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The rush to monetize oil

By Andrew MillsGulf Currents is back in Doha this week, where the Qatari capital once again finds itself at the centre of global diplomacy as U.S. and Iranian negotiators gathered on Wednesday in a fresh push to end the war. Iran and the United States are negotiating over the Strait of Hormuz, as b…

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Futures
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Remittances to Mexico rise 3.8% in May, marking fourth straight monthly increase

Remittances to Mexico rose 3.8% year-on-year in May to reach $5.61 billion, the central bank said on Wednesday.May marked the fourth straight month of year-on-year increases in the remittances the country receives, totaling $25.29 billion in the first five months of the year.

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Economy
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Brazil to raise 2026 inflation forecast, official says

Brazil's government is set to revise up its inflation forecast for this year in projections due later this month, from the 4.5% estimate published in May, the Finance Ministry's economic policy secretary said on Wednesday.Speaking in an interview with local outlet Jota, Debora Freire said the gover…

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Economy
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GM's second-quarter US auto sales fall 4%

General Motors NYSE:GM on Wednesday reported a 4.2% drop in U.S. auto sales during the second quarter, as inflationary pressures kept some new vehicle buyers at bay.The automaker notched quarterly sales of 714,896 units compared with 746,588 units a year earlier.

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India central bank chief sees case for lower inflation target in long run

India is unlikely to raise its official inflation target and there may be a case for lowering it over the long term, Reserve Bank of India Governor Sanjay Malhotra said at an event in Russia on Wednesday.The country's inflation-targeting framework has helped lower average inflation, the central ban…

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Economy

China restricts some Fortescue iron ore cargoes as talks sour, sources say

China's state iron ore buyer has asked some domestic steel mills not to take delivery of certain portside iron ore products from Fortescue ASX:FMG, industry sources said, the latest Australian miner to fall foul of Beijing’s push to increase control over the market.China Mineral Resources Group (CM…

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Warnings galore as largest US power grid braces for record demand

By Tim McLaughlinPJM, the largest U.S. electric grid operator, on Wednesday detailed price spikes and warnings of massive transmission line congestion as it braced for record-breaking demand driven by a heatwave ahead of July 4 celebrations.Spot wholesale electricity prices early Wednesday surged t…

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Economy
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Venezuela's oil exports fell slightly to 1.2 million bpd in June, data says

By Marianna Parraga and Mircely GuanipaVenezuela's oil exports fell slightly to 1.2 million barrels per day last month from 1.24 million bpd in May as two deadly earthquakes caused minor delays at terminals operated by state-run energy company PDVSA, according to data based on tanker monitoring and…

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LME considers easing rules to boost Hong Kong as metals hub 

By Pratima DesaiThe London Metal Exchange is considering easing rules, including allowing the storage of aluminium outside, to boost Hong Kong as a metals location, four industry sources said, reflecting China’s drive for greater influence over global metals markets.Hong Kong became an active LME w…

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