Indian billionaire Adani says no one from group charged with FCPA violation, obstructing justice
(Reuters) -No one from Adani Group has been charged with violating U.S. Foreign Corrupt Practices Act (FCPA) or conspiring to obstruct justice, Chairman Gautam Adani said, while addressing shareholders on Tuesday.
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Washington Post
24 minutes ago
- Washington Post
Eight people hit in two shootings in Baltimore
Eight people, including two young teenagers, were wounded Monday evening in two separate quadruple shootings in Baltimore, city officials said. A 19-year-old man was in critical condition after the second of the shootings, but the other seven victims in the two attacks appeared to be in non-life-threatening condition, said Baltimore Police Commissioner Richard Worley. The 19-year-old was one of four people shot around 9:40 p.m. in the 2500 block of Edmondson Avenue, officials said. The other three shot there were all older, and one was 66. The first of the two shootings occurred shortly before 7 p.m. about a mile and a half to the south in the 1900 block of Ramsay Street, police said. Two teenagers, both 14, were wounded in that shooting. The two other victims were a man and a woman; the woman was grazed. No motive was given in either shooting, and no arrests were reported. The question was raised at a news conference whether the shootings might have been associated with Monday's extreme heat. 'When it gets warm,' Baltimore Mayor Brandon Scott responded, officials in Baltimore and elsewhere 'see things pick up.' But he said the city had nevertheless cut down on crime last year even in the hot weather season. At least in part, he ascribed the shootings to the presence and availability of guns, which are used 'to resolve whatever conflicts' may exist. The first shooting, on Ramsay Street, which occurred well before dark, was heard by police assigned to the area because of recent crime there, Worley said. In that shooting, police said, at least two people emerged from a vehicle and opened fire in the direction of the four victims, who were in or near an alley, police said. Police said it was too early to determine whether the two attacks were connected. Scott called on residents of the communities involved to aid the police investigation, asking them to treat the shootings as if one of their relatives had been a victim. 'Somebody out there knows what happened,' he said.
Yahoo
31 minutes ago
- Yahoo
U.S. Oil Producers Rushed to Hedge… Just in Time
U.S. oil producers flocked to hedge higher prices for their output for the rest of the year and early into 2026 as international crude oil prices surged earlier this month. Early on June 13 local time, Israel attacked Iranian nuclear facilities and military leadership in coordinated strikes that sent oil prices surging amid concerns that an escalating conflict could disrupt oil flows from the Middle East. On the night of June 12 and the following morning, Texas-based Aegis Hedging Solutions – a company with a platform for oil producers' hedging – registered its highest-ever number of hedge trades, Aegis Hedging's president Matt Marshall told Bloomberg. U.S. shale producers, who were under-hedged going into this spring, saw a major opportunity to lock in higher prices for the next few months as WTI crude prices surged out of the high $50s - low $60s per barrel price range and hit the $75 mark last week. Oil prices had lingered into the low $60s for the three months between early April and early June, as the U.S. tariff blitz and the OPEC+ production hikes weighed on market sentiment with fears of of March, a survey by Standard Chartered of 40 independent U.S. oil and gas companies revealed they had little protection, with a 2025 oil hedge ratio of just 21% for their combined 5.03 million barrels per day (bpd) of production and a 2026 hedge ratio of just 4%. To compare, the U.S. shale industry entered 2020 with an oil hedge ratio of 51.7%, which provided significant support when oil prices collapsed during the pandemic. As of the end of 2024, independent North American oil and gas producers had more than 80% of their first-half 2025 oil production unhedged, leaving them exposed as OPEC+ supply hikes and concerns about a global recession weighed on the market, data from Evaluate Energy showed in April. Hedging activity, however, spiked on June 12-13 to a record high on the Aegis Hedging platform as producers rushed to lock in higher prices in the short term amid the geopolitics-driven jump in WTI prices. Such war premium-related spikes in oil prices tend to lift the front of the futures curve more than contracts further out in time, unlike in price jumps related to fundamentals. In the case with the Middle East conflict, the hedging strategy was geared more toward the short term, Aegis Hedging says. 'In this case it was probably a six-month effect,' Aegis Hedging's Marshall told Reuters. 'Producers recognized that this could be a fleeting issue and so they saw a price that was above their budget for the first time in a few months, and instead of doing a structure that would give them a floor which is below market, they opted to be aggressive and lock in,' Marshall added. U.S. oil and gas executives polled in the Dallas Fed Energy Survey in Q1 indicated that their companies need an average $65 per barrel to profitably drill a new well. Oil companies that hedged production probably did so just in time. The tentative ceasefire between Iran and Israel, which was announced by U.S. President Donald Trump as "complete and total," has deflated the geopolitical risk premium and brought WTI oil back to $65 per barrel, roughly the level where it traded at before the Israeli strike on Iran. By Tsvetana Paraskova for More Top Reads From this article on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
31 minutes ago
- Bloomberg
Pressure to Seal Trump Trade Deals Ramps Up With Two Weeks to Go
Two weeks from President Donald Trump's self-imposed deadline to reach deals with the US's major trading partners, some of the most-watched talks aimed at clinching agreements to avoid higher tariffs are struggling to get over the finish line. There's a lot at stake: As of July 9, exporting nations without a bilateral accord in place will face Trump's so-called 'Liberation Day' tariffs that are much higher than the current baseline 10% level applied to most countries.
