Business
Markets React As Trump Revives Tariff Threats
Asian stocks showed mixed performance on Monday after U.S. President Donald Trump revived global trade tensions by threatening the European Union with sweeping tariffs, before pausing their implementation.
Trump announced plans to impose 50 new tariffs on EU imports starting June 1, citing stalled trade talks.
“Talks were going nowhere,” he said. He also warned that smartphone manufacturers could face 25% tariffs if their devices weren’t produced in the U.S.
READ ALSO: Trade War: China Strikes Back Wth 125% Tariffs On U.S. Goods
The announcement sent Wall Street and European markets tumbling on Friday.
However, sentiment in Asia partially recovered after Trump said Sunday that he would delay the EU tariffs until July 9, following a “very nice call” with EU Commission President Ursula von der Leyen.
He added that both sides would “rapidly get together and see if we can work something out.”
Tokyo, Shanghai, and Seoul rose on the news, while other key markets—Hong Kong, Sydney, Singapore, Wellington, Taipei, Manila, and Jakarta—remained in negative territory. The dollar also stayed under pressure following a drop on Friday.
Analysts say the White House’s abrupt moves are making it harder for investors to navigate policy direction.
“The consensus view was always that the 50 percent tariffs wouldn’t hold for long… most likely reduced towards 20 percent shortly after 1 June,” said Christ Weston of Pepperstone.
“But this action (Sunday) simply highlights that while tariffs will be helpful in keeping the US deficit in check, they are also a primary negotiation tool, where the initial gambit has been swiftly reduced.”
Ray Attrill of National Australia Bank added that “in what is an otherwise quiet week on the scheduled global data and events calendar… trade discussion look set to dominate the market landscape this week.”
Attention is now shifting to the release of minutes from the Federal Reserve’s latest policy meeting and Friday’s U.S. personal consumption expenditures (PCE) data — the Fed’s preferred inflation gauge.
According to Michael Hewson of MCH Market Insights, the Fed’s latest statement signaled growing concern: “Uncertainty about the economic outlook [is] increasing further, stating that the risks of higher unemployment and inflation have both risen.”
“This is a problem for the Fed’s dual mandate, given that these two items could move in the same direction when any policy response may well hinder one over the other,” Hewson explained.
“The biggest concern is likely to be the sharp drop in US consumer confidence levels in the last few months, however… this could quickly reverse if the US government begins to realise that its tendency to pick fights at every turn is doing more harm than good domestically.”
In corporate developments, Samsung shares rose over 1% in Seoul despite Trump’s tariff threat to smartphone makers.
In Tokyo, Nippon Steel rallied as much as 7.4% after Trump endorsed its $14.9 billion deal with U.S. Steel, calling it a “partnership” that would keep U.S. Steel headquartered in Pittsburgh and generate 70,000 new jobs along with $14 billion in economic value. U.S. Steel’s shares surged 21% on Friday, although details of the arrangement have yet to be released.
Market Snapshot (03:00 GMT)
- Nikkei 225 (Tokyo): +0.5% to 37,329.22
- Hang Seng (Hong Kong): –0.7% to 23,447.04
- Shanghai Composite: +0.1% to 3,352.76
- Dow Jones (New York): –0.6% to 41,603.07
- FTSE 100 (London): –0.2% to 8,717.97
Currency and Commodities
- Euro/Dollar: $1.1395 (from $1.1369)
- Pound/Dollar: $1.3564 (from $1.3535)
- Dollar/Yen: 142.55 (down from 142.57)
- Euro/Pound: 84.00p (from 83.96p)
- WTI Crude: +0.2% to $61.66/barrel
- Brent Crude: +0.2% to $64.91/barrel
Business
Adoption of AI Feature as NIPetGE Pays Courtesy Call at NNPC Ltd
Enhanced adoption of artificial intelligence and other digital technologies to improve operations in Nigeria’s oil and gas industry is taking the centre stage in relevant circles.
The issue came up strongly when the President-elect of the Nigerian Institute of Petroleum and Gas Engineers NIPetGE, Prisca Kanebi, paid a courtesy call at the Nigerian National Petroleum Company Limited (NNPC Ltd), Abuja.
Biztellers reports that the Kanebi led delegation was received by the Group Chief Executive Officer of the NNPC Ltd, Bayo Ojulari, represented by the Executive Vice President, Gas, Power and New Energy, Olalekan Ogunleye.
