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Trump lauds Musk in bizarre black-eyed Oval Office farewell

Trump lauds Musk in bizarre black-eyed Oval Office farewell

Kuwait Times2 days ago

WASHINGTON: Billionaire Elon Musk bade farewell to Donald Trump in an extraordinary Oval Office appearance Friday, sporting a black eye, brushing aside drug abuse claims and vowing to stay a 'friend and advisor' to the US president. As the world's richest person bowed out of his role as Trump's cost-cutter-in-chief, the Republican hailed Musk's 'incredible service' and handed him a golden key to the White House.
But Trump insisted that Musk was 'really not leaving' after a turbulent four months in which his Department of Government Efficiency (DOGE) cut tens of thousands of jobs, shuttered whole agencies and slashed foreign aid. 'He's going to be back and forth,' said Trump, showering praise on the tech tycoon for what he called the 'most sweeping and consequential government reform program in generations.'
South-African born Musk, wearing a black T-shirt with the word 'Dogefather' in white lettering and a black DOGE baseball cap, said many of the $1 trillion savings he promised would take time to bear fruit. 'I look forward to continuing to be a friend and advisor to the president,' he said. But many people were more interested in the livid black bruise around Musk's right eye. Speculation about the cause was further fueled by accusations in the New York Times Friday that Musk used so much of the drug ketamine on the 2024 campaign trail that he developed bladder problems.
The SpaceX and Tesla magnate said that his son was to blame for the injury. 'I was just horsing around with lil' X, and I said, 'go ahead punch me in the face,'' 53-year-old Musk said. 'And he did. Turns out even a five-year-old punching you in the face actually is...' he added, before tailing off. Musk, however, dodged a question about the drug allegations. The New York Times said Musk, the biggest donor to Trump's 2024 election campaign, also took ecstasy and psychoactive mushrooms and traveled with a pill box last year.
Musk, who has long railed against the news media and championed his X social media platform as an alternative, took aim at the paper instead. 'Is that the same publication that got a Pulitzer Prize for false reporting on the Russiagate?' said Musk, referring to claims that Trump's 2016 election campaign colluded with Moscow. 'Let's move on. Okay. Next question.'
Later in the day, when a reporter asked Trump if he was 'aware of Elon Musk's regular drug use', Trump simply responded: 'I wasn't.' 'I think Elon is a fantastic guy,' he added. The White House had earlier played down the report. 'The drugs that we're concerned about are the drugs running across the southern border' from Mexico, said Trump's Deputy Chief of Staff Stephen Miller, whose wife works for Musk. Musk has previously admitted to taking ketamine, saying he was prescribed it to treat a 'negative frame of mind' and suggesting his use of drugs benefited his work.
The latest in a series of made-for-TV Oval Office events was aimed at putting a positive spin on Musk's departure. Musk is leaving Trump's administration under a cloud, after admitting disillusionment with his role and criticizing the Republican president's spending plans. It was a far cry from his first few weeks as Trump's chainsaw-brandishing sidekick.
At one time Musk was almost inseparable from Trump, glued to his side on Air Force One, Marine One, in the White House and at Trump's Mar-a-Lago resort in Florida. The rightwing magnate's DOGE led an ideologically-driven rampage through the federal government, with its young 'tech bros' slashing tens of thousands of jobs. But DOGE's achievements fell far short of Musk's original goal of saving $2 trillion dollars.
The White House says DOGE has made $170 billion in savings so far. The independent 'Doge Tracker' site has counted just $12 billion while the Atlantic magazine put it far lower, at $2 billion. Musk's 'move fast and break things' mantra was also at odds with some of his cabinet colleagues, and he said earlier this week that he was 'disappointed' in Trump's planned mega tax and spending bill as it undermined DOGE's cuts.
Musk's companies, meanwhile, have suffered. Tesla shareholders called for him to return to work as sales slumped and protests targeted the electric vehicle maker, while SpaceX had a series of fiery rocket failures. – AFP

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Trade war and rising oil supplies weigh on crude prices
Trade war and rising oil supplies weigh on crude prices

