Oil prices steady on solid job market, tariff uncertainty
were little changed on Friday as a solid job market bolstered the case for the U.S. Federal Reserve keeping interest rates on hold, with investors also awaiting clarity on President Donald Trump's plans for tariffs on various countries.
Brent crude futures
rose 1 cent, or 0.01%, to $68.81 a barrel by 0036 GMT, while U.S. West Texas Intermediate crude firmed 3 cents, or 0.04%, to $67.03.
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Trade was thinned by the U.S. Independence Day holiday.
The U.S. labour market receded as a risk when new data on Thursday showed that American firms added a more-than-expected 147,000 jobs in June and the unemployment rate unexpectedly fell to 4.1% - signs the economy remained resilient despite the turbulence and uncertainty over how big tariffs will be.
President Trump said Washington will start sending letters to countries on Friday specifying what tariff rates they will face on goods sent to the United States, a clear shift from earlier pledges to strike scores of individual deals.
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Trump told reporters before departing for Iowa on Thursday the letters would be sent to 10 countries at a time, laying out tariff rates of 20% to 30%.
Trump's 90-day pause on higher U.S. tariffs ends on July 9, and several large trading partners have yet to clinch trade deals, including the European Union and Japan.
Keeping prices in check, however, OPEC+, the world's largest group of oil producers, is set to announce an increase of 411,000 barrels per day in production for August as it looks to regain market share, four delegates from the group told Reuters.
The U.S. also imposed sanctions on Thursday against a network that smuggles Iranian oil disguised as Iraqi oil and on a Hezbollah-controlled financial institution, the Treasury Department said.
Barclays on Thursday said it raised its Brent oil price forecast by $6 to $72 per barrel for 2025 and by $10 to $70 a barrel for 2026 on an improved outlook for demand.
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Business Standard
21 minutes ago
- Business Standard
Democrats see Trump's big bill as key to comeback. But it won't be easy
It is big and it is beautiful, says President Donald Trump. But for many Democratic leaders, the tax break and spending cut package adopted by Trump's Republican allies in Congress Thursday represents the key to the Democratic Party's resurgence. Even before the final vote was tallied, Democratic officials were finalising ambitious plans for rallies, voter registration drives, attack ads, bus tours and even a multiday vigil all designed to highlight the most controversial elements of Trump's big beautiful bill: the deep cuts to the nation's safety net that will leave nearly 12 million more Americans without health coverage and millions of others without food assistance, according to the nonpartisan Congressional Budget Office. Indeed, in political battlegrounds across Alaska and Iowa, Pennsylvania and California, Democrats have already begun to use Trump's bill to bludgeon their Republican rivals. Democrats are promising that the package Trump's biggest domestic policy achievement to date will be the defining issue of every major election between now and next fall's high-stakes midterms. One thing is abundantly clear: Republicans own this mess and it's an albatross around their necks heading into the midterms, Democratic National Committee Chair Ken Martin told The Associated Press. This is the least popular legislation in modern history, and the more voters learn about it, the more they hate it. That's a clear directive for Democrats -- we're going to make sure every single voter knows who is responsible. Even with early public opinion on their side, however, it's far from certain that the Republican budget bill will be the political winner Democrats hope. The Democratic brand remains deeply unpopular, the party has no clear leader, its message is muddled and core elements of the Democratic base are frustrated and drifting. Some of the bill's changes won't take effect until after the 2026 midterms, so voters may not have felt the full impact by the time they vote. At the same time, it's unclear how many voters are paying attention to the Washington-based debate. The Democratic super PAC Priorities USA warned this week that Democrats must work harder if they want their message to break through the polarised media environment. We can't just assume that because we're angry that the voters that we need to communicate with are angry. Everyone needs to step up and realise the enormous challenge that's in front of us, Executive Director Danielle Butterfield said. We're nowhere near a good starting place. At its core, the bill's priority is USD 4.5 trillion in tax breaks enacted in Trump's first term that would expire if Congress failed to act, along with new ones. This includes allowing workers to deduct tips and overtime pay. The package includes USD 1.2 trillion in cutbacks to Medicaid and food stamps and a massive rollback of green energy investments. The nonpartisan Congressional Budget Office estimates the package will add USD 3.3 trillion to the deficit over the decade. Democrats in Congress were united against the bill, and even some Republicans expressed concerns. But ultimately, Trump persuaded the conservative holdouts to fall in line. Democrats' challenge on display Privately, some Democrats conceded that Republicans were smart to pass the bill on the eve of a holiday weekend when fewer voters would be paying attention. And as some Democrats in Washington predicted a fierce political backlash across America, the response was somewhat muted Thursday at a Democratic event in Iowa, barely 10 miles from the Iowa State Fairgrounds where Trump later drew thousands for an evening rally. An audience of roughly 100 people listened as local Democratic officials railed against the legislation and called on voters to oust Republican Rep. Zach Nunn, the local congressman, for supporting