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Straits Times
15 hours ago
- Business
- Straits Times
Bessent warns China on Russian oil purchases that could bring 100% tariffs
Sign up now: Get ST's newsletters delivered to your inbox U.S. Treasury Secretary Scott Bessent attends a press conference at government quarters Rosenbad after the trade talks between the U.S. and China concluded, in Stockholm, Sweden, July 29, 2025. Magnus Lejhall/TT News Agency/via REUTERS STOCKHOLM - U.S. Treasury Secretary Scott Bessent on Tuesday said he warned Chinese officials that continued purchases of sanctioned Russian oil would lead to big tariffs due to legislation in Congress, but was told that Beijing would protect its energy sovereignty. Wrapping up two days of U.S.-China trade talks in Stockholm, Bessent said he also expressed U.S. displeasure at China's continued purchases of sanctioned Iranian oil, and its sales of over $15 billion worth of dual-use technology goods to Russia that have bolstered Moscow's war against Ukraine. Bessent said legislation in the U.S. Congress authorizing Trump to levy tariffs up to 500% on countries that purchase sanctioned Russian oil would draw U.S. allies into taking similar steps to cut off Russia's energy revenues. Trump on Monday shortened a deadline for Moscow to make progress toward a Ukraine war peace deal or see its oil customers slapped with secondary tariffs of 100% in 10 to 12 days, reflecting his growing frustration with Russia's actions. "So I think anyone who buys sanctioned Russian oil should be ready for this," Bessent told a news conference. Chinese officials responded by saying China was a sovereign nation with energy needs, and oil purchases would be based on the country's internal policies, Bessent said. "The Chinese take their sovereignty very seriously. We don't want to impede on their sovereignty, so they'd like to pay a 100% tariff," Bessent said. Top stories Swipe. Select. Stay informed. Business No clarity yet on baseline or pharmaceutical tariffs with US: DPM Gan Singapore Grace Fu apologises for Tanjong Katong sinkhole, says road may stay closed for a few more days Singapore Terrorism threat in Singapore remains high, driven by events like Israeli-Palestinian conflict: ISD Singapore Liquidators score victory to recoup over $900 million from alleged scammer Ng Yu Zhi's associates Singapore Man on trial for raping woman who hired him to repair lights in her flat Sport IOC president Kirsty Coventry a 'huge supporter' of Singapore Singapore Child and firefighter among 7 taken to hospital after fire breaks out in Toa Payoh flat Singapore S'pore can and must meaningfully apply tech like AI in a way that creates jobs for locals: PM Wong China remains the largest buyer of Russian oil, at about 2 million barrels per day, followed by India and Turkey. Bessent said he also has warned his counterpart, Vice Premier He Lifeng, that China's continued sales of goods to Russia that wind up in weapons will hurt its efforts to boost trade ties with Europe. "I pointed out to them that it is very much hurting their public perception in Europe that they are contributing to the war on the European border," Bessent said. REUTERS
WIRED
2 days ago
- Science
- WIRED
This Star System Contains 5 Potentially Habitable Planets
Jul 28, 2025 6:48 AM Astronomers have discovered a new exoplanet that may be habitable 35 light-years from Earth. Named L 98-59 f, it joins four other worlds in the temperate zone of an intriguing planetary system. Illustration: Getty Images A team of astronomers from the University of Montreal has discovered a new potentially habitable exoplanet orbiting the red dwarf star L 98-59, 35 light-years from Earth. This discovery means there are now five confirmed planets in this solar system's 'temperate' or 'habitable' zone, the region in a solar system where liquid water could exist on planets' surfaces. The newly discovered planet, called 'L 98-59 f,' managed to evade previous observations because it doesn't pass between Earth and its star when orbiting, known as 'transiting.' Planets that transit their host stars are easier to spot, because the mini-eclipses they create when passing across the face of their star can be seen by telescopes. The research announcing the planet's discovery—which is awaiting publication in The Astronomical Journal —located the planet through subtle variations in its host star's motion. Planets orbiting stars exert a gravitational pull on their host as they orbit, slightly moving their star's position. These movements can reveal the presence of planets even when they cannot be seen. The revealing movements of L 98-59 were picked up by two instruments specifically designed for planet hunting: the high-precision HARPS spectrograph, installed on the European Southern Observatory (ESO) telescope, and the ESPRESSO rocky exoplanet spectrograph, which is part of the Very Large Telescope (VLT) at ESO's Paranal Observatory in Chile. Comparison of the positions of the five exoplanets of L 98-59 with the first three planets of our solar system, according to the amount of solar energy they receive. Courtesy of O. Demangeon/European Southern Observatory L 98-59 f stands out from the other planets in its solar system because it receives a similar amount of solar energy to Earth. According to the Montreal researchers, if it has a suitable atmosphere, it could be a temperate planet capable of retaining liquid water on its surface. As well as allowing for the presence of liquid water, the habitable zone of a solar system is the region where, potentially, planetary conditions could allow for the development of life. Each star has its own habitable zone, determined by its type and the amount of energy it emits. The L 98-59 star system is gradually gaining attention among astronomy enthusiasts. Each confirmed exoplanet is as intriguing as the rest, and all are in the habitable band. The planet closest to the star is half the mass of Venus but 85 percent the size of Earth. The second is almost 2.5 times more massive than our planet. The third may be 30 percent oceanic. Little is known about the fourth, except that it is also a 'super-Earth'—a term used to describe planets larger than our own but smaller than the ice giants of our solar system. For now, there isn't an image of L 98-59 f. The next step will be to employ the advanced technology of the James Webb Space Telescope to try to capture a direct image of it. 'These results confirm L 98-59 as one of the most compelling nearby systems for exploring the diversity of rocky planets, and, eventually, searching for signs of life,' says a statement issued by the University of Montreal. There is only one other known stellar system similar in complexity and number of exoplanets: TRAPPIST-1, which is 39 light-years from Earth. It is an ultracool dwarf star with at least seven rocky exoplanets, three of which are in the habitable region. This story originally appeared on WIRED en Español and has been translated from Spanish.
