Oil falls on worries over Opec+ supply, US jobs data
HOUSTON: Oil prices US$2 a barrel on Friday because of jitters about a possible increase in production by Opec and its allies, while a weaker-than-expected US jobs report fed worries about demand.
Brent crude futures settled at US$69.67 a barrel, down US$2.03, or 2.83%. US West Texas Intermediate crude finished at US$67.33 a barrel, down US$1.93, or 2.79%.
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The Star
24 minutes ago
- The Star
US-India tensions cast doubt on future of Quad, as well as possible Trump visit
As trade tensions between Washington and New Delhi escalate, an anticipated high-profile visit of US President Donald Trump to India this fall is now clouded by uncertainty. The rift that is testing a relationship between what their diplomats sometimes tout as the world's oldest and largest democracies is not only weakening bilateral ties, but also casting doubt on the future of a critical Indo-Pacific bloc aimed at countering China's growing influence in the region. The White House has been pressing India for substantive 'deliverables' the 'America first' president could announce during the trip, planned for the Quad leaders' summit in September or October, according to a person familiar with preparations for a summit. Initially, both sides had aimed to finalise a comprehensive trade agreement to coincide with the visit to give the occasion strategic and political momentum. However, the source said that without a trade breakthrough, it is increasingly unlikely that Trump will make the trip. The Quad, which also includes Japan and Australia, was formed in 2004 but remained dormant until 2017. Resurrected by Trump in his first term, the alliance was enthusiastically embraced by former US president Joe Biden as part of his Indo-Pacific strategy. Under Biden, the bloc was elevated to leaders' level in 2021. Trump threatened to 'substantially' increase tariffs for India in the 'next 24 hours' on Tuesday, after having berated India in recent days for making 'massive' oil purchases from Russia. According to another person familiar with Indian thinking, Trump's attacks have left New Delhi 'bitter'. During the five rounds of talks between April 2 and July, New Delhi had sought 'preferential' trade treatment because of its status as a reliable partner to the US in the Indo-Pacific as the Biden administration portrayed India as a democratic regional counterweight to China. However, Trump has remained firm in his demand for full market access, showing little willingness to acknowledge New Delhi's strategic role in countering Beijing's influence, slapping Indian imports with 25 per cent tariffs. Experts say a breakdown in US-India trade negotiations, coupled with potential cancellation of Trump's New Delhi visit, could hand Beijing a strategic Indo-Pacific win. Lisa Curtis, who served as deputy assistant to the president and senior director for South and Central Asia during Trump's first term from 2017 to 2021, said that Trump was 'ignoring the bigger geopolitical picture and the larger challenges to US national security' because of his 'narrow' focus on tariffs and trade balance. Curtis, now director of the Indo-Pacific Security Program at the Center for New American Security in Washington, said 'the security imperative to counter growing Chinese military power and influence requires the United States to draw countries like India into a closer embrace with the United States, not pick fights to try to gain better market access.' She described the Quad as an effective mechanism to promote activities and policies in the Indo-Pacific that support US interests, such as countering Chinese economic and military coercion, adding that 'if US-India trade talks break down and Trump cancels his visit to India, this would be a clear win for China.' 'The first Trump administration successfully elevated the US-India relationship and built strategic trust and confidence in the relationship. The second Trump administration's lack of strategic perspective on US-India ties threatens to undermine that progress,' Curtis said. According to Wendy Cutler, a former American diplomat and trade negotiator, the growing trade friction between Washington and New Delhi 'calls into question the timing of a Quad Leaders' meeting' and is 'not helpful as preparations are being discussed'. 'The prospect of announcing the successful conclusion of a bilateral trade agreement undoubtedly made a visit to India by the President more compelling than just a Quad Leaders' meeting,' said Cutler, now vice-president of the Asia Society Policy Institute, a Washington think tank. She added that India and other US trading partners were aware of Trump's fixation with trade and tariffs and there was hope that 'over time issues on strategic cooperation will move to the forefront'. Christopher Clary, a political science professor at the State University of New York's University at Albany, said the Quad is 'less important now for Washington than it was in the Biden administration or the first Trump term'. He said the bloc remains useful to have a 'frequent gathering of the most economically and militarily capable democracies in Asia,' and that if Quad members do not align their strategies 'China will have greater room to enhance its global and regional influence'. Curtis said it is possible the US and India could still conclude a trade deal by September to pave the way for a Trump visit to India in the autumn. 