it. Audience member Michael Rieck, 69, said Iowa Democrats left him a message about the rally, but when he went online to learn more, there was nothing. I texted back to them that I didn't see any advertisement, he said. They slowly corrected that. I'm still not impressed with what they did to advertise this event. Rieck said he wants to see different factions of the party better coordinate their message. Meanwhile, progressive activists were moving through Minnesota in a big green bus as part of Fair Share America's 29-stop stop the billionaire giveaway tour. The group is focused on Republican-led congressional districts where elected officials have largely stopped having in-person town halls with constituents. Fair Share Executive Director Kristen Crowell said the crowds, even some Trump supporters, have been receptive. Still, she acknowledged many people don't know what's in the bill. We know we're fighting upstream, she said. But when people hear exactly what's in this bill, they're adamantly opposed. I mean, I can tell you, in 17 stops, I've not had one person come up to me and say, You are on the wrong side of this.' What the polls say The GOP's bill is generally unpopular, according to polling conducted throughout the month of June, although some individual provisions are popular. For example, a Washington Post/Ipsos poll found that majorities of US adults support increasing the annual child tax credit and eliminating taxes on earnings from tips, and about half support work requirements for some adults who receive Medicaid. On the other hand, the poll found that majorities oppose reducing federal funding for food assistance to low-income families and spending about USD 45 billion to build and maintain migrant detention centers. The price tag could be a sticking point. About 6 in 10 US adults in the poll said it was unacceptable that the bill is expected to increase the US national debt, currently at USD 36 trillion, by about USD 3 trillion over the next decade. But polling indicates that most Americans aren't paying attention to the nuances of the bill, either. The Washington Post/Ipsos poll found that only about one-third of US adults have heard a great deal or a good amount about it. Democrats are planning a summer of organising The Democratic National Committee and its allies plan an organising summer that will feature town halls, training and voter registration drives in at least 35 competitive congressional districts. The message will be focused heavily on Trump's bill. Democratic groups also are expected to unveil a new round of digital attack ads targeting vulnerable Republicans in the coming days. Kansas Gov. Laura Kelly, who leads the Democratic Governors Association, said her party must keep the bill's contents at the forefront of people's minds to ensure it's an issue in the 2026 midterm elections and even the next presidential election in 2028. We'll just have to keep that on the radar, she said. Meanwhile, progressive groups are planning a Family First day of action for July 26 in all 50 states. They'll highlight vulnerable Americans hurt by the new Medicaid cuts and hold a 60-hour vigil at the US Capitol. Because people call Medicaid something different in every state, a lot of people didn't realise until this very moment that their health care was at stake, said one of the Family First organizers, Ai-jen Poo, president of the National Domestic Workers Alliance. We have made a promise to each other and to future generations that there will be a safety net in place when we need it. And this is what's being ripped away. And people will not stand for it.
Time of India
22 minutes ago
- Time of India
Super Su-30: India plans Rs 60,000 crore booster for its main fighter jet. From radars to missiles, here's what it'll get
India is speeding up efforts to modernise its air combat fleet as tensions with Pakistan and China remain high. The Indian Air Force (IAF) currently has only 31–32 operational fighter squadrons, far below the sanctioned strength of 41–42. Each squadron has about 18 fighter jets and two trainers. To close this gap, the Defence Ministry is focusing on acquiring new aircraft and upgrading the existing Su-30MKI fleet under the "Super-30" project. Su-30MKI to be upgraded for future needs The Su-30MKI is the IAF's main combat aircraft. Developed jointly with Russia, it is a 4.5-generation jet. India currently operates 272 Su-30MKIs. Under the Super-30 project , 84 of these jets are reportedly being planned for an upgrade over the next 3–4 years. The upgrade is expected to cost between $2.4 and $7.8 billion (₹66,829 crore), as reported by India Defense News. These upgrades aim to extend the operational life of the aircraft until 2055. Twelve Su-30MKIs have been lost in crashes. The government has asked Hindustan Aeronautics Limited (HAL) to produce 12 more to replace these losses, at a cost of ₹13,500 crore. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Scientists: Tinnitus? When tinnitus won't go away, do this (Watch) Hearing Magazine Undo What's changing in the Super-30 upgrade? Several key systems will be added or replaced in the Su-30MKI as part of the upgrade: Virupaksha radar: Developed by DRDO, this new radar is based on gallium nitride (GaN) technology and uses an active electronically scanned array (AESA) design. It can detect targets up to 300–400 km away and includes 2,400 transmit-receive modules. Live Events Digital cockpit: The aircraft will receive a modern user interface and new avionics to improve pilot awareness and onboard system coordination. Flight control system: A new 64-bit Digital Flight Control Computer will replace the older 32-bit system, enhancing flight performance and stability. Air-to-air missiles: The aircraft will be equipped with indigenous Astra Mk-2 and Mk-3 missiles, which can engage targets up to 300 km away. Russian R-37M integration: This hypersonic missile, with a 400 km range and speeds up to Mach 6, is designed for long-range air combat. Other additions include a new electronic warfare suite, improved secure communication systems, and a modern infrared search and track (IRST) system. Focus on stealth detection and future radars Air Marshal Ashutosh Dixit recently said that a photonics radar is being considered for both the Su-30MKI and Rafale fleets. 