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Iran faces 'greatest financial offensive ever', says US treasury secretary

Image source, Finn Gomez/Getty ImagesByMitchell LabiakBusiness reporterPublished1 hour agoThe US treasury secretary has threated Iran with "the single greatest financial offensive ever", claiming the US-Israel war with Iran was "entering its endgame". Scott Bessent said the US would sever all economic ties with the country in "an economic D-Day" and that any nation partnering with Iran financially would also be isolated. Bessent's threat to the Iranian regime follows several U-turns and extended deadlines from US President Donald Trump's administration on previous threats. Iran dismissed Bessent's comments and said it would shut down all oil exports from the region "if the war continues", according to news agency Reuters. The Iranian regime has also issued a new warning to shipping not to pass through the Strait of Hormuz without its permission, the agency reported. One fifth of the world's oil and gas usually passes through strait, a waterway south of Iran, but the flow has been effectively blocked by the country since the conflict began at the end of February. Bessent made the comments in an opinion piece for the Financial Times, external. He did not detail what the economic pressure on Iran would involve, but he is expected to do so in a press conference in the US at 13:00 local time (18:00 BST) on Monday. "The world should understand that our objective is to sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone," he wrote in the piece. The US has made several threats to Iran over the course of its war with the country, including Trump saying in April that "a whole civilisation will die tonight" unless Iran agreed a deal to end the war and unblock the Strait of Hormuz. The US eventually climbed down from that position after mediator Pakistan intervened and called for more diplomacy. Former US president Barrack Obama and several US allies had agreed a deal with the country in 2015 which lifted many sanctions in return for Iran agreeing to limit its nuclear programme. However, Trump pulled out of that deal in 2018, calling it "defective at its core, and reimposed all US sanctions on Iran.

Iran faces 'greatest financial offensive ever', says US treasury secretary
North America
CNBC Economy

Bessent's efforts in the Treasury market so far haven't worked. Here's what else he can try

Treasury Secretary Scott Bessent insisted Thursday that he has multiple weapons at his disposal to quell liquidity problems in the government debt market and restore calm. While that's true in itself, a two-pronged effort he has deployed so far — accelerated buybacks and an effort to talk the market into accepting the rationale — have met with little success. The Treasury announcement Wednesday that it would at least double its bond buybacks starting in early September sent yields tumbling as investors applauded a backstop for longer-maturity government bonds. However, yields at the long end quickly rose again Thursday as market experts showed skepticism at whether the push would succeed against a bevy of factors working against Treasurys. Then on Thursday, Bessent appeared on CNBC with assurances that the intervention was merely aimed at providing market liquidity and not at trying to control the yield curve. While yields initially nudged lower, they quickly rebounded amid criticism of how the prior day's announcement was rolled out, leading one analyst to characterize the appearance as having "minimal impact" on the market pressures. Still, that leaves Bessent with a variety of options that he may yet choose to deploy. "We have a big toolkit," the Treasury chief said. "Part of it is signaling here and to show that we believe that the yields don't reflect the underlying fundamentals." Yet markets are still worried, and criticism rose that the size of the buybacks, which Bessent confirmed could exceed $4 billion, would be rendered ineffective in such a large market. Evercore ISI analyst Krishna Guha called the plan "a weak form of Operation Twist," or a Federal Reserve initiative that swaps longer-term notes and bonds for short-term bills. The move "in itself will have little enduring impact and could backfire if it is seen as signaling concern about the ability to fund longer-term at acceptable cost," he said. The interview "had minimal impact on the bond market," he added. Whichever route he chooses — and he could also choose to do nothing and let the markets sort it out — Bessent could face credibility challenges from a market already growing skeptical and leery of the challenges Treasurys are facing. Jefferies' chief U.S. economist, Thomas Simons, complained that the buyback announcement itself was improper. He pointed out that the move came two weeks after Treasury announced its quarterly refunding plans, during which it gave no indication that it was considering changing the buyback scheme. "This breaks with Treasury's long-held strategy of making 'regular and predictable' announcements, and using the Refunding to announce almost all of their policy changes and guidance," Simons wrote. "We do not think it is hyperbole to say that this break in communication strategy reduces the overall credibility of their guidance."

