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OPEC+ output hike pushes up crude prices amid Russian supply risks | The Express Tribune

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OPEC+ output hike pushes up crude prices amid Russian supply risks | The Express Tribune


Oil extended gains on Tuesday, supported by the latest oil output hike from OPEC+ being smaller than anticipated, expectations that China will continue stockpiling oil and concerns over potential new sanctions on Russia.

Eight members of the Organization of the Petroleum Exporting Countries and allies agreed on Sunday to raise production from October by 137,000 barrels per day, lower than the increases of about 550,000 bpd they made for September and August.

Brent crude rose 47 cents, or 0.7%, to $66.49 a barrel by 0910 GMT, while US West Texas Intermediate crude climbed 72 cents, or 1.2%, to $62.98.

“Prices are holding up amid speculation that production will not rise by the amount the eight members have allowed themselves, and not least the fact that China, according to data, has been buying around 0.5 million barrels per day towards stockpiling,” said Ole Hansen of Saxo Bank.

China’s stockpiling of oil, which has helped soak up excess production this year, is likely to continue at a similar rate in 2026, the chief strategist for commodity trading house Gunvor said on Monday

Crude is also drawing support from the reduced amount of unused production capacity in OPEC+, said Giovanni Staunovo of UBS. A drop in spare capacity limits the group’s ability to cover for sudden supply shocks and tends to support prices.

“The realization that the October OPEC+ supply increase could be 60,000-70,000 barrels per day is one factor, the other is that OPEC+ spare capacity is much smaller than many thought,” he said of the reasons for the rally.

Speculation of more sanctions on Russia after the country’s biggest air attack on Ukraine set fire to a government building in Kyiv also supported prices. US President Donald Trump said he was ready to move to a second phase of restrictions.

Further sanctions on Russia would diminish its oil supply to global markets, which could support higher oil prices.

Also in focus is the expectation that the US Federal Reserve, which meets next week, will cut interest rates. Lower rates reduce consumer borrowing costs and can boost economic growth and demand for oil.

 



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‘GST cut to ease entry level stress,’ says Godrej Enterprises executive director – The Times of India

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‘GST cut to ease entry level stress,’ says Godrej Enterprises executive director – The Times of India


MUMBAI: The rejigging of GST slabs will make products more affordable for consumers, easing stress for the entry level market segment, said Nyrika Holkar, executive director at Godrej Enterprises Group (GEG), which is expecting reduction in taxes to give a boost to festive purchases. The move, Holkar said, will also push premiumisation. Availability of financing options has made it easy for consumers to buy products without paying for it upfront and lower taxes will only put more money in the hands of people, aiding spending. “The change in GST for appliances is very positive for us. It will put less strain on consumers, the entry level segment of the middle class remains stressed today and we should see that segment picking up in the festive period. Today, appliances (ACs) shouldn’t be discretionary purchases; given the climatic shifts and other factors, they have become essential,” Holkar said.For GEG, which has four consumer businesses, the appliances segment comprising AC portfolio will benefit from the GST reset. ACs which were earlier taxed at 28% have been placed under the 18% tax slab, broadening its accessibility for a larger share of low and middle-income households. The appliances business, in which Godrej competes with a mix of local and global players such as Tata’s Voltas, Samsung and LG, makes up for about 30% of the group’s revenues. In India, penetration of ACs stand at 10%. GEG’s appliances portfolio includes dishwashers, which too will see a reduction in tax although the share of sales is not high.For GEG, which has been premiumising its consumer portfolio across appliances and furniture, the GST boost provides an opportunity to expand its market share. India Inc is hopeful that lower taxes will give a leg up to broader consumption as consumers will be able to spend more. GEG is stepping up omni-channel play in its Interio (furniture) business which has set a target of doubling revenues to Rs 10,000 crore in three years. The strategy will be to build new store formats as consumers become more experiential and strengthen its play online (own website) which enables companies to reach more consumers.In a market where online platforms such as Amazon and Flipkart are rapidly innovating and 10-minute delivery players are rewriting the rules, competition for legacy companies has intensified. There is a change in the way people today buy and browse, said Holkar, and GEG will step up its online play. “More than 80% of searches today start online. We will also shorten our delivery time,” Holkar said. Following the Godrej Family’s split last year, GEG refreshed its brand identity and accelerated digital transformation. On Tuesday, the group also launched a refreshed brand identity for the Interio business.





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Business chiefs urge Trump to ease up on immigration crackdown after Georgia raid

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Business chiefs urge Trump to ease up on immigration crackdown after Georgia raid


EPA/Shutterstock A still frame showing people with their hands up leaning against a bus from a video made available by the US Immigration and Customs Enforcement via the Defense Visual Information Distribution Service (DVIDS) shows an immigration raid at the Hyundai-LG vehicle assembly plant in Ellabell, Georgia, USA, 04 September 2025EPA/Shutterstock

President Donald Trump is facing calls from business leaders to “turn the page” on his immigration crackdown after a raid at a Hyundai plant in the US state of Georgia.

It was the largest such raid in US immigration history, sweeping up 475 workers, including about 300 people from South Korea.

The decision to target the project, backed by a company the president has celebrated for putting money and factories in the US, sparked shock and outrage in South Korea, where politicians and business leaders have warned it will chill willingness to invest in the US.

In the US, business groups said the raid was likely to hit local business activity as well, as it scares off key parts of the workforce.

“Those actions are having ripple and ancillary effects on others, real and unintended, unfortunately whether they’re in legal status or not,” said Jeff Wasden, president of State Business Executives, which represents state lobby groups from businesses across the economy.

