Putin orders government to provide plan to develop rare earths by November

 Russian President Vladimir Putin said on Friday he had ordered the government to present a programme for the development of rare earth metals no later than November.

Putin made the comments in his opening remarks at the plenary session of the Eastern Economic Forum in Vladivostok.

Russia has the world's fifth-largest reserves of rare earth metals, used in lasers and military equipment, and has touted plans to boost their output to reduce reliance on Chinese imports.

https://uk.news.yahoo.com/putin-orders-government-plan-develop-043553602.html

Hanwha Ocean Affiliate Sells $1 Billion Stake After Stock Triples

 

A Hanwha Ocean Co. affiliate sold its stake in the South Korean shipbuilder, raising about 1.4 trillion won ($1 billion), after the company’s shares more than tripled over the past year.

Hanwha Impact Partners Inc., a US-based investment firm wholly owned by two Hanwha companies, will use the proceeds to help advance Korea’s shipbuilding collaborations with the US, including the Make American Shipbuilding Great Again project, and also for US liquefied natural gas investments, Hanwha Group said in a statement. It will also help the South Korean conglomerate reduce debt, it said.

https://www.bloomberg.com/news/articles/2025-09-05/hanwha-ocean-affiliate-sells-1-billion-stake-after-stock-triples

Trump Tariffs Go From Terrifying To Indispensable To Prevent A Bond Market Crash

 How long does it take for conventional wisdom to make a 180 degree U-turn? In the case of anything Trump related, it's just under 6 months.

It was in early April, just after Liberation Day's reciprocal tariffs were announced, that US bond markets suddenly cratered, sparking a collapse in hundreds of billions of basis trades, and triggered fears of a global economic shock. That's when tariffs were widely seen as bad and anyone who dared to say it's never that black or white - such as this website - were blasted as economic illiterates. Well, fast forward to today when quietly conventional wisdom has been turned on its head and the mere possibility of tariffs getting pulled is now seen as one of the biggest threats to the stability of the bond market!

That's right: if the Financial Times is to be believed - and it is, since it loathes Trump with a passion and would never say anything even remotely complementary if it could avoid it - Trump’s tariffs are now a key factor keeping Treasury investors on board (the same tariffs that were widely blamed for the relentless selling back in April). According to the paper, the tariff revenues - which so many of the establishment economists never even considered in April - are now seen as a crucial income stream that offsets the costs of the Big Beautiful Bill, and  investors are now counting on hundreds of billions of dollars raised by the remaining tariffs to offset Trump’s tax cuts and keep a lid on US borrowing.

“The only way I can see for the US government to reduce its outstanding debt in the near term is to use the tariff revenue,” said Andy Brenner, head of international fixed income at NatAlliance Securities, citing also revenues from chipmakers’ China sales. “If all of the sudden the tariff revenue will not be there, that is a problem.”

Not only that, but as we noted two weeks ago, both S&P and Fitch recently conceded that tariff revenues for the US federal government were one factor that prevented them from downgrading the sovereign. 

The Congressional Budget Office last month forecast Trump’s tariffs would boost US government revenues by $4tn over the coming decade. That would help pay for tax cuts in Trump’s One Big Beautiful Bill Act, which is projected to increase borrowing by $4.1tn over the same period.

The shift in market sentiment comes after months of turmoil in Trump’s economic strategy, including his trade war with trading partners such as China and his attacks on the US Federal Reserve.

Indeed, the appeals court ruling - which overturns Trump's tariffs - was the catalyst behind the US Treasury bond sell-off on Tuesday and Wednesday, analysts said, as investors worried that reduced tariff revenues would lead to a greater glut of Treasury issuance. 

Thierry Wizman, a global rates strategist at Macquarie Group, said: “If the bulk of Trump’s tariff programme is nullified by the courts some analysts will cheer, inflation will subside, growth may improve, and the Fed may be more inclined to ease monetary policy. But if the focus is on debt and deficits at that time, the bond market may riot.”

He added: “The risk that tariffs go away but the [One Big Beautiful Bill Act] stays may become the dominant risk for [US Treasuries] over the next few weeks.”

Robert Tipp, head of global bonds at PGIM Fixed Income, said there was “a hope that tariff revenue can help control the budget deficit”.

To be sure, even with tariff revenues, investors warn about the daunting scale of the US government’s borrowing needs.

Des Lawrence, senior investment strategist at State Street Investment Management, said if the tariffs “were put on pause, it deprives Uncle Sam of a revenue source”. But the “bigger negative picture” is the sheer scale of government spending, he said. Without tariff revenue, the CBO expects US debt relative to GDP to surpass its second world war peak by 2029.

