Browsing: Business

The European Union remains in limbo as the anticipated trade agreement with the United States failed to materialize by the expected July 9 deadline. Talks had been moving forward in hopes of avoiding renewed U.S. tariffs, but with no finalized deal in place, both sides remain at a standstill. President Donald Trump had initially signaled that a trade framework might be reached by this week. Speaking during a Cabinet meeting on Tuesday, he said the U.S. was “probably two days off from sending them a letter,” implying that progress had been made. He added that letters had already been sent…

Nvidia reached a historic milestone on Wednesday as its market capitalization surpassed $4 trillion, marking the first time any publicly traded company has achieved this valuation. The company’s shares rose over 2% in early trading, continuing a momentum driven by investor confidence in Nvidia’s pivotal role in the rapidly expanding generative artificial intelligence sector. Founded in 1993, the California-based chipmaker has emerged as a central player in the AI hardware market. Its advanced graphics processing units (GPUs) are widely used to power large language models and other AI workloads. Since the public release of ChatGPT in late 2022, demand for…

Global food prices recorded a slight increase in June, driven by rising costs of meat, dairy, and vegetable oils, according to the latest data released by the United Nations‘ Food and Agriculture Organization (FAO) on Friday. The FAO Food Price Index, which monitors the monthly fluctuations in international prices of commonly traded food commodities, averaged 128.0 points in June. This represents a minor decline of 0.5 percent compared to May’s revised figure. Despite the marginal monthly decrease, prices in key categories such as meat, dairy, and vegetable oils registered notable upward movements, offsetting declines in other food groups. The FAO highlighted that meat…

The European Commission and Ukraine have reached an agreement in principle to modernize their existing trade relationship, marking a significant step in Ukraine’s gradual integration into the European Union’s economic framework. The announcement follows the conclusion of negotiations on the review of the Deep and Comprehensive Free Trade Area (DCFTA), which operates under the broader EU-Ukraine Association Agreement. The updated trade arrangement reflects a shared commitment to building a long-term, stable, and predictable economic partnership. According to the European Commission, this revised framework is designed to strengthen bilateral trade while addressing concerns raised by EU Member States, particularly regarding the protection of sensitive agricultural sectors. The…

Global air cargo demand increased by 2.2 percent in May 2025 compared to the same period last year, according to the latest data released by the International Air Transport Association (IATA). The report shows that international air cargo operations recorded a slightly stronger growth rate of 3.0 percent, highlighting the sector’s steady performance despite prevailing economic challenges. The growth in demand, measured in cargo tonne-kilometers (CTK), comes alongside a 2.0 percent rise in overall cargo capacity, based on available cargo tonne-kilometers (ACTK). For international operations, cargo capacity expanded by 2.6 percent year-on-year. The modest increase in capacity reflects airlines’ efforts to adjust…

The European Union reported a decline in both the value and volume of petroleum imports during the first quarter of 2025, according to the latest data released by Eurostat, the statistical office of the European Union. The figures reveal a continued shift in the region’s energy import patterns, marked by reduced petroleum shipments and a notable rise in liquefied natural gas (LNG) imports. Between January and March 2025, the EU imported €95.3 billion worth of energy products, totaling 176.4 million tonnes. This reflects a marginal increase of 0.3% in the overall value of energy imports compared to the same period in 2024, while the…

Global goods trade saw a notable increase in the first quarter of 2025, according to the latest report from the World Trade Organization (WTO). The rise was largely attributed to importers accelerating purchases in anticipation of higher tariffs later in the year. Despite the current upswing, a decline in export orders has raised concerns that trade momentum may slow in the coming months. The WTO’s Goods Trade Barometer, a composite leading indicator for global merchandise trade, rose to 103.5 in June, up from 102.8 in March. A reading above 100 suggests that trade volumes are performing above trend, while figures below…

Oil prices dropped sharply on Tuesday following remarks by U.S. President Donald Trump indicating that China can continue purchasing oil from Iran. The statement signals a potential shift in Washington’s “maximum pressure” policy against Tehran, coming in the wake of a fragile ceasefire agreement between Israel and Iran. By midday, global benchmark Brent crude had fallen $4.06, or 5.68%, to $67.42 per barrel, while U.S. West Texas Intermediate crude dropped $3.88, or 5.66%, to $64.63 a barrel. This follows a 7% decline in oil prices on Monday, as markets began to anticipate reduced geopolitical risk in the Middle East. Trump’s announcement came via his social media platform, Truth Social, where he…

Foreign currency deposits in the Republic of Korea recorded their first increase in four months during May, supported by a rise in deposits at securities firms and the temporary placement of corporate overseas investment funds, according to official data released on Monday. The total outstanding foreign currency-denominated deposits held by residents in South Korea reached US$101.36 billion at the end of May. This figure represents a rise of US$5.1 billion compared to the previous month, as stated by the Bank of Korea (BOK). The increase ends a downward trend that had persisted since January this year. The term “residents,” as defined by the BOK, includes Korean…

The price of Kuwaiti crude oil increased by $1.29 on Thursday, reaching $77.46 per barrel, according to a statement issued by the Kuwait Petroleum Corporation on Friday. This marks a notable rise from the previous day’s closing price of $76.17 per barrel. The movement in Kuwait’s crude price aligns with gains seen across international oil benchmarks. Brent crude futures climbed by $2.15, settling at $78.85 per barrel, while West Texas Intermediate (WTI) rose by $2.06 to reach $77.20 per barrel. The upward trend reflects market responses to recent developments in supply dynamics and global economic indicators. Analysts attribute the price increase to tightening global supply conditions,…