Satellite Images Show Iran Racing to Get Its Oil Out
Oil is gushing out of the nation's ports and onto ocean-tankers, ensuring revenues would continue — at least for a while — if shipments are disrupted. Despite the surge, storage tanks at the nation's critical export terminal at Kharg Island are brimming with crude.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
34 minutes ago
- Yahoo
Oil Holds Advance on US Trade Deal Optimism, Diesel Tightness
(Bloomberg) -- Oil steadied after its biggest gain in a week on optimism over US trade talks ahead of next week's deadline, and as tightness in diesel markets boosts sentiment. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Brent crude rose above $69 a barrel after climbing 1% on Thursday, while West Texas Intermediate traded near $66. Indian Commerce Minister Piyush Goyal said he was confident that his country could reach an agreement with the US before Aug. 1, while Brazil and Mexico looked to broaden trade ties. Meanwhile, diesel prices have soared, leading to steep premiums for niche crude grades that yield more of the fuel and injecting much-needed strength into a bogged down oil market. The latest European Union measures restricting Russian energy imports have also added to the tightness, according to TotalEnergies SE. Crude has remained in a holding pattern this month, but is down for the year as increased supply from OPEC+ adds to concerns over a looming glut. The group will next meet on Aug. 3 to decide on production levels. 'As summer demand wanes and surging crude supply continues into the fall, we think global crude inventories will rise sharply,' said Robert Rennie, head of commodity and carbon research at Westpac Banking Corp. Brent prices are likely to decline toward $60, he said. Burning Man Is Burning Through Cash Elon Musk's Empire Is Creaking Under the Strain of Elon Musk It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme A Rebel Army Is Building a Rare-Earth Empire on China's Border ©2025 Bloomberg L.P.
Yahoo
34 minutes ago
- Yahoo
China's Stealthy Solar Exports Stay One Step Ahead of US Tariffs
(Bloomberg) -- The hum of solar panel factories in this steamy island city doesn't sound like much. But to American trade officials, it's the muffled noise of rules being bent — or broken. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom In recent months, Batam, a duty-free Indonesian enclave a short ferry ride from Singapore, has become a key waypoint in a convoluted global shuffle. Chinese solar manufacturers, facing stiff US tariffs, are quietly assembling their equipment in Indonesia and slipping their products into the American market, tariff-free. It's an elegant workaround. But it may not last long. According to Bloomberg News analysis of trade and corporate records, Indonesia's 10 biggest exporters of solar cells and panels sold $608 million worth of products to the US during the first half of 2025. Of those, Bloomberg News identified six firms in Batam where company records indicate they are ultimately owned by executives at Chinese solar companies. Those firms accounted for almost 70% of the exports to the US. Earlier in July, a coalition of US solar manufacturers, including First Solar Inc. and Mission Solar Energy, filed trade petitions against Indonesia, India and Laos. They claimed Chinese companies were gaming the system, flooding the US market with unfairly cheap goods made in the three Asian countries. This prompted the US International Trade Commission to begin an investigation into the anti-dumping and countervailing allegations.'Under President Trump, America is no longer a dumping ground for cheap imports that undermine our industries and workers,' White House spokesman Kush Desai said. 'While the Department of Commerce conducts an anti-dumping investigation into solar panels, the administration is closely monitoring transshipment and other methods of undermining our tariffs policies.' The Trump administration hasn't released any detailed definition of what exactly constitutes a transshipment. It's also unclear whether any of these Chinese-owned Batam-based solar companies are rerouting products through Indonesia to avoid the steep US solar tariffs — which has effectively barred Chinese firms' direct access to the lucrative American market — or if the firms are genuinely producing the products in Batam to count as Indonesian Batam, the Indonesian authority managing the island economy, said it hasn't as yet received any confirmation about the start of an anti-dumping investigation. It's working closely with the central and local government to support fair and transparent international trade, BP Batam said in response to a Bloomberg News query. 'So far, partner countries have acknowledged and appreciated the role of the Indonesian government, BP Batam, and the Batam City government in navigating global trade dynamics responsibly,' it said. Indonesia's trade ministry and China's commerce ministry didn't respond to a request for comment on the allegations from the US solar industry. This would not be China's first dance around trade barriers. When Western nations slapped tariffs on Chinese solar goods over a decade ago, the country's manufacturers simply moved production — first to Vietnam, Malaysia, and Thailand. The strategy worked. Southeast Asian exports, often Chinese in disguise, flowed into the US tariff-free for years. By 2024, the region had become the largest solar exporter to the US. Then Washington moved to shut the loophole. First, the US Department of Commerce, under former President Joe Biden, launched an anti-dumping and countervailing probe against Cambodia, Vietnam, Malaysia, and Thailand. The year-long investigation found manufacturers were dumping cheap exports into the American market at prices lower than the cost of production. Then in April, under President Donald Trump, the four Southeast Asian nations were hit with tariffs as high as 3,521%. 