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Trump says that the US could purchase more oil from Japan if it were to be deemed unfair.
In an interview broadcast Sunday, Donald Trump stated that Japan engaged in "unfair trade" in automobiles with the United States. He also said Japan should import more energy and other goods from the United States to reduce the U.S. deficit. Tokyo is trying to find a way to convince Washington to exempt Japan’s automakers from the 25% tariffs that are specific to the automobile industry and which hurt Japan's manufacturing sector. Japan will also face a reciprocal tariff of 24% starting July 9 unless a deal can be reached. They won't accept our cars and yet we import millions of cars from them into the United States. Trump stated that Japan understood what he meant when he said it in an interview with Fox News' "Sunday Morning Futures With Maria Bartiromo". "And they also understand that we have a large deficit with Japan. We have oil now. They could take lots of oil and other things. Last year, the automobile industry accounted for 28% of Japan's total exports to the U.S. of 21 trillion yen (roughly 145 billion dollars). (1 dollar = 144.4800 Japanese yen). (Reporting and editing by Stephen Coates; Reporting by Chang-Ran Kim)
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Demands for debt cancellation and climate action by protesters ahead of UN summit
On Sunday, activists marched through Seville, southern Spain, in scorching heat, demanding debt cancellation, climate justice, and taxing super-rich people on the eve a UN summit about financing development, which critics claim lacks ambition. The four-day summit, held every ten years, promises to tackle poverty and disease by defining the global framework for sustainable development. The United States' decision not to attend the summit and the shrinking appetite of wealthy countries for foreign aid has dampened expectations that it will lead to significant changes. Greenpeace members sat on a globe and carried a float that depicted Elon Musk, the billionaire, as a baby holding a chainsaw. Other banners read "Make Human Rights Great again", "Tax Justice Now" or "Make Polluters Pay". Beauty Narteh, of Ghana's Anti-Corruption Coalition, said that her group wanted "dignity and not handouts" in the tax system. Sokhna Nidiaye of the Africa Development Interchange Network called on public and private sector to "show more solidarity and less selfishness" towards developing countries. The Spanish Prime Minister Pedro Sanchez had said earlier that the fact that this event is taking place while conflicts are raging around the world is reason for hope. Sanchez, speaking at an event organized by the non-profit Global Citizen reaffirmed Madrid's commitment of reaching 0.7% GDP in development assistance and encouraged other countries to follow suit. Jason Braganza of the pan-African advocacy organization AFRODAD, who participated in the yearlong negotiations on the final outcome document for the conference, claimed that countries such as the U.S. and the European Union, along with Britain, had blocked efforts to organize a UN convention regarding sovereign debt. He added, "It is a shame that these countries chose to protect themselves and their creditors' interests over the lives of people who are dying." Reporting by David Latona, Silvio Castellanos and Andrea Ricci
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After Trump's attacks, Republican Senator Tillis withdraws from the 2026 re-election race
Republican U.S. Republican U.S. Tillis is one of only two Republican Senators who voted against the opening debate for Trump's tax-cutting and spending bill on Saturday. This was a necessary procedural step to advance this legislation. The midterm elections in 2026, when both chambers of Congress are at stake, will see his North Carolina Senate seat as one of only a few competitive Senate races. Trump welcomed Tillis' decision on Sunday. "Great News! "'Senator Thom Tillis' will not seek reelection," said he in a Truth Social posting. While the Republican-controlled U.S. House of Representatives is considered up for grabs, Democrats face an uphill battle in trying to reclaim a Senate majority. Republicans have a 53-47 advantage, and all Republicans except Tillis and Susan Collins are running for office in states Trump won easily in the presidential election of 2024. Wiley Nickel, a former U.S. representative, is the most prominent Democrat to announce a bid against Tillis. However, party leaders are hoping that Roy Cooper, the popular former governor of the state, would jump into the race. Tillis did not mention Trump in his statement but lamented the political gridlock which has gripped Congress. He said that in Washington, "it has become more evident over the past few years that leaders who are willing and able to embrace compromise, bipartisanship, and independent thinking, are an endangered species." Trump attacked Tillis on Twitter after he voted "no" on the tax cut bill on Saturday. He said the senator made a "big error" and promised to meet with any potential Republican challengers within the next few weeks. Tillis voiced several concerns about the bill. He was concerned that the cuts to Medicaid, the healthcare program for low-income Americans, could affect his constituents. Reporting by Katharine J. Jackson, Joseph Ax, and Bo Erickson. Editing by Scott Malone.
