Latest news with #GMT
The Sun
19 minutes ago
- Business
- The Sun
Oil Prices Rise After US Court Blocks Trump Tariffs
TOKYO: Oil prices rose on Thursday after a U.S. court blocked President Donald Trump's tariffs from taking effect, while the market was watching out for potential new U.S. sanctions curbing Russian crude flows and an OPEC+ decision on hiking output in July. Brent crude futures climbed 81 cents, or 1.25%, to $65.71 a barrel. U.S. West Texas Intermediate crude advanced by 83 cents, or 1.34%, to $62.62 a barrel at 0102 GMT. A U.S. trade court on Wednesday ruled that Trump overstepped his authority by imposing across-the-board tariffs on imports from nations that sell more to the United States than they buy. The ruling buoyed risk appetite across global markets which have been on edge about the impact of the levies on economic growth, but analysts said the relief may only be temporary given the administration has said it will appeal. 'But for now, investors get a breather from the economic uncertainty they love to loathe,' said Matt Simpson, an analyst at City Index in Brisbane. On the supply front, there are concerns about potential new sanctions on Russian crude. At the same time, the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, could agree on Saturday to accelerate their oil production hikes in July. With Russian oil so far overall showing relative resistance to the sanctions, imposed over Moscow's war on Ukraine, 'it is hard to be convinced that any new U.S. sanctions on Russia will meaningfully dent Russia's oil exports,' Commonwealth Bank of Australia analyst Vivek Dhar said in a note. Adding to supply risks, Chevron has terminated its oil production and a number of other activities in Venezuela, after its key license was revoked by U.S. President Donald Trump's government in March. Venezuela in April cancelled cargoes scheduled to Chevron citing payment uncertainties related to U.S. sanctions. Chevron was exporting 290,000 barrels per day (bpd) of Venezuelan oil or over a third of the country's total before that. 'From May through August, the data points to a constructive, bullish bias with liquids demand set to outpace supply,' Mukesh Sahdev, Global Head of Commodity Markets at Rystad Energy, said in a note, as he expects demand growth outpacing supply growth by 0.6 million to 0.7 million bpd. Later on Thursday, investors will be watching for the weekly reports from the American Petroleum Institute (API) and the Energy Information Administration, the statistical arm of the U.S. Department of Energy. U.S. crude oil and distillate inventories likely rose last week while gasoline stockpiles likely fell, an extended Reuters poll showed on Wednesday. According to the market sources familiar with the API data, U.S. crude and gasoline stocks fell last week while distillate inventories rose.
The Star
20 minutes ago
- Politics
- The Star
South Koreans turn out in record numbers for early voting in presidential election
A woman casts her early vote for the upcoming presidential election at a polling station in Seoul, South Korea, May 29, 2025. REUTERS/Kim Hong-Ji SEOUL (Reuters) -South Koreans began turning out in record numbers for early voting on Thursday in the country's snap presidential polls set to take place next week, election commission data showed, as both of the leading candidates cast their ballots. The June 3 election comes after months of political turmoil and a power vacuum following the botched attempt by former leader Yoon Suk Yeol to impose martial law. The liberal Democratic Party's candidate Lee Jae-myung, the frontrunner in the polls before a blackout period banning opinion polls began on Wednesday, cast his ballot in Seoul. "In order to overcome the current crisis... and start again as a Korea of recovery and growth, please vote," Lee said after casting his ballot at a university district in the city. His comment came after the Bank of Korea cut interest rates on Thursday and slashed its 2025 growth forecast for Asia's fourth-largest economy to 0.8% from 1.5% previously. On Wednesday, Lee pledged to establish a new Ministry of Climate and Energy to "respond to the climate crisis", and expand and reorganise the Ministry of Gender Equality and Family to promote equal rights and deal with any reverse discrimination. Some 3,107,164 people, or 7.00% of total eligible voters, had voted as of around 11 a.m. (0200 GMT), according to National Election Commission data, the highest turnout for the equivalent period in a presidential poll and compared with 5.38% in the 2022 vote. South Korea has 44.39 million eligible voters and early voting is allowed on Thursday and Friday. The top three candidates based on the last published Gallup Korea poll before the blackout period put Lee at 49% public support, followed by his main conservative rival Kim Moon-soo of the People Power Party with 35% and another conservative candidate, the New Reform Party's Lee Jun-seok, on 11%. Kim and Lee Jun-seok also voted on Thursday. Kim had eroded what was a more than 20 percentage point gap with Lee Jae-myung at the start of the campaign on May 12, but has failed to convince Lee Jun-seok to drop out and back him to improve his chances. (Reporting by Joyce Lee; Editing by Ed Davies and Saad Sayeed)
New Straits Times
24 minutes ago
- Politics
- New Straits Times
South Koreans begin early voting in presidential poll
SEOUL: Early voting in South Korea's presidential elections kicked off on Thursday, with both main candidates set to cast ballots in a poll triggered by ex-leader Yoon Suk Yeol's ill-fated effort to suspend civilian rule last year. All major polls have placed liberal Lee Jae-myung as the clear frontrunner in the presidential race, with a recent Gallup survey showing 49 per cent of respondents viewed him as the best candidate. Trailing behind him is conservative ex-labour minister Kim Moon-soo of the ruling People Power Party – Yoon's former party – at 35 per cent. While election day is set for June 3, those who want to vote early can do so on Thursday and Friday – part of an initiative introduce in 2013 to help those unable to cast ballots on polling day or planning to travel. South Koreans have in recent years turned out in larger and larger numbers for early voting, with 37 per cent casting their ballots ahead of polling day in the 2022 presidential election. Voting began at 6am (2100 GMT