US judge reschedules Boeing hearing seeking to end criminal prosecution
The hearing, which was previously scheduled for August 28, is now slated to take place on September 3.
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Reuters
23 minutes ago
- Reuters
Trump will meet South Korea's trade delegation, Seoul says
SEOUL, July 31 (Reuters) - U.S. President Donald Trump will meet South Korea's trade delegation, South Korea's presidential office said on Thursday, as top officials from Seoul are in Washington to cut a last-minute deal on U.S. tariffs. South Korean Finance Minister Koo Yun-cheol, Industry Minister Kim Jung-kwan and Minister for Trade Yeo Han-koo met U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer on Wednesday, according to the finance ministry. Industry and trade ministers have been in Washington since last week to reach a deal before August 1, a deadline set by Trump for 25% tariffs to kick in against South Korea, a major U.S. ally and powerhouse exporter of chips, cars and steel. Pressure has been mounting on South Korea since Japan clinched a deal to cut Trump's threatened tariffs to 15% earlier this month. Top business leaders were also reported to be flying in to help lobby for a deal on U.S. tariffs. The South Korean government is negotiating with the U.S. by setting up a package of trade and offers on industrial cooperation such as in shipbuilding, chips and batteries, officials say.
Reuters
40 minutes ago
- Reuters
US hits Iranian shipping network with major new sanctions
WASHINGTON, July 30 (Reuters) - The U.S. Treasury Department announced fresh sanctions on Wednesday on over 115 Iran-linked individuals, entities and vessels, in a sign the Trump administration is doubling down on its "maximum pressure" campaign after bombing Tehran's key nuclear sites in June. The sanctions broadly target the shipping interests of Mohammad Hossein Shamkhani, the son of Ali Shamkhani, who is himself an adviser to Supreme Leader Ayatollah Ali Khamenei. The U.S. Treasury described the move as the most significant Iran-related sanctions action since 2018, during President Donald Trump's first administration. According to Treasury, Shamkhani controls a vast network of container ships and tankers through a complex web of intermediaries that sell Iranian and Russian oil and other goods throughout the world. Treasury accused Shamkhani of using personal connections and corruption in Tehran to generate tens of billions of dollars in profits, much of which is used to prop up the Iranian regime. Overall, the new sanctions target 15 shipping firms, 52 vessels, 12 individuals and 53 entities involved in sanctions evasion in 17 countries, ranging from Panama to Italy to Hong Kong. A U.S. official said the new move would make it "much more difficult" for Iran to sell its oil, but added that the administration did not anticipate any sustained disruption to global oil markets . The official said that Iran's oil exports had already declined to around 1.2 million barrels per day, from 1.8 million bpd at the start of the year, after the administration imposed several smaller rounds of sanctions targeting Iran's oil business. "We're still engaging further action to bring that number down even more," the official said, noting that sanctions pressure during Trump's first term had cut Iran oil flows to a few hundred thousand bpd. Iran's UN mission did not immediately respond to a request for comment. China is the top buyer of Iran's oil. The European Union sanctioned Shamkhani earlier in July, citing his role in the Russian oil trade. A U.S. official said that Wednesday's action would impact both Russia and Iran, but the action was focused on Iran. "From our perspective, given where this individual fits, given his connection to the Supreme Leader and his father's previous sanctions activities, given the Iran-related authorities, it's critically important to emphasize that this is an Iran action that is meaningful and very impactful," the official said. Ali Shamkhani, Mohammad Hossein Shamkhani's father, was sanctioned by the United States in 2020. The latest sanctions announcement came as prospects for renewed U.S.-Iran diplomacy remained dim in the aftermath of the U.S. bombing of Iranian nuclear sites last month. Trump warned on Monday that he would order fresh U.S. attacks should Tehran try to restart the nuclear sites the U.S. had already struck. He also told reporters Iran has been sending out "nasty signals" and that any effort to restart its nuclear program would be immediately quashed. The United States held five rounds of talks with Iran prior to its airstrikes in June, which Trump said had "obliterated" a program that Washington and its ally Israel say is aimed at developing a nuclear bomb. Some experts have questioned the extent of the damage. Iran denies seeking a nuclear weapon. A senior White House official said last week that Washington was open to talking directly to Iran. But European and Iranian diplomats have said there is little prospect of Iran re-engaging with the U.S. at the negotiating table for now.
