Adnoc's €12 Billion Covestro Takeover Hit by EU Subsidy Probe
EU regulators said Monday they will investigate concerns that Adnoc's state funding by the United Arab Emirates could allow it to behave in a way that hampers fair competition across the bloc.
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Yahoo
25 minutes ago
- Yahoo
‘Gold's Winning Streak Isn't Over': Here Are 2 Gold Stocks That Canaccord Suggests to Buy
Gold is the market's traditional hedge asset, providing a cushion during economic hard times but also a store of value in the good times. We can see that now. US stock indexes are at or near their record-high levels, and while gold has slightly dipped, the current spot price of $3,294 is just 4% below the peak level of $3,432 that it touched on June 13. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. The continued strength of gold, even as GDP registered strong growth in Q2, reflects several factors: continued uncertainty regarding President Trump's trade and tariff policies, despite his successes in negotiating new trade deals; uncertainty regarding China's military intentions in the western Pacific; the continuing wars in Ukraine and the Middle East; and a weaker US dollar. All of these bring attention to gold in its role as a safe haven. Invest in Gold Thor Metals Group: Best Overall Gold IRA Priority Gold: Up to $15k in Free Silver + Zero Account Fees on Qualifying Purchase American Hartford Gold: #1 Precious Metals Dealer in the Nation With investors looking at gold, it's only natural that Wall Street's research firms will, too. Canaccord's analysts are among the gold watchers, perceiving that the metal's winning streak is still running. They've recommended two gold stocks to buy, and we've looked up the broader data on both via the TipRanks platform. Let's give them a closer look. Gold Fields (GFI) The first stock we'll look at here is South Africa's Gold Fields Limited. This company, with its $21.65 billion market cap and operations in six countries, is one of the world's largest gold producers. It traces its roots back to 1857, as Gold Fields of South Africa, and is still based in Johannesburg. Today's incarnation of this venerable gold mining firm has 10 active mines or operations in 6 countries: South Africa, Australia, Canada, Ghana, Chile, and Peru. All six of these countries are known as prime exploration locations for the world's biggest mining companies. Gold Fields' active mines include the South Deep, in South Africa's Witwatersrand, the famous gold reserve that lies 3 kilometers deep underground. This is the flagship operation in the company's portfolio. Also of note are Gold Fields' four active mines in southwestern Australia. The company describes these as low-cost, long-life mines, and states that they have a strong pipeline of projects to ensure both reserve replacement and lifetime extension. The company also has operations in Canada's Windfall Project, one of the world's top ten gold deposits. Gold Fields acquired this project late in 2024, along with surrounding exploration camps. In the West African nation of Ghana, Gold Fields operates the Tarkwa and Damang mines, both located in the Ashanti Gold Belt. The Tarkwa mine is Africa's largest open-pit gold mine. These operations, plus the company's activities along the western edge of South America, support Gold Fields' status as the world's seventh-largest gold producer. The company produced 2.3 million ounces of gold in 2023 and 2.1 million in 2024. When we turn to the company's financial results, given in the 2024 annual report, we find that Gold Fields has proven reserves, as of December 31, 2024, totaling 44 million ounces of gold, 46 million ounces of silver, and 271 million pounds of copper. The company's total revenue in 2024 came to $5.2 billion in US currency; this figure represented a 16% year-over-year increase and reflected both a 25% higher 'gold price received' and 10% lower sales of gold. In his coverage of this gold miner, Canaccord analyst Tim Huff lays out his reasons getting behind this name. He writes, 'Gold Fields has strong near-term growth prospects which we believe will drive not only strong internal production and profit growth, but also a re-rating in the shares backed up by significantly stronger shareholder returns. Growth catalysts through 2026 include growth from the Salares Norte and Gruyere mines, while catalysts through 2028 include the Windfall project and organic growth at foundational assets like St Ives, South Deep and Tarkwa. We forecast strong deleveraging through 2027 which should also give GFI added firepower for further M&A growth initiatives.' These comments back up Huff's Buy rating on the stock, while his $33.30 price target implies that the shares will gain 37% in