“It’s helpful in plugging a gap, but there’s still a big issue in America spending much more than it’s receiving,” Lawrence said, and he too is right as we showed a few weeks ago when we demonstrated that despite record tariff revenue, the US budget deficit hit a whopping $291bn in July, the second highest deficit for the month on record.

And now the fate of the US bond market is in the hands of a handful of supreme court justices, whose decisions are never taken on the merits of the underlying argument but are purely and unapologetically political. Last week, the Court of Appeals ruled against the Liberation Day tariffs, arguing that the emergency powers law did not give the US president the legal authority to impose these tariffs. And last evening, the Trump administration appealed this decision before the Supreme Court, and the enforcement of the earlier ruling has been delayed until the Supreme Court can review the case. So, pending the Supreme Court decision, tariffs remain in effect.

But if Trump loses this appeal, that key source of revenue would quickly dry out. Undoubtedly the administration will already have alternatives up its sleeve –with sectoral tariffs a key candidate– but it would unleash a new wave of uncertainty that could sap confidence. No wonder Trump has said that if the Supreme Court does not overturn the Appeal court decision, the consequences would be catastrophic for the US: he is, after all, correct. 

https://www.zerohedge.com/markets/trump-tariffs-go-terriying-indispensable-prevent-bond-market-crash

Israel Tells Hamas: Lay Down Arms, Free All Hostages - Or Gaza City Gets Leveled

 Israel has once again given Hamas a tough ultimatum - release all the hostages and surrender or prepared to see Gaza City leveled - according to a new Thursday Times of Israel headline.

This came after Hamas declared its willingness to release all the hostages, based on a ceasefire proposal the group said it accepted two weeks ago. Hamas has said it will agree "to enter into a comprehensive deal in which all enemy prisoners held by the resistance will be freed in exchange for an agreed-upon number of Palestinian prisoners held by the occupation."

AFP/Getty Images

However, it made demands which Israel has consistently rejected - that all Israeli troops withdraw from the Gaza Strip, and that all border crossings be immediately opened for the arrival of aid.

Hamas further said it is ready to form "an independent national administration of technocrats" to run Gaza. But the Netanyahu government has quickly shot back that all hostages must be freed at once, and the group must disarm, and agree that it will no longer govern. Israel has said it will not accept Palestinian Authority governance either.

"This is more spin by Hamas, containing nothing new," Netanyahu’s office said. This means the Gaza City offensive will more than likely proceed and continue, given Hamas is not going to lay down its arms, which they will see as certain defeat, death or imprisonment. 

Netanyahu has called for "the establishment of an alternative civilian administration that does not indoctrinate for terror, does not dispatch terror, and does not threaten Israel."

Meanwhile, even ahead of plans to take over the strip's largest city, Israeli's military had declared it controls about 40% of Gaza City.

It has been declared a combat zone, with civilians ordered out - particularly areas designated highly dangerous "red zones".

This week, Axios' global affairs correspondent Barak Ravid cited Israeli officials who say that the White House is ready to greenlight a Netanyahu-ordered seizure of West Bank Palestinian territory.

"Rubio has signaled to Israeli officials in private meetings that he does not oppose Israel's West Bank annexations and that the Trump administration will not stand in the way," wrote Ravid.

IDF footage purporting to show tunnels being detonated in the Zaytoun neighborhood of Gaza City...

Still, Trump has cautioned that even though Israel may be winning the war, it is losing global opinion. Despite such statements, the White House hasn't done much to bring serious pressure to bear on Tel Aviv.

https://www.zerohedge.com/geopolitical/israel-gives-hamas-last-chance-lay-down-arms-free-all-hostages-or-gaza-city-gets

DHS Terminates 2021 Temporary Protected Status For Venezuelans

 by Jacob Burg via The Epoch Times,

The Department of Homeland Security (DHS) announced on Sept. 3 that it was revoking the 2021 designation of temporary protected status for Venezuelan nationals in the United States.

That status, which was previously set to expire on Sept. 10, will now be terminated 60 days after that date when the department publishes its notice to the Federal Register. The department indicated that it no longer believes Venezuelan nationals met the statutory requirements for temporary protected status.

“Given Venezuela’s substantial role in driving irregular migration and the clear magnet effect created by Temporary Protected Status, maintaining or expanding TPS for Venezuelan nationals directly undermines the Trump Administration’s efforts to secure our southern border and manage migration effectively,” U.S. Citizenship and Immigration Services spokesman Matthew Tragesser said in a statement.

