Russia's Faltering Oil Flows Crimp Gains From Rally in Prices

Russia failed to reap the full rewards of the recent rally in oil prices, or the increase in its own OPEC+ output target, as exports slid to a seven-week low.
Seaborne crude shipments averaged 3.31 million barrels a day in the four weeks to June 15, a drop of 1% from the period to June 8. The more volatile weekly figure fell by about 440,000 barrels a day from the previous week's three-month high.

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Yahoo

2 hours ago

• Yahoo

Billionaire Telegram founder leaves his $14 billion fortune to the 100+ children he's fathered—which means $132 million for each lucky Gen Alpha kid

Telegram founder Pavel Durov said the over 100 kids he's fathered will inherit his fortune. That includes the six kids he's an 'official' dad to, at least 100 others born through his sperm bank donations. Each could inherit an eye-watering $132 million from Durov's estate currently worth nearly $14 billion. Others like Bill Gates, Laurene Powell Jobs, and Guy Fieri aren't being so generous with their offspring. Over 100 Gen Apha kids are set to one day become overnight millionaires—and they may not even know it. That's because the 40-year-old Telegram founder, Pavel Durov, has six 'official' children with three different partners; but he's also been donating to a sperm clinic for 15 years, which told him he has helped conceive over 100 babies across 12 countries. And luckily for them, they've just been included in Durov's $13.9 billion will, despite potentially not knowing their wealthy biological father. 'I wrote my will very recently,' Durov told French publication Le Point in a recent interview. 'I make no difference between my children: there are those who were conceived naturally and those who come from my sperm donations. They are all my children and will all have the same rights! I don't want them to tear each other apart after my death.' That means his at least 106 children could each earn around $132 million for being related to the Russian-born entrepreneur. But they'll have to wait a long time before inheriting that fortune. 'I decided that my children would not have access to my fortune until a period of thirty years has elapsed, starting from today,' Durov continued. 'I want them to live like normal people, to build themselves up alone, to learn to trust themselves, to be able to create, not to be dependent on a bank account.' Give Legacy, a sperm and fertility clinic, tells Fortune whether or not they know they're set for the windfall from their biological dad depends on whether Durov was a 'directed donor,' known to the birth parent, or an 'anonymous donor' with tighter regulations. 'Identity verification is reasonably straightforward. Paternity tests can confirm that Pavel is the father,' says Khaled Kteily, CEO of Give Legacy. 'Anyone who believes that Pavel is their biological father could submit a sample to verify. Depending on each country's laws as well as relationships with the birth mother, the child could already be made aware.' Russian-born Durov founded Telegram in 2013—a messaging app divorced from government-requested censorship. But he had to flee his home country in 2014 after refusing to comply with demands to shut down opposition communities on another popular communications platform he had founded, VKontakte. Once he left, he invested all his energy into building up Telegram. While boundless free speech can allow diverse political and social opinions to thrive, a lack of moderation on the platform has led to some serious issues. In August of 2024, the Telegram founder and CEO was placed under formal investigation in France. It was alleged that he was complicit in running a platform that enabled an organized gang to perform illicit transactions. Durov was also accused by French prosecutors of complicity in the organized distribution of sexual images of children on Telegram. Indicted on six charges in total, he was barred from leaving France without permission during the investigation, but was later authorized to move to Dubai in the United Arab Emirates (UAE), where he holds dual-citizenship and runs his platform. Durov's lawyer, David-Olivier Kaminski, told BBC that it was 'absurd' to accuse his client of being involved 'in criminal acts that don't concern him either directly or indirectly.' Telegram has also been criticized for reportedly allowing disinformation and extremism to spread, including neo-Nazi ideologies and pedophilic material. Fortune reached out to Telegram for comment. When it comes to passing immense wealth down to kids, Durov stands out in a crowd of nepotism-conscious leaders. Microsoft cofounder Bill Gates, worth $176 billion, plans to leave less than 1% of his fortune to his children. 'My kids got a great upbringing and education, but less than 1% of the total wealth because I decided it wouldn't be a favor to them,' Gates said on the Figuring Out With Raj Shamani podcast earlier this year. 'It's not a dynasty, I'm not asking them to run Microsoft. I want to give them a chance to have their own earnings and success.' Philanthropist and businesswoman Laurene Powell Jobs, who was married to late Apple cofounder Steve Jobs, also won't be forking over her $14.1 billion estate to her kids. And Guy Fieri—one of the wealthiest hosts in food TV history, with a $100 million Food Network contract—said his kids won't get a dime unless they work for it. 'If you want any of this cheese, you've gotta get two degrees,' Fieri said in an interview with Fox News this year. 'None of this, that I've been building, are you gonna get unless you come and take it from me.' This story was originally featured on

Bloomberg

4 hours ago

• Bloomberg

India to See Limited Inflation Fallout From Oil, Government Adviser Says

India's top government adviser said rising oil prices are likely to have a limited impact on inflation for now and Asia's third-largest economy remains in a relatively favorable position to weather global risks. While high oil prices due to the ongoing crisis in the Middle East is a matter of concern, 'it is still not something that is going to be significant in terms of impact,' Chief Economic Adviser V. Anantha Nageswaran said in an interview on Friday. Cooling inflation, ample liquidity and low interest rates will provide the right conditions for India's economy despite global uncertainties, he added.

Yahoo

7 hours ago

• Yahoo

Palantir Stock Soars 85% in 2025; Defense Role Grows Amid Israel-Iran Conflict

Palantir Technologies (PLTR, Financials) is up 85% year to date as rising Middle East tensions spotlight its expanding role in defense intelligence. The software firm's battlefield decision-making tools and government contracts are drawing investor interest, with analysts debating whether the rally still has legs. The recent conflict between Israel and Iran has intensified demand for AI-driven military solutions; Palantir is already a known partner of Israel's defense ministry and a key U.S. government contractor. In Q1 2025, the company reported 39% revenue growth, led by a 55% jump in U.S. sales. Its commercial U.S. business also crossed a $1 billion run rate for the first time. Still, Palantir's valuation is a sticking point; its forward price-to-earnings ratio stands at 240ten times the sector median. While Loop Capital raised its target from $130 to $155, calling the company a software leader in enterprise AI, Citi warned of overvaluation and pointed to uncertainty around major defense deals. Wall Street remains divided. The stock holds a Hold consensus based on 3 Buys, 10 Holds, and 4 Sells. The average price target is $104.27, implying a 25.5% downside. This article first appeared on GuruFocus.