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Reuters

  • Norway wealth fund to announce measures on Israeli investments over Gaza concerns

    Norway wealth fund to announce measures on Israeli investments over Gaza concerns

    OSLO: Norway’s $2 trillion sovereign wealth fund will announce changes to the handling of its Israeli investments, Finance Minister Jens Stoltenberg said on Friday, ruling out any blanket withdrawal over the war in Gaza.

    The fund itself said it would provide an update on its Israeli investments on Tuesday. The government this week launched an urgent review of the investments over ethics concerns linked to the war in Gaza and the Israeli occupation of the West Bank.

    “I see several measures over time, but what can be addressed quickly, must be done quickly,” Stoltenberg told a press conference after holding his second meeting with fund officials in three days.

    He did not say what these measures could be, but added that there would not be a wholesale divestment from all Israeli companies. “If we did that, it would mean we are divesting from them because they are Israeli,” he said.

    The review followed local news reports that the fund had built a stake in an Israeli jet engine group, Bet Shemesh Engines Ltd (BSEL) BSEN.TA, which provides services to Israel’s armed forces, including the maintenance of fighter jets, creating a political debate in the Nordic country ahead of elections on September 8.

    On Wednesday, the fund’s ethics watchdog, which checks that the fund’s investments respect ethical guidelines set by parliament, acknowledged it should have considered Bet Shemesh Engines for possible divestment. Bet Shemesh did not reply to requests for comment.

    USE OF EXTERNAL MANAGERS UNDER SCRUTINY

    Stoltenberg said that one question being discussed between the finance ministry and the fund was its use of external portfolio managers for some of its holdings. He said Bet Shemesh had been handled by an external manager, which he did not name.

    The fund said it uses three Israeli external fund managers for some of its holdings in the country.

    Read More: Israel approves plan to take control of Gaza

    The fund, which owns stakes in 8,700 companies worldwide, held shares in 65 Israeli companies at the end of 2024, valued at $1.95 billion, its records show.

    It has sold its stakes in an Israeli energy company and a telecoms group in the last year, and its ethics watchdog has said it is reviewing whether to divest holdings in five banks.

    Pro-Palestinian campaigners have said this is not enough and have called for a country-wide divestment by the fund. Norway’s parliament in June rejected a proposal for the fund to divest from all companies with activities in the occupied Palestinian territories.

  • US gold futures hit all-time high

    US gold futures hit all-time high

    August 8, 2025: US gold futures hit a record high on Friday amid uncertainty over whether country-specific U.S. import tariffs would apply to the most commonly traded sizes of gold bars.

    Spot prices, meanwhile, eased but remained on track for a weekly gain.

    Washington may place the most widely traded gold bullion bars in the United States under country-specific import tariffs, according to a ruling on the U.S. Customs and Border Protection service’s website, which would be a major blow to global supply chains for the metal.

    December U.S. gold futures rose 1.2% to $3,494.10 per ounce as of 11:21 am ET (1521 GMT) after hitting a record $3,534.10 earlier in the session, when the Financial Times first reported the news.

    “Gold’s panic ascent shows that even safe haven assets are not immune to the volatility unleashed in the confusion of the tariff age,” Susannah Streeter, head of money and markets, Hargreaves Lansdown.

    “If there is follow through and no intervention, this could threaten New York’s dominance in the gold futures market, given prices have risen sharply compared to other trading centres,” she added.

    Gold Rates Today in Pakistan

  • India pauses plans to buy US arms after Trump’s tariffs

    India pauses plans to buy US arms after Trump’s tariffs

    NEW DELHI: India has put on hold its plans to procure new U.S. weapons and aircraft, according to three Indian officials familiar with the matter, in India’s first concrete sign of discontent after tariffs imposed on its exports by President Donald Trump dragged ties to their lowest level in decades.

    India had been planning to send Defence Minister Rajnath Singh to Washington in the coming weeks for an announcement on some of the purchases, but that trip has been cancelled, two of the people said.

