Latest news with #Besant
See - Sada Elbalad
16-07-2025
- Business
- See - Sada Elbalad
Gold Prices Climb Sharply on Wednesday Amid Weaker Dollar and Cooling Inflation Data
Waleed Farouk Gold prices posted solid gains in both local and global markets on Wednesday, supported by a weakening U.S. dollar and falling Treasury yields, following the release of inflation data that boosted expectations of a potential Federal Reserve rate cut. In Egypt, the price of 21-karat gold rose by EGP 40 to reach EGP 4,675 per gram, up from EGP 4,635 at Tuesday's close. Globally, gold jumped by $43 per ounce to trade at $3,372, compared to $3,329 in the previous session. Meanwhile, 24-karat gold was priced at EGP 5,343 per gram, 18-karat at EGP 4,007, and 14-karat at EGP 3,117. The gold pound rose to EGP 37,400. Gold had declined by around EGP 20 on Tuesday amid a global dip in bullion prices before rebounding today as the U.S. dollar index slipped. U.S. Inflation Data Moves Markets Fresh data released Wednesday showed unexpected signs of easing inflationary pressures at the producer level. The Producer Price Index (PPI) for June came in flat on a monthly basis, missing forecasts for a 0.2% increase. Year-over-year, the PPI rose 2.3%, also below expectations of 2.5% and May's reading of 2.6%. Core PPI, which excludes food and energy, followed a similar trend, registering 0.0% month-over-month and 2.6% annually — both figures coming in below prior estimates. On the other hand, industrial production rose by 0.3% in June, surpassing expectations of a 0.1% increase, helping ease concerns over an economic slowdown. These figures suggest weaker cost pressures from the supply side, possibly paving the way for a more accommodative Fed policy — a bullish signal for gold in the short term. Monetary Policy and Gold: A Cautious Outlook Despite indications of inflation moderation, Federal Reserve policymakers remain hesitant to shift their restrictive stance without clearer evidence of a sustained decline in price pressures. On Tuesday, the Consumer Price Index (CPI) report showed headline inflation rising 2.7% year-over-year in June, while core inflation edged up to 2.9% — both exceeding expectations. These figures dampened market hopes for imminent rate cuts, putting downward pressure on gold, which typically moves inversely to interest rates and the U.S. dollar. Leadership Uncertainty Raises Market Jitters Market anxiety intensified amid speculation over the future of Fed Chair Jerome Powell. President Donald Trump hinted at the possibility of replacing Powell with Treasury Secretary Scott Besant, although he acknowledged Besant is "not his first choice." Besant stated that Trump has no immediate plans to remove Powell, but confirmed that formal procedures have begun to consider a potential successor — a move that raises questions about the Fed's independence amid inflationary and political pressures. Trade Tensions and Geopolitical Risks Bolster Gold's Appeal Geopolitical and trade-related uncertainties continue to weigh on global markets. Trump has threatened to impose 30% tariffs on imports from the European Union and Mexico starting in August unless new trade agreements are reached. Conversely, he announced a deal with Indonesia to lower proposed tariffs from 32% to 19%, in exchange for commitments to purchase Boeing aircraft and boost imports of U.S. energy and agricultural products. These developments have pushed investors to increase gold holdings as a hedge against policy volatility. Central Banks Add to Gold Reserves According to a recent World Gold Council report, central banks added approximately 20 tonnes of gold to their reserves in May. Kazakhstan led the purchases with 7 tonnes, followed by Turkey and Poland with 6 tonnes each. Singapore, however, sold about 5 tonnes during the same period. The People's Bank of China continued its gold accumulation for the eighth consecutive month, adding around 2.2 tonnes in June. Since November, China has purchased a total of 34.2 tonnes (1.1 million troy ounces). Outlook: Gold Consolidates with Upside Potential Despite fading hopes of near-term Fed rate cuts, several factors continue to support gold, including a weaker dollar, stable bond yields, and persistent geopolitical and trade risks. Analysts expect gold to remain within its current trading range unless a strong catalyst emerges. A breakout above the $3,375/oz level could pave the way for a test of $3,450 in the coming weeks — particularly if future inflation data aligns with recent trends in consumer prices. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
Time of India
30-06-2025
- Business
- Time of India
Cryptocurrency Live News & Updates : Aptos CEO Joins CFTC's Crypto Regulation Panel
30 Jun 2025 | 11:55:12 PM IST Avery Ching, co-founder and CEO of Aptos, has been appointed to the CFTC's Digital Asset Markets Subcommittee, marking a shift towards including builders in regulatory discussions. In a significant development for cryptocurrency regulation, Avery Ching, the CEO of Aptos, has joined the CFTC's Digital Asset Markets Subcommittee, which includes influential figures from BlackRock and Goldman Sachs. This move highlights the CFTC's intent to incorporate insights from blockchain technologists, contrasting with the SEC's more stringent approach. Meanwhile, U.S. Treasury Secretary Besant anticipates a surge in trade agreements as the July 9 deadline approaches, indicating a proactive stance in economic negotiations. In the crypto market, Cardano's price has shown mixed signals, with whale accumulation suggesting potential recovery despite a recent 18% drop. Additionally, JPMorgan has initiated coverage of Circle with an underweight rating, citing an elevated market cap despite the stablecoin's strong positioning. As the landscape evolves, these developments reflect the ongoing interplay between regulatory frameworks and market dynamics in the cryptocurrency sector. Show more
