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UN Refugee Agency concerned about impact on aid operations of Sweida hostilities
On Friday, the United Nations Refugee Agency expressed concern about the impact that hostilities have had on its humanitarian operations in Sweida, a city located in southern Syria. It urged all parties to allow greater access. The Syrian government sent troops to the city, which is dominated by Druzes, to stop fighting between Bedouins. However the violence continued until a fragile truce was reached. The situation in Sweida should be taken seriously. We find it very difficult to work there. At the moment, our ability to provide aid is limited. He said, "We call on all parties involved to allow access for humanitarian purposes." Independent monitoring group Syrian Network for Human Rights said that it documented 254 deaths in four days of combat, including women, children, medical personnel and other civilians. The UNHCR reported that its operations were affected by road closures, and it was forced to relocate all 15 employees in its rural Sweida office due to safety concerns. On Thursday, the U.N. estimated that around 2,000 families were displaced by violence from Sweida Province. UNHCR reported that this number continues to increase. Our capacity to provide aid is currently very limited. Spindler stated that we are calling for all parties to permit humanitarian access. UNHCR said that it is difficult to provide assistance in the centres set up by authorities for people who are displaced. UNHCR stated that there are many needs on the ground, including a lack of water and hospitals overloaded with injured people. Spindler stated that "they need blankets and solar lights...we have them in stock and we are ready to ship them as soon a security allows." (Reporting and editing by Miranda Murray, Matthias Williams, Timothy Heritage, and Olivia Le Poidevin)
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Wall St Week Ahead: Industrial sector gains will be tested as earnings increase
The Industrial sector has been the leader for U.S. stocks during a turbulent year on Wall Street. But its strength will be put to the test as earnings season gets underway. S&P 500 Industrials, which includes aerospace companies, electrical and machinery manufacturers, transportation companies and building products firms, has gained 15% in 2025. This is the best performance year-to date of all 11 S&P 500 sectors, and it's more than twice the index's overall gain. The industrials sector will continue to be in the spotlight with a week full of earnings reports, including those from over one-fifth (50%) of the S&P 500. Alphabet, Tesla and other "Magnificent 7" tech and growth giants are the first to announce. S&P 500 is up 26% since April as investors have shaken off fears of a recession that were sparked by President Donald Trump’s "Liberation Day tariff" announcement. Chuck Carlson is the chief executive officer of Horizon Investment Services. He said that this earnings season was "especially important" because of the recent market rebound. "I'd think that this has created a good deal of optimism for earnings," said Chuck Carlson, chief executive officer at Horizon Investment Services. Several industrials will also be in the spotlight for their earnings. The sector has seen a boost in performance due to the increased geopolitical tensions between the Middle East, Ukraine and Germany. S&P 500 aerospace & defense has risen 30% in the past year. Defense companies that will be reporting in the next week include RTX Lockheed Martin, and General Dynamics. GE Aerospace's profit forecast for 2025 was raised on Thursday. The company's shares have risen by about 55% in the past year. GE Vernova shares, a company that was spun off last year from the legacy General Electric, have soared over 70% in value this year. It is now the best performing industrial stock. The results of the power equipment manufacturer are due on Wednesday. Robert Pavlik is a senior portfolio manager with Dakota Wealth Management. He said that the push for reshoring and the expansion of artificial intelligent, which have boosted demand for cooling systems, factory automation and other products, has supported several stocks in this industry. Uber shares, which are up about 50% this year, have also been a major supporter of the industrial sector. Nicholas Colas said, "Unlike many non Tech groups, this group has a number of solid stories that do not rely on macro-forces to deliver solid returns in the future," Colas wrote on Wednesday. Colas noted that large cap industrials are still attractive, despite their recent performance. Industrials are a sector that has historically been closely linked to the economy. However, the performance of this sector has suffered due to a decline in cyclically-linked growth stocks. Shares in package delivery companies UPS and FedEx are down sharply, and shares of airlines such as United Airlines and trucking firms like JB Hunt Transport Services have also been negative this year. Walter Todd, Chief Investment Officer at Greenwood Capital, said that there are "economically sensitive" (areas) in industrials which are not performing well. Honeywell, Union Pacific, and United Rentals are also scheduled to report this week. Wall Street is focused on the trade situation, as well as earnings. The U.S. will be increasing tariffs against a number of trading partners on August 1. Investors are also keenly interested in the news about the Federal Reserve. Fed chair Jerome Powell is under renewed pressure to resign from Trump, who wants the central bank's interest rates to be lowered. The Fed's next meeting on monetary policy is scheduled for July 29-30. S&P 500 is up about 7% this year. Eric Kuby said that the market showed resilience in spite of "a tremendous amount of uncertainty." Kuby is chief investment officer for North Star Investment Management Corp. Kuby stated that "we continue to be amazed at how well the stocks are trading despite what appears to be a number of significant headwinds."