    Trump on Aug. 6 imposed an additional 25% tariff on Indian goods as punishment for Delhi’s purchases of Russian oil, which he said meant the country was funding Russia’s invasion of Ukraine. That raised the total duty on Indian exports to 50% – among the highest of any U.S. trading partner.

    The president has a history of rapidly reversing himself on tariffs and India has said it remains actively engaged in discussions with Washington. One of the people said the defence purchases could go ahead once India had clarity on tariffs and the direction of bilateral ties, but “just not as soon as they were expected to.”

    Written instructions had not been given to pause the purchases, another official said, indicating that Delhi had the option to quickly reverse course, though there was “no forward movement at least for now.”

    Post publication of this story, India’s government issued a statement it attributed to a Ministry of Defence source describing news reports of a pause in the talks as “false and fabricated.” The statement also said procurement was progressing as per “extant procedures.”

    Delhi, which has forged a close partnership with America in recent years, has said it is being unfairly targeted and that Washington and its European allies continue to trade with Moscow when it is in their interest.

    Reuters is reporting for the first time that discussions on India’s purchases of Stryker combat vehicles made by General Dynamics Land Systems and Javelin anti-tank missiles developed by Raytheon and Lockheed Martin have been paused due to the tariffs.

    Trump and Indian Prime Minister Narendra Modi had in February announced plans to pursue procurement and joint production of those items.

    Singh had also been planning to announce the purchase of six Boeing P8I reconnaissance aircraft and support systems for the Indian Navy during his now-cancelled trip, two of the people said. Talks over procuring the aircraft in a proposed $3.6 billion deal were at an advanced stage, according to the officials.

  • Ripple lawsuit ends, company to pay $125 million fine

    Ripple lawsuit ends, company to pay $125 million fine

    NEW YORK, August 8: The US Securities and Exchange Commission said it ended its case accusing Ripple Labs of selling unregistered securities, leaving a $125 million fine intact and ending one of the cryptocurrency industry’s highest-profile lawsuits.

    Ripple and the SEC agreed on Thursday to dismiss their appeals of the fine imposed by U.S. District Judge Analisa Torres in Manhattan and her injunction against the sale of Ripple’s XRP token to institutional investors.

    Ripple to Pakistani Rupee Rate Today- August 08, 2025

    XRP is the third-largest cryptocurrency by market value, trailing bitcoin and Ethereum, according to the market service CoinMarketCap.

    The SEC sued Ripple in December 2020, near the end of U.S. President Donald Trump’s first White House term, accusing it of selling XRP tokens without registering them as securities.

    In a mixed ruling in July 2023, Torres said XRP was covered by securities laws when sold to institutional investors, while XRP that Ripple sold on public exchanges was not. She imposed the fine in August 2024.

    Following Trump’s reelection, a more crypto-friendly SEC began retreating from some enforcement cases, and together with Ripple asked Torres to lift the injunction and reduce the fine to $50 million.

    She refused, saying neither side came close to showing “exceptional circumstances” that outweighed the public interest in enforcing the injunction and $125 million fine.

    The SEC said the dismissal of the appeals means the injunction and fine remain in effect.
    Stuart Alderoty, Ripple’s chief legal officer, in a post on X referred to the SEC’s actions and said the dismissals mark “the end” of the case.

    Since Trump reentered the White House, the SEC has also ended civil lawsuits against crypto exchanges Binance, Coinbase and Kraken.

    The case is SEC v Ripple Labs Inc, U.S. District Court, Southern District of New York, No. 20-10832.

  • Kellogg reports downbeat quarterly results on demand decline

    Kellogg reports downbeat quarterly results on demand decline

    August 8, 2025: WK Kellogg reported second-quarter results below estimates on Thursday, hurt by soft demand for its packaged breakfast cereal amid macroeconomic uncertainty.

    Customers have cut back spending on branded packaged food and are seeking cheaper alternatives at private-label brands amid pressures on consumer spending driven by U.S. President Donald Trump’s fluctuating tariff policies.

    The cereal maker agreed to be bought by the Italian owner of Ferrero Rocher in a deal worth around $3.1 billion in July, and the Battle Creek, Michigan-based company continues to expect the deal to close in the second half of 2025.