Bessent's efforts in the Treasury market so far haven't worked. Here's what else he can try
North America
Yahoo Finance

Wall St rises on the day but falls for the week; bond yields and Iran in focus

STORY: U.S. stock indexes closed higher Friday with the Dow gaining about 1 percent and the S&P 500 and Nasdaq rising about four-tenths of one percent each. :: Archive All three fell for the week as investors were rattled by fluctuating government bond yields and a lack of clarity on progress in the Middle East. Friday’s economic data eased concerns, as the U.S. services sector posted its strongest growth in nearly two years powering a sharp acceleration in overall business activity in August. This offset a slowing of growth in a manufacturing sector that is being restrained by reduced stock building and supply disruptions from the Iran war. Earlier, UBS Global Wealth Management raised its year-end target for the S&P 500 to 8,100, citing a stronger earnings outlook and robust corporate profit growth. Kevin Mahn, president and chief investment officer with Hennion & Walsh Asset Management says he expects a bumpy road for stocks in the near term but believes they will finish 2026 on solid footing. "So I believe that the market is likely headed for more short-term bouts of volatility up to and through these midterm elections." // "But I also believe that once we have some clarity after the midterm elections, in all likelihood, some type of lasting deal between the US and Iran, moderating inflation, and also continued strong earnings, not just from technology companies, but all S&P 500 companies will have a very strong close to the year. " Stocks on the move included Ross Stores which added 4 percent after the value retailer raised its annual profit forecasts and reported better-than-expected quarterly results. And retail investor platform Robinhood surged nearly 14% as bitcoin touched its highest levels since mid-May.

Wall St rises on the day but falls for the week; bond yields and Iran in focus
Europe
The Guardian

Ex-Barclays boss denies having sex with woman dressed as Snow White after Epstein emails

Jes Staley was questioned last month about his infamous email exchange with Jeffrey Epstein. Photograph: Tayfun Salcı/Zuma/RexView image in fullscreenJes Staley was questioned last month about his infamous email exchange with Jeffrey Epstein. Photograph: Tayfun Salcı/Zuma/RexJes StaleyEx-Barclays boss denies having sex with woman dressed as Snow White after Epstein emailsJes Staley made comments to US lawmakers investigating his links to the convicted sex offender The former Barclays boss Jes Staley has denied having sex with a woman dressed as Snow White, after being questioned about an infamous email exchange about Disney princesses with Jeffrey Epstein. The comments were detailed in newly released transcripts from a closed-door interview last month with US lawmakers as part of their investigation into Epstein, who died in prison in August 2019 while awaiting trial on child sex-trafficking charges. In the email exchange on 9 and 10 July 2010 Staley and Epstein referred to Disney princesses. In those messages, the details of which have been circulating in the media since 2021, Staley tells Epstein: “That was fun. Say hi to Snow White.” Epstein then asks: “What character would you like next?” to which Staley replied: “Beauty and the Beast.” Epstein responded: “Well one side is availble [sic].” During his congressional testimony, Staley, who spent more than three decades at JPMorgan Chase before joining Barclays in 2015, was asked: “Did you ever have sex with a young woman in a Snow White costume? Lawmakers then questioned Staley about another email, sent to Epstein by an unnamed individual on 10 July 2010 and which said: “the snow white was f..ed twice as soon as she put her costume))”. Epstein appears to have asked an unnamed individual to buy a Snow White costume weeks before those exchanges, on 20 June 2010. “Why would this young woman have sent this email to Mr. Epstein if the two of you had not had sex while she was wearing a Snow White costume and if Mr. Epstein had not instructed her to do so?” a congressional representative, whose name has been redacted from the transcript, asked. “I have no idea who else she was with. I – it has nothing to do with me, though,” Staley said. When pressed further, he said: “I may have seen her in apartment [sic] and prompted that email. But I was not with a person dressed as Snow White outside of potentially crossing at his apartment.” The representative asked: “So you may have seen her in his apartment, later emailed Mr. Epstein and said, ‘That was fun,’ but it was not because you had sex with her?” In the transcript, Staley is then asked: “Would you agree that’s a pretty incredible coincidence, that you email him on July 9th, saying, ‘That was fun, say hi to Snow White,’ and then [the unnamed individual] emails him the next day, reporting back on something that just didn’t have anything to do with you?” The former banker was also asked whether he and Epstein used “Disney princesses as code names for selecting women for sexual encounters”, to which Staley replied, “No.”

Ex-Barclays boss denies having sex with woman dressed as Snow White after Epstein emails
Europe
BBC Business