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Lawyer for Greek owner of cocaine-loaded ship seized in 2023 says that he denies the charges
His lawyer stated on Friday that the former Greek owner of a cargo vessel, which was seized by Spain 2023 after it was found to have carried more than four tonnes of cocaine and coffee beans from Latin America into Europe, denied any connection to drugs. The Spanish authorities found cocaine worth approximately $200 million aboard the Blume vessel, which was then Greek-operated and Togo-flagged, when they intercepted it in January 2023 off the Canary Islands. This was one of Spain's largest cocaine hauls for that year. The crew was arrested and Blume, the ship that had left Brazil to go to Russia, was taken by them to Tenerife. This week, Greece detained the former owner of Blume, 68 years old, along with his son, 24 years old, and a female. The suspects were brought before a prosecutor on Friday to answer charges, including running an international drug-trafficking group since at least 2021. Sakis Kehagioglou said that "the main investigation and potential trial will prove my clients' innocent", adding that the crew was convicted in the case. The detainees have not been named by the Greek authorities. Court documents seen by. Documents show that Blume had been monitored for a long time before it was intercepted. The British police received a tip-off about the drug operation on September 20, 2022. Spanish police examined Blume's records and concluded that the vessel matched the profile of ships involved in ship-to-ship drugs transfers. Tenerife police raided the ship on 18 January 2023 and confiscated 153 bags in a crewmember's cabin as well as a storage area. The documents stated that Greece's investigation found the ship bought by Rentoor Chartering in 2022 and operated by Dignatio Corp. Both companies are based on the Marshall Islands, set up by 68-year old suspect, an ex-police officer with a criminal history. The renamed ship was sold to Turkish company in may. (Reporting and writing by Yannis Soulieotis, Renee Maltezou, Editing by Sharon Singleton).
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Wall Street Journal, July 18,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. The U.S. Federal Trade Commission has reopened prior consent orders and revoked them for Exxon Mobil’s acquisition of Pioneer Natural Resources, and Chevron’s purchase of Hess. They cited a lack evidence of antitrust violations within the original complaints. China has threatened to block the sale of more than 40 ports, which include two in the Panama Canal, that are owned by Hong Kong based CK Hutchison, to BlackRock or MSC unless Chinese shipping company Cosco takes a stake. Union Pacific has begun early talks with Norfolk Southern to form the largest railroad in North America, but no deal is yet certain. CBS will terminate "The Late Show With Stephen Colbert", as well as its entire late night franchise, in May 2026 after Stephen Colbert's current contract expires. The U.S. Congress has approved a $9 Billion cut in federal spending for foreign aid and broadcasting. This was passed by the House with a vote of 216-213. After a Wall Street Journal article about a 2003 letter with Trump's birthday on it, U.S. president Donald Trump instructed Attorney General Pam Bondi that she should seek to release grand jury testimony from the Jeffrey Epstein case.
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Official: Indonesia is still negotiating the details and exemptions of the U.S. Tariff Deal.
An official revealed on Friday that Indonesia was still in the process of negotiating details of the recent trade agreement it reached with the United States, after the latter reduced tariff rates for the Southeast Asian nation. It is also seeking exemptions on its palm oil and nickel exports. Two countries have reached a deal on trade that has led to the reduction of proposed tariffs from 32% to 19%. This was the only deal that the Trump administration had reached before the deadline of August 1. Susiwijono Megiarso is a senior official in the economic ministry of Indonesia. She told reporters that both countries are still working out the finer details of their agreement. The 19% rate would be added to existing tariffs. He said that Indonesia had asked the United States not to levy the tax on its cocoa, nickel, crude palm oil, and rubber exports. U.S. tech products would also be exempted under Indonesia's rules for "local content", which requires companies to use local components when manufacturing. Indonesia is the largest palm oil producer in the world and is also the United States' biggest supplier, with 85% of the total imports to be made by 2024. Susiwijono stated, "This is an excellent opportunity. It will be a positive factor for us." The deal should support our exports. Susiwijono stated that Indonesia will also purchase jets from Boeing for its flag carrier Garuda Indonesia, and Pertamina, its state-owned energy company, will import energy from the United States subject to a business review. He said that all U.S. products imported into Indonesia would be subject to zero tariffs with the exception of pork and alcoholic beverages. Some U.S. products will also be exempt from import quotas. (Reporting and writing by Stefanno Sulaiman, Stanley Widianto, Editing by David Stanway).