    Net sales for the quarter ended June 28 fell 8.8% to $613 million, missing estimates of $622.1 million, according to data compiled by LSEG.

    The company reported earnings per share of 9 cents, below estimates of 24 cents.

    WK Kellogg Co is a leading American food manufacturing company that specializes in ready-to-eat cereals. Headquartered in Battle Creek, Michigan, the company was spun off from Kellogg’s (now named Kellanova) in October 2023.

    With a rich history dating back to 1894, WK Kellogg Co has been a pioneer in the cereal industry, starting with the creation of Corn Flakes by its founder, W.K. Kellogg. Today, the company operates primarily in North America, manufacturing and distributing iconic brands across the United States, Canada, and the Caribbean.

    In the US, WK Kellogg focuses on producing high-quality cereals, leveraging its trusted brands to meet the evolving needs of consumers. With a strong commitment to helping people be healthier and happier, the company prioritizes innovation and community support. As a standalone entity, WK Kellogg Co has greater strategic flexibility to direct resources toward growth opportunities, regaining category share, and expanding profit margins. With a legacy spanning over a century, WK Kellogg Co remains dedicated to bringing its best to everyone, every day, through its trusted foods and brands.

  • Best Buy to boost India tech hub staff by over 40%,

    Best Buy to boost India tech hub staff by over 40%,

    CHENNAI, Aug 8, 2025: US electronics chain Best Buy plans to expand the headcount at its Indian tech centre by over 40% in the next few months, a senior executive told Reuters, as more global corporations set up offices in the country to tap its growing talent pool.

    The company, which opened its first tech centre, or global capability centre, in Bengaluru city last year, currently employs around 350 people in functions including data and artificial intelligence (AI) and is expected to grow to 500-550.

    GCCs, once low-cost outsourcing hubs, have evolved in the last few years and now support their parent organisations in multiple functions such as daily operations, finance, and research and development.

    “We will be hiring across the functions … We will be doing a lot of digital and tech (hiring),” Nithya Subramanian, senior director data & AI COE, said on the sidelines of an event in the southern city of Chennai.

    The firm, known for selling electronics such as laptops, kitchen appliances and cameras, is hiring for roles including AI engineer, software engineer and product manager in India, according to its LinkedIn page.

    “Even if you look at the global strength, I think we are growing leaps and bounds in India,” Subramanian said, noting that the Bengaluru office is Best Buy’s largest tech hub and bigger than its three in the United States.

    Best Buy operates more than 1,000 stores in the United States and Canada, where it employs over 85,000 people. It does not have retail operations in India.

    The India expansion comes at a time when many global corporations are ramping up their operations in India. Reuters reported last month that Best Buy’s peer Costco Wholesale plans to open its first India GCC.

    Trump 50 percent tariff on India: Impact on Modi and economy?

    The domestic GCC market is likely to grow as much as $105 billion by 2030, up from $64.6 billion in fiscal 2024, an industry report showed.

  • Trump demands ‘highly conflicted’ Intel CEO resign

    Trump demands ‘highly conflicted’ Intel CEO resign

    US President Donald Trump on Thursday demanded the immediate resignation of new Intel CEO Lip-Bu Tan, calling him “highly conflicted” due to his ties to Chinese firms and raising doubts about plans to turn around the struggling American chip icon.

    Reuters reported exclusively in April that Tan invested at least $200 million in hundreds of Chinese advanced manufacturing and chip firms, some of which were linked to the Chinese military.

    Donald Trump’s comments came a day after Reuters was first to report that Republican Senator Tom Cotton had sent a letter to Intel’s board chair with questions about Tan’s ties to Chinese firms and a recent criminal case involving his former firm Cadence Design.

    “The CEO of INTEL is highly CONFLICTED and must resign, immediately. There is no other solution to this problem,” Donald Trump said in a post on his Truth Social platform. Intel shares (INTC.O), closed down 3% on Thursday.