Kuwait Times

timean hour ago

  • Kuwait Times

Trade war and rising oil supplies weigh on crude prices

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Meanwhile, the bullish speculator positions that had built up in Q1 quickly reversed in Q2 amid the spike in risk and uncertainty that followed April's tariff onslaught and OPEC+'s accelerated resupply timetable. 'Net length', the difference between the number of 'long' (betting on prices rising) and 'short' contracts (positions staked on prices falling) declined by 155,838 lots w/w in the week-ending 4 April, the sharpest drop in the available data. Net length has recovered slightly more recently as hedge funds view some upside risk in US-Iran nuclear talks failing to progress. Growth at slowest Near-term oil demand growth was revised sharply lower following the escalation of the trade war between the US and China. The International Energy Agency (IEA), taking its cue from the earlier downgrade by the IMF to global GDP growth in 2025 (and beyond), has lowered its forecast for oil demand growth this year to 740 kb/d and 760 kb/d in 2026. This is the weakest rate of growth since pandemic-affected 2020. The IEA pegs total oil demand at 105 mb/d in 2025. OPEC lowered its demand growth forecast by a less severe 150 kb/d to 1.3 mb/d for both years. OPEC cites higher petrochemical production, solid road and air mobility as well as robust industrial activity in support of its more bullish oil demand growth projection compared to peers. This would also not be incongruous with its recent policy of fast-tracking the unwinding of members' voluntary supply cuts. Despite broad demand-side worries, OPEC+ surprised the markets by accelerating the pace of unwind of 2.2 mb/d in voluntary output cuts by the 'OPEC-8' (which includes Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman) from 131 kb/d per month from April to 411kb/d in May and then again for both June and July. The move was ostensibly framed as a bid to 'punish' serial quota violators, such as Kazakhstan and Iraq, for failing to cut production in line with their quota obligations and compensatory cut promises. The Saudis hoped the fiscal discomfort of freefalling oil prices would bring about the discipline that has so far been absent among these overproducing members. Part of the deal was that overproducing members would in good faith compensate for their non-compliance by cutting production according to a mutually agreed timetable thereby offsetting some of the supply that was about to be released. According to OPEC secondary sources, the average aggregate volume of OPEC-8 compensatory cuts required as 'payback' for members' overproduction from January 2024 to March 2025 is 305 kb/d, which would have easily offset the 131 kb/d of monthly incremental production OPEC-8 had originally planned. This would have resulted in a de-facto output cut. That said, in April, the first month in the schedule that called for higher OPEC-8 supply, monthly supply gains from the group, at 23 kb/d, fell far short of the 131 kb/d that had been planned. Only four of the eight producers – Saudi, the UAE, Oman and Russia – increased production. Despite lowering output in April, Kazakhstan and Iraq were once again producing well above their respective quotas never mind honoring compensatory cut pledges. Declaration of Cooperation(DOC) production (excluding quota-exempt Iran, Libya, Venezuela and Mexico) fell slightly in April to 30.0 mb/d (-17 kb/d). In the US, crude production hovered near record levels of 13.4 mb/d by mid-May, as per Energy Information Administration (EIA) data. (Chart 6).Following the plunge in oil prices and the downturn in global macroeconomic prospects, the EIA lowered its forecast for US crude oil output growth this year by nearly half to 208kb/d, the slowest rate of expansion since 2021. For 2026, growth is expected to decelerate even further to just 82kb/d as producers pull back on activity amid lower oil prices. According to a Dallas Fed energy survey, the average breakeven price in the shale patch to drill a new oil well is around $65/bbl, several dollars above the current price of West Texas Intermediate. US shale firms have also been grappling with the challenges of rising gas-to-oil and water-to-oil ratios, which are straining infrastructure and raising operational costs. The EIA is projecting US crude oil production to peak in 2027at 14 mb/d, with shale oil production topping out at 10 mb/d before declining through to 2050. The recent decline in oil prices is also weighing on broader non-DoC production, prompting downgrades to the outlook, though at an estimated 1.3 mb/d this year according to the IEA, supply growth is still well outpacing demand growth. This is being driven by higher production in Brazil, Guyana, and Canada as well as in the US. For 2026, however, the IEA sees non-DoC supply growth lagging demand growth, at 820 kb/d. Market balance Weaker oil demand prospects due to trade tariff-linked global macroeconomic headwinds and rising supply both from OPEC+ and non-OPEC+ producers, are weighing heavily on market sentiment and by extension oil prices. The fundamentals are signaling a loosening oil market that will shift from a slight supply deficit last year to a pronounced surplus in 2025. The IEA estimates the 'call' on OPEC+ (the volume of OPEC+ crude needed to balance the market after accounting for demand and non-OPEC supply) to be in the region of 41.2 mb/d on average in 2025. OPEC+ was already pumping significantly above the IEA's estimate for the call in Q1 2025 (+800 kb/d) before the group decided to ramp up output in April. And the increase in OECD commercial crude stocks in March was beginning to reflect that. With OPEC-8seemingly pressing ahead with a more rapid resupply pace, that buffer will quickly erode. Assuming no change to current OPEC-8 policy and no offsetting compensatory cuts, the entirety of 2023-2024's 2.2 mb/d of supply cuts would have been unwound by October 2025 (rather than the original late 2026), pushing the market into firm surplus territory, averaging 1.4 mb/d, according to our calculations. Risks to our standing oil price forecast of $70/bbl (2025 and 2026) are increasingly concentrated to the downside, barring significant supply-side geopolitical disruptions such as tighter Iran sanctions or, on the demand side, an upturn in global economic prospects, perhaps by a rolling back of trade tariffs.

