Bitcoin climbs to record $123,000
Bitcoin scaled a record high of $123,153.22 before pulling back slightly to trade 2.4% higher around $122,000.
Later in the day, the US House of Representatives will debate a series of bills to provide the digital asset industry with the nation's regulatory framework it has long demanded. Those demands have resonated with US President Donald Trump, who has called himself the "crypto president" and urged policymakers to revamp rules in favour of the industry.
"It's riding a number of tailwinds at the moment," said IG market analyst Tony Sycamore, citing strong institutional demand, expectations of further gains and support from Trump.
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Express Tribune
an hour ago
- Express Tribune
BRICS 2025 and the Indian dilemma
The writer is a PhD scholar of Semiotics and Philosophy of Communication at Charles University Prague. She can be reached at shaziaanwer@ Listen to article The 2025 BRICS Summit in Rio de Janeiro concluded without the presence of the presidents of China, Russia and Iran. Russia and Iran were represented by their foreign ministers, and China by their premier. The theme of this year's summit emphasised multilateralism and the upholding of international law, based on the Purposes and Principles enshrined in the UN Charter. It reaffirmed the central role of the UN in maintaining international peace and security, promoting human rights and fundamental freedoms and encouraging cooperation grounded in solidarity, mutual respect, justice and equality. BRICS is increasingly positioning itself as an alliance of the historically oppressed. The list of members and partners continues to expand each year. In 2025, Colombia and Bolivia expressed interest in joining. Colombia pivoting away from longstanding American influence toward a more sovereign foreign policy in the past three years is particularly noteworthy. Current full members include Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, the UAE, Ethiopia, Indonesia and Iran. Partner countries include Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda and Uzbekistan. Over 30 countries expressed interest in joining BRICS in 2024, either as full members or partners. A relatively low-profile summit was expected this year, especially when compared with the 2024 Kazan Summit, partly because Brazil is also hosting COP30 and its attention appears divided. Nevertheless, BRICS 2025 generated more media attention than expected. Notably, US President Donald Trump has become increasingly vocal, recently threatening a 10% tariff on any country that joins BRICS or attempts to bypass the US dollar. Bilateral trade in sovereign currencies, along with growing mistrust of US economic policies, especially Trump's proposed 100% tariffs, have already begun shaking global markets. According to the US Dollar Index, the dollar fell approximately 8.8% from June 2024. In 2023, several UN investment banks raised concerns that the dollar could be dethroned as the world's primary reserve currency, citing possible replacements such as the Chinese yuan, Japanese yen or a potential BRICS-issued shared currency. The summit also addressed major geopolitical flashpoints. It strongly condemned US and Israeli bombardments on Iran in June and reaffirmed commitment to the two-state solution in Palestine. India's participation in endorsing such resolutions highlights a strategic tightrope: while aligning with BRICS' broader anti-imperialist stance, India's longstanding ties with Israel and its own illegal occupation of Kashmir may draw future scrutiny within BRICS circles if consistency in international law is demanded. The 2024 Kazan Summit had set a high benchmark, marked by Russia's comprehensive efforts to institutionalise BRICS mechanisms. Initiatives included the BRICS Finance Track and Central Bank Working Group, Payments Cooperation Council, BRICS Rapid Information Security Channel, Anti-Corruption Working Group and the BRICS Space Council. Additionally, a BRICS Healthcare and Nuclear Medicine Working Group was launched. Brazil followed suit this year by initiating five new working groups on employment, SMEs, counterterrorism, disaster management and anti-monopoly/competition policy. In this light, BRICS 2025 can be viewed as a step toward deeper cooperation among the Global South, aimed at inclusive and sustainable global governance. While the 2024 Kazan Summit was more focused on reinforcing multilateralism for equitable global development and security, the Rio Summit leaned more towards amplifying the Global South's voice in the evolving world order. Looking ahead to the 2026 BRICS Summit, which India will host, questions loom large. As a swing state straddling the Global North and South, India faces growing skepticism from within the alliance. Experts remain uncertain about India's long-term commitment to BRICS' transformative agenda. The 2026 summit will thus serve as a test case — whether India is genuinely aligned with BRICS' vision of multilateralism, inclusive governance and South-South cooperation, or it prefers to maintain strategic ambiguity.