    A leadership change could pile pressure on Intel, which is a pillar of US efforts to boost domestic chipmaking. Last year, it secured $8 billion in subsidies, the largest outlay under the 2022 CHIPS Act, to build new factories in Ohio and other states.

    Trump’s intervention marked a rare instance of a US president publicly calling for a CEO’s ouster and sparked debate among investors.

    “It would be setting a very unfortunate precedent. You don’t want American presidents dictating who runs companies, but certainly his opinion has merit and weight,” said Phil Blancato, CEO of Ladenburg Thalmann Asset Management.

    David Wagner, head of equity and portfolio manager at Intel shareholder Aptus Capital Advisors, said while “many investors likely believe that President Trump has his hand in too many cookie jars, it’s just another signal that he’s very serious about trying to bring business back to the US.”

    “Intel, The Board of Directors, and Lip-Bu Tan are deeply committed to advancing US national and economic security interests and are making significant investments aligned with the President’s America First agenda,” the company said in a statement on Thursday.

    “We look forward to our continued engagement with the Administration.”
    Tan, who took over as CEO in March, did not immediately respond to Reuters requests for comment.

    Read more: Trump: Important that Middle Eastern countries join Abraham Accords

    Reuters reported in April that Tan himself, and through venture funds he has founded or operates, invested in Chinese firms including contractors and suppliers for the People’s Liberation Army between March 2012 and December 2024.

    The reporting was based on a review of Chinese corporate databases cross-referenced with US and analyst lists of firms with connections to the Chinese military.

    Reuters identified 20 investment funds and companies where his venture capital firm Walden is currently a joint owner along with Chinese government funds or state-owned enterprises, according to Chinese corporate records.

    The government funds were mostly from municipal governments of Chinese tech hubs like Hangzhou, Hefei and Wuxi.

    A source familiar with the matter had at the time told Reuters that Tan had divested his positions in entities in China, without providing further details.

    Tan, a Malaysian-born Chinese American business executive, was also the CEO of Cadence Design (CDNS.O), from 2008 through December 2021 during which the chip design software maker sold products to a Chinese military university believed to be involved in simulating nuclear explosions.

    Cadence last month agreed to plead guilty and pay more than $140 million to resolve the US charges over the sales, which Reuters first reported.

    “We don’t believe Lip-Bu is ‘conflicted,’ though given the nature of this administration the China ties are seemingly creating an increasingly bad look,” Bernstein analyst Stacy Rasgon said.

    “And unfortunately, unlike other tech CEOs Lip-Bu does not appear to have cultivated the kind of personal relationship with Trump that would help to assuage his ire.”

    A White House official said, “President Trump remains fully committed to safeguarding our country’s national and economic security. This includes ensuring iconic American companies in cutting-edge sectors are led by men and women who Americans can trust.”

  • Israel approves plan to take control of Gaza

    Israel approves plan to take control of Gaza

    Israel’s political-security cabinet approved a plan to take control of Gaza City early on Friday, hours after Prime Minister Benjamin Netanyahu said Israel intended to take military control of the entire strip despite intensifying criticism at home and abroad over the devastating almost two-year-old war.

    “The IDF will prepare to take control of Gaza City while providing humanitarian aid to the civilian population outside the combat zones,” Netanyahu’s office said in a statement, referring to the Israeli Defence Forces.

    Gaza City, in the north of the strip, is the largest city in the enclave.

    Axios reporter Barak Ravid, citing an Israeli official, said on X the plan involved evacuating Palestinian civilians from Gaza City and launching a ground offensive there.

    Netanyahu on Thursday told Fox News Channel’s Bill Hemmer in an interview “we intend to” when asked if Israel would take over the entire coastal territory.

    “We don’t want to keep it. We want to have a security perimeter. We don’t want to govern it. We don’t want to be there as a governing body.”

    He said Israel wanted to hand over the territory to Arab forces that would govern it. He did not elaborate on the governance arrangements or which Arab countries could be involved.

    Netanyahu made the comments to Fox News ahead of a meeting with a small group of senior ministers to discuss plans for the military to take control of more territory in Gaza.

