Trump reports tens of millions in income from crypto ventures
Trump reported $57.35 million from token sales at crypto firm World Liberty Financial. He also reported holding 15.75 billion governance tokens in the venture. The annual report was signed as of June 13, but it was not immediately clear what time period it covered.
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Straits Times
4 hours ago
- Straits Times
India will continue to buy Russian oil, government sources say
India will keep purchasing oil from Russia despite U.S. President Donald Trump's threats of penalties, two Indian government sources said, not wishing to be identified due to the sensitivity of the matter. "These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight." Trump last month indicated in a Truth Social post that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters that he had heard that India would no longer be buying oil from Russia. The New York Times on Saturday quoted two unnamed senior Indian officials as saying there had been no change in Indian government policy, with one official saying the government had "not given any direction to oil companies" to cut back imports from Russia. Reuters reported this week that Indian state refiners stopped buying Russian oil in the past week after discounts narrowed in July. "On our energy sourcing requirements ... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances," India's foreign ministry spokesperson Randhir Jaiswal told reporters during a regular briefing on Friday. Jaiswal added that India has a "steady and time-tested partnership" with Russia, and that New Delhi's relations with various countries stand on their own merit and should not be seen from the prism of a third country. Top stories Swipe. Select. Stay informed. Singapore Opening of Woodlands Health has eased load on KTPH, sets standard for future hospitals: Ong Ye Kung Singapore $3b money laundering case: MinLaw names 6 law firms taken to task over involvement in property deals Asia KTM plans new passenger rail service in Johor Bahru to manage higher footfall expected from RTS Singapore HSA investigating teen allegedly vaping on MRT train Singapore New vehicular bridge connecting Punggol Central and Seletar Link to open on Aug 3 Singapore New S'pore jobs portal launched for North West District residents looking for work near home Singapore Tengah facility with over 40 animal shelters, businesses hit by ticks Business Property 'decoupling' illegal if done solely to avoid taxes: High Court The White House in Washington did not immediately respond to requests for comment. Indian refiners are pulling back from Russian crude as discounts shrink to their lowest since 2022, when Western sanctions were first imposed on Moscow, due to lower Russian exports and steady demand, sources said earlier this week. The country's state refiners - Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd - have not sought Russian crude in the past week or so, four sources familiar with the refiners' purchase plans told Reuters. INDIA'S TOP SUPPLIER On July 14, Trump threatened 100% tariffs on countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the top supplier to India, responsible for about 35% of India's overall continued to be the top oil supplier to India during the first six months of 2025, accounting for about 35% of India's overall supplies, followed by Iraq, Saudi Arabia and the United Arab the world's third-largest oil importer and consumer, received about 1.75 million barrels per day of Russian oil in January-June this year, up 1% from a year ago, according to data provided to Reuters by sources. Nayara Energy, a major buyer of Russian oil, was recently sanctioned by the European Union as the refinery is majority-owned by Russian entities, including oil major month, Reuters reported that Nayara's chief executive had resigned after the imposition of EU sanctions and company veteran Sergey Denisov had been appointed as CEO. Three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions on the Russia-backed refiner, Reuters reported late last month. REUTERS
CNA
8 hours ago
- CNA
Trump fires BLS commissioner, raising concerns about economic data quality
WASHINGTON: United States President Donald Trump fired the Labor Department's Bureau of Labor Statistics (BLS) Commissioner Erika McEntarfer on Friday (Aug 1) after data showed weaker-than-expected employment growth in July and massive downward revisions to the prior two months' job counts. Trump accused McEntarfer, who was appointed by former president Joe Biden, of faking the jobs numbers. There is no evidence to back Trump's claims of data manipulation by the BLS, the statistical agency that compiles the closely watched employment report, as well as consumer and producer price data. The US economy created only 73,000 jobs in July. Data for May and June were revised sharply down to show 258,000 fewer jobs created than had been previously reported. "We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified," Trump said in a post on Truth Social. The BLS did not immediately respond to a request for comment. William Wiatrowski, the deputy commissioner, will serve as acting commissioner. The Trump administration's recent mass layoffs of federal government workers have raised concerns about the quality of US economic data, long seen as the gold standard. Economists, labour unions and Democratic Party leaders criticised the firing as an attempt by the Trump administration to manipulate data and warned of lasting damage to the economy. "The civil servants at BLS are not political actors. They are professionals committed to producing accurate, independent data, regardless of who is in power," said American Federation of Government Employees national president Everett Kelley. McEntarfer had worked in the federal government for more than two decades under multiple administrations, Kelley said. Trump-aligned Republicans were supportive of the BLS firing, calling McEntarfer a "Biden holdover". DATA CREDIBILITY NOW IN QUESTION "Politicising economic statistics is a self-defeating act," said Michael Madowitz, principal economist at the Roosevelt Institute's Roosevelt Forward. "Credibility is far easier to lose than rebuild, and the credibility of America's economic data is the foundation on which we've built the strongest economy in the world. Blinding the public about the state of the economy has a long track record, and it never ends well." Earlier this year, Commerce Secretary Howard Lutnick disbanded two expert committees that worked with the government to produce economic statistics. Lutnick has also floated the idea of stripping out government spending from the gross domestic product report, claiming "governments historically have messed with GDP". The BLS has already reduced the sample collection for consumer price data as well as the producer price report, citing resource constraints. The government surveys about 121,000 businesses and government agencies, representing approximately 631,000 individual worksites for the employment report. The response rate has declined from 80.3 per cent in October 2020 to about 67.1 per cent in July. "In my opinion, today's Jobs Numbers were RIGGED in order to make the Republicans, and ME, look bad," Trump wrote in another Truth Social post, without offering any evidence. Economists attributed the near-stall in job growth to Trump's trade and immigration policies. They said uncertainty about where Trump's tariff level would settle had made it difficult for businesses to plan long-term. More clarity has emerged as the White House has announced trade deals, but economists said the effective tariff rate was still the highest since the 1930s. Trump slapped dozens of trading partners with steep tariffs on Thursday, including a 35 per cent duty on many goods from Canada.
