Dangote Buys More Foreign Oil as Nigerian Mega-Refinery Ramps Up
It has taken delivery of more than three million barrels of American crude since the start of the month. The refinery has also made purchases closer home, importing a shipment of Angola's Pazflor grade and a cargo of Algeria's Saharan Blend from Glencore Plc in recent weeks.
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Business Insider
33 minutes ago
- Business Insider
How Trump's Megabill Affects Your Taxes
On Thursday, the House voted 218-214 in favor of passing President Trump's bill. Today, Trump will hold a bill signing ceremony at 5 p.m. Eastern Time to sign the bill into law. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. Of course, the topic that many American citizens are concerned about is the tax implications of the bill. Let's dive in. First, the standard deduction will increase to $15,750 from $15,000 for single filers and $31,500 from $30,000 for married couples filing jointly. Next, the maximum state and local tax (SALT) deduction will rise to $40,000 from $10,000. It will increase by 1% through 2029 before reverting to $10,000 in 2030. However, all filers making more than $500,000 per year will be subject to SALT deduction phase-outs. The deduction only applies to people who choose to file an itemized tax return. Specific Tax Breaks from Trump's Megabill Parents will benefit from the bill, as the child tax credit will increase by 10% to $2,200 from $2,000 beginning next year. Workers who receive tips will be able to deduct up to $25,000 of tip money from their taxes. The deduction is lower for workers making more than $150,000. Overtime workers will receive a maximum overtime pay deduction of $12,500 for single filers making up to $150,000 and $25,000 for married couples. The new policies for tip and overtime workers only apply on a federal level and not on a state level; they will be in effect from 2025 to 2028. For car buyers, the $7,500 electric vehicle tax credit for new vehicles and $4,000 tax credit for used EVs will expire on September 30. At the same time, taxpayers will be able to deduct up to $10,000 in auto loan interest payments from their taxable income if the purchased vehicle is made in the U.S. The deduction decreases for those with an income above $100,000. Finally, people above the age of 65 making $75,000 or less will be able to deduct $6,000 from their taxable income. Married seniors making $150,000 or less will be able to do the same.
Business Insider
33 minutes ago
- Business Insider
LMT, NOC, GD: Top Defense Stocks to Watch This Independence Day
On the dawn of American Independence Day, it is only fitting that investors consider researching the potential of the defense sector. Companies in this industry often attract attention due to their alignment with national security priorities and ongoing government spending. The defense sector has gained paramount importance in recent years, especially in light of the prolonged conflicts between nations. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. During the recent NATO summit, members agreed to a new target of spending 5% of GDP on defense within the next decade, up from the previous 2% guideline. This increased budget is expected to benefit defense stocks, making them even more attractive to investors. It is evident that the U.S. plays a crucial role in today's war-torn world, and its defense companies garner significant attention for their advanced technology and strong performance. With this backdrop in mind, let's look at three American defense companies that have been major contributors to the U.S. defense sector and continue to demonstrate considerable strength. Lockheed Martin (LMT) Lockheed Martin is indeed one of the largest defense contractors globally. It serves as a major supplier to government agencies, including NASA. The company manufactures a wide array of products, such as missiles, targeting systems, military helicopters, and mission systems for various vehicles. The company's massive, long-term government contracts ensure a source of consistent and recurring revenue. For reference, LMT was recently awarded a $2.97 billion missile defense system contract over a 10-year indefinite-delivery/indefinite-quantity period. LMT also trades at a discount to the sector average, with its current P/E (price-earnings per share) ratio at 21.70x. Moreover, LMT offers an attractive dividend yield of 2.83%, paying a regular quarterly dividend of $3.3 per share. On TipRanks, the average Lockheed Martin price target of $527.15 implies a nearly 14% upside potential over the next 12 months. Also, seven analysts have given LMT stock a Buy rating, while six have rated it a Hold. Year-to-date, LMT stock has lost 3.5%. Northrop Grumman (NOC) Northrop Grumman is another promising aerospace and defense company, although it is smaller than Lockheed Martin. However, NOC has a different set of expertise, including autonomous systems, cybersecurity, strike platforms, logistics solutions, and C4ISR (Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance). NOC is also one of NASA's key suppliers, specializing in satellite technologies and space systems. NOC currently trades at a relatively low P/E ratio of 16.53x, making it an attractive stock. Additionally, it offers an above-industry-average dividend yield of 1.83%, and pays a regular dividend of $2.31 per share. On TipRanks, the average Northrop Grumman price target of $541.36 implies 7.4% upside potential from current levels. 10 analysts have awarded NOC stock a Buy rating, while five have rated it a Hold. Year-to-date, NOC stock has gained 8.4%. General Dynamics (GD) General Dynamics also operates in the defense and aerospace sector, specializing in Gulfstream business jets, aircraft repair and maintenance, nuclear-powered submarines, commercial tankers and ships, main battle tanks, IT solutions, and intelligence and surveillance systems. On July 2, General Dynamics Electric Boat was awarded a $1.85 billion contract modification to a previously awarded contract supporting submarine production. Moreover, it received a $150 million Army contract, and the GD Information Technology segment was awarded a $580 million contract to sustain force protection systems such as radars, cameras, and sensors worldwide. Additionally, GD pays a regular quarterly dividend of $1.5 per share, carrying an attractive dividend yield of 2.04%. Its P/E ratio stands at 19.33x. On TipRanks, the average General Dynamics price target of $296.38 implies that shares are almost fully valued at current levels. Meanwhile, GD stock has gained 13.1% year-to-date. Also, six analysts each have given GD stock Buy and Hold ratings. Which Is the Best Defense Stock? Among the three stocks discussed above, Lockheed Martin appears to be the most favorably positioned, thanks to its well-diversified revenue stream, long-term government partnerships, healthy dividend yield, and reasonable valuation.
