Author: omc_admin

United States President Donald Trump said on Thursday that India had offered a trade deal that proposed almost “no tariffs” on US goods, as the South Asian nation seeks to avert higher import and export costs. India disputed Trump’s claim. But New Delhi is looking to clinch a trade deal with the US within the 90-day pause announced by Trump on April 9, on so called reciprocal tariffs for major trading partners. On May 8, the White House secured a trade agreement with the United Kingdom, two days after India inked a similar pact with it. India’s equity benchmarks jumped about…

Jakarta: Indonesian President Prabowo Subianto inaugurated two offshore oil and gas projects on Friday, hailing them as a milestone to reaching energy self-sufficiency.Prabowo has vowed to boost energy security for Southeast Asia’s largest economy, while also pledging to phase out coal power and reach net-zero emissions by 2050.”Achieving national energy self-sufficiency is vital for the independence of our nation,” he said.”If we are able to reach energy self-sufficiency, we will save tens of billions of US dollars.”The $600-million projects operated by Indonesian firm Medco E&P Natuna in the South Natuna Sea aim to produce 20,000 oil barrels per day, energy…

This week, I attended events by Amazon, Disney, NBCUniversal, and other streaming and network giants in New York, where they made their biggest pitches of the year to ad buyers.The TV upfronts are an annual series of presentations and parties during which TV ad sellers do their best to sell the bulk of their inventory. Given the jittery macro environment and the decline of linear TV viewing, this year’s incarnation was expected to be a buyer’s market. A recent EMARKETER forecast estimated that tariffs could drag down this year’s haul by as much as $4.1 billion, a 23.5% decline from last…

TORONTO — Mike Novogratz said he spent nearly four years and more than $25 million trying to take crypto firm Galaxy Digital public in the United States.”It felt un-American, unfair, infuriating,” Novogratz said.Novogratz told CNBC that a process that should take 45 to 90 days stretched out to 1,320 days. He said it took nine rounds of comments with the Securities and Exchange Commission.”One of the things that people didn’t understand about the crypto tax is that you needed to be very well capitalized — and a pretty big, strong company — just to stay in the game,” he said.The…

Harvard has lost about $89 million more in federal funding, this time from the Department of Energy (DOE), as the university defies demands from the Trump administration over its purported inaction on anti-Israeli bias on campus. The DOE action follows the Task Force to Combat Anti-Semitism’s freeze of $2.2 billion in multi-year grants and $60 million in multi-year contracts to Harvard, announced April 14, and was taken in coordination with the termination of $450 million in grants from eight government agencies. Earlier on March 31 the Department of Education, the Department of Health and Human Services and the General Services…

U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 3.5 million barrels from the week ending May 2 to the week ending May 9, the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report. That EIA report was released on May 14 and included data for the week ending May 9. The report showed that crude oil stocks, not including the SPR, stood at 441.8 million barrels on May 9, 438.4 million barrels on May 2, and 457.0 million barrels on May 10, 2024. The EIA report highlighted that data…

(Oil Price) – The term “peak oil” has sparked debate for decades, fueling speculation and more than a few forecasts of doomsday scenarios. But for all the noise, it remains a largely misunderstood concept. That’s unfortunate, because peak oil—both in theory and in practice—still carries serious implications for the global economy and energy markets. The phrase was very popular 20 years ago but then faded when the shale revolution gathered steam. But all booms eventually end, and a growing number of voices are suggesting that peak production in the U.S. may soon be upon us. What is Peak Oil? But let’s…

Storms accompanied by deep, booming thunder, lightning displays and powerful winds swept through parts of Wisconsin, Illinois, northern Indiana and Michigan overnight — leaving scores of trees down and thousands of homes without power.The National Weather Service issued tornado warnings and watches across the region Thursday night into early Friday morning. Several tornadoes touched down Thursday in central Wisconsin. None of the twisters have received ratings yet, said Timm Uhlmann, weather service meteorologist in Green Bay.“We’re still gathering reports,” Uhlmann said. “We’re assessing some of the damage and still getting video and pictures. The damage that we have is fairly…

OPEC+ Supply Outlook and Iran Deal Keep Bulls in Check While prices are on track for a modest weekly gain—about 1%—the potential for increased supply continues to cap upside. OPEC+ is pressing ahead with its plan to unwind voluntary production cuts, a move that adds barrels into an already sensitive market. Ongoing nuclear negotiations between the U.S. and Iran also threaten to expand global crude supply, with ING estimating Iran could add up to 400,000 barrels per day if sanctions are lifted. The pressure intensified following remarks by U.S. President Donald Trump suggesting progress in talks, though sources confirmed key…

Prices are expected to go up this year as many companies signal plans to raise them in response to President Donald Trump’s slew of tariffs.While firms raise prices for many reasons, some were blaming price hikes on tariffs long before Trump’s so-called “Liberation Day” on April 2, during which he announced a 10% baseline tariff on imports from most countries, except Canada and Mexico, and a host of “reciprocal” tariffs on top of that.The situation is fluid. China, for example, now faces tariffs of 30%, down from 145%, after striking a trade deal with the US that does not restore…