the next 12 months. (To watch Huff's track record, click here) There are five recent analyst reviews on record for Gold Fields, and they include 3 Buys and 2 Holds for a Moderate Buy consensus rating. The shares are priced at $24.36 and their $26.86 average price target indicates room for a 10% gain in the coming year. (See GFI stock forecast) Newmont Corporation (NEM) Next on our list, the Colorado-based Newmont Corporation, is another of the world's top mining companies – in fact, based on its 6.7 million ounces of gold production last year, it is the world's top gold miner. In addition to gold, Newmont is also an important world producer of silver, copper, zinc, and lead, all vital metals in various industries. Newmont produces these metals, and others, through its portfolio of world-class mining assets. The company has active operations in North America and the Caribbean, in Latin America, Africa, and Australia. The company has a market cap value of more than $68 billion, and its operations generated $18.7 billion in revenue last year, for a 58% year-over-year increase. This strong revenue growth is based directly on the company's strong asset portfolio and solid production numbers. Newmont's ops include managed operations, non-managed operations, and projects-in-execution, and are located in some of the richest gold-producing regions of the world. Among these assets are Ghana's Ahafo mine, which started production in 2006 and has, to date, produced 8 million ounces of gold. Ahafo is Ghana's largest gold mine, and includes both surface and underground operations. In Australia, Newmont's active mines include Cadia, one of that country's largest gold mines. Newmont's Canadian assets include the Brucejack mine in British Columbia, which is one of the world's highest-grade gold deposits. The mine features underground activities and produces both gold and silver. Elsewhere in North America, Newmont has active mines in both Nevada and Mexico, both areas with long histories in the mining industry. In its last reported quarter, 2Q25, Newmont reported $5.32 billion in total sales, up nearly 21% year-over-year and more than $400 million better than had been anticipated. The company's bottom line, reported as a non-GAAP EPS of $1.43, beat the forecast by 27 cents per share. Newmont finished 2Q25 with a free cash flow of $1.7 billion, nearly triple the $594 million from 2Q24. This company's strong Q2 results and free cash flow growth caught the attention of Canaccord's Carey MacRury, who writes, 'Newmont reported Q2/25 results that were ahead of our estimates and consensus, driven by a strong performance on both production and costs… The quarter highlights improving operating performance, with three solid quarters in a row and tracking well to achieve its 2025 guidance. Newmont remains one of our Best Ideas among the senior producers with improving production, strong FCF, capital return program, and attractive valuation.' MacRury rates NEM shares as a Buy, and he backs that up with an $85 price target that suggests a potential one-year upside for the stock of 37%. (To watch MacRury's track record, click here) The 15 recent analyst reviews here break down 10 to 5 in favor of Buy over Hold, giving NEM its Moderate Buy consensus rating. The stock has a $62.10 current trading price, and a $71.88 average price target that implies an upside of 16% heading into next year. (See NEM stock forecast) To find good ideas for stocks trading at attractive valuations, visit TipRanks' Best Stocks to Buy, a tool that unites all of TipRanks' equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment. 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The Hill
26 minutes ago
- The Hill
Senate deal on nominees elusive amid Democratic anger at Trump
President Trump, Senate Majority Leader John Thune (R-S.D.) and Senate Democratic Leader Chuck Schumer (N.Y.) are making slow progress toward a deal to clear some of the Senate's backlog of executive branch nominees to allow weary senators to leave Washington for the four-week August recess. Walking off the darkened Senate floor at 10 pm Friday, Thune said negotiators 'floated' proposals 'back and forth all day' but added that the Democratic demands 'are probably not going to be something at this point we can meet.' 