Goldman Sachs: Oil Outlook for Autumn Bearish
The ramp up in oil production over the summer is going to lead to a bearish market in autumn says Michele Della Vigna, Head of EMEA Natural Resources Research at Goldman Sachs. Meanwhile in the European energy markets, the rise in imported energy from China will be 'good news' as it will help push prices down and 'resolve' the energy crisis, but the question remains as to whether Europe should impose more tariffs on Chinese energy and clean-tech to make its own industry more competitive. Della Vigna spoke to Francine Lacqua on 'Bloomberg: The Pulse'. (Source: Bloomberg)
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Associated Press
22 minutes ago
- Associated Press
Hong Kong rights group shuts down after years of advocating for workers
HONG KONG (AP) — A Hong Kong group that advocated for workers rights for decades announced its shutdown abruptly on Thursday, citing financial difficulties and debt issues. China Labor Bulletin planned to stop updating its website content and appeared to have deleted Facebook and Instagram social media accounts used by the nonprofit rights organization. 'The company can no longer maintain operations and has decided to dissolve and initiate the relevant procedures,' it said in a statement on an archived web page Friday. Founded in 1994, organization maintained a database tracking workers' strikes, protests, workplace accidents and other labor rights incidents in China. As dozens of civil society groups disbanded or left Hong Kong in the wake of the 2020 Beijing-imposed national security law, China Labor Bulletin continued providing valuable resources for journalists and academics in the southern Chinese city. Critics say the drastic political changes in Hong Kong indicated the decline of Western-style civil liberties that China promised to keep intact when the former British colony returned to Chinese rule in 1997. However, Beijing and Hong Kong governments insisted the law was crucial to bring stability to the city following massive anti-government protests in 2019. China Labor Bulletin's founder Han Dongfang, a former railway worker who participated in the 1989 Tiananmen Square protests, did not immediately respond to a request for comment from The Associated Press. He told the Central News Agency of Taiwan that the shutdown was his decision and he would stay in Hong Kong. Han's decision appeared sudden to many Hong Kong civil society observers. Three weeks ago, he wrote on social media platform LinkedIn about his work anniversary and his team's progress. 'Let's keep our faith up at this abnormal time and continue our important work,' he said.
News24
32 minutes ago
- News24
Liverpool agree mammoth club-record fee to sign Wirtz
Liverpool have agreed a club-record deal worth up to £116m to sign Germany star Florian Wirtz from Bayer Leverkusen. The 22-year-old playmaker joins after leading Leverkusen to an unbeaten Bundesliga and German Cup double in 2023/24. Wirtz's arrival adds to Liverpool's attacking depth, possibly prompting forward departures to fund a move for a specialist striker. Liverpool have agreed a club-record deal worth up to £116 million ($157 million) to sign attacking midfielder Florian Wirtz from Bayer Leverkusen, it was widely reported on Friday. British media reported that the Premier League champions would pay an initial £100 million, comfortably surpassing their own record outlay, but the performance-related add-ons, if achieved, would make it a potential British record. Reports in Germany suggested the potential fee could rise to 150 million euros (£127 million, $172 million). Liverpool's total spend on the 22-year-old Germany international could surpass the £115 million Chelsea agreed to pay Brighton in 2023 for Moises Caicedo, who turned down Anfield. Midfielder Caicedo cost Chelsea an initial £100 million fee, which could rise to £115 million. Striker Darwin Nunez was Liverpool's previous record signing in 2022, although they have not paid the full £85 million as he has not met all the requirements for certain add-ons to be due. Manchester City had been keen on Wirtz but pulled out, reportedly due to the spiralling costs of the whole package. Wirtz has been hailed as one of the "best in the world" by former Bayer Leverkusen coach and ex-Liverpool midfielder Xabi Alonso, who is the new boss of Real Madrid. After largely keeping their powder dry in the transfer market during Arne Slot's first season in charge, the Reds are splashing out to strengthen a side that