AI gold rush draws crypto firms away from Bitcoin

Companies that once filled warehouses with computers to earn Bitcoin - a process known as mining - are now using that computing power for AI. Bitcoin mining companies invested large sums on giant banks of powerful computers as the price of Bitcoin rocketed in recent years. But those mining companies have faced falling rewards since the value of the cryptocurrency has slumped from its peak in October 2025. Now many are pivoting to AI and signing deals with companies such as Anthropic - who are spending billions of dollars on the infrastructure needed to keep up in the AI race. Like AI systems, Bitcoin relies on vast networks of powerful computers housed in data centres. Because Bitcoin operates without a central authority, these computers verify transactions and are rewarded with newly-created digital coins. But the rewards have reduced and the value of coins has dropped since last year. One bitcoin was worth about $124,000 (£91,000) at its peak in October 2025, but has since fallen sharply. More recently, it has rallied to around $80,000 - meaning it is up almost 30% so far in August. But, for companies that have already made the change, even that may not be enough to get them to return to the crypto industry, because the switch of use - once made - is expensive to undo. Industry analysts say Bitcoin mining companies have been pivoting to AI because they have years of experience in finding cheap electricity and efficiently running large data centres. TerraWulf, Ionic Digital, Core Scientific, Iris Energy, Bitdeer, Riot Platforms and Hut 8 are just some of the companies increasingly diverting investment and infrastructure from bitcoin mining towards AI.

AI gold rush draws crypto firms away from Bitcoin
North America
Yahoo Finance

US Stock Indices End Week Lower On Pressure From Elevated Long-Duration Treasury Yields — PSKY, MSTR, WMT, TSLA, NVDA In Focus

US stock indices climbed higher on Friday amid positive business-activity data, but ended the week lower as elevated Treasury yields weighed on risk sentiment. The S&P 500 ended Friday 0.4% higher, while the Nasdaq 100 rose 0.3% and the Dow Jones Industrial Average climbed 1%. The Russell 2000, which tracks stocks with small market capitalizations, gained 0.9%. However, all three benchmark indices ended the week lower, with long-duration yields (US30Y) rising for the second consecutive week, primarily owing to the Treasury Department’s plan to buy back bonds. Retail sentiment on Stocktwits for QQQ, SPY, and DIA was ‘bearish’ with ‘high’ message volumes. Investor confidence got a mild boost on Friday after an S&P Global gauge showed U.S. business activity grew at its fastest pace in more than four years. In parallel, Bitcoin extended its winning streak to a fifth consecutive day, jumping as much as 9.4% to top $79,000—its sharpest single-day gain since February. Shares of Strategy Inc. advanced 6.1%, with other crypto-adjacent stocks following suit. “The strong trigger in Bitcoin was driven by the Treasury’s move to buy back bonds at the longer end of the yield curve,” Bernstein analysts wrote in a note, referring to the Treasury Department’s announcements this week. “We are not macro experts, but we do know Bitcoin historically has had a positive reaction to liquidity expansion.” On Friday, longer-dated yields continued their ascent, with the 10-year Treasury note yield gaining more than 3 basis points to 4.734%. The 30-year Treasury bond yield also advanced more than 3 basis points to 5.273%. Paramount Skydance (PSKY): California Governor Gavin Newsom has reportedly said he would prefer a settlement of the state attorney general’s lawsuit opposing Paramount Skydance Corp.’s (PSKY) $110-billion acquisition of Warner Bros. Discovery Inc. (WBD) Nvidia Corp. (NVDA): The chipmaker reached an agreement to license artificial intelligence software from startup Poolside for $6 billion and plans to extend employment opportunities to more than 100 of the firm's staff, according to a report by Bloomberg. Walmart (WMT): Major Wall Street brokerages are advising investors to capitalize on Walmart’s steepest stock drop in four years, maintaining that the retail giant’s long-term growth story remains intact. Strategy (MSTR): Bitcoin’s (BTC) move above $77,000 pushed the company’s massive Bitcoin holdings back into unrealized profit.

US Stock Indices End Week Lower On Pressure From Elevated Long-Duration Treasury Yields — PSKY, MSTR, WMT, TSLA, NVDA In Focus
North America
CNBC Economy

Bessent says there's a 'very good chance' U.S. budget deficit under Trump has peaked

Treasury Secretary Scott Bessent said Thursday there's a "very good chance" that the U.S. budget deficit under President Donald Trump has likely peaked. "We are going to be laser focused," Bessent told CNBC's Sara Eisen in an exclusive interview a day after his department's extraordinary debt buyback announcement. The monthly U.S. budget deficit topped $432 billion in July, its highest level in more than half of a decade, the Treasury Department said last week. That monthly report showed the gap for the fiscal year to date climbed to almost $1.8 trillion, above where it was at the same point a year earlier. The Treasury Department announced this week that the U.S. government debt pile to fund those deficits hit a new record above $40 trillion. The total has more than doubled over the last decade, exacerbating concerns about the country's financial health. Bessent said himself, Trump and Russell Vought, director of the Office of Management and Budget, are among federal government leaders working on fiscal consolidation measures. Several hundreds of billions of dollars could be saved through these efforts, Bessent said. The White House has marketed its goals for broad and steep tariffs on trading partners as a driver of revenue that can help shrink the national debt. But those levies have run into repeated legal roadblocks, most notably with the Supreme Court's decision to strike many of them down. Yet Bessent said he expected this year's tariff revenue to come in at around the same level as 2025's after levies were re-implemented despite the challenges. Those revenues should not have to be refunded to companies this time, he said. "There's nothing magic about the 40-trillion number," Bessent said. "We can grow our way out of that." Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Bessent says there's a 'very good chance' U.S. budget deficit under Trump has peaked
North America
CNBC Economy