    Israeli officials described a previous meeting this week with the head of the military as tense, saying military chief Eyal Zamir had pushed back on expanding Israel’s campaign.

    In its Friday statement, Netanyahu’s office said the vast majority of the political-security cabinet members believed that “the alternative plan presented in the cabinet would not achieve the defeat of Hamas nor the return of the hostages.”

    Two government sources said any resolution by the security cabinet would need to be approved by the full cabinet, which may not meet until Sunday.

    Among the scenarios being considered ahead of the security meeting was a phased takeover of areas in Gaza not yet under military control, one of the sources said, speaking on condition of anonymity.

    Evacuation warnings could be issued to Palestinians in specific areas of Gaza, potentially giving them several weeks before the military moves in, the person added.

    Total control of the territory would reverse a 2005 decision by Israel by which it withdrew Israeli citizens and soldiers from Gaza, while retaining control over its borders, airspace and utilities.

    Right-wing parties blame that withdrawal decision for the Palestinian group Hamas gaining power there in a 2006 election.

    It was unclear whether Netanyahu was foreseeing a prolonged takeover or a short-term operation. Israel has repeatedly said it aims to dismantle Hamas and free Israeli hostages.

    Hamas in a statement called Netanyahu’s comments “a blatant coup” against the negotiation process.

    “Netanyahu’s plans to expand the aggression confirm beyond any doubt that he seeks to get rid of his captives and sacrifice them,” the statement said.

    Read more: Israel kills an average of 28 Palestinian children daily in Gaza: UNICEF

    Arab countries would “only support what Palestinians agree and decide on,” a Jordanian official source told Reuters, adding that security in Gaza should be handled through “legitimate Palestinian institutions.”

    Hamas official Osama Hamdan told Al Jazeera the group would treat any force formed to govern Gaza as an “occupying” force linked to Israel.

    Earlier this year Israel and the United States rejected an Egyptian proposal, backed by Arab leaders, that envisaged the creation of an administrative committee of independent, professional Palestinian technocrats entrusted with the governance of Gaza after the war.

    Opinion polls show most Israelis want the war to end in a deal that would see the release of the remaining hostages.

    The White House had no immediate comment. President Donald Trump has declined to say whether he supported or opposed a potential full military takeover of Gaza by Israel.

    Netanyahu’s government has insisted on total victory over Hamas, which ignited the war when it staged a deadly October 2023 attack on Israel from Gaza.
    The U.N. has called reports about a possible expansion of Israel’s military operations in Gaza “deeply alarming” if true.

    The idea, pushed especially by far-right ministers in Netanyahu’s coalition, of Israeli forces moving into areas they do not already hold in the enclave has also generated alarm in Israel.

    PROTESTERS DEMAND END TO WAR

    Outside the prime minister’s office in Jerusalem on Thursday evening, hundreds of demonstrators protested against an expanded war, demanding an immediate end to the military campaign in return for the release of all the hostages.

    Protesters held signs bearing the faces of hostages still held in Gaza and voiced deep frustration with the government’s handling of the crisis.

    “I’m here because I am sick and tired of this government. It’s ruined our life,” said 55-year-old Noa Starkman, a Jerusalem resident who was born in a southern Israeli community close to where Hamas attacked in October 2023.

    The Hostages Families Forum, which represents captives held in Gaza, urged military Chief of Staff Eyal Zamir to oppose widening the war. Defence Minister Israel Katz said on Wednesday that the military would carry out the government’s decisions until all war objectives were achieved.

  • Drugmakers racing to launch the first weight-loss pill

    Drugmakers racing to launch the first weight-loss pill

    Weight-loss drugs are expected to pull in more than $150 billion in industry-wide revenue by the early 2030s, thanks to the ever-growing popularity of Eli Lilly’s Zepbound and Novo Nordisk’s Wegovy.

    Both the GLP-1 weight loss drugs are weekly injections, although several drugmakers are racing to develop an oral medicine or pill that might prove to be as effective as the injectables.

    Pills are easier to manufacture and could also avoid some of the supply issues that were initially seen with Novo and Lilly’s drugs.