'This radar will significantly improve the aircraft's ability to identify and track stealth targets due to its advanced sensing capabilities.' Photonics radar uses light-based components, which are faster and more resistant to jamming than traditional systems. Engine choice: reliability over raw power There will be no engine upgrade as India has decided to retain the current AL-31FP engine for its Su-30MKI fleet, instead of switching to Russia's more powerful AL-41F1S engine. The AL-31FP generates 123 kN of thrust, while the AL-41F1S offers 142 kN. Addressing the broader fighter shortfall India originally planned to buy 126 medium multi-role combat aircraft (MMRCA) but ended up purchasing only 36 Rafales. Former Air Chief Marshal R.K.S. Bhadauria had said, 'The IAF needs around 250 aircraft of Rafale-class capability to meet future operational requirements.' The indigenous Tejas Light Combat Aircraft (LCA) programme, despite facing delays due to engine supply issues, continues to be a key part of the IAF's future plans. The IAF plans to induct 352 Tejas fighters across Mk1 and Mk2 variants. A strategic upgrade in response to evolving threats The Super-30 project comes after lessons learned during the 2019 Balakot and Operation Sindoor air strikes. During the Balakot strikes, Su-30MKIs were reportedly at a disadvantage compared to Pakistan's F-16s due to inferior radar and sensors. Similar deficiencies were observed when Su-30s equipped with R-77 missiles, which have a BVR range of nearly 100 km, were found lacking against Pakistan's JF-17s equipped with PL-15E missiles, which have a range of nearly 150 km. The planned upgrades aim to address these weaknesses by improving detection range, missile reach, and combat readiness. The modernisation also boosts India's deterrence capabilities against regional rivals, especially as China and Pakistan continue to upgrade their air fleets. Preparing for the next generation India is also working on the Advanced Medium Combat Aircraft (AMCA), a fifth-generation fighter jet project led by DRDO and HAL. It will include stealth features, internal weapon storage, advanced avionics, and supercruise capability. The aim is to produce a fully indigenous next-gen fighter within the next decade.
Time of India
22 minutes ago
- Time of India
Rio to host BRICS summit wary of Donald Trump; China's Jinping to be absent
A summit of BRICS nations will convene in Rio de Janeiro on Sunday and Monday, with members hoping to weigh in on global crises while tiptoeing around US President Donald Trump 's policies. The city, with beefed-up security, will play host to leaders and diplomats from 11 emerging economies including China, India, Russia and South Africa, which represent nearly half of the world's population and 40 percent of its GDP . Brazil's left-wing President Luiz Inacio Lula da Silva will have to navigate the absence of Chinese President Xi Jinping , who will miss the summit for the first time. Beijing will instead be represented by its Prime Minister Li Qiang . Russian leader Vladimir Putin , who is facing a pending International Criminal Court (ICC) arrest warrant, will not travel to Brazil, but is set to participate via video link, according to the Kremlin. Live Events Iran's President Masoud Pezeshkian , fresh from a 12-day conflict with Israel and a skirmish with the United States , will also be absent, as will his Egyptian counterpart Abdel Fattah al-Sissi, a Brazilian government source told AFP. Tensions in the Middle East, including Israel's ongoing war in Gaza, will weigh on the summit, as well as the grim anticipation of tariffs threatened by Trump due next week. 'Cautious' "We're anticipating a summit with a cautious tone: it will be difficult to mention the United States by name in the final declaration," Marta Fernandez, director of the BRICS Policy Center at Rio's Pontifical Catholic University told AFP. China, for example, "is trying to adopt a restrained position on the Middle East", Fernandez said, pointing out that Beijing was also in tricky tariff negotiations with Washington. "This doesn't seem to be the right time to provoke further friction" between the world's two leading economies, the researcher said. BRICS members did not issue a strong statement on the Iran-Israel conflict and subsequent US military strikes due to their "diverging" interests, according to Oliver Stuenkel, an international relations professor at the Getulio Vargas Foundation. Brazil nevertheless hopes that countries can take a common stand at the summit, including on the most sensitive issues. "BRICS (countries), throughout their history, have managed to speak with one voice on major international issues, and there's no reason why that shouldn't be the case this time on the subject of the Middle East," Brazil's Foreign Minister Mauro Vieira told AFP. 'Multilateralism' However, talks on finding an alternative to the dollar for trade between BRICS members are likely dead in the water. For Fernandez, it is almost "forbidden" to mention the idea within the group since Trump threatened to impose 100 percent tariffs on countries that challenge the dollar's international dominance. Brazil, which in 2030 will host the COP30 UN climate conference, also hopes to find unity on the fight against climate change. Artificial intelligence and global governance reform will also be on the menu. "The escalation of the Middle East conflict reinforces the urgency of the debate on the need to reform global governance and strengthen multilateralism," said foreign minister Vieira. Since 2023, Saudi Arabia, Egypt, the United Arab Emirates, Ethiopia, Iran and Indonesia have joined the BRICS, formed in 2009 as a counter-balance to leading Western economies. But, as Fernandez points out, this expansion "makes it all the more difficult to build a strong consensus."