Saba Yemen
02-06-2025
- Business
- Saba Yemen
United States Does Not Seek to Decouple Its Economy from China
Washington - (Saba): US Treasury Secretary Scott Besant announced that the United States does not seek to decouple its economy from China, but rather intends to mitigate the alleged risks emanating from it. CBS News quoted Besant as saying, commenting on the economic and trade relations between Washington and Beijing: "What we are seeking is to mitigate the risks. We don't want decoupling, but we need to mitigate them." Besant confirmed that this includes semiconductors, pharmaceuticals, and other commodities, as well as rare earth and base metals. The US Treasury Secretary added that he expects a quick conversation between US President Donald Trump and Chinese President Xi Jinping to discuss relations between the two countries. US President Donald Trump said last Friday that China had "totally violated" the tariff agreement signed with Washington. Trump wrote on his social media platform, Truth Social: "I made a quick deal with China to bail them out of what I thought would be a very bad situation, and I didn't want to see that happen. Thanks to this deal, things settled down quickly, and China went back to business as usual. Everyone was happy! That's the good news!!!" He continued: "The bad news is that China, which may not be surprising to some, completely violated their agreement with us. That's all there is to it," Trump said, without providing further details. Whatsapp Telegram Email Print
Saba Yemen
14-05-2025
- Business
- Saba Yemen
Customs duty reductions take effect
Beijing - (Saba): An agreement between China and the United States to lift a portion of the additional tariffs imposed between the two countries took effect on Wednesday. China's Xinhua News Agency reported that the United States and China announced on Monday the suspension of a portion of their tariffs for 90 days, according to a joint statement. US Treasury Secretary Scott Besant said, "We will continue to work with China on trade relations, and the agreement with China is historic and unmatched by any previous US president." Besant announced the reduction of US tariffs on Chinese goods to 30 percent for 90 days. China, meanwhile, announced the reduction of tariffs on the US from 125 percent to 10 percent for 90 days. Whatsapp Telegram Email Print
See - Sada Elbalad
11-05-2025
- Business
- See - Sada Elbalad
US, China Talks Make "Substantial Progress" toward Defusing Trade War
Taarek Refaat US Treasury Secretary Scott Besant said on Sunday that talks in Geneva between the US and Chinese Vice Premier He Lifeng had made "substantial progress" toward defusing the trade war between the world's two largest economies. Besant added that he would provide more details on Monday, while US Trade Representative Jameson Greer, who also attended the talks, said that the differences between the two sides were not as significant as previously thought. "I am pleased to report that we have made substantive progress between the United States and China in these very important trade talks," Besant told reporters. He added that he had informed President Donald Trump of the progress made in the talks and that a full briefing on the details would be issued on Monday. The talks continued for a second day on Sunday, as the two sides discussed how to de-escalate the trade war, which threatens to significantly damage the global economy. US Trade Representative Jameson Greer said, "The talks were very constructive. It is important to recognize how quickly we reached an agreement, which reflects that the differences may not have been as significant as we had thought." He added, "However, we have made great efforts over these two days. Just remember the reason we are here in the first place: the United States has a massive trade deficit of $1.2 trillion. That is why the President declared a national emergency and imposed tariffs. We are confident that the agreement we have reached with our Chinese partners will help us work toward resolving this national emergency." On his part, the Vice Chairman of the Chinese International Council confirmed that the trade talks with the United States were constructive and had made progress. He said, "China's position on the trade war is clear and consistent." He noted that an agreement was reached to establish a consultation mechanism on trade and economic issues. He stressed that "we will work to enhance certainty and stability in the global economy." In an effort to defuse the trade war that threatens to severely damage the global economy, senior officials from the United States and China met again in Geneva on Sunday to resume talks that began on Saturday. Senior U.S. and Chinese officials concluded the first day of talks in Geneva aimed at defusing a trade war that threatens to deal a severe blow to the global economy. Chinese Vice Premier He Lifeng held a nearly eight-hour meeting with US Treasury Secretary Scott Besant and US Trade Representative Jameson Greer, the first face-to-face meeting between the two sides since the world's two largest economies imposed tariffs exceeding 100% on each other's imports, according to Reuters. Besant and Greer met with He in Geneva after weeks of escalating tensions following President Trump's February tariffs, which Beijing responded with retaliatory measures, bringing annual bilateral trade of nearly $600 billion to a near standstill. This trade standoff, along with Trump's decision last month to impose tariffs on dozens of other countries, has disrupted supply chains, rattled financial markets, and increased fears of a severe global economic recession. Beijing, for its part, rejects what it sees as foreign interference and demands that Washington lower tariffs, clarify which goods it wants China to purchase in greater quantities, and be treated as an equal on the international stage. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
