Latest news with #USDepartmentofTreasury
Yahoo
4 days ago
- Business
- Yahoo
US-China Trade Talks Lift Oil Prices
ICE Brent is poised to close the week above $66 as trade optimism lifts sentiment, while stubborn geopolitical tensions and shifting wildfire risks keep supply concerns alive. June 6th, 2025 ICE Brent futures are set to close this week above $66 per barrel, a more than 3% weekly gain after markets were buoyed by the prospect of US-China trade talks all the while derailed US-Iran and Russia-Ukraine negotiations have kept geopolitical risk premia intact. Supply risks from Canada's wildfires seem to be subsiding after Alberta saw some rain earlier in the week, however, they might reappear again on forecasts of upcoming June heatwaves. No Nuclear Deal Means More Iran Sanctions. As US-Iran nuclear negotiations seemingly hit a roadblock after Tehran rejected the idea of transferring its inventory of enriched uranium, the US Department of Treasury announced new sanctions on Iran, targeting 10 individuals and 27 commercial entities. Saudi Arabia Cuts Its July Prices. Saudi Aramco (TADAWUL:2222) slashed its July prices for Asian customers by $0.20 per barrel for lighter grades and by $0.10 per barrel for Arab Medium, back to May levels, citing healthy demand and low regional stocks, half the cut that analysts were expecting. Iraq Attacks Kurdish Government. The Iraqi Oil Ministry said that it holds the Kurdish Regional Government (KRG) legally responsible for the widespread smuggling of oil and refined products from Kurdistan, believed to be at least 150,000 b/d in volume, as Erbil defies orders from Baghdad. US and Japan to Iron Out US Steel Deal Concerns. Japan's largest steelmaker, Nippon Steel (TYO:5401) asked a US appeals court for an 8-day pause in litigation to give them more time to reach a final agreement to buy US Steel (NYSE:X) for $14.9 billion, as both sides believe they are closing in on the deal. Low Stocks Buoys Copper Futures. Copper soared to its highest in two months this week, with the three-month LME futures contract touching $9,810 per metric tonne on Thursday, as inventories in LME-registered warehouses fell to just 138,000 tonnes, halving since the beginning of this year. Clean Energy Investments Flying High, Still. According to the International Energy Agency, global energy investment will rise to a record $3.3 trillion this year, of which $2.2 trillion will come from clean energy technologies, including renewables, nuclear and energy storage, with solar being the biggest beneficiary. Silver Soars to Highest Since 2012. Spot silver prices surged past $36 per ounce this week, for the first time in 13 years, as the metal enters its fifth consecutive year of a market deficit on the back of strong industrial demand, further boosted by silver's safe haven appeal that lifted it by 24% in 2025 already. Brazil Will Start Drilling Big in Africa. Petrobras (NYSE:PBR), the state oil company of Brazil, stated it would make Africa its main region of exploration and investment outside of Brazil, with the government of Ivory Coast offering preferential rights to nine offshore blocks this week, to be followed by Nigeria, Angola and Namibia. Petronas Denies Rumours of Canada Exit. Malaysia's national oil company Petronas refuted claims that it would be looking to sell its 7 billion Canadian business, however signalled that it is intent to 'rightsize' its workforce there and cut around 10% of its workforce as part of a restructuring exercise. China Teapots Curb Their Appetite for Iranian Oil. Independent teapot refiners in China have slowed their purchases of Iranian crude, down by some 20% from the 1.6 million b/d average of Q1 2025, however, it is not sanctions but high asking prices (a discount of -$3 per barrel to Brent) that prompted the shift. US Rejects Ethane Loadings to China. US midstream giant Enterprise Products (NYSE:EPD) said that the US Commerce Department denied its requests to ship 2.2 million barrels of ethane in three loads to China, despite having requested an export licence right after receiving a May 23 letter from the BIS. Discounts For Russian Oil Narrow. Discounts for Russia's flagship Urals grade have narrowed to their lowest since the Russia-Ukraine war began as July-arrival cargoes are shown at a $2.25 per barrel discount to Brent on a delivered basis, partly due to flat prices behind the $60 per barrel price cap level. US LNG Flows Fall Before They Soar. US feedgas flows to the country's eight large-scale LNG export plants dipped to 13.8 BCf/d so far in June as Sabine Pass LNG is undergoing planned maintenance until June 22 and Plaquemines prepares for new commissioned units, capping next-day Henry Hub prices at $2.86 per mmBtu. By Tom Kool for More Top Reads From this article on
Indian Express
4 days ago
- Business
- Indian Express
US issues new Iran-related sanctions, Treasury website shows
The United States has issued a new round of Iran-related sanctions targeting 10 individuals and 27 entities, according to a post on the US Department of Treasury website on Friday. The sanctions, which also target some entities in the United Arab Emirates and Hong Kong, come as US President Donald Trump's administration is working to get a new nuclear deal with Tehran.