“Weighing public safety, national security, migration factors, immigration policy, economic considerations, and foreign policy, it’s clear that allowing Venezuelan nationals to remain temporarily in the United States is not in America’s best interest.”

Temporary protected status (TPS) is a program that gives people from certain countries the ability to stay in the United States legally for a period of time. The head of the Department of Homeland Security creates the program if temporary and extraordinary conditions prevent the migrants from returning to their home countries safely.

President Joe Biden, President Donald Trump’s predecessor, established two designations of temporary protected status for Venezuelan nationals residing in the United States. The first, which was unveiled in 2021, was affected by Wednesday’s revocation. The second, which Biden announced in 2023 and was set to expire in April before it was extended for 18 months, was terminated by the Trump administration earlier this year.

At the time, Homeland Security Secretary Kristi Noem determined that “it is contrary to the national interest to permit the covered Venezuelan nationals to remain temporarily in the United States.”

Biden’s Homeland Security Secretary Alejandro Mayorkas had granted temporary protected status to roughly 348,202 Venezuelan nationals, deeming that there were “extraordinary and temporary conditions in Venezuela that prevent individuals from safely returning.”

In May, the Supreme Court temporarily blocked a lower court’s order to prevent the Trump administration from removing the temporary legal protections for Venezuelans so that the U.S. Court of Appeals for the Ninth Circuit could weigh in on the issue.

Then, the federal appeals court last week upheld the original order that stopped the administration from moving forward with the policy that would make it easier to deport Venezuelan nationals.

U.S. District Judge Edward Chen, who issued the original order, said at the time that ending the program “for reasons of national security” was not backed by evidence.

“Venezuelan TPS holders have lower rates of criminality than the general population,” he said.

“Generalization of criminality to the Venezuelan TPS population as a whole is baseless and smacks of racism predicated on generalized false stereotypes.”

On Wednesday, the Homeland Security Department said Noem had moved to end the 2021 designation of temporary protected status for Venezuelans because keeping the program “is contrary to the national interest.”

“Venezuelan nationals leaving the United States are encouraged to use the U.S. Customs and Border Protection CBP Home app to report their departure from the United States and take advantage of a safe, secure way to self-deport that includes a complimentary plane ticket, a $1,000 exit bonus, and potential future opportunities for legal immigration,” the agency wrote in a news release.

https://www.zerohedge.com/geopolitical/dhs-terminates-2021-temporary-protected-status-venezuelans

ADP Jobs Report Shows Tepid Hiring, Jobless Claims Rise, Backing Fed Rate-Cut Bets

 The ADP jobs report added to a string of soft labor market indicators that have pushed markets closer to pricing in three Federal Reserve rate cuts this year. However, the S&P 500 traded flat, while the Dow Jones Industrial Average edged lower as Salesforce (CRM) weighs following its less-than-stellar outlook.

Initial jobless claims, also out Thursday, exceeded forecasts, though continuing claims pulled back. Earlier Thursday, Challenger, Gray & Christmas reported that layoff announcements jumped 39% from July to 85,979 early Thursday. On Wednesday, the Bureau of Labor Statistics (BLS) reported a bigger-than-expected drop in job openings in July.

ISM Services Index Shows Pickup

The Institute for Supply Management reported that its services index rose 1.9 points to 52, moving moderately above the neutral 50 level. While the business activity gauge rose to 55 from 52.6, and the new orders index jumped 5.7 points to 56, the employment index remained in contraction territory, inching up to 46.5.

Fed Rate-Cut Odds Unmoved

Markets have reacted little to the morning's economic data, despite softer hiring and rising jobless claims.

Markets see 97% odds of a Sept 17 Fed rate cut and 44% odds of 75 basis points in cuts at the year's final three meetings, according to CME Group's FedWatch tool. Both are essentially unchanged from before the data.

Friday's Jobs Report Forecast

Economists were already expecting pretty modest payroll gains in tomorrow morning's official August jobs report. Overall, payrolls are expected to rise 77,000, including a 75,000 increase among private firms, according to the Econoday consensus estimate.

The unemployment rate is expected to tick up to 4.3% as 12-month average hourly earnings growth slips to 3.8% from 3.9%.

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Initial Jobless Claims Rise

Initial claims for unemployment benefits rose to 237,000 in the week through Aug. 30, up 8,000 from an unrevised 229,000 the prior week. Continuing claims by job-losers who have yet to find new work fell 4,000 to 1.64 million in the week through Aug. 23, after the prior week's figure was revised down by 10,000.

The steadying of continuing claims is consistent with a steady unemployment rate.

