US hints at trade deal with India as Quad nations launch critical minerals initiative
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
2 hours ago
- CNA
OPEC+ speeds up oil output hikes, adds 548,000 bpd in August
LONDON :OPEC+ agreed on Saturday to raise production by 548,000 barrels per day in August, further accelerating output increases at its first meeting since oil prices jumped - and then retreated - following Israeli and U.S. attacks on Iran. The group, which pumps about half of the world's oil, has been curtailing production since 2022 to support the market. But it has reversed course this year to regain market share and as U.S. President Donald Trump demanded the group pump more to help keep gasoline prices lower. The production boost will come from eight members of the group - Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan and Algeria. The eight started to unwind their most recent layer of cuts of 2.2 million bpd in April. The August increase represents a jump from monthly increases of 411,000 bpd OPEC+ had approved for May, June and July, and 138,000 bpd in April. OPEC+ cited a steady global economic outlook and healthy market fundamentals, including low oil inventories, as reasons for releasing more oil. The acceleration came after some OPEC+ members, such as Kazakhstan and Iraq, produced above their targets, angering other members that were sticking to cuts, sources have said. Kazakh output returned to growth last month and matched an all-time high. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, wants to expand market share amid growing supplies from rival producers like the United States, sources have said. With the August increase, OPEC+ will have released 1.918 million bpd since April, which leaves just 280,000 bpd to be released from the 2.2 million bpd cut. On top of that, OPEC+ allowed the UAE to increase output by 300,000 bpd. The group still has in place other layers of cuts amounting to 3.66 million bpd. The group of eight OPEC+ members will next meet on August 3.
CNA
3 hours ago
- CNA
Foxconn reports record Q2 revenue, cautions about geopolitical and exchange rate risks
TAIPEI :Taiwan's Foxconn, the world's largest contract electronics maker, reported record second-quarter revenue on strong demand for artificial intelligence products but cautioned about geopolitical and exchange rate headwinds. Revenue for Apple's biggest iPhone assembler jumped 15.82 per cent year-on-year to T$1.797 trillion, Foxconn said in a statement on Saturday, beating the T$1.7896 trillion LSEG SmartEstimate, which gives greater weight to forecasts from analysts who are more consistently accurate. Robust AI demand led to strong revenue growth for its cloud and networking products division, said Foxconn, whose customers include AI chip firm Nvidia. Smart consumer electronics, which includes iPhones, posted 'flattish' year-on-year revenue growth affected by exchange rates, it said. June revenue roses 10.09 per cent on year to T$540.237 billion, a record high for that month. Foxconn said it anticipates growth in this quarter from the previous three months and from the same period last year but cautioned about potential risks to growth. "The impact of evolving global political and economic conditions and exchange rate changes will need continued close monitoring," it said without elaborating. U.S. President Donald Trump said he had signed letters to 12 countries outlining the various tariff levels they would face on goods they export to the United States, with the "take it or leave it" offers to be sent out on Monday. The Chinese city of Zhengzhou is home to the world's largest iPhone manufacturing facility, operated by Foxconn. The company, formally called Hon Hai Precision Industry, does not provide numerical forecasts. It will report full second quarter earnings on August 14. Foxconn's shares jumped 76 per cent last year, far outperforming the 28.5 per cent rise for the Taiwan market, but are down 12.5 per cent so far this year, reflecting broader pressure on tech stocks rattled by Trump's tumultuous trade policy. The stock closed down 1.83 per cent on Friday ahead of the revenue data release, compared with a 0.73 per cent drop for the benchmark index.
Straits Times
3 hours ago
- Straits Times
California's biggest wildfire of the year spreads to 28,000 hectares
Sign up now: Get ST's newsletters delivered to your inbox A firefighter works to tackle the Madre Fire near New Cuyama, California, on July 3. LOS ANGELES - A massive wildfire raging in California for the past three days has ravaged more than 28,330 hectacres, as hundreds of firefighters fought to bring it under control. The 'Madre Fire' broke out on July 2 in San Luis Obispo, a rural county in the heart of the US state. Around 200 people were ordered to evacuate, with dozens of buildings threatened by the flames. The fire has engulfed 28,700 hectares since July 2, and more than 600 personnel and 40 fire engines have been deployed to contain it, Cal Fire, the state's fire service, said in an update on July 4. It is the largest blaze so far this year in California, which was scarred by wildfires that destroyed swaths of Los Angeles at the start of the year. This summer is the first since President Donald Trump announced plans to gut federal agencies tasked with fighting climate disaster. On July 4, California Governor Gavin Newsom said 15 new fires had ignited on federal land in the past 24 hours, and called on the president to prioritize funding for firefighting resources. Top stories Swipe. Select. Stay informed. Singapore Asean needs 'bolder reforms' to attract investments in a more fragmented global economy: PM Wong Singapore CPF members can make housing, retirement and health insurance plans with new digital platform Singapore CPF's central philosophy of self-reliance remains as pertinent as ever: SM Lee Asia Dalai Lama hopes to live beyond 130 years, much longer than predicted Sport Liverpool will move on after Jota's tragic death, but he will never be forgotten Singapore Tan Cheng Bock, Hazel Poa step down from PSP leadership; party launches 'renewal plan' Singapore As her muscles weaken, 26-year-old leans on best friend for strength and support Life Japanese food in Singapore under $20: 5 hawker stalls serving restaurant-quality sashimi and donburi 'Trump needs to WAKE UP and start funding federal firefighters and land-management teams in these rural communities – instead of giving tax cuts to billionaires,' Mr Newsom, a Democrat, wrote on X. 'Trump's incompetence is endangering lives.' A separate statement from the governor's press office said July 4 that the Madre Fire 'remains in a very isolated location – away from homes'. It comes after several other blazes, raising fears of a difficult summer ahead for the state already traumatized by the wildfires that killed 30 people in January. Southern California had an unusually dry winter and spring, and vegetation is already parched, UCLA extreme climate events specialist Daniel Swain has said. Intense and widespread heat this summer, and dry brush 'will heavily factor into burning conditions later this season,' he added. Since returning to the White House in January, Mr Trump has ordered budget and personnel cuts at the Forest Service, the National Oceanic and Atmospheric Administration (NOAA) and FEMA, the federal agency that coordinates disaster response. On July 2, Mr Newsom accused the Republican president of not funding enough wildfire prevention projects. 'We need an equivalent commitment of resources – not rhetoric,' Mr Newsom told reporters, noting that more than half of the land in California is under federal jurisdiction. AFP