'The prospects for a deal at the moment, however, look somewhat bleak,' she said, adding that Trump's repeated criticisms of India are 'backing Prime Minister [Narendra] Modi into a corner, making it increasingly difficult for him to be seen as making concessions.' According to Manjari Chatterjee Miller, a senior fellow for India, Pakistan and South Asia at the Council on Foreign Relations, a think tank in New York, 'unless Modi and Trump can reach an agreement, this is an incredibly destabilising moment for the US-India relationship, and recovery will be difficult'. She said 'the last thing India wants is for a strong Russia-China relationship to develop at India's expense', adding that the US administrations over the past decade typically overlooked the Russia factor to build a strong relationship with India. 'China indeed could benefit from a tense US-India relationship,' Miller added. - SOUTH CHINA MORNING POST
The Star
24 minutes ago
- The Star
Asian streaming giant iQiyi seeks US$300mil for Hong Kong listing set for this year
HONG KONG (Bloomberg): IQiyi Inc is seeking to raise US$300 million for a listing in Hong Kong this year, potentially becoming the latest US-listed Chinese firm to tap investors closer to home. The Netflix-style streaming service, owned by Baidu Inc., has begun discussions with global banks about a second listing in the city, people familiar with the matter said, asking to remain anonymous discussing a private deal. IQiyi's US stock rose as much as 6% but pared gains to close little changed in New York. IQiyi, which hosts a plethora of content from Chinese period dramas to blockbuster Hollywood films, joins the likes of Contemporary Amperex Technology Co. Ltd. in exploring a second listing in Hong Kong. The company vies with Tencent Holdings Ltd. and Alibaba Group Holding Ltd. to rank among the biggest video-streaming platforms in China, with an estimated 400 million-plus monthly active users. Negotiations around a listing are fluid and iQiyi may still reconsider. A company spokesperson didn't provide comment when reached by Bloomberg News. If it goes ahead, the Chinese firm will join a wave of listings that've fueled Hong Kong's revival this year. They helped the city reclaim its standing as the world's second-largest market for share sales for the first time since 2012, reversing a years-long slump following the Covid-19 pandemic. Loosening regulations helped. Chinese companies have propelled that trend - mostly, like CATL, mainland-listed firms. For US-listed Chinese firms such as iQiyi, Donald Trump's return to the White House this year has revived the threat of their stock getting delisted in America, with his administration seeking to determine if they are meeting auditing standards covered by the Holding Foreign Companies Accountable Act. A 2020 US law empowered the Securities and Exchange Commission to order the delisting of Chinese firms if the regulator was unable to inspect their audits for two consecutive years. The legislation was passed after the accounting practices of US-listed companies headquartered in mainland China and Hong Kong became a flash point during the first Trump presidency. The concerns were considered resolved in 2022 after US officials said they'd gained sufficient access to review audit documents. Analysts have speculated that companies like iQiyi and PDD Holdings Inc. would consider the idea of a market debut on friendlier ground. Before the pandemic, companies such as Alibaba and Baidu successfully debuted in Hong Kong after initial public offerings in the US. -- ©2025 Bloomberg L.P.
The Star
24 minutes ago
- The Star
DPM Zahid to represent Malaysia at Singapore National Day parade 2025 from Aug 9-10
Malaysian Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi. - Photo: Bernama PUTRAJAYA (Bernama): Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi will undertake a two-day working visit to Singapore from Saturday to Sunday (Aug 9-10), where he will represent the Malaysian government at the Singapore National Day Parade 2025. In a statement on Friday, the Malaysian Foreign Ministry said the visit is being made at the invitation of the Government of Singapore. Ahmad Zahid, who is also the Minister of Rural and Regional Development, is also scheduled to pay a courtesy call on Singapore's Prime Minister Lawrence Wong and hold a meeting with his counterpart, Deputy Prime Minister and Minister for Trade and Industry of Singapore, Gan Kim Yong. The meetings are expected to take stock of bilateral cooperation and discuss matters of mutual interest to strengthen the existing relationship between the two countries. "This visit underscores the close and longstanding bilateral relations between Malaysia and Singapore. As immediate neighbours and key Asean members, both countries enjoy robust and multi-faceted cooperation,' read the statement. This year marks the 60th anniversary of the establishment of diplomatic relations between Malaysia and Singapore. In 2024, Singapore was Malaysia's second-largest trading partner globally and the largest among Asean Member States, with a total trade of approximately RM396.22 billion (US$86.69 billion). From January to March this year, total bilateral trade increased by 12.2 per cent to RM97.93 billion (US$22.00 billion). - Bernama