'Chinese-headquartered solar companies have been cheating the system, undercutting US companies and costing American workers their livelihoods,' Tim Brightbill, co-chair of law firm Wiley's international trade practice, said in April. Brightbill is lead counsel for the Alliance for American Solar Manufacturing and Trade, the coalition of solar companies that successfully pressured the Commerce Department into launching the investigation. The April tariffs forced US buyers to reshuffle where they shop. Indonesia, not covered by the ruling, emerged as one of the biggest winners. Batam, a popular spot for cheap golf trips and long a weekend escape for Singaporeans, turned into the destination for something else: Chinese capital and solar ambitions. 'As other jurisdictions in Southeast Asia have come under increasing scrutiny, factories have continued to relocate in a cat-and-mouse fashion,' said Niclas D. Weimar, head of technology at Sinovoltaics, a Dutch-German compliance and quality assurance firm for the solar industry. Some of the biggest Chinese solar companies have landed there in the last two years, churning out solar panels straight for the US market. Indonesia exported a total $733 million in solar products to the US between January and May this year, a 350% increase from last year, according to US customs data. One example: PT Rec Solar Energy Indonesia, now the country's largest solar exporter to the US. The company sent $219 million worth of panels across the Pacific in the first half of 2025 — virtually all of its output. It began exporting from Batam in 2023, based on information from its parent NE Solar, a Cambodian company founded in 2022, according to their website. Dig a little deeper, and Cambodian companies registry shows NE Solar's previous director was Huang Yunfei, who is also the owner of a Chinese manufacturer called Huzhou Zhongdian Solar. US and Canadian trademark data show Huzhou Zhongdian Solar owns the 'NE Solar' trademark, while the Cambodian NE Solar owns the trademark in that country. NE Solar's current director is Cheng Shen, whose office address in a Cambodian registry shows is just 4 kilometers away from Huzhou Zhongdian Solar. The ties don't end there. In the first half of 2025, PT Rec imported 91% of its production materials, or $92 million worth, from Huzhou Paluo Yunpeng New Materials, a company owned by the same owners as Huzhou Zhongdian, according to Chinese business records. In other words: the factory might be in Indonesia, but the supply chain — and control — appears to be firmly to PT Rec's office in Batam went unanswered. Calls to a personal phone number listed for Cheng Shen on Cambodia's registration record went unanswered, while Bloomberg News couldn't find contact details for Huang Yunfei. Calls to Huzhou Zhongdian also went unanswered. Email inquiries sent to NE Solar and Huzhou Zhongdian were also unanswered. Companies registries in Indonesia and China also list Chinese solar firms' directors or subsidiaries as the beneficial owners of five other Batam-based companies – PT Nusa Solar Indonesia, PT Blue Sky Solar Indonesia, PT Allianz Solar Indonesia, PT Thornova Solar Indonesia and PT Msun Solar Nusa and PT Blue Sky didn't respond to requests for comment when contacted by phone, and a PT Nusa employee declined to immediately comment when reached on LinkedIn. Bloomberg News couldn't find phone numbers for the rest of the companies in public records or online. Emails sent to all five firms' listed addresses weren't responded to, while messages sent to company employees at four of the firms on LinkedIn went unanswered. Bloomberg News reporters haven't visited these factories. Together, the six Chinese-owned companies sold $419 million worth of solar cells and panels directly to America in the first half of this year, up 148% from a year ago. The surge of solar exports to the US isn't limited to Indonesia. In Laos, which was also spared the April tariff ruling, solar exports have skyrocketed from virtually nothing in early 2024 to $717 million in the first five months of this year, US trade data showed. India went from $10 million in 2022 to $345 million this year. If the US International Trade Commission's investigation against Indonesia, Laos and India concludes there were unfair trade practices, another round of duties could soon hit. Which raises the question: where do the Chinese solar giants go next?The answer depends on how painful the new tariffs turn out to be. Indonesia has negotiated Trump down from a retaliatory tariff rate initially set at 32% in April to 19% earlier this month, making it more attractive than its neighbors, according to BNEF analyst Felix many Chinese firms aren't waiting to find April, JA Solar told Bloomberg News it was accelerating its overseas expansion while closely tracking US tariff developments. Among its bets: a new plant in Oman expected to open by the end of 2025, with a capacity of six gigawatts for cells and three gigawatts for Holding Co., another heavyweight, is going bigger. It's building a 10-gigawatt cell and module factory in Saudi Arabia, in partnership with the kingdom's sovereign wealth fund and Vision Industries. Neither company has indicated plans to sell to the US market. Still, there's no denying that Chinese solar companies will need to tread more cautiously with Trump at the helm, says Cosimo Ries, a Shanghai-based analyst at researcher Trivium China. 'If you're trying to make a long-term decision to invest, everywhere has become so unstable,' Ries said. 'Solar especially, because it's one of the most attacked industries of all.' But at least for now, the faint hums of Batam's solar factories are continuing. --Andy Lin and Ocean Hou. --With assistance from Skylar Woodhouse, Eko Listiyorini, Shadab Nazmi, Chandra Asmara, Tassia Sipahutar and Ben Otto. Burning Man Is Burning Through Cash Elon Musk's Empire Is Creaking Under the Strain of Elon Musk It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme A Rebel Army Is Building a Rare-Earth Empire on China's Border ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
