Oil falls, set for deepest weekly loss since June
October Brent crude futures slipped 0.1%, or 11 cents, to $66.32 per barrel at 8:04 am Makkah time.
September WTI crude futures fell 0.25%, or 15 cents, to $63.73 per barrel.
The higher US tariffs on several trade partners took effect Thursday.
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ArabGT
an hour ago
- ArabGT
From Musk's Bonus to Dodge's Comeback and Mercedes' Milestone – The Week in Review
The car world never slows down — and last week proved it with a mix of game-changing deals, surprising partnerships, and milestone moments. From Tesla's massive payday for Elon Musk to Dodge bringing back the roar of gasoline power, here's your quick roundup of the stories that had everyone talking. Tesla Hands Musk a $29 Billion Reason to Stay Tesla made waves by giving CEO Elon Musk a jaw-dropping $29 billion in stock — that's 96 million new shares — if he stays in charge for at least two more years. The move comes as the company battles slowing sales, tougher competition, and political controversy around Musk. It revives a 2018 compensation deal that was overturned in court, with strings attached: he has to hold the shares for five years. Love him or hate him, Tesla's board is betting big that Musk is still the man to steer the brand toward its future of robotaxis and humanoid robots. GM and Hyundai Team Up Against the Competition In a twist no one saw coming, General Motors and Hyundai are joining forces. The two automakers will co-develop five new models for North and Latin America — SUVs, pickups, and an electric commercial van — with a production target of over 800,000 units a year by 2028. Hyundai will handle the smaller models and the van, while GM will lead on mid-size trucks. The goal? Fight back against the flood of low-cost, tech-packed Chinese EVs by sharing costs, expertise, and speed to market. Dodge Revives Gas-Powered Muscle with the 2026 Charger Sixpack When Dodge revealed the electric Charger Daytona last spring, it confirmed that gasoline power would remain part of the lineup. That promise takes shape with the 2026 Charger Sixpack — the brand's bold return to ICE muscle after shifting focus to EVs. Priced from $51,990, nearly $10,000 less than the electric Daytona, the Sixpack is driven by a 3.0-liter twin-turbo inline-six 'Hurricane' engine producing up to 550 hp and 720 Nm of torque. It may not replicate the thunderous soundtrack of the old Hemi V-8, but it delivers serious punch, backed by standard all-wheel drive, a drift mode, and styling that fuses classic Charger attitude with modern tech. It's a clear signal that Dodge isn't ready to let the American muscle era fade quietly. Ford Everest 2025 – Tested for the Middle East The third-generation Ford Everest has been put through its paces in a full test drive. Built on the tough T6 platform, it blends serious off-road chops with everyday comfort — think seven seats, a towering 12-inch vertical touchscreen, Bang & Olufsen audio, and a 296 hp 2.3-liter EcoBoost turbo engine paired to a 10-speed automatic. It's clearly gunning for big names like the Toyota Fortuner, offering a mix of durability, tech, and family-friendly space. Mercedes G-Class Hits the 600,000 Mark Mercedes-Benz's legendary G-Class has reached a major milestone: 600,000 units produced since 1979. The milestone model? A fully electric G580 EQ in Volcano Black metallic, fresh off the Graz, Austria production line. Even after four decades, the G-Class still combines its unmistakable boxy shape with serious off-road ability and a staggering range of custom options — over 90% of buyers personalize their G through the MANUFAKTUR program.