Mint
5 days ago
- Business
- Mint
US Treasuries Slip for Second Day as New Jobless Claims Fall
(Bloomberg) -- Treasuries fell for a second day as fresh data showing resilience in the US labor market gave traders pause about the Federal Reserve's path on interest-rate cuts Yields settled about three basis points higher across most tenors, led by shorter-dated debt, which is more sensitive to changes in monetary policy. And interest-rate swaps showed traders slightly pared bets on Fed rate cuts. They are now pricing in 42 basis points of reductions by the end of the year, with the first full cut coming by the October meeting. 'The bottom line is that the Fed can't credibly cut rates with an unemployment rate of 4.1%,' said George Catrambone, head of fixed income, DWS Americas. 'There is a glass ceiling on how high yields can push out of their current range with a Fed that's frozen in place.' Data released Thursday showed initial claims for unemployment benefits fell to 217,000 in the week ended July 19, the lowest since mid-April. Another pressure point for traders is a dispute between President Donald Trump and Federal Reserve Chair Jerome Powell over construction works, which the president has criticized for cost overruns. Trump on Thursday toured the central bank's headquarters, where a $2.5 billion renovation is ongoing. 'We would be helped if interest rates would come down,' Trump told reporters, standing next to Powell. 'But we're going to see how the board rules on that soon. I'd love to see them come down a lot.' Traders have ruled out a rate cut at the Fed's meeting next week. 'The mounting risk of the Fed being seen as acting more on a political than a fundamental level is a sizable threat to long-end rates over the medium term,' Rabobank strategists wrote in a note. What Bloomberg Strategists say... 'This period of quiet in rates may prove transitory given the risks on the horizon. Traders appear content to wait for Fed Day, GDP and payrolls next week to deliver a directional cue, but the setup argues for a potential repricing. Since 2023, each period of consolidation in 2s10s has been followed by a robust steepening of the curve' - Brendan Fagan, Macro Strategist, Markets Live For the full analysis, click here. With Fed speakers in a blackout period ahead of that meeting, bond investors were largely focused on the weekly jobless claims report. The six weeks of declines is the longest such stretch since 2022. 'The labor market deterioration has slowed or stopped, with the caveat the labor supply, immigration, negative data revisions are making reading the labor market data tricky,' said Ed Al-Hussainy, rates strategist at Columbia Threadneedle Investment. Market expectations of rate cuts starting from late September, 'may be off the table if unemployment is unchanged next week,' he said. European government bonds also fell after the European Central Bank tempered expectations of a possible interest rate cut in September. Investors were already turning broadly more risk-on amid deals between the US and its trading partners. The European Union and the US are progressing toward an agreement that would set a 15% tariff for most imports, according to diplomats briefed on the negotiations. Earlier on Thursday, a $21 billion auction of 10-year Treasury Inflation-Protected Securities drew solid demand. --With assistance from Naomi Tajitsu. (Updates prices in second paragraph, adds Bloomberg strategist quote and details on Trump tour.) More stories like this are available on
Time of India
22-07-2025
- Business
- Time of India
Dollar indecisive as investors await more tariff clarity
The dollar traded in a tight range on Tuesday after a brief fall at the start of the week, as investors watched out for any progress on trade talks ahead of an August 1 deadline for countries to strike deals with the U.S. or face steep tariffs . The yen mostly held to gains from the previous session following results from a weekend upper house election in Japan that proved no worse than what had already been priced in, as focus now turns to how quickly Tokyo can strike a trade deal with Washington and Prime Minister Shigeru Ishiba's future at the helm. Explore courses from Top Institutes in Select a Course Category Cybersecurity Degree Technology MCA Project Management others Operations Management Artificial Intelligence MBA Finance Digital Marketing Data Analytics Design Thinking Management healthcare Others Healthcare Data Science Data Science Public Policy CXO Product Management Leadership PGDM Skills you'll gain: Duration: 10 Months MIT xPRO CERT-MIT xPRO PGC in Cybersecurity Starts on undefined Get Details The Japanese currency was last a touch weaker at 147.65 in early Asia trade, after rising 1% on Monday in the wake of the election outcome. The bruising defeat suffered by Ishiba and his ruling coalition also drew just a modest response in the broader Japanese market, which returned from a holiday in the previous session. [JP/] [.T] "The initial relief for the yen that the ruling coalition did not lose even more seats and that Prime Minister Ishiba plans to hang on to power is likely to prove short-lived," said MUFG senior currency analyst Lee Hardman. Live Events "The pick-up in political uncertainty in Japan could complicate reaching a timely trade deal with the U.S., posing downside risks for Japan's economy and the yen." With just slightly over a week to go before an August 1 deadline on tariffs, U.S. Treasury