Washington, April 23 (IANS) US Treasury Secretary Scott Bessent defended a temporary sanctions waiver affecting Russian oil, saying it helped prevent a sharper spike in global prices, even as Democrats warned it could boost Moscow’s war finances and keep fuel costs high.Testifying before a Senate panel, Bessent said the move was aimed at stabilising supply during a volatile period.“Treasury was able to create the more than 250 million barrels on the water,” he said.He added that without th…
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Caracas, April 21 (IANS) A nationwide mobilisation against US sanctions continued in Venezuela, with National Assembly President Jorge Rodriguez leading a rally calling for political and social unity. “We have to put an end to the sanctions,” Rodriguez said at Cerro El Gallo in San Felix, where the rally took place on Monday (local time). He said the campaign aims to build consensus and push for the lifting of economic sanctions, urging Venezuelans to set aside differences and focus on shared in…
Washington, April 16 (IANS) Tax exemptions on overtime and targeted relief for small businesses have emerged as key drivers behind the uptake of President Donald Trump’s tax cuts, according to the White House. US Treasury Secretary Scott Bessent told reporters at a news conference that the most widely used provision in the new tax framework was the exemption on overtime income, with more than 25 million filers claiming the benefit.He said the policy was designed to reward additional work. “I…
Washington, April 16 (IANS) The Trump administration has intensified its economic campaign against Iran, warning of tougher sanctions, including secondary penalties on countries and banks dealing with Iranian oil, as part of what officials described as a broader strategy combining financial and geopolitical pressure. US Treasury Secretary Scott Bessent said Washington was escalating its financial offensive against Iran under what he described as “Operation Economic Fury.”“For over a year, …
New Delhi, March 28 (IANS) Gold prices gained 5.77 per cent during the week, amid sustained geopolitical tensions and pull back in crude oil prices.On Friday, MCX gold April futures added 0.15 per cent while MCX silver May futures declined 0.09 per cent. Currently, gold futures stand at Rs 1,44,500, while silver futures at Rs 2,27,750 per kg.The price of 10 grams of 24-carat gold was at Rs 1,42,942 on Friday, up from Rs 1,35,141 seen on Monday market opening, according to data published by the I…
New Delhi, March 13 (IANS) The US waiver for buying seaborne Russian crude has immediately freed another 20-odd million barrels of oil on board ships which is expected to cool runaway prices that have crossed the $100 per barrel mark in the global market amid the Iran war.There are currently around 25 ships carrying Russian crude at sea while another five ships are carrying petroleum products. These can be diverted immediately to destinations from where the demand emanates.The temporary waiver c…
New Delhi, March 13 (IANS) Gold and silver prices opened flat but dipped marginally on Friday, amid profit‑taking capped after recent record highs and strengthening of US dollar.MCX gold April futures lost 0.14 per cent to Rs 1,60,046 per 10 grams around 11.10 am on an intraday basis. Meanwhile, MCX silver May futures declined 0.19 per cent to Rs 2,67,448 per kg.However, the decline was capped by safe‑haven demand amid the ongoing US‑Iran war, and high crude prices kept underlying support …
New Delhi, March 13 (IANS) Global oil prices cooled down marginally on Friday after the US announced a 30-day waiver, allowing all countries to purchase Russian oil.Brent crude was trading at $99.99 per barrel, down 0.47 per cent, while West Texas Intermediate (WTI) dropped 0.67 per cent to $95.09 per barrel.US Secretary of Treasury, Scott Bessent, said on X that “To increase the global reach of existing supply, @USTreasury is providing a temporary authorisation to permit countries to purchase…
Washington, Feb 23 (IANS) US Treasury Secretary Scott Bessent has sought to shift the spotlight away from whether the Trump administration will refund nearly $134 billion collected under now-invalidated emergency tariffs, saying that the Supreme Court’s decision was “very narrow” and that the White House is moving quickly to new tariff authorities that keep 2026 revenue projections “unchanged”. In an interview with the CNN on Sunday, Bessent rejected the premise that refunds are the central issu…
New Delhi, Feb 11 (IANS) Gold prices surged moderately, while silver surged sharply on Wednesday, buoyed by hopes of a more accommodative Federal Reserve amid soft US consumer spending data.MCX gold April futures climbed 0.71 per cent to Rs 1,57,909 per 10 grams on an intra-day basis. Meanwhile, MCX silver March futures gained 2.67 per cent to Rs 2,59,300 per kg.The dollar index eased to 96.59 on Wednesday from 96.80 in the previous session, making greenback-backed bullion slightly cheaper for o…