36 minutes ago
- Yahoo
Trump Denies Wanting to Destroy Elon Musk's Firms
(Bloomberg) -- Donald Trump denied he was seeking to ruin the business empire of his onetime ally Elon Musk as retribution for their dispute over the US president's signature tax law. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom 'Everyone is stating that I will destroy Elon's companies by taking away some, if not all, of the large scale subsidies he receives from the U.S. Government. This is not so! I want Elon, and all businesses within our Country, to THRIVE,' Trump posted Thursday on social media, though it was unclear exactly what comments he was responding to. 'The better they do, the better the USA does, and that's good for all of us. We are setting records every day, and I want to keep it that way!' the president added. Shares of Tesla Inc. closed 8.2% lower in New York on Thursday after the company reported a steep drop in revenue and Musk warned of difficult times ahead for his electric vehicle maker. The stock has declined more than 24% this year through Thursday's close. 'The 'subsidies' he's talking about simply do not exist,' Musk said in a post on X on Thursday. 'DJT has already removed or put an expiry date on all sustainable energy support while leaving massive oil & gas subsidies untouched.' The comments mark the latest twist in the tumultuous relationship between two of the world's most powerful figures, after a falling out that has led Musk to unleash a barrage of attacks on Trump and float the creation of a new political party. The US president in response threatened to terminate Musk's government contracts and subsidies. Both men subsequently moved to make amends, but the damage was done to Musk's business interests. In a quarterly earnings statement Wednesday, Tesla cited the loss of electric vehicle subsidies and increased tariffs — both Trump policies — as two headwinds for its car-making and energy businesses. Musk on Wednesday warned the EV maker would be in transition for the next year after losing tax incentives in the US and needing time to roll out autonomous vehicles. 'We probably could have a few rough quarters,' Musk said. Tesla Chief Financial Officer Vaibhav Taneja also said Wednesday that Trump's fiscal package has 'certain adverse impacts' on its energy business, most notably on residential storage because of the early expiration of consumer tax credits. 'The challenges of the storage business, therefore, remain both from the bill and from tariffs, and we're doing our best to try and manage through this. But it will — we will see shifts in demand and profitability,' Taneja said on an earnings call. Tariffs increased costs by around $300 million to the company's automotive and energy businesses in the second quarter, Taneja added, with costs expected to increase in the coming quarters. Earlier: Musk Pledges to Remain Trump Adviser After Washington Exit Musk in May left his government post, in which he oversaw the Trump's government cost-cutting initiative to return to his companies, which have many links to the US government. SpaceX is a key government contractor with both the National Aeronautics and Space Administration and the US military. Tesla, which accounts for the bulk of Musk's wealth, for years has benefited from a $7,500 tax credit for EV purchasers, as well as the sale of regulatory credits that rival carmakers purchase to comply with federal tailpipe emissions and fuel economy standards. Tump's fiscal package signed into law on July 4 undercut both of those support mechanisms. It eliminated civil penalties that automakers had been required to pay US regulators that oversee US fuel economy requirements. During their dispute, Musk threatened to decommission SpaceX's Dragon spacecraft, a vital capsule that NASA uses to send astronauts and supplies to the International Space Station. Musk later walked back the threat and SpaceX continues to launch Dragon vehicles. In his latest post on Thursday, Musk clarified that 'SpaceX won the NASA contracts by doing a better job for less money.' The Trump-Musk feud became intensely personal at its peak, with the world's wealthiest man posting (then deleting) a claim on X that Trump's name appeared in files related to the late, disgraced financier and sex offender Jeffrey Epstein and that the White House had covered it up. Those accusations have taken on a new significance as Trump has become embroiled in a controversy over his handling of the Epstein documents, which has provoked the wrath of some of his own supporters who say the president's team has gone back on its vow for transparency. A Republican-led House committee subpoenaed Epstein's convicted accomplice, Ghislaine Maxwell on Wednesday to testify next month, while the Wall Street Journal reported that Attorney General Pam Bondi 'informed the president at a meeting in the White House that his name was in the Epstein files' along with 'many other high-profile figures.' 'This is nothing more than a continuation of the fake news stories concocted by the Democrats and the liberal media,' White House Communications Director Steven Cheung said in a statement in response to the Journal report. --With assistance from Loren Grush, Gregory Korte, Ryan Beene and Kara Carlson. (Updates shares, adds Musk's comments via social media in the fifth and 18th paragraphs.) Burning Man Is Burning Through Cash Elon Musk's Empire Is Creaking Under the Strain of Elon Musk It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme A Rebel Army Is Building a Rare-Earth Empire on China's Border ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