Foreign students wary as Trump presses dehumanizing campaign
Foreign students wary as Trump presses dehumanizing campaign

Kuwait Times

time5 hours ago

  • Kuwait Times

Foreign students wary as Trump presses dehumanizing campaign

US administration expands crackdown on elite universities CAMBRIDGE: Donald Trump's expanding crackdown on elite universities is prompting some international students to abandon applications to campuses in the United States and spreading stress and anxiety among those already enrolled. The president has upended the country's reputation among foreign students, who number around one million, as he presses a campaign against US universities he sees as obstructing his 'Make America Great Again' populist agenda. He has blocked Harvard hosting international scholars in a maneuver being challenged legally, targeted non-citizen campus activists for deportation, and most recently suspended student visa processing across the board. Harvard applied mathematics and economic student Abdullah Shahid Sial, 20, said the Trump administration's campaign against US universities that the president accused of being hotbeds of liberal bias and anti-Semitism had been 'dehumanizing.' 'It's really unfortunate that this is the case for 18, 19, and 20-year-olds who came here without any family, and in most cases, haven't been to the US before,' said Sial, who is from Pakistan and hopes to be able to return to Harvard next academic year. Sial said he advised acquaintances to have backup plans if US colleges became inaccessible, and that a friend applied to Harvard's law school, as well as Columbia's, and two less reputable British institutions - ultimately opting to go to the UK. 'He definitely liked Harvard way more (but) he doesn't want this amount of uncertainty surrounding his education,' Sial said. Karl Molden, a Harvard government and classics student from Austria, said Trump's move to block the university hosting and enrolling foreign students meant he was unsure if he would be able to return after summer vacation. 'Target group' While that decision - affecting some 27 percent of the overall Harvard population - was paused by a judge pending a hearing Thursday, the move still threw student plans into chaos. 'I kind of figured I would be in the target group of Trump. I'm personally right in the middle of it, so an option for me would be to study abroad... I have applied to study at Oxford because of all the action' taken by Trump, said Molden, 21. 'It's just really hard.' Harvard academics say they have already started to feel the impact of Trump's vendetta against the school, in feedback from colleagues based outside the United States. 'I've already heard this from professors in other countries who say 'we encourage our best students to go to the United States',' Harvard professor Ryan Enos told AFP at a noisy rally against Trump's policies Tuesday, adding 'we wonder if we can tell them that anymore.' The halt to visa processing revealed this week is reportedly to allow for more stringent screening of applicants' social media - and protest activity. 'International students already represent the most tracked and vetted category of non-immigrants in the United States. It is a poor use of taxpayer dollars,' said the NAFSA Association of International Educators non-profit. Trump meanwhile continued his assault on Harvard, saying university leaders have 'got to behave themselves. 'Harvard is treating our country with great disrespect, and all they're doing is getting in deeper and deeper,' he said Wednesday in the White House. One Spanish student of politics and statistics, who declined to be named for fear of retaliation, told AFP she would not be deterred from pursuing her planned year abroad at Columbia University. 'It's scary, because we think to ourselves that all our activity on social networks could be monitored, for example if we like pro-Palestinian posts or anti-Trump posts. All of that could see us denied a visa,' she said. Students due to return to Harvard after the summer break are in limbo pending a ruling on Harvard's exclusion from the foreign student system. 'I'm completely in the dark,' said 20-year-old Alfred Williamson, a Welsh-Danish physics and government student in his second year at Harvard. 'As for my other options, and like all other international students, I'm just clinging on to the hope that Harvard will win this battle against the White House.' Sial, the Harvard student from Pakistan, said foreign students like him were 'made to fight this battle which no one signed up for.' 'It's really unfortunate that it's come down to that.'— AFP