Labor Market 'Whipsawed By Uncertainty'

ADP Chief Economist Nela Richardson said the labor market has been "whipsawed by uncertainty." She added that potential explanations for the hiring slowdown include "labor shortages, skittish consumers, and AI disruptions."

ADP Data By Sector

ADP said leisure and hospitality jobs rose by 50,000 and construction by 16,000, but other areas were soft. Manufacturers shed 7,000 jobs. Education and health services employment fell by 12,000. The trade, transportation and utilities sectors cut 17,000 jobs.

ADP Jobs Report Data

Private-sector employers added just 54,000 jobs last month, according to payroll processor ADP's monthly estimate. Economists were expecting a modest 68,000 gain. July hiring gains were revised up to 106,000 from 104,000.

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ADP Forecasts

Economists expect payroll processor ADP's estimate of private-sector employment in August to show a gain of 68,000, according to the Econoday consensus.

Markets sometimes react to ADP data right away, but the impact often wears off quickly. That may be because ADP doesn't have a great track record of predicting how the official monthly BLS employment report will come out.

ADP initially reported a gain of 104,000 private jobs in July, while BLS showed a gain of 83,000.

Initial Jobless Claims Expectations

Economists expect 232,000 initial claims for unemployment benefits in the week through Aug. 30, up from 229,000 the prior week. Continuing claims are a key data point to watch because they reflect the ability of job losers to find new work. Continuing claims have been trending higher, consistent with higher unemployment.

Federal Reserve Rate-Cut Odds

Markets are pricing in 98% odds of a quarter-point rate cut at the Sept. 17 Fed meeting. Those odds have climbed from 87% a week ago, boosted by the soft Job Openings and Labor Turnover Survey report on Wednesday.

For the first time since April 2021, the number of unemployed persons now tops the number of job openings.

Markets are pricing in 91% odds of at least 50 basis points in rate cuts over the year's final three Fed meetings. Ahead of Thursday's data, markets saw 43.5% odds of a third quarter-point cut this year.

S&P 500

S&P 500 futures edged up 0.1% in early Thursday stock market action ahead of the ADP jobs data. On Wednesday, the S&P 500 climbed 0.5% as the 10-year Treasury yield fell 7 basis points amid the soft JOLTS report.

The S&P 500 finished up 9.6% for the year and 0.8% off its record closing high on Aug. 28.

https://www.investors.com/news/economy/adp-jobs-report-jobless-claims-ism-services-fed-rate-cut-odds/

Akebia at Wells Fargo Conference, remarks

 On Thursday, 04 September 2025, Akebia Therapeutics (NASDAQ:AKBA) presented at the Wells Fargo 20th Annual Healthcare Conference 2025, showcasing its strategic initiatives and financial health. The company highlighted the commercial success of VAFSIA, a promising treatment for anemia in dialysis patients, while also addressing challenges such as the loss of IP exclusivity for Auryxia. Akebia’s focus on expanding its pipeline and securing market access demonstrates its commitment to becoming a leader in renal healthcare.

Key Takeaways

• VAFSIA, targeting anemia in dialysis patients, represents a billion-dollar market opportunity.
• Akebia plans a Phase III trial for VAFSIA in non-dialysis CKD patients, a multi-billion dollar opportunity.
• Auryxia generated $47 million in Q2, despite losing IP exclusivity.
• Akebia ended Q2 with $137 million in cash, aiming for profitability.
• The VOICE study is fully enrolled, with results expected in early 2027.

Financial Results

Akebia’s financial performance in Q2 2025 was marked by:

• Auryxia revenue of $47 million, maintaining growth despite IP challenges.
• VAFSIA revenue of $13.3 million, reflecting successful market penetration.
• A robust cash position of $137 million, supporting strategic initiatives.

Operational Updates

VAFSIA’s market presence is expanding, with:

• An increase in prescribers from 640 in Q1 to 725 in Q2.
• Average prescriptions per prescriber rising from 12 in Q1 to over 13 in Q2.
• DaVita’s operational pilot involving over 100 clinics, with full access anticipated for its 200,000 patients.
• Strategic partnerships with US Renal Care, IRC, and DCI to enhance prescribing access.
• 
  
• Future Outlook

Akebia’s strategic objectives for the remainder of 2025 include:

• Continuing the U.S. launch of VAFSIA.
• Initiating the VALOR Phase III trial for non-dialysis CKD patients.
• Advancing pipeline projects like AKB-9090 for acute kidney injury.

Q&A Highlights https://www.investing.com/news/transcripts/akebia-at-wells-fargo-conference-strategic-growth-in-healthcare-93CH-4224566