Secretary Scott Bessent said on Monday that the administration is more concerned with the quality of trade agreements than their timing. Asked whether the deadline could be extended for countries engaged in productive talks with Washington, Bessent said President Donald Trump would make that decision. Uncertainty over the eventual state of tariffs globally has been a huge overhang for the foreign exchange market, leaving currencies trading in a tight range for the most part, even as stocks on Wall Street have scaled fresh highs. "Nothing that happens on August 1 is necessarily permanent, so long as the U.S. administration remains willing to talk, as was indicated in Trump's letters from two weeks ago," said Thierry Wizman, global FX and rates strategist at Macquarie Group. The dollar was last steady after slipping in the previous session due in part to the yen's rise and a dip in U.S. Treasury yields, leaving sterling trading 0.03% lower at $1.3488. The euro fell 0.12% to $1.1684, with focus also on a rate decision by the European Central Bank later this week, where expectations are for policymakers to stand pat on rates. The European Union is exploring a broader set of possible counter measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. Against a basket of currencies, the dollar rose slightly to 97.94, after having fallen 0.6% on Monday. Also weighing on investors' minds has been worries about the Federal Reserve 's independence, given Trump has railed repeatedly against Chair Jerome Powell and urged him to resign because of the central bank's reluctance to cut interest rates . "Our base case remains that solid U.S. data and a tariff driven rebound in inflation will keep the FOMC on hold into 2026, and that the resulting shift in interest rate differentials will drive a continued rebound in the dollar in the next few months," said Jonas Goltermann, deputy chief markets economist at Capital Economics. "But that view is clearly at the mercy of the White House's whims." Elsewhere, the Australian dollar eased 0.05% to $0.6522, while the New Zealand dollar fell 0.14% to $0.5960.
Winnipeg Free Press
16-07-2025
- Business
- Winnipeg Free Press
The EU chief unveils a new $2.3 trillion budget. Lawmakers say the math doesn't ‘add up'
BRUSSELS (AP) — The European Union needs a new budget that would allow it to respond to crises like Russia's war on Ukraine or climate change, fund railways and energy grids, and protect farmers' livelihoods, the EU chief said Wednesday while unveiling her proposal totaling 2 trillion euros ($2.3 trillion). European Commission President Ursula von der Leyen, who heads the EU's executive branch, said that under her budget plan, spending on defense and space would increase five-fold, while investment in migration and border management would triple. The proposal kicks off two years of wrangling between the 27 member states which fund most of the budget and the European Parliament. The spending package — which runs from 2028 to 2034 — is seen as a statement about Europe's ambitions in the world. Von der Leyen described her plan for the budget – known as the Multiannual Financial Framework – as 'the most ambitious ever proposed.' 'It is more strategic, more flexible, more transparent, and we are investing more in our capacity to respond and more in our independence,' she told reporters in Brussels. But in an early sign of the troubles ahead, von der Leyen conceded that even within her own team of policy commissioners — which worked through the night to finalize the proposal – 'not everyone was satisfied with the amount.' EU lawmakers who will chaperone the commission's proposal through parliament over the next year and 2027, and who were briefed on it, said that the budget math doesn't 'add up.' 'However you try to package this, what we have is a real-terms investment and spending freeze,' they said in a statement. 'It is the status quo, which the Commission has always insisted is not an option.' Part of the numbers confusion is due to von der Leyen's insistence that national contributions to the budget will not increase. Extra funds would be found through 'a step change' in the way the commission raises its own money, she said. The EU as a bloc is not allowed to levy its own taxes, but it does earn revenue from things like customs duties and value added tax. The plan now is to get money through the carbon emissions trading system and a new tobacco duty, among other measures. At the same time, the EU must also pay off billions of euros in debt incurred by measures introduced to stop the spread of COVID-19 and to help revive economies after the pandemic. As for security, von der Leyen said 100 billion euros ($116 billion) should be set aside to help Ukraine rebuild from the ravages of the war, now in its fourth year. Monday Mornings The latest local business news and a lookahead to the coming week. 'We are suggesting 100 billion euros … to support recovery, resilience, and of course their path to the EU membership,' she said. Outside the commission headquarters, as von der Leyen's team debated the plan, around 200 farmers gathered and threw boots at the building. 'Everybody is talking about security for Europe. Everybody is talking about a stronger Europe. Well ,let me tell you, you can't get stronger with an empty stomach,' said Lode Ceyssens, head of the Belgian farmers trade union Boerenbond. ___ Associated Press journalist Sylvain Plazy in Brussels contributed to this report.