'No deal yet,' he said. The Senate is scheduled to reconvene at 9:30 a.m. on Saturday and will vote at 10 a.m. to limit debate on Andrew Puzder's nomination to serve as U.S. ambassador to the European Union. Democrats are under heavy pressure to oppose Trump in any way they can, including stymying his nominees, and their anger soared again on Friday after the president fired Erika McEntarfer, the commissioner of the Bureau of Labor Statistics, after the agency released a weaker-than-expected jobs report. Trump accused McEntarfer, a Biden appointee, of manipulating the jobs data for 'political purposes' but Schumer said the president was only 'shooting the messenger.' Sen. Brian Schatz (D-Hawaii), the Democrats chief deputy whip, said called the firing 'absolutely insane' while Sen. Martin Heinrich (D-N.M.) called it 'Soviet sh–.' Sen. Cory Booker (D-N.J.) said he's willing to stick around steamy Washington for however many days it takes to grind through votes on Trump's nominees, showing little appetite for a deal to advance a bloc of Trump picks through unanimous consent or a voice vote. 'I know there's a lot of things being negotiated so I'm not going to comment on that,' he said when asked if he could support advancing a package of Trump nominees. 'I'm okay with sticking around to do work. It's unfortunate that we have a Republican Party right now that's off the rails and doing Donald Trump's bidding,' he said. Booker said Trump's decision to fire the head of the Bureau of Labor Statistics because of a disappointing jobs report was 'very authoritarian, very 1984.' Senators are now expected to spend their weekend voting on Trump's nominees as Democrats have refused to allow any of them — even those tapped to fill subordinate positions at federal departments and agencies — to be confirmed by unanimous consent or voice votes. Senators on both sides of the aisle are eager to get home for the month-long break, having spent more time in Washington than usual since the start of the year. As of this week, members of the Senate have cast more votes during the first seven months of the year than the chamber had previously taken over 12 months in 32 of the past 36 years. But they will have to wait to return to their home states as leaders continue to wrestle over a deal on a nominations package and as Democrats are hearing demands from their party's base to drag out the confirmations of Trump's nominees for as long as possible. Democratic senators said they had little sense of whether Schumer was making any progress with Trump on a deal. 'Could be more votes tonight or could be more votes tomorrow but I don't really know,' Sen. Tim Kaine (R-Va.) said shortly after 8 pm. Some senators were told to 'keep their phones on' Friday night in case they were summoned back to for a late-night flurry of votes. Republicans ranged from pessimistic to optimistic when asked about the prosect of a deal on a package of nominees to spare them from having to return to the Capitol for a Saturday session. 'At this point, I think they're quite a ways apart,' Sen. Mike Rounds (R-S.D.) told The Hill upon emerging from a conference luncheon earlier in the day. 'We'll do our best to try to work through as many [nominations] as we can and kind of move from there,' Rounds said. 'We don't have a deal. We're going to continue to try to work on something, but we don't have a deal yet.' Sen. Tom Tillis (R-N.C.) told The Hill after 8 p.m. Friday that it appeared the White House and Schumer's team had made progress since lunchtime. The talks reached new stage on Friday as Schumer began negotiating directly with the White House on the contours of a package. Thune told reporters that he has put White House officials 'into conversation directly' with Schumer's team. 'That is how this is ultimately going to get resolved,' he said. The Republican leader said that 'a number of people' from the White House are talking with Schumer, who is under heavy pressure from his Democratic base to use every tool at his disposal to thwart Trump's agenda. Thune said a deal would be 'up to the discussions between the White House and Schumer and the Democrats.' He and other Republicans assert that Trump is being treated unfairly on the nominations front, noting that none of his choices have been confirmed via unanimous consent or a voice vote — breaking with past precedent. The Democratic tactics have forced Republicans to churn through time-consuming procedural votes and final confirmation votes on every single Trump nominee Democrats only allowed Secretary of State Marco Rubio to come directly to the floor for a final vote on the same day Trump took the oath of office. Rubio was confirmed by a vote of 99 to 0. 'This isn't normal. This is petty partisan politics at its worst,' Senate Majority Whip John Barrasso (R-Wyo.) said on the floor earlier on Friday. 