Drones attack Iraqi Kurdistan oilfields for fourth day
These are the first such attacks on oilfields in the region and coincide with the first in seven months on shipping in the Red Sea by Iran-aligned Houthi militants in Yemen.
Thursday's strike hit an oilfield operated by Norway's DNO (DNO.OL), opens new tab in Tawke, in the Zakho area, the region's counter-terrorism service said.
It was the week's second strike on a site operated by DNO, which operates the Tawke and Peshkabour oilfields in the Zakho area that borders Turkey.
DNO did not immediately reply to a Reuters request for comment.
No group has claimed responsibility for four consecutive days of attacks, but security officials told Reuters the drones came from areas controlled by Iran-backed militias.
No casualties have been reported but oil output in the semi-autonomous Kurdistan region has been slashed by 140,000 to 150,000 barrels per day (bpd), two energy officials said.
That is over half the region's normal output of about 280,000 bpd.
Iran backs militant groups that are part of the Islamic Resistance in Iraq, a collection of about 10 hardline Shi'ite armed factions that command about 50,000 fighters and arsenals.
They have claimed responsibility for dozens of missile and drone attacks on Israel and U.S. forces in Iraq and Syria since the Gaza war erupted in 2023.
U.S.-based Hunt Oil operates the Ain Sifni oilfield in the Dohuk region, which was attacked on Wednesday.
Hunt Oil said no workers were injured but that it had shut down its facilities to assess damage.
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Trump says US, India still negotiating after 25% US tariff threat
WASHINGTON/NEW DELHI, July 30 (Reuters) - President Donald Trump said on Wednesday the United States is still negotiating with India on trade after announcing earlier in the day the U.S. will impose a 25% tariff on goods imported from the country starting on Friday. The 25% tariff, as well as an unspecified penalty announced by Trump in a morning social media post, would strain relations with the world's most populous democracy. Later at the White House, the Republican president indicated there was wiggle room. "They have one of the highest tariffs in the world now, they're willing to cut it very substantially," Trump told reporters. "We're talking to India now - we'll see what happens ... You'll know by the end of this week." The 25% figure would single out India more severely than other major trading partners, and threatens to unravel months of talks between the two countries, undermining a strategic partner of Washington's and a counterbalance to China. The White House had previously warned India about its high average applied tariffs - nearly 39% on agricultural products - with rates climbing to 45% on vegetable oils and around 50% on apples and corn. "While India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country," Trump wrote in a Truth Social post. "They have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE — ALL THINGS NOT GOOD!" In response, the Indian government said in a statement that it was studying the implications of Trump's announcements and remained dedicated to securing a fair trade deal with the U.S. "India and the U.S. have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement over the last few months. We remain committed to that objective," it said. Russia continued to be the top oil supplier to India during the first six months of 2025, making up 35% of overall supplies. The United States, the world's largest economy, currently has a $45.7-billion trade deficit with India, the fifth largest. White House economic adviser Kevin Hassett said Trump has been frustrated with the progress of trade talks with India and believed the 25% tariff announcement would help the situation. Hassett said more information on an additional penalty would be made "shortly." The new U.S. tax on imports from India would be higher than on many other countries that struck deals with the Trump administration recently. Vietnam's tariff is set at 20% and Indonesia's at 19%, while the levy for Japan and the European Union is 15%. "This is a major setback for Indian exporters, especially in sectors like textiles, footwear, and furniture, as the 25% tariff will render them uncompetitive against rivals from Vietnam and China," said S.C. Ralhan, president of the Federation of Indian Export Organisation. U.S. and Indian negotiators have held multiple rounds of discussions to resolve contentious issues, particularly over market access into India for U.S. agricultural and dairy products. In its latest statement, India said it attached the utmost importance to protecting and promoting the welfare of its farmers, entrepreneurs, and small businesses. "The government will take all steps necessary to secure our national interest, as has been the case with other trade agreements," it said. The setback comes despite earlier commitments by Prime Minister Narendra Modi and Trump to conclude the first phase of a trade deal by autumn and expand bilateral trade to $500 billion by 2030, from $191 billion in 2024. Since India's short but deadly conflict with arch South Asian rival Pakistan, New Delhi has been unhappy about Trump's closeness with Islamabad and has protested, which cast a shadow over trade talks. "Politically, the relationship is in its toughest spot since the mid-1990s," said Ashok Malik, partner at advisory firm The Asia Group. "Trust has diminished. President Trump's messaging has damaged many years of careful, bipartisan nurturing of the U.S.-India partnership in both capitals." Besides farm products access, the U.S. had flagged concerns over India's increasingly burdensome import-quality requirements, among its many non-tariff barriers to foreign trade, in a report released in March. The new tariffs will impact Indian goods exports to the U.S., estimated at around $87 billion in 2024, including labour-intensive products such as garments, pharmaceuticals, gems and jewelry, and petrochemicals.