Business Times
9 hours ago
- Business Times
World economies reel from Trump's tariffs punch
[WASHINGTON] Global markets reeled on Friday (Aug 1) after US President Donald Trump's tariffs barrage against nearly all US trading partners as governments looked down the barrel of a seven-day deadline before higher duties take effect. Trump announced late Thursday that dozens of economies, including the European Union, will face new tariff rates of between 10 and 41 per cent. However, implementation will be on Aug 7 rather than on Friday as previously announced, the White House said. This gives governments a window to rush to strike deals with Washington, setting more favourable conditions. Neighbouring Canada, one of the biggest US trade partners, was hit with 35 per cent levies, up from 25 per cent, effective Friday, but with wide-ranging, current exemptions remaining in place. The tariffs are a demonstration of raw economic power that Trump sees putting US exporters in a stronger position, while encouraging domestic manufacturing by keeping out foreign imports. But the muscular approach has raised fears of inflation and other economic fallout in the world's biggest economy. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Stock markets in Hong Kong, London and New York slumped as they digested the turmoil, while weak US employment data added to worries. Trump's actions come as debate rages over how best to steer the US economy, with the US Federal Reserve this week deciding to keep interest rates unchanged, despite massive political pressure from the White House to cut. Data Friday showed US job growth missing expectations for July, while unemployment ticked up to 4.2 per cent from 4.1 per cent. On Wall Street, the S&P 500 dropped 1.6 per cent, while the Nasdaq tumbled 2.2 per cent. Political goals Trump raised duties on around 70 economies, from a current 10 per cent level imposed in April when he unleashed 'reciprocal' tariffs, citing unfair trade practices. The new, steeper levels listed in an executive order vary by trading partner. Any goods 'transshipped' through other jurisdictions to avoid US duties would be hit with an additional 40 per cent tariff, the order said. But Trump's duties also have a distinctly political flavour, with the president using separate tariffs to pressure Brazil to drop the trial of his far-right ally, former president Jair Bolsonaro. He also warned of trade consequences for Canada, which faces a different set of duties, after Prime Minister Mark Carney announced plans to recognise a Palestinian state at the UN General Assembly in September. In targeting Canada, the White House cited its failure to 'cooperate in curbing the ongoing flood of fentanyl and other illicit drugs', although Canada is not a major source of illegal narcotics. By contrast, Trump gave more time to Mexico, delaying for 90 days a threat to increase its tariffs from 25 to 30 per cent. But exemptions remain for a wide range of Canadian and Mexican goods entering the United States under an existing North American trade pact. Carney said that his government was 'disappointed' with the latest rates hike but noted that with exclusions, the US average tariff on Canadian goods remains one of the lowest among US trading partners. 'Tears up' rule book With questions hanging over the effectiveness of bilateral trade deals struck, including with the EU and Japan, the outcome of Trump's overall plan remains uncertain. 'No doubt about it, the executive order and related agreements concluded over the past few months tears up the trade rule book that has governed international trade since World War II,' said Wendy Cutler, senior vice president of the Asia Society Policy Institute. On Friday, Trump said that he would consider distributing a tariff 'dividend' to Americans. Notably excluded from Friday's drama was China, which is in the midst of negotiations with the United States. Washington and Beijing at one point brought tit-for-tat tariffs to triple-digit levels, but have agreed to temporarily lower these duties and are working to extend their truce. Those who managed to strike deals with Washington to avert steeper threatened levies included Vietnam, Japan, Indonesia, the Philippines, South Korea and the European Union. Among other tariff levels adjusted in Trump's latest order, Switzerland now faces a higher 39 per cent duty. AFP