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Maguire: Trump's efforts to bring coal back may be in ashes
The U.S. president Donald Trump has highlighted the coal industry as one of the key drivers for U.S. dominance in energy. However, there are no new coal plants currently under construction in America and utilities have found cheaper and faster ways to increase power supplies. In the early months of Trump's new term, the president has issued several executive orders as well as allocated federal funding to revive the coal mining and energy sectors. U.S. utilities prioritize renewables, battery power, gas, and nuclear energy over new coal-fired capacities based on cost and efficiency. The coal export market is also limited in growth potential. This is because Australia and Indonesia, who are much larger exporters, have a quicker and cheaper way to reach key buyers in Asia. Asia, however, has the only sustained increase in demand for coal. Even with the strong support of the federal government, it is likely that the U.S. Coal sector will struggle to achieve any sustained growth in the near-to-medium term due to the global shift towards cleaner energy sources. AVOIDING AGING OUT The U.S. has retired six times as many coal power plants than it has built in this century. This highlights the magnitude of the challenges facing even the most passionate coal bulls who are trying to revive the industry. Global Energy Monitor (GEM) data shows that between 2000 and 2024 in the United States nearly 166,000 megawatts of coal-fired capacity will be retired. Even though 26,000 MW worth of new coal plants in the U.S. have been built since 2000, Sandy Creek Energy Station was the first to come online more than a decade ago. According to Ember, this has led to a 42% drop in coal-fired power generation in the United States over the past quarter century. According to the U.S. Energy Information Administration, more than 80% all coal-fired power plants in the United States were built between 1950-1990. Over 75% of remaining plants have already exceeded their lifespan by 40 years or more. Some power networks delayed the closing of older plants, arguing that they would prevent a potential shortage of power. The Trump administration has also exempted a number of coal plants from the new emission standards that would otherwise have forced them into closure within the next decade. The power sector has been consuming less coal, as more plants are being retired and replaced with other types of generation. The Energy Institute reports that since 2000, the amount of coal consumed by the electricity sector has decreased by 65%. The utilities are not interested in building new coal-fired power plants because there are so many other options that generate electricity more quickly, cheaper and with less emissions. COAL CRUTCH EIA data show that the drop in coal-fired U.S. electricity has resulted in a sharp decline in domestic coal mining output. It has fallen by more than half since 2000, to just under half a billion tons in 2024. In 2023, the states with the highest coal production were Wyoming (237 millions tons), West Virginia (85.5 million tons), Pennsylvania (43.5 million tons), and Kentucky (28 tons). EIA data show that the decline in mine production has led to a steep drop in the number of coal miners. The EIA shows that this figure peaked in 2011 at around 96,000, but will fall to about 45,500 in 2023. Layoffs have affected every major coal-mining state, but some are harder hit than others. Kentucky's coal employment has dropped by more than 70% since 2011. Pennsylvania and Virginia also saw a drop of nearly half. EXPORT CHALLENGE These mass layoffs, affecting primarily Republican "red" state coal mines, have made the industry a powerful political force. Candidates are now able to highlight their pro-industry credentials. Trump has been a great example of this. The Trump administration, in addition to encouraging power networks in their use of coal for generation, has approved recent mine expansions in federal land to boost supplies to Japan and South Korea. Kpler data shows that 80% of the global coal consumption comes from Asia. This makes it a logical choice to target this region, given its buyers account for more than half of U.S. thermal coking coal shipments. The U.S. can only increase its market share so far in the region, since rival exporters like Indonesia have a huge advantage when it comes to shipping costs and times. According to LSEG, the journey time of a coal shipment from Westshore Export Port in British Columbia – the main exit port for coal mined throughout the Western U.S. – to Japan takes around 15 days. The journey from Indonesia's largest coal exporting point to Japan takes nine days. Indonesian coal exporters are able to offer a combination of lower coal prices and higher cargo volumes. This is a very attractive package for large scale importers. This means that U.S. suppliers will only be able eke out piecemeal deals with Asian buyers while larger exporters are able to secure more regular and large trade flows for utilities in the region. This will leave the coal mining industry struggling to sustain demand for its product, regardless of Washington DC's support. These are the opinions of the columnist, an author for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and analysis. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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INDIA RUPEE - Rangebound patterns tighten the rupee's relationship with Indian stocks
Investor sentiment has been clouded by a combination of muted portfolio flows and lingering uncertainty about U.S. Tariffs. The rupee's 30-day index correlation with the Nifty 50 benchmark has risen to 0.66. This is the highest level seen since mid-May. It shows that the currency is more sensitive to movements in local stocks. The Nifty 50 fell by 0.6% on the day. Meanwhile, the rupee dropped to 86.2025 U.S. dollars per rupee as of 10:50 am IST. This is a 0.1% drop. Losses in financial stocks led to a divergence between local and regional equities. Asian currencies were mixed, while the dollar index remained unchanged at 98.5. The rupee's implied volatility for the next month has fallen to a low of just over 4%, and the India VIX stock volatility index has dropped to 11.6 from 14 a few months ago. A trader from a state-run banking institution noted that foreign portfolio flows have been muted as well, which has contributed to the rangebound price movement. Apurva Swarup is a vice president of Shinhan Bank India. She said that both the local equity markets and the FX market are "lacking a clear direction at the moment", referring to rangebound movements. Swarup said that news on the U.S. India trade deal is important to monitor, as it may push the stock market and the rupee out of the ranges they are currently in. Donald Trump, the U.S. president, said this week that the United States was very close to reaching a deal with India. The reciprocal tariffs on exports from each country to the U.S. will be implemented starting August 1. Dollar bids by foreign and local banks on the day weighed heavily on the rupee. Traders also pointed to an increased demand to purchase dollars at the daily benchmark rate.