Reuters
41 minutes ago
- Reuters
Global stock index dips, dollar climbs as Fed's Powell holds off on Sept rate cut verdict
NEW YORK/ LONDON, July 30 (Reuters) - MSCI's global equities gauge stumbled on Wednesday while the U.S. dollar extended gains after Federal Reserve chair Powell dampened investor hopes for an interest rate cut in September, saying that it was too soon to make a decision and copper prices tumbled on hefty U.S. tariff announcements. The Fed left interest rates unchanged at the end of its two-day policy meeting and noted moderating economic growth and the central bank gave little indication of when borrowing costs might be lowered. The decision to hold rates steady drew dissents from two of the U.S. central bank's governors, both appointees of U.S. President who has been constantly berating Powell for the lack of rate cuts. The equity market reaction to the Fed's statement was muted. But stocks lost ground sharply as Powell said during a press conference that the Fed would decide on cut rates after it examines economic information in the run-up to its next gathering, in September. 'Markets wanted to hear that rate cuts were teed up for September, but received no indication of such from Powell. The President had usurped the Fed's forward guidance a little with his statements on where short term interest rates should be. Powell simply reminded markets that the FOMC sets the policy rate, not Congress and not the President, so markets needed to reprice the level of rates for the next few months,' said Jamie Cox, managing partner at Harris Financial Group. On Wall Street the Dow Jones Industrial Average (.DJI), opens new tab fell 171.71 points, or 0.38%, to 44,461.28, the S&P 500 (.SPX), opens new tab fell 7.96 points, or 0.12%, to 6,362.90 and the Nasdaq Composite (.IXIC), opens new tab rose 31.38 points, or 0.15%, to 21,129.67. MSCI's gauge of stocks across the globe (.MIWD00000PUS), opens new tab fell 2.65 points, or 0.28%, to 933.15. "As we expected, September is in play, but Powell walked back the probability of a September cut," said Tony Welch, chief investment officer at SignatureFD, adding that the Fed has two more inflation and employment reports to review before the meeting. "If inflation data moderates and growth softens, then we would expect a cut. If conditions match today – slower but positive growth and lingering inflation, then a rate cut is unlikely." In currencies, the dollar advanced further as Powell spoke. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, rose 1.01% to 99.89. The euro down 1.13% at $1.1416 while sterling weakened 0.78% to $1.3244 and the Canadian dollar weakened 0.52% versus the greenback to C$1.38 per dollar. Against the Japanese yen , the dollar strengthened 0.67% to 149.43 and against the Swiss franc , the U.S. currency strengthened 0.98% to 0.814. In the government bond market, U.S. Treasury yields added to gains due to Powell's uncertainty about a cut at the Fed's next meeting in September. The yield on benchmark U.S. 10-year notes rose 3.8 basis points to 4.366%, from 4.328% late on Tuesday while the 30-year bond yield rose 2.7 basis points to 4.8949%. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 5.9 basis points to 3.935%. Oil prices ended their session up more than 1% as investors awaited developments on Trump's tighter deadline for Russia to end the war in Ukraine and his tariff threats to countries that trade its oil. U.S. crude futures settled up 1.14%, or 79 cents at $70 a barrel and Brent closed at $73.24 per barrel, up 1.01% or 73 cents on the day. Meanwhile on the trade front, Trump had a busy day, signing an order for 50% tariffs on certain copper products as of August 1, causing U.S. Comex copper futures HGc2 to plunge 19.5%. This quickly unwound a premium over the London global benchmark that had grown in recent weeks as traders had assumed U.S. copper mines would see a financial benefit from the tariff. He also signed an order for tariffs amounting to 50% for U.S. imports from Brazil. Earlier, he had announced a 25% tariff on U.S. imports from India starting also on August 1. This was after talks between the U.S. and China concluded on Tuesday without any major breakthroughs. Elsewhere in commodities, gold prices added to losses after the Fed's rate decision and Powell's comments. The precious metal was already lower after the solid U.S. economic data. Spot gold fell 1.58% to $3,273.59 an ounce. Releases earlier in the day showed U.S. economic growth rebounded more than expected in the second quarter, but that grossly overstated the economy's health as declining imports accounted for the bulk of the improvement and domestic demand rose at its slowest pace in 2-1/2 years. And on the labor side, U.S. private payrolls increased more than expected in July, according to the ADP National Employment Report. Private payrolls rose by 104,000 jobs last month after a revised 23,000 decline in June. Economists polled by Reuters had forecast private employment increasing 75,000 following a previously reported drop of 33,000 in June.