Chinese students face anxious wait for visas under Trump's crackdown
Chinese students face anxious wait for visas under Trump's crackdown

Kuwait Times

time5 hours ago

  • Kuwait Times

Chinese students face anxious wait for visas under Trump's crackdown

Chinese students face anxious wait for visas under Trump's crackdown Sign of latest spillover from US-China trade war tensions BEIJING: Caught in the middle of Washington's renewed visa crackdown on Chinese international students, Beijing postgraduate Lainey is anxiously waiting to resume the visa process to study a PhD at her dream school, the University of California. 'We feel helpless and unable to do anything,' said the 24-year-old sociology student, who declined to give her surname for privacy reasons. 'The situation in North America this year is not very good. From applying for my PhD until now, this series of visa policies is not very favorable to us. But we have no choice but to wait.' The US State Department said on Thursday it would not tolerate the 'exploitation' of American universities or theft of US research and intellectual property by Beijing. Spokesperson Tammy Bruce did not elaborate on how many Chinese students would be affected by a new plan announced on Wednesday to 'aggressively' revoke visas. The visa crackdown is the latest in a series of moves targeting the international student community, especially Chinese nationals, who make up roughly 1 in 4 of all international students in the US, as the Trump administration pursues its hardline immigration agenda. If applied to a broad segment of the 277,000 Chinese students already at US colleges, the visa revocations could disrupt a major source of income for universities and a crucial pipeline of talent for US technology companies. Chinese students make up 16 percent of all graduate science, technology, engineering and maths (STEM) students in the United States. Defer enrolment? The announcement on Chinese student visa holders came after the Trump administration ordered its missions worldwide to stop scheduling new appointments for student and exchange visitor visa applicants. If the visa appointment system is not resumed soon, Lainey wishes to defer enrolment for a year. 'Although everyone says the US admissions system may be biased against Chinese students, in reality US schools are indeed the top in terms of academic quality,' she said. 'I may also consider (applying to) some places outside the US, such as Europe, as well as Hong Kong and Singapore.' The measures are a sign of the increasing spillover from a bruising trade war between the two global superpowers, and threaten to derail a fragile truce reached mid-May in Geneva. A Friday editorial by China's state-owned Global Times newspaper said the new visa measures raised 'the spectre of McCarthyism' and likened them to an 'educational witch-hunt'. 'In recent years, the suppression of Chinese students has increasingly become an important part of the US strategy to contain China,' the commentary said. Potentially even more damaging than the immediate economic impact for the US could be a long-term erosion of the appeal of US universities and the subsequent brain drain. International students – 54 percent of them from India and China - contributed more than $50 billion to the US economy in 2023, according to the US Department of Commerce. 'If I really have to wait until 2026 to reapply, I might not have such positive feelings towards America,' said Lainey. 'If I can't even get a visa, then I'd have no choice but to go somewhere else.'— Reuters

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