Bessent says Treasury buyback operation could be more than $4 billion

Treasury Secretary Scott Bessent told CNBC on Thursday that an accelerated buyback of government debt could be higher than the announced $4 billion. In a live interview, Bessent said his department is going "make a market" in the longer-dated securities where yields have been surging lately. Treasury announced Wednesday that it would be doubling its scheduled $2 billion in buybacks of longer-dated government debt, sending yields sharply lower. "We're going to increase the size of the buyback," he said. "I would note that it could be more than the 4 billion per issue." The remarks caused a brief easing in yields, which had largely reversed the decline following Wednesday's announcement. The 30-year bond most recently was trading around 5.235%. The so-called long bond recently had been trading at levels not seen since prior to the global financial crisis in 2008. The benchmark 10-year yield also briefly pulled back as Bessent spoke but then headed higher, most recently up about 5 basis points to 4.704%. One basis points equals 0.01%. The Treasury chief noted that the level of yields did not factor into the buybacks decision and he wants to see fundamentals control the market. While he said the buybacks could grow, Bessent declined to attach a figure, saying it will depend on market conditions. "We'll see what the conditions are, and you know we will analyze them," he said. "All we're trying to do is get people to focus on the fundamentals and not trade the headlines during a quiet period in a thin market." Bessent acknowledged the pressure at the farther reaches of the curve, saying that the current trading levels didn't reflect current economic conditions. "We have a big toolkit, so we'll see," he said. "Part of it is signaling here and to show that we believe that the yields don't reflect the underlying fundamentals." He also characterized liquidity for the 30-year bond as "very poor," providing another incentive for Treasury to intervene in what normally is a robust market. Multiple factors have combined to push yields higher: Surging debt and deficits in the U.S.; competition from other areas including corporate debt issuance related to artificial intelligence and higher yields from other sovereigns such as Japan, and escalating term premiums, or the extra yield investors demand to hold government debt.

Bessent says Treasury buyback operation could be more than $4 billion
Asia
The Hindu BusinessLine

Hindustan Zinc bags mining lease for rare earth element block in Karnataka

Hindustan Zinc has bagged a mining lease for the 314.21-hectare Gundlupet rare earth element and Yttrium block in Karnataka. | Photo Credit: cueapi Vedanta group firm Hindustan Zinc Ltd (HZL) on Thursday said it has bagged a mining lease for a rare earth element block in Karnataka. The Gundlupet rare earth element (REE) and Yttrium block extends over an area of 314.21 hectares in Chamrajnagar District, Karnataka. “Government of Karnataka has issued a Letter of Intent (LoI), pursuant to Rule 10(2) of the Mineral Auction Rules 2015, in favour of Hindustan Zinc Ltd, the preferred bidder for grant of a mining lease for the Gundlupet REE and Yttrium Block over an extent of 314.21 Hectares situated in Mallayanapur village, Gundlupet Taluka, Chamrajnagar District, Karnataka,” the company said in a stock exchange filing. Rare earth elements are essential to modern technology. From smartphones and electric vehicles to wind turbines, defence systems and advanced electronics, these minerals are the backbone of both civilian and military-industrial capabilities. Hindustan Zinc Chairperson Priya Agarwal Hebbar had earlier said that it is actively exploring opportunities in rare earth elements and seeking global partners for AI- and drone-based exploration of critical minerals. Addressing the shareholders during the 59th Annual General Meeting, Hebbar had said, “Further, we are actively pursuing exploration opportunities in copper, lithium, nickel, cobalt, potash, and rare earth elements, while also looking at neodymium from monazite, antimony, graphite and germanium.” According to Hebbar, the company has evolved from being the country’s largest zinc and silver producer to become a multi-metal, future-enabling enterprise. Last year, the company had bagged a potash block in Rajasthan. The company has also received a letter of intent from the Government of Uttar Pradesh for a Rare Earth Elements block. Hindustan Zinc, the world’s largest integrated zinc producer, is among the top 10 silver producers globally. The company supplies to more than 40 countries and holds a 74 per cent market share in the primary zinc market in India. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Hindustan Zinc bags mining lease for rare earth element block in Karnataka