QLD Police charged a 50-year-old man with drug charged following a raid
The federal government has been urged to close a loophole which allows banned Russian fuel to enter Australia if it's been refined elsewhere.
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Mint
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- Mint
Donald Trump to make Oval Office announcement at 2:00 AM tomorrow amid tariff threats; what's brewing?
Amid looming tariff threats, US President Donald Trump is scheduled to deliver an 'announcement' from the Oval Office tomorrow at 4:30 PM ET (2 AM IST), the White House confirmed. US President Trump will announce from the Oval Office tomorrow at 2 AM IST. The meeting comes on the heels of a series of economic and geopolitical warnings from Trump, including a threat to impose steep tariffs on India within 24 hours over its ongoing oil imports from Russia. Trump also lashed out at American banks, accusing them of political discrimination, and hinted at forthcoming announcements on semiconductors and pharmaceuticals. 'India has not been a good trading partner, because they do a lot of business with us, but we don't do business with them. So we settled on 25 percent, but I think I'm going to raise that very substantially over the next 24 hours, because they're buying Russian oil,' he told CNBC in the televised interview. Meanwhile, U.S. special envoy Steve Witkoff has arrived in Moscow and was greeted by Russia's investment envoy Kirill Dmitriev, a source told Reuters on Wednesday, after the Kremlin said it did not rule out Witkoff meeting President Vladimir Putin. Trump, who warned that he would impose sanctions on Russia if Moscow does not agree to a ceasefire in the war in Ukraine before Friday, had said earlier that Witkoff might be travelling to Moscow this week in yet another diplomatic effort to bring the hostilities to an end, Reuters reported. India on Monday mounted an unusually sharp counterattack on the US and the European Union for their 'unjustified and unreasonable' targeting of New Delhi for its procurement of Russian crude oil. Firmly rejecting the criticism, India pointed out the double standards in targeting it on the issue and said both the US and the EU are continuing their trade relations with Russia. 'Unlike our case, such trade is not even a vital national compulsion," the Ministry of External Affairs (MEA) said in a statement on Monday night. Meanwhile, State Department Spokesperson Tammy Bruce said it will be up to President Trump on how to respond to 'those nations that are facilitating this war on Ukraine'. When asked about India's statement that it will not alter its stance on purchasing oil from Russia, Bruce responded to a related question about both India and China signalling their intent to continue such purchases despite U.S. sanctions. India has not been a good trading partner... I think I'm going to raise that very substantially over the next 24 hours. She noted that Washington is now considering secondary sanctions, which target countries, companies, or entities that engage in business with already-sanctioned nations, such as Russia, in this case. (With inputs from agencies)
CNBC
a minute ago
- CNBC
Gold inches lower as dollar gains, markets eye Fed appointments
Gold prices edged lower on Wednesday on a slightly firmer dollar, while investors held back from making big bets ahead of U.S. President Donald Trump's decision on Federal Reserve appointments. Spot gold was down 0.1% at $3,376.01 per ounce, as of 0312 GMT, after hitting a near two-week high on Tuesday. U.S. gold futures fell 0.1% to $3,431.10. The dollar rebounded from a one-week low hit in the previous session, reducing gold's appeal to other currency holders. "We see that gold prices are consolidating and actually are on a slight upward bias," said Brian Lan, managing director at GoldSilver Central, Singapore. "We expect gold prices to actually test a higher trading band like $3,393 and we might see it testing $3,400." Trump on Tuesday said he would announce decisions soon on a short-term replacement for Fed Governor Adriana Kugler, who announced her resignation on Friday, as well as his pick for the next Fed chair. The CME FedWatch tool now puts the odds of a September cut at nearly 87%, after Friday's weaker-than-expected employment growth data, following which Trump fired the commissioner of the U.S. Bureau of Labor Statistics (BLS). On the trade front, Trump again threatened to raise tariffs on goods from India over its Russian oil purchases, while New Delhi called his attack "unjustified" and vowed to protect its economic interests, deepening the trade rift between the two countries. Elsewhere, the Perth Mint's gold product sales fell 33% in July from the previous month, while silver sales slipped to a six-month low, the refiner said on Wednesday. Spot silver was steady at $37.82 per ounce, platinum slipped 0.5% to $1,313.94 and palladium fell 1% to $1,164.15.
CNBC
a minute ago
- CNBC
Oil prices rebound from 5-week low on Trump threats on Russian crude buyers
Oil prices climbed on Wednesday, rebounding from a five-week low in the previous day, on concerns of supply disruptions after U.S. President Donald Trump's threats of tariffs on India over its Russian crude purchases. Brent crude futures rose 29 cents, or 0.4%, to $67.93 a barrel by 0119 GMT while U.S. West Texas Intermediate crude was at $65.44 a barrel, up 28 cents, or 0.4%. Both contracts fell by more than $1 on Tuesday to settle at their lowest in five weeks, marking a fourth session of losses, on oversupply concerns from OPEC+'s planned September output hike. "Investors are assessing whether India will reduce its Russian crude purchases in response to Trump's threats, which could tighten supply, but it remains to be seen if that will actually happen," said Yuki Takashima, economist at Nomura Securities. "If India's imports remain steady, WTI is likely to stay within the $60-$70 range for the rest of the month," he said. The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day for September, a move that will end its most recent output cut earlier than planned. The OPEC+ pumps about half of the world's oil and had been curtailing production for several years to support the market, but the group introduced a series of accelerated output hikes this year to regain market share. At the same time, U.S. demands for India to stop buying Russian oil as Washington seeks ways to push Moscow for a peace deal with Ukraine could upset supply flows as Indian refiners seek alternatives and Russian crude is redirected to other buyers. Trump on Tuesday again threatened higher tariffs on Indian goods over the country's Russian oil purchases over the next 24 hours. Trump also said declining energy prices could pressure Russian President Vladimir Putin to halt the war in Ukraine. New Delhi called Trump's threat "unjustified" and vowed to protect its economic interests, deepening a trade rift between the two countries. Nomura's Takashima also pointed to industry data showing crude inventories in the U.S., the world's biggest oil consumer, as supportive for the oil market. U.S. crude inventories fell by 4.2 million barrels last week, sources citing American Petroleum Institute figures said on Tuesday. That compares with a Reuters poll estimate of a 600,000 barrels draw for the week to August 1. The U.S. Energy Information Administration is due to release its weekly inventory data on Wednesday.
