Latest news with #USDepartmentofTreasury
Arab News
15-07-2025
- Business
- Arab News
Lebanon central bank bans interactions with Hezbollah financial group
The US Department of Treasury imposed sanctions on Al-Qard Al-Hassan in 2007Al-Qard Al-Hassan describes itself as a charitable organizationBEIRUT: Lebanon's central bank has banned licensed financial institutions from any direct or indirect interactions with Iran-backed Hezbollah's financial institution Al-Qard Al-Hassan, according to a circular seen by Reuters on US Department of Treasury imposed sanctions on Al-Qard Al-Hassan in 2007, saying the Iran-backed militant group Hezbollah used the institution as a cover to manage 'financial activities and gain access to the international financial system.'Al-Qard Al-Hassan, founded in 1983, describes itself as a charitable organization which provides loans to people according to Islamic principles that forbid struck branches of the institution during its war with the group last organization, which operates under a license granted by the Lebanese government, has more than 30 branches, mostly in predominantly Shiite Muslim areas of Beirut, southern Lebanon and the Bekaa Valley. Lebanon's central bank has banned licensed financial institutions from any direct or indirect interactions with Iran-backed Hezbollah's financial institution Al-Qard Al-Hassan, according to a circular seen by Reuters on Tuesday. (Reuters/File)
Euronews
14-07-2025
- Business
- Euronews
How Serbia's turn to the West provoked Putin's reaction
US President Donald Trump hoped to bring a swift end to Russia's war in Ukraine, but six months into the office, he was only left to voice disappointment with Russia's Vladimir Putin following their phone call last week, over Putin's ongoing reluctance to end the three-year-long war in Europe. Putin is digging in for a long political battle of influence with Washington. Serbia, a Western Balkan country also friendly to Russia, seems to be now a new target, after it has come to light that Serbia was supplying Ukraine with arms for quite some time, since the war began. Moscow called it 'stab in the back' and 'betrayal' with Russia's spy agency posting a statement suggesting rockets for multiple rocket launchers and mortar shells, or components for them, where sold through two companies from Bulgaria and the Czech Republic, making this a second official rebuke from Moscow to Belgrade, within a month. Aleksandr Dugin, well-known Russian far-right philosopher, often referred in Russian media as 'Putin's brain' who was sanctioned by the US Department of Treasury in 2015 for his involvement in Russia's war suggested that 'Serbian President (Aleksandar) Vučić has lost legitimacy', also lending support for the ongoing protests against corruption, negligence and poor quality constructions in Serbia that never stopped following deadly canopy collapse in Novi Sad on 1 November 2024. Recently, the Serbian president announced a halt to all military equipment exports. Besides arming Ukraine, Putin didn't like Serbia's recent major agreements with the West. Last July, Serbia, the EU, and Germany signed a battery supply chain deal giving the EU access to raw materials mined in Serbia. With a significant lithium deposit, particularly in the Jadar Valley, Serbia has the potential to become a major European supplier of the crucial battery metal. Germany's then-Chancellor Olaf Scholz praised the deal as a mega project that could reduce Europe's dependency on China. If implemented, the $2.4 billion (€2bn) Jadar lithium project could cover 90% of Europe's current lithium needs. In Belgrade, tens of thousands of protesters rallied against the deal, fearing irreparable pollution of the Jadar valley, despite officials' warnings of their alleged plot to topple Vučić and his government. Many were waving the flag of combined Russian and Serbian colours. While Putin may have hoped to get hold of the lithium vast reserves in Serbia, just last week Russian troops have taken over the site of one of the Ukraine's most valuable lithium deposits near the village of Shevchenko in Donetsk region, leaving just two out of four lithium deposits in central Ukraine under the government control. Serbia also signed a €2.7 billion deal to purchase Rafale jets from France's Dassault Aviation, signalling a major shift in Serbia's security and political stance, moving away from Russia, its traditional ally and weapons supplier. Finally, the US EXIM Board of Directors approved a preliminary commitment to Serbia's Telekom Group for $50 million (€42.8m) to support the preparation and rollout of their 5G telecommunications network. This transaction further reinforces EXIM's China and Transformational Exports Program (CTEP) as 5G security is a high government priority and falls under one of the 10 transformational export areas supported by EXIM. All this was enough for Moscow to decide to attempt to destabilise the government in Belgrade. It is to be seen if Putin has yet crossed Trump's 'red line' and if Washington is willing to unleash more painful sanctions on Russia. One thing is clear – Moscow's continued defiance and rogue activities in its neighbourhoods have awakened the Trump administration. Ambassador John B. Craig, former US Ambassador to Oman and Special Assistant to President Bush for Combating Terrorism. He is a Senior Fellow at the Transatlantic Leadership Network in Washington and a member of the advisory board of the Institute for Politics and the Economy of Southeast Europe.