Free Malaysia Today
4 days ago
- Business
- Free Malaysia Today
US treasury says BOJ should continue to tighten policy
A Reuters poll showed most economists expect the Bank of Japan to hold rates steady through September, with a small majority forecasting a hike by year-end. (EPA Images pic) TOKYO : The Bank of Japan should continue to proceed with monetary tightening, which would support a 'normalisation of the yen's weakness' and rebalancing of bilateral trade, the US treasury department said yesterday. The comments, made in the treasury's exchange-rate report to congress, come as steep US tariffs imposed by President Donald Trump complicate the BOJ's efforts to raise interest rates and wean the economy off its historic monetary stimulus. 'BOJ policy tightening should continue to proceed in response to domestic economic fundamentals, including growth and inflation, supporting a normalisation of the yen's weakness against the dollar and a much-needed structural rebalancing of bilateral trade,' the Treasury said in the report. 'Treasury also stresses that government investment vehicles, such as large public pension funds, should invest abroad for risk-adjusted return and diversification purposes, and not to target the exchange rate for competitive purposes,' the report said on Japan. The rare, explicit mention of Japan's monetary policy turns Washington's focus to the BOJ's ultra-low interest rate, which is seen among factors that have kept the yen weak against the dollar. Asked about the report, Japanese finance minister Katsunobu Kato told a news conference today that the government leaves monetary policy decisions to the BOJ. With regard to the report's reference on pension funds, Kato said it was natural for pension funds to pursue their own purposes in fund management. The treasury said no major US trading partner was found manipulating its currency in 2024. However, it said Japan, as well as China, South Korea, Taiwan, Singapore, Vietnam, Germany, Ireland and Switzerland, were on its monitoring list for extra foreign exchange scrutiny. The BOJ ended its massive monetary stimulus last year and in January raised short-term interest rates to 0.5% on the view Japan was on the cusp of durably hitting its 2% inflation target. While the central bank has signalled a readiness to raise rates further, the economic repercussions from higher US tariffs forced it to cut its growth forecasts in May. The slow pace at which the BOJ is raising interest rates has been seen by markets as a key factor keeping the yen weak against other currencies. A Reuters poll, taken on May 7-13, showed most economists expect the BOJ to hold rates steady through September with a small majority forecasting a hike by year-end. Some market players have speculated Washington could pile pressure on Tokyo to help weaken the dollar against the yen and give US exports a competitive trade advantage. Kato has denied discussing exchange-rate levels or the idea of setting a currency target in his recent meetings with US treasury secretary Scott Bessent. However, he said after a meeting with Bessent in April that he explained Japan's wage and price developments, suggesting discussions may have touched upon BOJ policy. 'I don't think there's a big gap in the view between the US and Japan on the direction of the BOJ's policy,' said Japan's former top currency diplomat Mitsuhiro Furusawa. 'But the timing of the rate hike would be tricky,' he told Reuters. 'With so much uncertainty, the BOJ can't hike rates easily or aggressively,' he added.
Bloomberg
7 days ago
- Business
- Bloomberg
Citigroup's Burke Nominated for Key US Treasury Job on Sanctions
Jonathan Burke, a Citigroup Inc. managing director, was nominated for one of the top US Treasury Department jobs involved in crafting sanctions policy. If he's confirmed as assistant secretary for terrorist financing, it would mark a return to government work for Burke. From 2008 to 2012, he was a senior policy adviser in the Treasury Department's Office of Terrorism and Financial Intelligence, according to his LinkedIn profile. He's currently global head of banking sanctions compliance at New York-based Citigroup.
Yahoo
22-05-2025
- Business
- Yahoo
US Senate passes ‘no tax on tips' bill in unanimous vote
The US Senate passed the No Tax on Tips Act on Tuesday after the Nevada senator Jacky Rosen brought the bill up for a unanimous consent request. 'This bipartisan bill is a good idea. It has support from Democrats and Republicans, so we should pass it, well, as soon as possible, without any poison pills,' said Rosen, a Democrat, on the Senate floor. The bill was introduced in the Senate in January 2025 by Senator Ted Cruz and a bipartisan group of co-sponsors which included Rosen and the Nevada senator Catherine Cortez Masto. No objections were made by Rosen's request, resulting in the passage of the bill, which now goes to the House. The bipartisan bill will create a tax deduction of up to $25,000 for cash tips reported to employers by workers for withholding purposes on payroll taxes, with a cap on the salary for eligible workers at $160,000 annually. The bill calls for the US Department of Treasury to issue a list of occupations that traditionally receive tips within 90 days of the bill's enactment. Ending taxes on tips gained traction during the 2024 presidential election, with Donald Trump touting the plan on the campaign trail in Nevada, and Kamala Harris later endorsing the idea. Related: No tax on tips fires up Nevada hospitality workers: 'I want that!' Economists and labor advocates have criticized the legislation, with concerns it will incentivize the expansion of tipped work, undermine pay increases and would affect only a small segment of about 5% of low-paid workers who receive tips. According to Brookings Institute researchers, 37% of all tipped workers already pay no federal income tax because their earnings are so little, and eliminating sub-minimum wages for tipped workers would be more impactful. 'Without having these earnings floors in place, the minimum wage floor and calling for an increase, workers are vulnerable to exploitation and inequality in the labor market which is harmful overall for the economy,' Lena Simet, a senior researcher Human Rights Watch, told the Guardian in August 2024 on the push to end taxes on tips. 'It doesn't mean that workers can no longer be tipped. It just means a tip comes on top of a wage floor that would guarantee them a minimum.'