Business Recorder
2 hours ago
- Business Recorder
Trump says Indonesia to face 19% tariff under trade deal
WASHINGTON: President Donald Trump said Tuesday that he had struck a trade pact with Indonesia resulting in a lower US tariff on the country's goods than earlier threatened, alongside better market access. 'Great deal, for everybody, just made with Indonesia,' Trump wrote on his Truth Social platform, saying that he worked with the country's president directly. He later told reporters that Indonesia was 'giving us access' and that goods from the Southeast Asian country would face a 19 percent tariff. Trump did not elaborate on the improved access that he had touted, although he stressed that Indonesia is 'very strong on copper' and other materials. The Trump administration has been under pressure to finalize trade pacts after promising a flurry of deals, as countries sought negotiations with Washington to avoid Trump's tariff threats. But the US president has so far only unveiled deals with Britain and Vietnam, alongside an agreement to temporarily lower tit-for-tat levies with China. EU and Indonesia announce 'political agreement' on trade deal Last week, Trump renewed his threat of a 32 percent levy on Indonesian goods, saying in a letter to the country's leadership that this level would take effect August 1. It remains unclear when the lower tariff level announced Tuesday will take effect for Indonesia. 'We have a couple of those deals that are going to be announced. India basically is working along that same line,' Trump told reporters Tuesday, referring to market access. Indonesia's former vice minister for foreign affairs Dino Patti Djalal told a Foreign Policy event Tuesday that government insiders had indicated they were happy with the new deal. Tariffs drive Trump in April imposed a 10 percent tariff on almost all trading partners, while announcing plans to eventually hike this level for dozens of economies, including the European Union and Indonesia. But days before the steeper duties were due to take effect, he pushed the deadline back from July 9 to August 1. This marked his second postponement of the elevated levies. Instead, since early last week, Trump has been sending letters to partners, setting out the tariff levels they would face come August. To date, Trump has sent more than 20 such letters including to the EU, Japan, South Korea and Malaysia. Canada and Mexico, both countries that were not originally targeted in Trump's 'reciprocal' tariff push in April, also received similar documents outlining updated tariffs for their products. But existing exemptions covering goods entering the United States under a North American trade pact are expected to remain in place, a US official earlier said. Trump has unveiled blanket tariffs on trading partners in part to address what his administration deems as unfair practices that hurt American businesses. Analysts have warned that without trade agreements, Americans could conclude that Trump's strategy to reshape US trading ties with the world has not worked. 'In the public's mind, the tariffs are the pain, and the agreements will be the gain. If there are no agreements, people will conclude his strategy was flawed,' William Reinsch, senior adviser at the Center for Strategic and International Studies, previously told AFP.
Business Recorder
5 hours ago
- Business Recorder
Oil eases as Trump's 50-day deadline for Russia reduces supply fears
NEW YORK: Oil prices edged lower on Tuesday after U.S. President Donald Trump's 50-day deadline for Russia to end the Ukraine war and avoid sanctions eased concerns about any immediate supply disruption. Brent crude futures were down 15 cents at $69.06 a barrel by 10:54 a.m.. U.S. West Texas Intermediate crude futures were down 30 cents at $66.68. 'The focus has been on Donald Trump. There was some fear he might target Russia with sanctions immediately and now he has given another 50 days,' said UBS commodities analyst Giovanni Staunovo. 'Those fears about an imminent additional tightness in the market have dissipated. That's the main story.' Oil prices had climbed on the potential sanctions but later gave up gains as the 50-day deadline raised hopes that sanctions could be avoided. Oil steadies near three-week high on signs of tighter supply In the event the proposed sanctions are implemented, 'it would drastically change the outlook for the oil market,' analysts at ING said in a note on Tuesday. 'China, India and Turkey are the largest buyers of Russian crude oil. They would need to weigh the benefits of buying discounted Russian crude oil against the cost of their exports to the U.S.,' the ING note said. Trump announced new weapons for Ukraine on Monday and had said on Saturday that he would impose a 30% tariff on most imports from the European Union and Mexico from August 1, adding to similar warnings for other countries. Tariffs raise the risk of slower economic growth, which could reduce global fuel demand and drag oil prices lower. China's economy slowed in the second quarter, data showed on Tuesday, with markets bracing for a weaker second half as exports lose momentum, prices continue to fall and consumer confidence remains low. Tony Sycamore, an analyst at IG, said economic growth in China came in above consensus, largely because of strong fiscal support and the front-loading of production and exports to beat U.S. tariffs. 'The Chinese economic data was supportive overnight,' said Phil Flynn, senior analyst with Price Futures Group. Elsewhere, oil demand is set to remain 'very strong' through the third quarter, keeping the market balanced in the near term, the Organization of the Petroleum Exporting Countries' secretary general said, according to a Russian media report.