According to a statement made available on Sunday, discussions at the meeting focused on the future of Nigeria’s hydrocarbon industry amid global energy transition concerns, technological changes and sustainability targets.
ALSO READ: NNPC Ltd, IOCs Raise Crude Supply to Local Refineries by 103% in 4 Months
The statement indicated that the NNPC Ltd acknowledged the role of NIPetGE in policy advocacy, technical development and innovation within the sector.
Speaking during the meeting, Kanebi highlighted recommendations from the institute’s recent conference, including the proposed establishment of a national centre for intelligent energy systems to support the deployment of artificial intelligence, the Internet of Things and robotics across the petroleum value chain.
She also commended the Federal Government’s decarbonisation efforts and reiterated the institute’s support for policies aimed at improving sustainability in the industry.
The institute also recommended the creation of a hydrocarbon-linked emissions trading system to allow Nigeria to take part in global carbon markets.
The institute also proposed fiscal incentives to support local manufacturing and service delivery in the oil and gas sector, as well as the expansion of the Energy Transition Plan to include measurable upstream decarbonisation targets backed by tax credits.
Other proposals included increased public-private partnerships in emission control infrastructure, carbon capture projects and hybrid renewable energy initiatives.
Both organisations also stressed the need for stronger collaboration between industry and academic institutions to improve professional capacity and align petroleum engineering practice in Nigeria with international standards.
The institute further disclosed that its bill seeking chartered status had passed second reading and was progressing towards a third hearing at the National Assembly.
It added that NNPC Ltd pledged support for future collaborations with the institute on initiatives aimed at improving efficiency and innovation in the energy sector.
Business
FHC Orders NUPRC to Comply with PIA
Business
Local Firms Lead Revival of Idle Oil Wells – SPE
Nigeria’s indigenous oil and gas companies are reopening dormant wells and ramping up production from assets acquired from international oil companies (IOCs) to boost crude oil output.
The Society of Petroleum Engineers (SPE), Nigeria Council, made the assertion through its Chairman, Francis Nwaochie, on the sideline of the Offshore Technology Conference (OTC) which ended at the weekend in Houston, Texas.
Nwaochie said indigenous operators were already taking advantage of opportunities created by disruptions in the global energy market to increase production from existing assets.
According to him, local firms that recently acquired onshore and shallow water assets from IOCs were aggressively reviving inactive wells and maximizing available infrastructure to raise output levels.
“What we are seeing now is that indigenous companies are reopening wells from the assets they acquired from the IOCs. Some of them have almost doubled production from those existing assets,”.
He explained that the renewed focus on dormant wells and existing facilities had become critical at a time the global oil market was facing supply shortages triggered by geopolitical tensions in the Middle East.
The SPE Nigeria Council Chairman noted that Africa, particularly Nigeria, was well positioned to benefit from the supply gap because of the continent’s relative stability compared to some other oil-producing regions.
“There is a huge opportunity for Africa right now. The focus is gradually shifting to Africa because of the volatile environment in many other producing regions.”
He stated that indigenous operators were leveraging digital technologies, financing opportunities and local expertise to improve production efficiency and optimise existing fields.
He added that stronger implementation of local content policies was also helping to create a more stable operating environment for oil and gas investments.
“Local content is very critical. Once communities and local companies clearly understand their roles and benefits, then you create peace across the industry. Business only thrives in peaceful environments.”
ALSO READ: Nigerian Navy Recovers Large Cache of Illegal Refined Petroleum Products
Nwaochie also stressed the need for Nigeria to move beyond crude oil production and begin developing indigenous technologies for the energy industry.
According to him, SPE Nigeria Council was actively supporting innovation and technology development among young Nigerian engineers and researchers.
He disclosed that the association was engaging the National Universities Commission(NUC) on reforms to engineering curricula in universities to better prepare graduates for the future of the energy industry.
“One of our major focuses in SPE is technology development. We should not only import machines and equipment, we must begin to develop our own technologies locally.”
Nwaochie revealed that SPE was already supporting local innovators working on technologies such as remotely operated underwater vehicles (ROVs), noting that indigenous technology development will strengthen Nigeria’s economy and deepen local participation in the oil and gas sector.
“We may not get everything right immediately but we must start somewhere. That is how countries that dominate the global energy industry built their capacities.”






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