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More than a third on the sinking Tuvalu are seeking climate visas from Australia
Official figures show that more than a third of the population of Tuvalu in the Pacific, whose scientists predict the nation will be submerged under rising seas due to climate change, has applied for an historic climate visa to migrate from the country to Australia. Tapugao Falefou said on Sunday that he was "surprised by the large number of people competing for this opportunity" and that the small community would be interested in learning who the first group of climate migrants will be. Tuvalu is one of the most vulnerable countries to climate change. Experts say that it's causing sea levels to rise. It has 11,000 people living on nine atolls spread across the Pacific Ocean between Australia and Hawaii. Since the Australian visa lottery applications opened in this month, 1,124 applicants have been registered. Family members bring the total number of visa seekers to 4,052, under the bilateral climate treaty and security agreement. Officials said that the deadline for applications is July 18. An annual visa cap of 280 visas will be implemented to prevent brain drain in Tuvalu from migration to Australia. Tuvaluans can now live, study and work in Australia with the same health and educational benefits as Australians. Falefou stated that "Moving from the Falepili union treaty to Australia will provide an additional remittance for families back home." NASA scientists predict that by 2050, the daily tides of Funafuti will submerge half of its main atoll, which is home to 60% Tuvalu residents. The villagers are clinging to a 20-metre strip of land (65 feet), where they live. This forecast assumes that sea levels will rise by 1 metre, but the worst-case scenario would see 90% of Funafuti submerged. Tuvalu's sea level has risen 15 cm (6") in the last three decades. This is 1.5 times higher than the global average. It has constructed 7 hectares (17 acre) of artificial land and plans to build more. The island hopes that the land will remain above the tides up until 2100.
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The Kremlin has said that Europe will feel the impact of its 'illegal sanctions' against Russia
In remarks published Sunday, the Kremlin stated that the stronger the sanctions Europe imposes on Russia, the greater the pain for Europe's economies. This is because Russia has become resistant to these "illegal" sanctions. Russia's invasion in Ukraine in 2022 has triggered a wave Western sanctions against Russia. It is now the world's most heavily sanctioned economy. The West said it hoped that its sanctions would force Vladimir Putin to seek peace with Ukraine. Although the economy contracted by 2022, in 2023 and in 2024 it grew faster than the European Union. The European Commission proposed new sanctions against Russia on June 10, targeting its energy revenues, banks, and military industry. However, the United States refused to tighten their own sanctions. When asked about comments by Western European leaders, including French President Emmanuel Macron, that toughening sanctions will force Russia into negotiations to end the war the Kremlin stated only logic and arguments can force Russia to bargain. The recoil of a gun will be more severe the more severe the sanctions package, which we, again, consider illegal. Dmitry Peskov, Kremlin spokesperson, told state TV that this is a two-edged blade. Peskov said to state television's Pavel Zarubin that he had no doubt that the EU would continue to impose sanctions, but that Russia has built up "resistance". Vladimir Putin stated on Friday that additional EU sanctions against Russia would only hurt Europe more. He also pointed out that Russia’s economy is expected to grow at a rate of 4.3% by 2024, compared with the 0.9% growth in the euro zone. Guy Faulconbridge is responsible for reporting and editing.
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More than a third on the sinking Tuvalu are seeking climate visas from Australia
Official figures show that more than a third of the population of Tuvalu in the Pacific, which scientists predict may be submerged under rising seas due to climate change, has applied for an historic climate visa to migrate from the country to Australia. Tapugao Falefou said on Sunday that he was "amazed by the number of people who are vying for the opportunity" and that the small community is interested in learning who will be the first group of climate migrants. Tuvalu is one of the most vulnerable countries to climate change. Experts say that it's causing sea levels to rise. It has 11,000 people living on nine atolls spread across the Pacific Ocean between Australia and Hawaii. Since the Australian visa lottery applications opened in this month, 1,124 applicants have been registered. Family members bring the total number of visa seekers to 4,052 as per the bilateral climate treaty and security. Officials said that the deadline for applications is July 18. An annual visa cap of 280 visas will be implemented to prevent brain drain in Tuvalu from migration to Australia. Tuvaluans can now live, study and work in Australia with the same health and educational benefits as Australians. Falefou stated that "Moving from the Falepili union treaty to Australia will provide an additional remittance for families back home." NASA scientists predict that by 2050, the daily tides of Funafuti will submerge up to half of its main atoll, which is home to 60% Tuvalu residents. The villagers are clinging to a 20-metre strip of land (65 feet) wide. This forecast assumes that sea levels will rise by 1 metre, but the worst-case scenario would see 90% of Funafuti submerged. Tuvalu's sea level has risen 15 cm (6") in the last three decades. This is 1.5 times higher than the global average. It has constructed 7 hectares (17 acre) of artificial land and plans to build more. The island hopes that the land will remain above the tides up until 2100.