'Republicans are not backing down. We will continue to confirm President Trump's nominees. The easy way if we can. The hard way if we must.' Senate Republicans weekly policy luncheon on Tuesday was filled with discussions about changing the Senate's rules for confirming lower-level nominees — either by eliminating the need for procedural votes before the final confirmation votes, collapsing the mandatory debate time, or allowing nominees to move in groups. They would need to establish new rules by a simple-majority vote, a move that's considered so destructive to bipartisanship that it's referred to the 'nuclear option.' Under regular order, it would take 67 votes to change the Senate's rules. Senate Republicans are also talking about putting the Senate into an extended recess so that Trump could fill scores of open positions through recess appointments. But that would require mustering 50 Senate Republican votes, something that's not assured given that several Republican senators, including Sens. Lisa Murkowski (R-Alaska), Susan Collins (R-Maine) and Tillis are reluctant to give up their constitutional role of providing 'advice and consent' on nominees. Entering into a multi-week recess would require passing an adjournment resolution through both the Senate and House, and Speaker Mike Johnson (R-La.) hasn't given any indication he plans to call House members back to Washington before September. Trump has called on the Senate to stay in session throughout August in order to approve his nominees, but the vast majority of senators are ready for a break. The Senate has been in session for 12 of the past 14 weeks and had its July Fourth recess chopped in half because of marathon negotiations over Trump's One Big, Beautiful Bill Act, which passed after senators slogged through a long series of amendment votes that went overnight and into the next day. While Senate leaders remain deadlocked over a nominations deal, they achieved a major bipartisan accomplishment Friday evening when they passed a package of appropriations bills to fund military construction, the Department of Veterans Affairs and Agriculture, and the legislative branch. The Senate voted 87 to 9 to pass the military construction, veterans affairs and agriculture appropriations 'mini-bus' and 81 to 15 to attach the legislative branch appropriations bill to the package.
Yahoo
an hour ago
- Yahoo
Trump injects a new dose of uncertainty in tariffs as he pushes start date back to Aug. 7
WASHINGTON (AP) — For weeks, President Donald Trump was promising the world economy would change on Friday with his new tariffs in place. It was an ironclad deadline, administration officials assured the public. But when Trump signed the order Thursday night imposing new tariffs, the start date of the punishing import taxes was pushed back seven days so the tariff schedule could be updated. The change in tariffs on 66 countries, the European Union, Taiwan and the Falkland Islands was potentially welcome news to countries that had not yet reached a deal with the U.S. It also injected a new dose of uncertainty for consumers and businesses still wondering what's going to happen and when. Trump told NBC News in a Thursday night interview the tariffs process was going 'very well, very smooth." But even as the Republican president insisted these new rates would stay in place, he added: 'It doesn't mean that somebody doesn't come along in four weeks and say we can make some kind of a deal.' Trump has promised that his tax increases on the nearly $3 trillion in goods imported to the United States will usher in newfound wealth, launch a cavalcade of new factory jobs, reduce the budget deficits and, simply, get other countries to treat America with more respect. The vast tariffs risk jeopardizing America's global standing as allies feel forced into unfriendly deals. As taxes on the raw materials used by U.S. factories and basic goods, the tariffs also threaten to create new inflationary pressures and hamper economic growth — concerns the Trump White House has dismissed. Questions swirl around the tariffs despite Trump's eagerness As the clock ticked toward Trump's self-imposed deadline, few things seemed to be settled other than the president's determination to levy the taxes he has talked about for decades. The very legality of the tariffs remains an open question as a U.S. appeals court on Thursday heard arguments on whether Trump had exceeded his authority by declaring an 'emergency' under a 1977 law to charge the tariffs, allowing him to avoid congressional approval. Trump was ebullient as much of the world awaited what he would do. 'Tariffs are making America GREAT & RICH Again,' he said Thursday morning on Truth Social. Others saw a policy carelessly constructed by the U.S. president, one that could impose harms gradually over time that would erode America's power and prosperity. 'The only things we'll know for sure on Friday morning are that growth-sapping U.S. import taxes will be historically high and complex, and that, because these deals are so vague and unfinished, policy uncertainty will remain very elevated,' said Scott Lincicome, a vice president of economics at the Cato Institute. 