    Here are some companies developing oral obesity drugs in the hopes of making their mark in a lucrative market:

    ELI LILLY

    Orforglipron, the company’s once-daily oral non-peptide GLP-1 agonist, helped patients shed 12.4% of body weight over 72 weeks at the highest dose in a late-stage trial. Lilly plans to file for regulatory approval by the end of 2025 and is preparing for global submissions and manufacturing scale-up.

    NOVO NORDISK

    Oral semaglutide, a pill version of the company’s injectable GLP-1 active ingredient, demonstrated about 15% weight loss in a late-stage trial.

    The drug is currently under regulatory review, with a U.S. FDA decision expected in late 2025. Novo is also exploring next-generation oral combinations.

    STRUCTURE THERAPEUTICS

    Structure Therapeutics is developing GSBR-1290, a non-peptide oral GLP-1 agonist. Last year, the drug helped reduce weight by 6.2% on average at the end of 12 weeks in a mid-stage study. It is expected to report results from another mid-stage trial in the fourth quarter.

    MERCK

    The company, in partnership with Hansoh Pharma, is preparing to test HS-10535, an oral small-molecule GLP-1 agonist, in early-stage trials. The drug is currently being tested in lab studies.

    ASTRAZENECA

    AstraZeneca and Eccogene are advancing ECC5004, a once-daily GLP-1 receptor agonist pill. Early stage trial showed a promising weight-loss signal and a favorable safety profile, with mid stage trials planned under AstraZeneca’s lead.

    ROCHE

    Roche, following its acquisition of Carmot Therapeutics, is working on CT-966, an oral GLP-1 agonist. CT-966 resulted in a placebo-adjusted average weight loss of 6.1% within four weeks in obese patients without diabetes in an early-stage trial last year.

    VIKING THERAPEUTICS

    The company is developing an oral formulation of VK2735, a dual GLP-1/GIP receptor agonist. Nine patients who received the highest 100 milligram dose lost an average of 8.2% of their body weight after 28 days, compared with 1.4% for a placebo, in an early stage trial. A mid-stage trail was started this year, with results expected in second half.

    PFIZER

    Pfizer was developing danuglipron, initially as a twice-daily oral GLP-1 agonist, but scrapped development after data from a mid-stage trial showed poor tolerability. A once-daily extended-release version was later tested in about 1,400 patients but liver safety concerns remained, dampening the company’s plans to enter the obesity drug market.

    Zepbound: Weight loss from drug reversed after stopping treatment

  • Trump: Important that Middle Eastern countries join Abraham Accords

    Trump: Important that Middle Eastern countries join Abraham Accords

    WASHINGTON, August 7: US President Donald Trump said on Thursday it was important that Middle Eastern countries join the Abraham Accords, which aim to normalize diplomatic ties with Israel, saying it will ensure peace in the region.

    “Now that the nuclear arsenal being ‘created’ by Iran has been totally OBLITERATED, it is very important to me that all Middle Eastern Countries join the Abraham Accords,” Trump wrote in a social media post.

    As part of the Abraham Accords, signed during Trump’s first term in office, four Muslim-majority countries agreed to normalize diplomatic relations with Israel after U.S. mediation. Efforts to expand the accords have been complicated by a soaring death toll and starvation in Gaza.

    The war in Gaza, where local authorities say more than 60,000 people have died, has provoked global anger. Canada, France and the United Kingdom have announced plans in recent days to recognize an independent Palestinian state.

    Trump’s administration is actively discussing with Azerbaijan the possibility of bringing that nation and some Central Asian allies into the Abraham Accords, hoping to deepen their existing ties with Israel, according to five sources with knowledge of the matter.

    The Abraham Accords are historic agreements signed in 2020, brokered by the United States, aimed at normalizing diplomatic relations between Israel and several Arab countries. These agreements marked a significant shift in the Middle Eastern geopolitical landscape, promoting peace, economic cooperation, and security dynamics in the region. By establishing formal ties between Israel and Arab states, the Accords broke with decades of policy in the Arab world.