romped to a record-equalling 20th English top-flight title. Wirtz's Leverkusen teammate Jeremie Frimpong has already joined Liverpool while a deal for Bournemouth left-back Milos Kerkez is understood to be well-advanced. Wirtz was played a crucial role in Leverkusen's greatest season as they claimed a first-ever Bundesliga title and the German Cup in 2023/24 without losing a single game under Alonso. Their only defeat that season, during which Wirtz was crowned Bundesliga player of the year, came in the Europa League final to Atalanta, denying the Werkself a memorable treble. Bayern Munich restored their grip on the German game last season, with Leverkusen a distant second, and Wirtz is joining an exodus from the BayArena. Where Liverpool's record signing fits into Slot's plans remains to be seen. Wirtz largely played behind a central striker at Leverkusen and has operated from a wider role for Germany. A return of 57 goals and 65 assists in 197 games for Leverkusen is evidence that he carries a threat both as a creator and a goalscorer. Liverpool are already blessed with an abundance of forward options, with Mohamed Salah, Luis Diaz and Cody Gakpo all offering a goal threat. However, Diogo Jota, Darwin Nunez and Federico Chiesa now face even stiffer competition and Liverpool might sell to free up further transfer resources, with suggestions they could sign a specialist striker.
Politico
37 minutes ago
- Politico
What Goldman CEO David Solomon is thinking
Presented by Editor's note: Morning Money is a free version of POLITICO Pro Financial Services morning newsletter, which is delivered to our subscribers each morning at 5:15 a.m. The POLITICO Pro platform combines the news you need with tools you can use to take action on the day's biggest stories. Act on the news with POLITICO Pro. Quick Fix Business leaders are feeling better about President Donald Trump's agenda than they were in the aftermath of the 'Liberation Day' tariff announcements. But with major trade deals still outstanding — and key questions about future tax policy and the federal government's fiscal trajectory unresolved — CEOs are starting to plan for 2026 with an incomplete roadmap on how major economic policies will shake out, Goldman Sachs Chairman and CEO David Solomon tells POLITICO. 'At the moment, there's a sense that things are moving forward constructively,' Solomon said in an interview shortly after Trump touted a new agreement with China that represented a further de-escalation in trade tensions. 'People would like the level of certainty around the policy direction to continue to increase.' As with all things in Trump 2.0, the direction of travel can change on a dime. Hours after the China framework was unveiled — and Treasury Secretary Scott Bessent told lawmakers that the administration would likely delay its July 8 deadline for trade negotiations— the president said he would unilaterally set tariff rates in the coming weeks. (The interview with Solomon took place before both events.) Wall Street banks and the overall economy have fared well despite the uncertainty generated by abrupt changes to tariff rates and Congress's stop-and-start progress on the 'big, beautiful bill' that's at the center of Trump's domestic agenda. While many investment bankers have been dour about the current state of dealmaking, Solomon was bullish on Goldman's pipeline and said both the economy and deal activity have proven 'more resilient than I would have expected.' Trump, along with top administration officials like Bessent, have pointed to the string of recent economic data as a sign that the administration's overall agenda is working — despite the bellyaching of most economists — and that growth should accelerate when the tax and spending bill is enacted. Solomon shares the administration's perspective that current tax cuts should be extended. Nevertheless, with bond investors skittish about how the legislation could affect deficits, the banker said that the long-term outlook for future economic growth is hazy. 'We're in a place where we've increased our debt and deficit levels. And there doesn't seem to be a path — at the moment — to reducing them,' he said. 'That's something that I think we're going to have to wrestle with. And it's something that, over time, has the potential to crowd out investment and slow down growth.' 'Can we have a higher level of growth that can make it easier for us over time to absorb the spending levels and the deficit levels that we have?' he added. 