Reuters
26 minutes ago
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Adidas may hike prices, warns of US consumer hit from tariffs
LONDON, July 30(Reuters) - Sportswear brand Adidas ( opens new tab warned on Wednesday that it may have to hike prices in the United States, after reporting U.S. tariffs would add around 200 million euros ($231 million) to costs in the second half. Shares in Adidas dropped 11% in their worst day since U.S. President Donald Trump unveiled higher tariffs in April, bringing the stock's losses since the start of this year to 26%. Adidas said uncertainty over trade was holding it back from increasing its annual guidance, and it had not yet decided on possible U.S. price increases to mitigate the impact. On a call with analysts, CEO Bjorn Gulden emphasised that the final tariff levels were still not known, but said he was concerned about the knock-on impact of higher prices on U.S. consumer demand. "What I'm mostly worried about, to be honest, is not only the cost but it's what is going to be the consumer reaction in the market with all these price increases that I think will come not only in our sector, but in general in the U.S.," said Gulden. "Should we get mega inflation in the U.S., things will happen on the demand side, then of course volumes will go down." Adidas will review its pricing and decide which products it could hike prices on in the U.S. once tariffs are finalised, Gulden said, declining to say how much prices might increase. "We will try to keep the prices on known models (stable) as long as we can, and then do new pricing on product that hasn't existed before," he said. Adidas sales increased 2.2% in euro terms to 5.95 billion euros ($6.9 billion) in the second quarter, lower than analysts' average estimate of 6.2 billion euros, according to data compiled by LSEG. The shortfall will likely fuel concerns that, after a run of very strong sales growth fuelled by its trendy three-striped multicoloured Samba and Gazelle shoes, Adidas is losing momentum. "For investors to view this as a temporary setback, the company will need to deliver a reassuring message regarding the outlook for H2 and the early 2026 order book," UBS analyst Robert Krankowski said in a note to clients. The U.S. earlier this month announced a 20% levy on many Vietnamese exports and a 19% tariff on goods from Indonesia - Adidas' two biggest sourcing countries which produce 30% and 23% respectively of Adidas products sold in the U.S. Footwear imports into the U.S. already faced tariffs before Trump, and the new duties mean tariffs on footwear from Vietnam have gone up to 46%, from 26%, and from Indonesia to 43% from 24%, Gulden said. Like many other sportswear companies, including Puma , Adidas has been frontloading product shipments into the U.S. ahead of tariffs, driving its inventories up 16% to 5.26 billion euros at the end of June. Despite the impact of tariffs, Gulden said the U.S., which accounts for around a fifth of Adidas sales, is still a key market. "We want to grow and we are also willing to over-invest in the U.S. to double the business," he said on the call. Higher tariffs already had a "double-digit" million euro impact on Adidas' second quarter, and a weaker dollar and weaker Chinese yuan took 300 million euros off quarterly sales. Quarterly operating profit, however, reached 546 million euros, ahead of analysts' expectations for 520 million. Adidas said "lifestyle" revenues - from sneakers and casual clothing - grew 13%, helped by cow print, leopard print and metallic versions of its SL72 and Samba sneakers. A merchandise collaboration with rock group Oasis for its reunion tour has also boosted sales, Gulden said. ($1 = 0.8651 euros)
Reuters
an hour ago
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China calls for more engagement with US, warns against confrontation
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