Trump administration said to discuss taking 10% in Intel, Bloomberg News reports
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
18 minutes ago
- CNA
Oil prices settle higher as investors focus on Trump-Zelenskiy meeting
NEW YORK :Oil prices settled 1 per cent higher on Monday after talks between U.S. President Donald Trump and his Ukrainian counterpart in the wake of an inconclusive U.S.-Russia summit in Alaska on Friday. Brent crude futures settled 75 cents, or 1.14 per cent, higher at $66.60 a barrel. U.S. West Texas Intermediate crude gained about 62 cents, or 0.99 per cent, to $63.42. Last week, Brent eased by 1.1 per cent while WTI dropped 1.7 per cent. Trump and Ukrainian President Volodymyr Zelenskiy met on Monday at the White House to discuss a path to ending Russia's war in Ukraine. Speaking to reporters in the Oval Office with Zelenskiy seated beside him, Trump expressed hope that Monday's summit could eventually lead to a trilateral meeting with Russian President Vladimir Putin, adding that he believes Putin wants the war to end. Trump told Ukraine on Monday to give up hopes of getting back annexed Crimea or joining NATO, emerging more aligned with Moscow on seeking a peace deal instead of a ceasefire first after his meeting with Putin on Friday. "I don't try to speculate on the outcome," said UBS analyst Giovanni Staunovo. "Now the market's focus is whether a date for the trilateral meeting will be announced." The Alaska summit ended with no agreement to resolve or pause the war, though Trump emerged from talks more aligned with Moscow on seeking a peace deal rather than a ceasefire first. Ukraine on Monday stepped up attacks on Russia's energy infrastructure. Its drones struck an oil pumping station in Russia's Tambov region, leading to the suspension of supplies via the Druzhba pipeline, providing some support to oil prices. Meanwhile, White House trade adviser Peter Navarro said India's purchases of Russian crude were funding the war in Ukraine and had to stop, reviving concerns about supply flows. "India acts as a global clearinghouse for Russian oil, converting embargoed crude into high-value exports while giving Moscow the dollars it needs," Navarro said. Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova, said: "The U.S. adviser's sharp words on India's Russian crude imports, paired with postponed trade talks, revive concerns that energy flows remain hostage to trade and diplomatic frictions, even as peace prospects in Ukraine brighten." Investors are also watching for clues on U.S. interest rates from Federal Reserve Chairman Jerome Powell's comments at this week's Jackson Hole meeting. Elsewhere, Hamas agreed to a 60-day ceasefire proposal with Israel that includes the release of half the hostages held in Gaza and Israel's release of some Palestinian prisoners, an Egyptian official source said on Monday.
CNA
31 minutes ago
- CNA
Dollar gains as Trump hosts Ukraine talks
NEW YORK :The dollar gained on Monday as U.S. President Donald Trump hosted talks on ending Russia's war in Ukraine, and traders pared bets on a September rate cut before a speech on Friday by Federal Reserve Chair Jerome Powell. Trump met with Ukrainian President Volodymyr Zelenskiy on Monday before holding talks with the leaders of Britain, Germany, France, Italy, Finland, the European Union and NATO. Trump said that the United States would "help out" Europe in providing security for Ukraine as part of any deal to end the war in Ukraine and expressed hope that Monday's summit could eventually lead to a trilateral meeting with Russian President Vladimir Putin, adding that he believes Putin wants the war to end. Traders are also focused on Powell's appearance later this week at the U.S. central bank's annual economic policy symposium in Jackson Hole, Wyoming, for any new indications on whether a rate cut is likely next month. Powell has said he is reluctant to cut rates on expectations that Trump's tariff policies will lead to higher inflation this summer. Traders pared bets on a cut at the Fed's September 16-17 meeting after producer price inflation was hotter than expected in July. They had ramped up bets on a cut after consumer price inflation data for last month showed limited pass through from the trade levies. Fed fund futures traders are now pricing in a 83 per cent probability of a September rate cut, after last week briefly fully pricing in a move. Powell is unlikely to lock himself into a monetary path before seeing August's round of data. 'I don't think that he can be definitive after being so cautious for so long. But I do think he has a clear opening on the labor market,' said Lou Brien, strategist at DRW Trading in Chicago. 'If the labor market weakens, he can move on that without having to wait for inflation, and that has historically been the way the Fed goes. They talk tough on inflation. They react to the labor market. The last jobs number was weaker than expected, the revisions were weaker than expected, and that makes it more than one report,' Brien said. A gauge of U.S. homebuilder sentiment fell unexpectedly in August, slipping back to its lowest level in more than two-and-a-half years, data on Monday showed. The euro was last down 0.31 per cent on the day at $1.1661. Against the Japanese yen, the dollar strengthened 0.41 per cent to 147.79. Citigroup said on Monday that its U.S. dollar positioning indicator has moved from showing a small short to zero, "pointing to no notable current net investor positioning in the currency." "Conflicting leveraged and real money USD positions have led to unusually low conviction levels this August. At face value this is consistent with low realized and declining implied FX volatilities in a market that has seen no clear USD direction for nearly two months," Citi analyst Kristjan Kasikov said in a report. Sterling weakened 0.35 per cent to $1.3504.
CNA
2 hours ago
- CNA
Trump administration in talks to take 10% stake in Intel, Bloomberg News reports
The Trump administration is in talks to take a 10 per cent stake in Intel by converting some or all of the struggling company's Chips Act grants into equity, Bloomberg News reported, citing a White House official and other people familiar with the matter. Shares of Intel fell 3.8 per cent on Monday, after rallying last week on hopes of U.S. federal support. A 10 per cent stake in the American chipmaker would be worth about $10 billion. Intel has been slated to receive a combined $10.9 billion in Chips Act grants for commercial and military production, and the figure is roughly enough to pay for the government's holding, according to the Bloomberg report on Monday. Reuters could not immediately verify the report. Intel and the White House did not respond to Reuters requests for comment. Media reports said last week that the U.S. government may buy a stake in Intel, after a meeting between CEO Lip-Bu Tan and President Donald Trump that was sparked by Trump's demand for the new Intel chief's resignation over his ties to Chinese firms. Federal backing could give Intel more breathing room to revive its loss-making foundry business, analysts have said, but it still suffers from a weak product roadmap and challenges in attracting customers to its new factories. Trump, who called the meeting with Tan "very interesting," has taken an unprecedented approach to corporate interventions. He has pushed for multibillion-dollar government tie-ups in semiconductors and rare earths, such as a pay-for-play deal with Nvidia and an arrangement with rare earth producer MP Materials to secure critical minerals. Intel last year secured nearly $8 billion in subsidies, the largest outlay under the act, to build new factories in Ohio and other states as former CEO Pat Gelsinger bet on them to restore the company's manufacturing edge.