'That's unclear at this point and time.' You can read my full Q&A with Solomon in POLITICO Magazine. IT'S FRIDAY — If anyone else reading this happens to run a major U.S. bank, I'd like to hear from you. Email me at ssutton@ Driving the Day University of Michigan's preliminary consumer sentiment reading for June is out at 10 a.m. … Breaking overnight — Eric Bazail-Eimil: 'Israel said Thursday that it launched a 'preemptive strike' against Iran, raising the specter of a broader regional conflict between the long-time Middle East adversaries.' Rates on the brain — Trump lashed out at Federal Reserve Chair Jerome Powell once again over interest rate policy on Thursday, labeling the central banker a 'numbskull' for not reducing borrowing costs. 'We're going to spend $600 billion a year, $600 billion because of one numbskull that sits here [and says] 'I don't see enough reason to cut the rates now,'' Trump said, per CNBC's Kevin Breuninger. — 'Let's say there was inflation. In a year from now, raise your rates. I don't mind, raise your rates. I'm all for it. I'll be the one to be calling you,' Trump said, according to Bloomberg's Justin Sink. 'He'll be too late for that, too.' On trade — Trump also raised expectations for when his administration will broker a comprehensive trade agreement with China, writes Doug Palmer. Plouffe heads to Coinbase — David Plouffe, a top Democratic strategist and former adviser to President Barack Obama and Vice President Kamala Harris, is joining Coinbase's global advisory committee, Christine Mui and Chris Cadelago report. On the Hill Rescissions, rescissions — From Katherine Tully-McManus and Jennifer Scholtes: 'House Republicans have narrowly advanced a request from the White House to claw back $9.4 billion that lawmakers have already approved for public media and more than a dozen accounts across the State Department focused on foreign assistance.' Cost of doing business — Low-income households stand to lose as much as $1,600 a year in federal resources due to cuts in the House version of Trump's 'big, beautiful bill, per Jennifer's write up of the latest analysis from the Congressional Budget Office. Annual resources to the highest-income households would climb by $12,000. — The CBO and projections from the Penn Wharton Budget Model and Yale Budget Lab have consistently estimated that the legislation will add to the deficit over the next decade. Treasury Secretary Scott Bessent told Senate Finance lawmakers on Thursday that he expects the opposite to occur, per Bloomberg's Cam Kettles. — From Yahoo Finance's Ben Werschkul and David Foster: 'The claims from 1600 Pennsylvania Avenue go as high as $8 trillion in black ink (an $11 trillion chasm with the experts) in claims that go beyond what even Capitol Hill Republicans are projecting … As for reconciling the two, some economists essentially throw up their hands.' Mad-libbing SALT — Senate Republicans may leave out the House's higher state-and-local tax deduction from its version of the bill in order to allow negotiations to continue. Senate Finance Chair Mike 'Crapo and I had a long conversation about it,' said Sen. Markwayne Mullin (R-Okla.) per Benjamin Guggenheim and Jordain Carney. 'Maybe it'd be better to just carry communication rather than stake our flag right down.' Not so fast — Senate Banking Chair Tim Scott (R-S.C.) threw cold water on Texas Republican Sen. Ted Cruz's effort to include language in the megabill that would bar the Fed from paying interest to banks, Jasper Goodman and Victoria Guida report. Next step in stablecoins — Jasper also reports that the Senate's landmark stablecoin legislation moved one step closer to passage on Thursday, clearing a procedural vote 67-30. At the regulators New IRS chief — The Senate voted along party lines to confirm Billy Long to be the next head of the Internal Revenue Service. The former six-term Missouri congressman will enter the tax agency 'during a period of upheaval' due to workforce reductions and an overhaul of its technology systems, reports Bernie Becker. Regulatory uncertainty — The pace and volume of regulatory shifts that have occurred so far this year are creating 'unanticipated business risks,' according to KPMG's mid-year report. 'Growing regulatory divergence and fragmentation add another layer of complexity to establishing a clear path from strategy and operations to effective risk and compliance,' Amy Matsuo, the consulting firm's U.S. regulatory insights leader, said in a statement. 'Will a deregulatory policy really equate to deregulation?'