Wednesday) for twelve hours, taking place again on Friday. According to the National Election Commission, as of 9am (0000 GMT) the early voting turnout rate was 3.55 per cent, the highest record yet for that time in South Korean election history. Lee, of the Democratic Party, is expected to vote in the capital Seoul on Thursday morning. "Some say power comes from the barrel of a gun, but I believe a vote is more powerful than a bullet," he told a rally on Wednesday. According to a Gallup poll, more than half of Lee's supporters said they planned to vote early, compared to just 16 per cent of Kim's supporters. Kim has said he will cast his vote in Incheon, west of Seoul, with his campaign framing it as "the beginning of a dramatic turnaround", a nod to General Douglas MacArthur's landing there during the Korean War. Kim's decision to vote early has surprised many on the right, where conspiracy theories about electoral fraud – particularly during early voting – are rife. The 73-year-old however reassured his supporters that there is "nothing to worry about." "If you hesitate to vote early and end up missing the main election, it would be a major loss," said Kim on Wednesday. "Our party will mobilise all its resources to ensure strict monitoring and oversight of early voting," he said. "So please don't worry and take part in it," he said. Conservative candidate Kim shot to public attention in the aftermath of Yoon's martial law debacle, when he declined to bow in apology to the public for failing to prevent the suspension of civilian rule. In contrast, lawyer-turned-politician Lee played a central role in stopping the push to suspect civilian rule, live-streaming his frantic drive to parliament and his scramble over the perimeter fence as he and other lawmakers raced to vote down the decree. He has since vowed to "bring insurrection elements to justice" if elected president.--AFP
New Straits Times
25 minutes ago
- Business
- New Straits Times
Oil prices climb as US court blocks Trump tariffs
TOKYO: Oil prices rose on Thursday after a US court blocked President Donald Trump's tariffs from taking effect, while the market was watching out for potential new US sanctions curbing Russian crude flows and an OPEC+ decision on hiking output in July. Brent crude futures climbed 81 sen, or 1.25 per cent, to US$65.71 a barrel. US West Texas Intermediate crude advanced by 83 sen, or 1.34 per cent, to US$62.62 a barrel at 0102 GMT. A US trade court on Wednesday ruled that Trump overstepped his authority by imposing across-the-board tariffs on imports from nations that sell more to the United States than they buy. The ruling buoyed risk appetite across global markets which have been on edge about the impact of the levies on economic growth, but analysts said the relief may only be temporary given the administration has said it will appeal. "But for now, investors get a breather from the economic uncertainty they love to loathe," said Matt Simpson, an analyst at City Index in Brisbane. On the supply front, there are concerns about potential new sanctions on Russian crude. At the same time, the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, could agree on Saturday to accelerate their oil production hikes in July. With Russian oil so far overall showing relative resistance to the sanctions, imposed over Moscow's war on Ukraine, "it is hard to be convinced that any new US sanctions on Russia will meaningfully dent Russia's oil exports," Commonwealth Bank of Australia analyst Vivek Dhar said in a note. Adding to supply risks, Chevron has terminated its oil production and a number of other activities in Venezuela, after its key license was revoked by US President Donald Trump's government in March. Venezuela in April cancelled cargoes scheduled to Chevron citing payment uncertainties related to US sanctions. Chevron was exporting 290,000 barrels per day (bpd) of Venezuelan oil or over a third of the country's total before that. "From May through August, the data points to a constructive, bullish bias with liquids demand set to outpace supply," Mukesh Sahdev, Global Head of Commodity Markets at Rystad Energy, said in a note, as he expects demand growth outpacing supply growth by 0.6 million to 0.7 million bpd. Later on Thursday, investors will be watching for the weekly reports from the American Petroleum Institute (API) and the Energy Information Administration, the statistical arm of the US Department of Energy. US crude oil and distillate inventories likely rose last week while gasoline stockpiles likely fell, an extended Reuters poll showed on Wednesday. According to the market sources familiar with the API data, US crude and gasoline stocks fell last week while distillate inventories rose.
Mint
26 minutes ago
- Automotive
- Mint
Nikkei rises as US court halts Trumps tariffs, chip stocks rally
TOKYO, - Japan's Nikkei share average rose to a more than two-week high on Thursday after a U.S. court blocked President Donald Trump's tariffs from going into effect, while a rally in chip-related stocks also lifted the index. As of 0223 GMT, the Nikkei rose 1.7% to 38,347.05, its highest level since May 13. The broader Topix rose 1.44% to 2,809.27. The Manhattan-based Court of International Trade ruled that Trump overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy. The U.S. dollar surged following the court decision, pushing the yen down 0.7% to 145.86 against the greenback. A weaker yen boosts the value of overseas revenues. "The Nikkei's gains were limited even as we had a series of positive cues, as the market was testing if the index would rise further going forward," said Yusuke Sakai, a senior trader at T&D Asset Management. Chip-related shares jumped after Nvidia beat quarterly sales expectations, with Advantest and Tokyo Electron rising 3.7% and 3.3%, respectively. Cable maker Fujikura, a gauge for AI investments, jumped 6.3%. It lifted the nonferrous metals sector by 3.52%, making it the top performer among the Tokyo Stock Exchange's 33 industry sub-indexes. Automakers also advanced, with Toyota Motor rising 3.9%, helping lift the auto and auto parts sector by 3%. Hino Motors jumped 7.8% to become the top percentage gainer in the Nikkei. On the other hand, toy maker Bandai Namco Holdings fell 2.47% to drag the Nikkei the most. This article was generated from an automated news agency feed without modifications to text.