'The rest is very much TBD.' The new tariffs build off ones announced in the spring Trump initially imposed the Friday deadline after his previous 'Liberation Day' tariffs in April resulted in a stock market panic. His unusually high tariff rates announced then led to recession fears, prompting Trump to impose a 90-day negotiating period. When he was unable to create enough trade deals with other countries, he extended the timeline and sent out letters to world leaders that simply listed rates, prompting a slew of hasty agreements. Swiss imports will now be taxed at a higher rate, 39%, than the 31% Trump threatened in April, while Liechtenstein saw its rate slashed from 37% to 15%. Countries not listed in the Thursday night order would be charged a baseline 10% tariff. Trump negotiated trade frameworks over the past few weeks with the EU, Japan, South Korea, Indonesia and the Philippines — allowing the president to claim victories as other nations sought to limit his threat of charging even higher tariff rates. He said Thursday there were agreements with other countries, but he declined to name them. Asked on Friday if countries were happy with the rates set by Trump, U.S. Trade Representative Jamieson Greer said: 'A lot of them are.' Thursday began with a palpable sense of tension The EU was awaiting a written agreement on its 15% tariff deal. Switzerland and Norway were among the dozens of countries that did not know what their tariff rate would be, while Trump agreed after a Thursday morning phone call to keep Mexico's tariffs at 25% for a 90-day negotiating period. The president separately on Thursday amended an order to raise certain tariffs on Canada to 35%. European leaders face blowback for seeming to cave to Trump, even as they insist that this is merely the start of talks and stress the importance of maintaining America's support of Ukraine's fight against Russia. Canadian Prime Minister Mark Carney has already indicated that his country can no longer rely on the U.S. as an ally, and Trump declined to talk to him on Thursday. India, with its 25% tariff announced Wednesday by Trump, may no longer benefit as much from efforts to pivot manufacturing out of China. While the Trump administration has sought to challenge China's manufacturing dominance, it is separately in extended trade talks with that country, which faces a 30% tariff and is charging a 10% retaliatory rate on the U.S. Major companies came into the week warning that tariffs would begin to squeeze them financially. Ford Motor Co. said it anticipated a net $2 billion hit to earnings this year from tariffs. French skincare company Yon-Ka is warning of job freezes, scaled-back investment and rising prices. It's unclear whether Trump's new tariffs will survive a legal challenge Federal judges sounded skeptical Thursday about Trump's use of a 1977 law to declare the long-standing U.S. trade deficit a national emergency that justifies tariffs on almost every country. 'You're asking for an unbounded authority,' Judge Todd Hughes of the U.S. Court of Appeals for the Federal Circuit told a Justice Department lawyer representing the administration. The judges didn't immediately rule, and the case is expected to reach the Supreme Court eventually. The Trump White House has pointed to the increase in federal revenues as a sign that the tariffs will reduce the budget deficit, with $127 billion in customs and duties collected so far this year — about $70 billion more than last year. New tariffs threaten to raise inflation rates There are not yet signs that tariffs will lead to more domestic manufacturing jobs, and Friday's employment report showed the U.S. economy now has 37,000 fewer manufacturing jobs than it did in April. On Thursday, one crucial measure of inflation, known as the Personal Consumption Expenditures index, showed that prices have climbed 2.6% over the 12 months that ended in June, a sign that inflation may be accelerating as the tariffs flow through the economy. The prospect of higher inflation from the tariffs has caused the Federal Reserve to hold off on additional cuts to its benchmark rates, a point of frustration for Trump, who on Truth Social, called Fed Chair Jerome Powell a 'TOTAL LOSER.' But before Trump's tariffs, Powell seemed to suggest that the tariffs had put the U.S. economy and much of the world into a state of unknowns. 'There are many uncertainties left to resolve,' Powell told reporters Wednesday. 'So, yes, we are learning more and more. It doesn't feel like we're very close to the end of that process. And that's not for us to judge, but it does — it feels like there's much more to come.' ___ AP writer Paul Wiseman contributed to this report. Josh Boak, The Associated Press
