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US treasury secretary signals deal to ease trade war with China
US Treasury Secretary Scott Bessent on Sunday signalled a tentative deal with China to de-escalate their damaging, tariff-fueled trade war -- just days before a summit between Presidents Donald Trump and Xi Jinping. Bessent said he expected the two leaders to formally announce the deal at their summit.
Nigeria refinery aims to be world's biggest with expansion
Nigeria's Dangote oil refinery, already the largest in Africa, aims to become the biggest in the world in three years' time with an expansion doubling its capacity, its owner said on Sunday. "This expansion reflects our confidence in Nigeria's future, our belief in Africa's potential and our commitment to building energy independence for our continent," Dangote said.
India and China to resume direct flights as ties improve
India and China resume direct flights on Sunday after a five-year suspension, a move important both for trade and a symbolic step as Asia's giants cautiously rebuild relations. Exports from India to China were $ 1.47 billion, modest by comparison, but up around 34 percent year-on-year.
How risky is the growth in US private credit?
The recent bankruptcies of US companies First Brands and Tricolor have focused attention on risks associated with the growth in the private credit market, or lending outside traditional banks. However, anxiety about the sector rose following bank losses from First Brands, a US auto supply company and Tricolor, a subprime auto lender.
US Fed will likely cut again despite economic murkiness from shutdown
The Federal Reserve is expected to announce its second rate cut of the year on Wednesday, despite a lack of clarity over the health of the US economy due to the ongoing government shutdown. Swonk expects the Fed to cut twice more this year, and to announce an end to its program of shrinking its balance sheet next week -- known as quantitative tightening -- in the face of rising liquidity risks.
Global race for rare earths comes to Kenya's Mrima Hill
Division and suspicion have gripped five villages near Kenya's coast as global powers from the United States to China eye a forest that is rich in rare earths -- minerals vital to high-tech and low-carbon industries. But it now sees a major opportunity, particularly as China -- the biggest source of rare earths -- increasingly limits its exports.
TotalEnergies approves restart of $20-bn Mozambique gas project
France's TotalEnergies said Saturday the consortium it leads to build a $20-billion liquified natural gas project in Mozambique has decided to lift a suspension on the work imposed in 2021 because of jihadist violence. The French oil and gas company is the lead partner in the Mozambique LNG consortium, with a 26.5 percent stake.
French government under pressure as lawmakers set to vote on wealth tax
French lawmakers were due on Saturday to vote on a wealth tax, after a swing group threatened to topple the government if the levy was not added in next year's austerity budget. But the Socialists, a swing group in parliament, have also demanded a tax on the uber-wealthy, without which they have threatened to topple his government as soon as Monday.
Trump heads to Asia for Xi talks, eyes Kim meeting
US President Donald Trump headed for Asia on Saturday and high-stakes trade talks with Chinese counterpart Xi Jinping, saying that he would also like to meet North Korean leader Kim Jong Un on his trip. Trump will meet South Korean President Lee Jae Myung, address an APEC lunch with business leaders and meet US tech bosses for dinner on the sidelines of the summit in the city of Gyeongju.
AFP
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