Yahoo
06-06-2025
- Business
- Yahoo
US-China Trade Talks Lift Oil Prices
ICE Brent is poised to close the week above $66 as trade optimism lifts sentiment, while stubborn geopolitical tensions and shifting wildfire risks keep supply concerns alive. June 6th, 2025 ICE Brent futures are set to close this week above $66 per barrel, a more than 3% weekly gain after markets were buoyed by the prospect of US-China trade talks all the while derailed US-Iran and Russia-Ukraine negotiations have kept geopolitical risk premia intact. Supply risks from Canada's wildfires seem to be subsiding after Alberta saw some rain earlier in the week, however, they might reappear again on forecasts of upcoming June heatwaves. No Nuclear Deal Means More Iran Sanctions. As US-Iran nuclear negotiations seemingly hit a roadblock after Tehran rejected the idea of transferring its inventory of enriched uranium, the US Department of Treasury announced new sanctions on Iran, targeting 10 individuals and 27 commercial entities. Saudi Arabia Cuts Its July Prices. Saudi Aramco (TADAWUL:2222) slashed its July prices for Asian customers by $0.20 per barrel for lighter grades and by $0.10 per barrel for Arab Medium, back to May levels, citing healthy demand and low regional stocks, half the cut that analysts were expecting. Iraq Attacks Kurdish Government. The Iraqi Oil Ministry said that it holds the Kurdish Regional Government (KRG) legally responsible for the widespread smuggling of oil and refined products from Kurdistan, believed to be at least 150,000 b/d in volume, as Erbil defies orders from Baghdad. US and Japan to Iron Out US Steel Deal Concerns. Japan's largest steelmaker, Nippon Steel (TYO:5401) asked a US appeals court for an 8-day pause in litigation to give them more time to reach a final agreement to buy US Steel (NYSE:X) for $14.9 billion, as both sides believe they are closing in on the deal. Low Stocks Buoys Copper Futures. Copper soared to its highest in two months this week, with the three-month LME futures contract touching $9,810 per metric tonne on Thursday, as inventories in LME-registered warehouses fell to just 138,000 tonnes, halving since the beginning of this year. Clean Energy Investments Flying High, Still. According to the International Energy Agency, global energy investment will rise to a record $3.3 trillion this year, of which $2.2 trillion will come from clean energy technologies, including renewables, nuclear and energy storage, with solar being the biggest beneficiary. Silver Soars to Highest Since 2012. Spot silver prices surged past $36 per ounce this week, for the first time in 13 years, as the metal enters its fifth consecutive year of a market deficit on the back of strong industrial demand, further boosted by silver's safe haven appeal that lifted it by 24% in 2025 already. Brazil Will Start Drilling Big in Africa. Petrobras (NYSE:PBR), the state oil company of Brazil, stated it would make Africa its main region of exploration and investment outside of Brazil, with the government of Ivory Coast offering preferential rights to nine offshore blocks this week, to be followed by Nigeria, Angola and Namibia. Petronas Denies Rumours of Canada Exit. Malaysia's national oil company Petronas refuted claims that it would be looking to sell its 7 billion Canadian business, however signalled that it is intent to 'rightsize' its workforce there and cut around 10% of its workforce as part of a restructuring exercise. China Teapots Curb Their Appetite for Iranian Oil. Independent teapot refiners in China have slowed their purchases of Iranian crude, down by some 20% from the 1.6 million b/d average of Q1 2025, however, it is not sanctions but high asking prices (a discount of -$3 per barrel to Brent) that prompted the shift. US Rejects Ethane Loadings to China. US midstream giant Enterprise Products (NYSE:EPD) said that the US Commerce Department denied its requests to ship 2.2 million barrels of ethane in three loads to China, despite having requested an export licence right after receiving a May 23 letter from the BIS. Discounts For Russian Oil Narrow. Discounts for Russia's flagship Urals grade have narrowed to their lowest since the Russia-Ukraine war began as July-arrival cargoes are shown at a $2.25 per barrel discount to Brent on a delivered basis, partly due to flat prices behind the $60 per barrel price cap level. US LNG Flows Fall Before They Soar. US feedgas flows to the country's eight large-scale LNG export plants dipped to 13.8 BCf/d so far in June as Sabine Pass LNG is undergoing planned maintenance until June 22 and Plaquemines prepares for new commissioned units, capping next-day Henry Hub prices at $2.86 per mmBtu. By Tom Kool for More Top Reads From this article on
Indian Express
06-06-2025
- Business
- Indian Express
US issues new Iran-related sanctions, Treasury website shows
The United States has issued a new round of Iran-related sanctions targeting 10 individuals and 27 entities, according to a post on the US Department of Treasury website on Friday. The sanctions, which also target some entities in the United Arab Emirates and Hong Kong, come as US President Donald Trump's administration is working to get a new nuclear deal with Tehran.