He said he had emailed the White House on Monday, hoping the moment provided an opening to shift from enforcement to fixes to the US immigration system.

While praising Trump for stopping the flow of migrants across the border, he said the raids were generating “fear” and “dampening” US economic activity.

“We’ve got to turn the page,” he said. “It’s time to focus on the workforce and how we fix some of these programmes and problems.”

Visa tensions

Since the raid, construction at the site, a partnership between Hyundai and LG Energy Solutions that will make batteries for its electric cars, has halted.

LG and other top South Korean firms have also put new limits on business travel to the US, according to South Korean media.

South Korean officials have indicated that many of those detained who were from South Korea had entered the US on temporary visas that allow workers to visit for business meetings or conferences, but not paid employment in the US.

Such visas have been a common workaround used by businesses in the country, which have long been frustrated that they do not benefit from a more expansive visa programme, like one currently enjoyed by countries such as Australia.

Many Trump supporters oppose loosening visa rules, arguing that such programmes have been used by big business to import cheaper foreign workers and freeze out American citizens.

But as the US pushes to reshore industries such as semiconductors, trade groups say there are not enough workers with the necessary skills in the US.

In a statement to the BBC, Jae Kim, president of the Southeast US Korean Chamber of Commerce, a group aimed at boosting ties between South Korea and the south-eastern US, said it was “not an easy process” for foreign firms to secure visas, especially for temporary workers.

He warned that the hold-ups made it “hard to make such next generation manufacturing projects prosper in the US” and urged a “stronger balance” of US priorities.

In remarks to reporters over the weekend, Trump has acknowledged the complaints about the visa process, telling reporters: “We’re going to look at that whole situation.”

In a follow-up post on social media, Trump said foreign investments were “welcome”, but called on foreign companies to “please respect our Nation’s Immigration Laws”.

“We encourage you to LEGALLY bring your very smart people, with great technical talent, to build World Class products, and we will make it quickly and legally possible for you to do so,” he wrote on Sunday, adding: “What we ask in return is that you hire and train American Workers.”

But it’s not clear to what extent the administration plans to alter its approach.

In an appearance on CNN on Sunday, border czar Tom Homan said more worksite raids were coming.

Trump has previously confronted tensions between his promises to ease the way for business and his aggressive immigration policies.

Before he even took office, his supporters broke out in a bitter online brawl about whether the administration should make it easier for companies to secure visas for high-skilled tech workers.

The fight pitted Elon Musk and other tech gurus who had supported his campaign against former Trump campaign manager Steve Bannon.

Cracks in the coalition emerged again this June, as the White House stepped up its worksite raids, drawing outcry from farmers and hotels. The administration suggested it would modify its approach, only to reaffirm crackdown a few days later.

Jennie Murray, chief executive of the National Immigration Forum, a group that advocates for immigrants and has been involved in discussions about reforms, said the recent messages from the White House had been “mixed”.

But she said some top Trump officials, including those from the labour and agriculture departments, had been receptive to business concerns about workplace raids, which previous presidents have largely avoided due to their controversy and economic costs.

She said she saw those arguments making inroads, especially as economic costs of raids like the one in Georgia become evident.

“The impact is starting to speak for itself,” she said. “As the economy continues to take hits and really starts to slow, which is likely going to happen in the next couple of months, I think there are a lot of folks who are willing to have conversations about what those solutions are.”

But Douglas Holtz-Eakin, president of the American Action Forum, a center-right policy institute, said he had seen little sign that the administration was preparing to change its approach.

He added of the president: “He’s highly tuned to pressure. If the pressure becomes large enough, he’ll alter the policy but we haven’t seen that yet.”



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Airbus CEO reaffirms delivery guidance for 2025

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Airbus CEO reaffirms delivery guidance for 2025


Airbus CEO Guillaume Faury told CNBC on Tuesday that the plane maker remains on pace to deliver about 820 commercial aircraft in 2025, even as engine production delays continue to limit its capabilities.

In an interview with CNBC’s Phil LeBeau, Faury said the European company is “on track” with aircraft production and has been making “gliders,” or finished planes without engines, as it awaits engine deliveries from manufacturers CFM International and Pratt & Whitney.

“All our attention will be on engine deliveries from both CFM and Pratt & Whitney, but they’re telling us that they will be able to deliver what we need. So we remain positive for the back end of the year,” Faury said.

Airbus delivered 61 planes in August, bringing its total for the year to 434. U.S. rival Boeing announced Tuesday it delivered 57 planes in August and 385 so far in 2025, continuing to trail Airbus in that metric. Boeing hasn’t issued delivery guidance for the year.

Aircraft manufacturers have faced engine production delays for years. RTX, which owns Pratt & Whitney, in 2023 said engine manufacturing defects would affect hundreds of engines through 2027.

Airbus CEO Guillaume Faury speaks during the Airbus summit 2025 at the Airbus headquarters in Toulouse, southern France, on March 24, 2025.

Ed Jones | Afp | Getty Images

Faury attributed the engine delivery delays to quality issues and worker strikes.

“But I think basically they have the capabilities to produce the volumes that are expected, so I hope they will be back on track and then delivering on their commitments,” he said.

Airbus has maintained its deliveries target throughout the year, even as tariffs have threatened to roil its business. The current U.S. trade agreement with the European Union, however, spares the aircraft industry from President Donald Trump’s “reciprocal tariffs.”

Faury on Tuesday said he believes the tariff relief is “the right thing to do.” But what continues to worry him most about the global economy is uncertainty, he said.

“We are long-term industries. We need visibility. We need predictability. And all this change is not predictable, and having to adapt all the time is slowing us down,” Faury said.

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