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Oil prices remain unchanged as Iraqi outages and tariff concerns clash.
The oil price was little changed Friday, despite the fact that it had risen in the previous session. This is due to fears of a possible decline in demand amid uncertainty over U.S. tariff policies and concerns about drone attacks on northern Iraqi fields. Brent crude futures fell 4 cents or 0.06% to $69.48 a barrel as of 0239 GMT. U.S. West Texas Intermediate Crude futures were down 3 cents or 0.04% to $67.51 a barrel. Prices rose $1 on both contracts on Thursday after four days of drone strikes on oil fields in Iraqi Kurdistan, which shut down half the region's production. The market has also been buoyed by seasonal travel demand. JPMorgan analysts stated that in the first two week of July, the global oil demand averaged 105.2 millions barrels per daily (bpd), an increase of 600,000 bpd compared to a year ago and in line with expectations. The market is still impacted by the uncertainty surrounding the final U.S. Tariff Policy, which it appears will not be resolved until after August 1. This is in addition to plans from major oil producers that they will remove their production cuts, increasing supply when the summer season in the Northern Hemisphere ends. Brent and WTI have both fallen over 1% this week. In a recent note, ING analysts stated that "near-term fundamentals of oil remain supportive." The market is expected to remain tight for the remainder of this quarter before improving in the final three months. Two energy officials reported that the oil output in semi-autonomous Kurdistan has been reduced by 140,000 to 150,000 barrels a day. This is more than half of the region's usual output of 280,000 bpd. Although no group has claimed responsibility, officials have pointed to Iran-backed groups as likely sources of the attacks on oilfields this week in Iraqi Kurdistan. Iraq's Federal Government announced on Thursday, despite the attack, that Iraqi Kurdistan would resume oil exports via a pipeline into Turkey after a 2-year halt.
Google sues LATAM Airlines in US over Brazilian YouTube video dispute
Google filed a lawsuit against Chilean LATAM Airlines on Thursday in U.S. Federal Court, seeking to have a ruling that Brazilian courts can't force the tech giant take down an American YouTube video that accused a LATAM worker of sexually abusing children.
Alphabet, which owns YouTube and Alphabet, claimed in the lawsuit LATAM had tried to "make an ending run" around the protections of free speech in the U.S. Constitution, by suing Brazil to force worldwide removal of the video.
The company said that it had not received any official communications about the case.
Google spokesperson Jose Castaneda stated in a press release that the company "has long supported the legal concept that courts within a particular country have jurisdiction to decide what content is available there, but not on content that should be made available in other countries."
In February, the right-wing social media firms Trump Media and Rumble sued a Brazilian court for ordering them to remove accounts in the United States of a prominent supporter of ex-Brazilian President Jair Bolsonaro. In the case, a federal judge ruled that the companies did not have to comply with an order issued by a Brazilian judge in the United States.
According to Google's suit filed in San Jose in California, U.S. Citizen and Florida resident Raymond Moreira uploaded two YouTube videos of his 6-year old son in 2018. The videos detailed allegations of sexual abuse the child claimed he experienced while traveling unaccompanied as a minor.
In 2020, Moreira filed a lawsuit against LATAM for the alleged abuse in Florida. The settlement was confidential.
LATAM sued Google Brazil in 2018, seeking to remove the video on YouTube. Next week, a Brazilian appeals court will decide whether it has the power to order Google worldwide to remove the video.
Google has asked a California court to declare on Thursday that LATAM can't force Google to remove videos in the United States.
In a separate case, the Supreme Court of Canada upheld a ruling that Google must remove certain search results from its worldwide database in 2018. In 2017, a California judge stopped the enforcement of that order in the United States. (Reporting and editing by David Bario, Will Dunham, Jamie Freed and Jamie Freed; Additional reporting from Fabian Cambero at Santiago; Reporting by Blake Brittain)
(source: Reuters)