Arab News
5 hours ago
- Arab News
India braces for economic, geopolitical impact of Trump's new tariffs
New Delhi: India is bracing for the impact of new US tariffs, with experts warning of the economic and political consequences of an unprecedented duty on exports, marking one of the highest tariffs the US has ever imposed on a major trading partner. In an unexpected move last week, US President Donald Trump imposed an additional 25 percent tariff on Indian goods, citing New Delhi's purchases of Russian oil. His Deputy Chief of Staff Stephen Miller said the oil imports amounted to 'financing' Russia's invasion of Ukraine. The move increased the total duty on Indian exports to 50 percent. While India's Ministry of External Affairs vowed to 'take all actions necessary to protect its national interests,' experts do not see much room for negotiations, as the tariff regime is set to take effect next month. 'It will have economic repercussions if things are not changed. Fifty percent is a lot, and it will affect us. Right now, there is an exemption for pharmaceuticals, but in other areas, there will be an impact,' Manoj Joshi, distinguished fellow at the Observer Research Foundation, told Arab News. 'We don't have much leverage. We don't have many options. The US is the one taking these actions, so unless and until the US withdraws these taxes, there is not much India can do.' The US and India have been in tariff talks since the beginning of the year, in the wake of the US ongoing global tariff campaign. Prime Minister Narendra Modi made a personal visit to Washington, D.C., in February to meet Trump and discuss strengthening bilateral ties, trade relations, and the procurement of new US weapons and aircraft. In April, the Trump administration imposed a 25 percent reciprocal tariff on Indian goods in response to India's continued purchases of Russian oil and to rectify trade imbalances. A new deal was expected in July, but Trump did not approve it, leading to a breakdown in talks. The US threatened to increase tariffs on India if it were not given broader access to several key sectors, including automobiles, steel, aluminum, and dairy products — a concession New Delhi resisted. 'India is not going to compromise on agriculture and dairy products. India will find it very difficult to stop buying Russian oil. There is not much room for any kind of concessions from India's side,' Joshi said. The US is India's largest export market, accounting for 18 percent of its exports and 2.2 percent of its gross domestic product. The latest estimates by Indian economists suggest that the new tariff could reduce GDP by 0.2 to 0.8 percentage points. It could also have an impact on India's global standing. After emerging as a new superpower when it hosted the G20 Summit in 2023 and over the past few years betting everything on its strategic partnership with the US, India may now be forced to recalibrate its relations, including with its rival China. India is a member of the QUAD — Quadrilateral Security Dialogue — a forum that also includes the US, Japan, and Australia and focuses on regional security and cooperation in the Indo-Pacific region. India's engagement with the bloc has increased in recent years, shifting from its earlier engagement with BRICS — a grouping that includes also Brazil, Russia, China, and Indonesia, and is the most powerful geopolitical forum outside of the Western world, accounting for 45 percent of the world's population and 35 percent of its economy. In the wake of tensions with the US, Modi is expected to visit China for a summit of the multilateral Shanghai Cooperation Organization and meet Chinese President Xi Jinping in late August. This will be his first official trip to China in over six years. The last visit took place before the 2020 Galwan Valley border clashes, which significantly strained India-China ties. Modi's office said on Saturday that he had invited Vladimir Putin to visit Delhi by the year's end. It would be the Russian president's first trip to India since December 2021. 'Consequences would be there so long as Trump is there. But the whole episode has exposed the leadership of India,' said Mohan Guruswamy, policy analyst specializing in economic and security issues. 'India has been ignoring its traditional allies. It has been pursuing QUAD and trying to appease the US, forgetting China and Russia. It has been pursuing the US and calling them strategic allies, and now the US has given it a shock.'
Al Arabiya
13 hours ago
- Al Arabiya
White House crypto adviser Bo Hines announces exit
Bo Hines, who headed Republican President Donald Trump's Council of Advisers on Digital Assets, said on Saturday he was leaving his current role and returning to the private sector. Late last month, a cryptocurrency working group led by Hines and including several administration officials outlined the Trump administration's stance on market-defining crypto legislation and called on the US securities regulator to create new rules specific to digital assets. Shortly after taking office in January, Trump had ordered the creation of the crypto working group and tasked it with proposing new regulations, making good on his campaign promise to overhaul US crypto policy. 'Serving in President Trump's administration and working alongside our brilliant AI & Crypto Czar @DavidSacks as Executive Director of the White House Crypto Council has been the honor of a lifetime,' Hines said in a post on X on Saturday. Sacks, the White House AI czar, praised Hines in response to the post announcing his departure. Hines has twice unsuccessfully run for Congress in North Carolina. Trump last month signed a law to create a regulatory regime for dollar-pegged cryptocurrencies known as stablecoins, a milestone that could pave the way for the digital assets to become an everyday way to make payments and move money. Hines was a backer of that legislation, dubbed the GENIUS Act.
