on a business-to-business software-as-a-service model. Enterprises subscribe to the platform to automate and streamline recruitment processes, reduce time-to-hire, and improve overall efficiency. TurboHire's client base includes over 120 organisations such as Cipla, Tata Motors, PwC, Lenskart, Britannia, RPG Group, Motilal Oswal Group, and Ola. Vikram Gupta, Founder and Managing Partner, IvyCap Ventures, added, "TurboHire is not just solving a business problem—it's redefining how enterprises approach talent acquisition in an AI-first world. Their ability to serve large, complex organisations with a configurable, outcome-oriented platform is impressive. With a strong product-market fit, growing global demand, and a future-ready tech stack, we believe TurboHire is well-positioned to lead the next wave of intelligent hiring transformation." With its new funding, TurboHire aims to continue building its capabilities and expanding its reach in the global market. The company's focus remains on delivering technology that enables organisations to treat hiring as a strategic advantage in an increasingly digital business landscape.