Free Malaysia Today
06-06-2025
- Business
- Free Malaysia Today
US treasury says BOJ should continue to tighten policy
A Reuters poll showed most economists expect the Bank of Japan to hold rates steady through September, with a small majority forecasting a hike by year-end. (EPA Images pic) TOKYO : The Bank of Japan should continue to proceed with monetary tightening, which would support a 'normalisation of the yen's weakness' and rebalancing of bilateral trade, the US treasury department said yesterday. The comments, made in the treasury's exchange-rate report to congress, come as steep US tariffs imposed by President Donald Trump complicate the BOJ's efforts to raise interest rates and wean the economy off its historic monetary stimulus. 'BOJ policy tightening should continue to proceed in response to domestic economic fundamentals, including growth and inflation, supporting a normalisation of the yen's weakness against the dollar and a much-needed structural rebalancing of bilateral trade,' the Treasury said in the report. 'Treasury also stresses that government investment vehicles, such as large public pension funds, should invest abroad for risk-adjusted return and diversification purposes, and not to target the exchange rate for competitive purposes,' the report said on Japan. The rare, explicit mention of Japan's monetary policy turns Washington's focus to the BOJ's ultra-low interest rate, which is seen among factors that have kept the yen weak against the dollar. Asked about the report, Japanese finance minister Katsunobu Kato told a news conference today that the government leaves monetary policy decisions to the BOJ. With regard to the report's reference on pension funds, Kato said it was natural for pension funds to pursue their own purposes in fund management. The treasury said no major US trading partner was found manipulating its currency in 2024. However, it said Japan, as well as China, South Korea, Taiwan, Singapore, Vietnam, Germany, Ireland and Switzerland, were on its monitoring list for extra foreign exchange scrutiny. The BOJ ended its massive monetary stimulus last year and in January raised short-term interest rates to 0.5% on the view Japan was on the cusp of durably hitting its 2% inflation target. While the central bank has signalled a readiness to raise rates further, the economic repercussions from higher US tariffs forced it to cut its growth forecasts in May. The slow pace at which the BOJ is raising interest rates has been seen by markets as a key factor keeping the yen weak against other currencies. A Reuters poll, taken on May 7-13, showed most economists expect the BOJ to hold rates steady through September with a small majority forecasting a hike by year-end. Some market players have speculated Washington could pile pressure on Tokyo to help weaken the dollar against the yen and give US exports a competitive trade advantage. Kato has denied discussing exchange-rate levels or the idea of setting a currency target in his recent meetings with US treasury secretary Scott Bessent. However, he said after a meeting with Bessent in April that he explained Japan's wage and price developments, suggesting discussions may have touched upon BOJ policy. 'I don't think there's a big gap in the view between the US and Japan on the direction of the BOJ's policy,' said Japan's former top currency diplomat Mitsuhiro Furusawa. 'But the timing of the rate hike would be tricky,' he told Reuters. 'With so much uncertainty, the BOJ can't hike rates easily or aggressively,' he added.