Business Upturn
an hour ago
- Business Upturn
Uncovered Long-Hidden U.S. Resource Reserve In Resurfaced Presentation from Former White House Advisor That Could Quietly Reshape Trump's Economic Playbook
Washington, D.C., July 04, 2025 (GLOBE NEWSWIRE) — As political debate intensifies over the cost and scale of President Trump's sweeping legislative proposal—referred to by insiders as the 'Big Beautiful Bill'—a released presentation by Jim Rickards suggests the U.S. government may already control the means to fund the majority of programs just like this internally. Rickards, a veteran advisor to the CIA and Treasury Department, points to a massive store of untapped wealth resting beneath federally owned land—assets that have remained restricted for decades, but may now be on the verge of being unlocked. 'This land… it's held on deposit across all 50 states,' Rickards explains. '$516 billion in the Salton Sea area of California… $3.1 trillion in Nome, Alaska. And $7.35 trillion in Midland, Texas…' The Untapped Engine of U.S. Growth According to the presentation, these lands contain key minerals and raw materials critical to the development of next-generation technology, infrastructure, and energy systems. And while their value has steadily grown, access has remained sealed off—until now. 'The nature of this 'trust' – as I call it – is such that politicians haven't been able to raid it… which has allowed it to grow untouched… for decades' . 'It's not some kind of government program like those COVID relief checks,' Rickards says. 'But it is a chance for the average American to become richer than they ever imagined'. Could This Be the Missing Piece in Trump's Fiscal Agenda? Although President Trump has not publicly linked these federal lands to his economic renewal efforts, Rickards believes they align perfectly with the spirit of the administration's goals: reduce dependence on foreign nations, revive American industry, and rebuild with domestic resources. 'Trump is re-opening our mineral-rich Federal Lands. And fast-tracking companies that could recover trillions of dollars' worth of resources, right here in America' . 'We have everything we need right under our feet… and now we may finally have the clearance to access it' . A Century-Old Resource, a 21st Century Solution Many of the resource zones outlined in the presentation have been trapped in bureaucratic limbo for decades: 'Resolution Copper Mine… sitting for 29 years' 'Pebble Mine… mothballed since 1990 'Thacker Pass Lithium Mine… stalled since 1978' Rickards contends that unlocking even a fraction of these projects could ease pressure on taxpayers and deliver the material resources needed for infrastructure, defense, and energy independence. 'We know exactly where these minerals are. We know they're worth trillions of dollars. And now—for the first time in half a century—we can go get them' . 'The Asset Is Already Ours' Unlike stimulus checks or bond-funded bailouts, Rickards emphasizes that this is not about redistribution—but reclamation. 'It's not earmarked for any specific individual,' he notes. 'I'm just trying to use terminology that will make the most sense to viewers'. 'This is different. Very different'. With major fiscal battles looming in Congress, the presentation offers a new way of thinking about national wealth—not as something to borrow, but something to unearth. About Jim Rickards Jim Rickards is a former advisor to the White House, CIA, Pentagon, and U.S. Treasury. He helped craft the Petrodollar Accord, has counseled top-level officials through multiple global financial threats, and is the New York Times bestselling author of seven books. He currently provides strategic insight on economic preparedness and national resilience. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash
