Indian Refiners Look More Widely for Oil After EU's Russia Curbs
Local processors are exploring options on some inputs, although it's too early to say that they've switched out of typical Russian supply in a major way, according to traders and refinery executives, who asked not to be identified discussing private matters.
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Yahoo
13 minutes ago
- Yahoo
Asian Stocks Decline on Tariffs, Dollar Edges Up: Markets Wrap
(Bloomberg) -- Asian stocks fell for a sixth straight session — the longest losing streak this year — as President Donald Trump announced new tariff rates and solid earnings from megacap tech firms failed to lift sentiment. The World's Data Center Capital Has Residents Surrounded An Abandoned Art-Deco Landmark in Buffalo Awaits Revival We Should All Be Biking Along the Beach Budapest's Most Historic Site Gets a Controversial Rebuild San Francisco in Talks With Vanderbilt for Downtown Campus The MSCI Asia Pacific Index dropped 0.6% as South Korean shares sank 3%. Contracts for the S&P 500 and European stocks fell 0.2%. Trump announced a slew of new tariffs, including a 10% global minimum and 15% or higher duties for countries with trade surpluses with the US. The dollar edged higher Friday after posting its first monthly gain since Trump took office in January. The Taiwan dollar fell for a seventh consecutive day, the longest losing streak since June 2023, as the island got a 20% tariff rate. The Swiss franc edged lower after Trump put a 39% levy on the country's exports to the US. The moves signaled that concerns over tariffs and economic growth were starting to outweigh the AI-driven optimism that has buoyed megacap tech stocks. While artificial intelligence remains a pillar of long-term bullishness, investors are bracing for potential trade disruptions as the US and key partners weigh new levies. 'The announcement brings clarity on paper, but uncertainty in practice,' said Charu Chanana, chief investment strategist at Saxo Markets. 'While markets now know the numbers, the lack of a clear framework behind these tariffs — and the seemingly arbitrary rates — only reinforces the sense of policy unpredictability. This makes it harder for businesses and investors to plan ahead.' The White House issued a statement just hours before midnight, the deadline Trump set last month after pausing his country-based tariffs for a second time to allow for negotiations. It was unclear exactly when the new rates would take effect. Markets Live Strategist Garfield Reynolds says: We're now officially entering the era of substantial barriers to trade. The impact will hurt global trade and growth, and that's likely to bring equities down from their recent peaks. Lingering uncertainty will also weigh on corporate decision-making, further chilling growth. While most of the levies just announced are lower than the extremes flagged on April 2, there's a lack of rationale for many of the rates set that will add to the air of policy volatility. Some of the tariffs were expected, such as a 25% levy on Indian exports. Others included charges of 20% on Taiwanese products, 39% on Swiss goods and 30% on South African products. Thailand and Cambodia, two countries that were said to have struck a last-minute deal, received a 19% duty. Taiwan and the US haven't yet held a summary meeting due to scheduling conflicts and the tariff rate of 20% is temporary, according to a statement from Taiwan's cabinet. Taiwan will work to reach an agreement with the US as soon as possible to seek a further reduction in reciprocal tariffs. Read the Full List of US Tariff Rates on Global Trading Partners US stocks fell Thursday, erasing an initial advance on tech earnings that sent Microsoft Corp. above $4 trillion in market value. Apple Inc. shares rose in after-market trading following a sales beat, while those for Inc. fell as its outlook underwhelmed. Meanwhile, Trump sent letters to 17 of the largest pharmaceutical companies in a bid to lower prices, weakening their shares Thursday. Trump is also asking bank chief executive officers for their pitches on monetizing mortgage giants Fannie Mae and Freddie Mac, including a major public offering of stock, according to people familiar with the matter. The market's attention will soon turn to Friday's jobs report for July, which is forecast to show companies are becoming more deliberate in their hiring. Employment likely moderated after a June increase, while the unemployment rate is seen ticking up to 4.2%. In the run-up, the Fed's preferred measure of underlying inflation accelerated in June to one of the fastest paces this year while consumer spending barely rose, underscoring the dueling forces dividing policymakers over the path of rates. The core personal consumption expenditures price index rose 0.3% from May. It advanced 2.8% on an annual basis, a pickup from June 2024 that underscores limited progress on taming inflation in the past year. The data also showed inflation-adjusted consumer spending edged up last month. Corporate Highlights: Apple Inc. reported its fastest quarterly revenue growth in more than three years, easily topping Wall Street estimates. Inc. dropped in late trading after projecting weaker-than-expected operating income. Tokyo Electron Ltd. shares dived 18% — the most in nearly a year — after the chip tool maker slashed its full-year earnings outlook. Oversea-Chinese Banking Corp.'s second-quarter profit topped estimates thanks to a fee jump. Shein Group Ltd.'s net income rose to over $400 million and revenue was almost $10 billion in the first quarter as consumers snapped up the fast-fashion retailer's products ahead of US tariffs. Asian pharmaceutical companies that sell products in the US slid after Trump demanded drug companies lower US prices. Some of the main moves in markets: Stocks S&P 500 futures fell 0.2% as of 10:54 a.m. Tokyo time Japan's Topix rose 0.4% Australia's S&P/ASX 200 fell 0.8% Hong Kong's Hang Seng was little changed The Shanghai Composite fell 0.1% Euro Stoxx 50 futures fell 0.2% Currencies The Bloomberg Dollar Spot Index rose 0.1% The euro was little changed at $1.1406 The Japanese yen was little changed at 150.90 per dollar The offshore yuan fell 0.2% to 7.2202 per dollar Cryptocurrencies Bitcoin fell 1% to $115,321.97 Ether fell 1.3% to $3,684.9 Bonds The yield on 10-year Treasuries was little changed at 4.38% Japan's 10-year yield was little changed at 1.540% Australia's 10-year yield advanced five basis points to 4.31% Commodities West Texas Intermediate crude was little changed Spot gold fell 0.2% to $3,282.52 an ounce This story was produced with the assistance of Bloomberg Automation. --With assistance from Winnie Hsu and Richard Henderson. Burning Man Is Burning Through Cash Russia Builds a New Web Around Kremlin's Handpicked Super App Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts ©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
Washington Post
15 minutes ago
- Washington Post
Trump injects new dose of uncertainty in tariffs as he pushes start date back to Aug. 7
WASHINGTON — 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 on 68 countries and the European Union, the start date of the punishing import taxes was pushed back seven days so that the tariff schedule could be updated. The change — while potentially welcome news to countries that had not yet reached a deal with the U.S. — injected a new dose of uncertainty for consumers and businesses still wondering what's going to happen and when.
Forbes
15 minutes ago
- Forbes
A Manager's Guide To Building Inclusive Teams In A Hybrid Workplace
Twenty years ago, I worked in the United States, and the rest of my team, along with my boss, worked out of the United Kingdom. I never gave much thought to what I was missing out on in terms of proximity and whether I felt excluded. The constraint was defined, and we made it work. Knowing what I now know about helping organizations ready managers to cultivate inclusion in the workplace, I know I experienced bouts of exclusion that I simply ignored. Today's workplace teams have a makeup that includes remote or hybrid work arrangements and the need for an inclusive workplace culture where everyone can thrive. This article will explore inclusion tips for managers to foster inclusion when managing hybrid And Enforce A Team Alliance To Create An Inclusive Work Environment Team norms are important to foster inclusion amongst team members in hybrid structures. Without them, managers run the risk of encouraging a fertile environment for exclusion. Remote workers can feel lonely and adrift from the rest of the team that is in person at the office. Managers must be deliberate about setting the tone for ways of working. Team discussions should proactively outline potential roadblocks while brainstorming palatable solutions for all. Managers must remember that a one-size solution doesn't fit all, so allow space for variation and creativity in ensuring all team members feel seen and valued. Alignment on a team alliance can serve as the GPS that helps team members feel included and create improved collaboration amongst Communications To Ensure Team Members Feel Valued and Included A manager's workload can be full of responsibilities beyond people management tasks. And as such, it can be a challenge to prioritize team members who are not regularly visible in the office; however, managers should note that limited communications can cause relationship and productivity hiccups. Overcommunication will serve managers well when managing dispersed teams. Doing so creates an open channel to check in on your remote team members about work, feedback, and support they need. Investing the time to communicate and build relationships with team members will help managers encourage inclusion and role model inclusive behaviors to the rest of the the majority of your team is in person, create an experience where the majority gets to embrace the perspective of the minority in the group. If, for example, a few people work remotely, and everyone else is in the office, encourage a switcheroo. Allow office workers to work remotely and allow remote workers to be in the office. This turnabout opportunity gives each party tangible experiences to draw upon. Then have a conversation with the team about the experience and revisit the alliance we previously discussed to update the ways of working procedures. Having the privilege of perspective creates rapport amongst team members. Research says that managers who create team-building opportunities gain favor with team members and also have a chance to broaden their knowledge around Team Dynamics and Challenges Around Exclusion Be well aware of what's happening in the team and work together to fix issues. Biases exist amongst us all. As managers, curiosity can serve as a beacon to better understand team challenges. Also, encourage team members to provide feedbackto their managers. Managers who are responsive to team member needs demonstrate empathy, a core anchor for fostering new dynamic says the workplace looks and feels different. As such, everyone, regardless of proximity, is responsible for creating an inclusive environment.