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Officials say that the Indonesian-Chinese lithium battery plant will be operational by 2026.
An Indonesian official stated on Sunday that a lithium-ion plant to be built by an Indonesian firm and China's CATL will have a capacity of 6,9 gigawatts by the end 2026. Dwi Aggia, spokesman for the energy ministry, stated that the plant will expand in order to produce electric vehicles batteries with a storage capacity up to 15 GWh. The output of this plant will be sold on both domestic and international markets. The partnership between Indonesia Battery Corp. and Contemporary Amperex Technology Co. is a part of a $6 Billion power battery project that will be signed by 2022 by Indonesian firms, including the state-miner PT Aneka Tambang Tbk and a CATL Consortium. The partnership covers nickel mining, processing and manufacturing of EV batteries and battery recycling. Speaking at the groundbreaking of the project, Indonesian Energy minister Bahlil Lahadalia said that the plant could also produce a battery type to store energy generated by solar panels. The total production capacity could be up to 40 GWh with the solar panel battery, he added, noting that discussions were ongoing with the owner of the plant. The battery plant is being built in West Java. Meanwhile, the other sub-projects are in North Maluku in Indonesia's nickel rich province in eastern Indonesia. Indonesia, which has the largest nickel reserves in the world, has set a goal to produce 600,000 electric vehicles by 2030. This would be about 13 times more than the number of EVs sold in Indonesia last. (Reporting and editing by Kim Coghill, William Mallard, and Stefanno Sulaiman)
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Saudi Arabia's net direct foreign investment fell 7% in the first quarter
Saudi Arabia's foreign direct investment (FDI), as measured by the government, fell 7% from the previous quarter to the first quarter 2025. The kingdom is still lagging behind its ambitious FDI targets. In the three-month period ending March 31, the kingdom attracted 22.2 billion riyals (5.92 billion dollars) in FDI, down from 24 billion riyals (6.40 billion dollars) in the final three months of 2024. General Authority of Statistics figures show that net FDI increased by 44% in comparison to the same period last year, when the Kingdom received 15.5 billion riyals (about $4.13 billion). The Kingdom's Vision 2030 Economic Transformation Programme, which aims at reducing the dependence of the country on oil and expanding the private sector as well as creating jobs, is built around increasing FDI. Saudi Arabia is aiming to attract $100 billion in foreign direct investment by 2030. It has spent massively on "gigaprojects" (huge development projects) and expanded sectors such as sports, tourism and entertainment. The FDI numbers are still far below the target. Sources said that when the FDI target was announced for 2021, Saudi Arabia had been viewed as a capital source rather than a place to invest. Foreign investors may find it difficult navigating the business environment of the kingdom. A recent report from the International Monetary Fund said that the kingdom will likely post a budget deficit of $27 billion in this year. This deficit will be funded largely by borrowing. Saudi Arabia is the world's largest issuer of emerging market dollar debt, according to the IMF, and its net debt of 17% of GDP makes it one of the lowest indebted countries globally. Riyadh is encouraging foreign companies to invest in the country. Saudi Arabia has been the mandatory regional headquarters for companies that want to win state contracts since 2021. The government also announced that it would update the existing investment laws in order to promote transparency and equal treatment for local and foreign investors. ($1 = 3,7504 riyals). (Reporting and editing by Kate Mayberry; Pesha Magd)
Nigeria's Dangote refinery is reselling crude, sources say
Nigeria's significant Dangote oil refinery is reselling freights of U.S. and Nigerian crude, 4 trade sources familiar with the matter said on Friday.
3 of the sources stated the reoffer was linked to technical issues at the refinery. A Dangote executive, asked about the offers and talk in the market that the refinery is having operational concerns affecting the unrefined distillation system, said the CDU functions.
The refinery began production in January and will be the biggest in Africa and Europe when it reaches full capacity. It might overthrow what has actually been an extremely rewarding Europe-to-Africa fuel trade and change Nigeria into an exporter of fuels.
Freights of Nigerian Escravos and Forcados crude were among the grades being offered, along with U.S. WTI Midland crude, the sources stated. The plant has been importing a number of unrefined cargoes a month, traders have actually stated.
Such resales by refineries are quite uncommon however not unidentified, traders stated. Crude costs added to an earlier decrease after the news, with Brent unrefined falling as much as 2.5% towards $ 80 a barrel.
The 650,000 barrel-per-day refinery was developed at a cost of $ 20 billion by Africa's wealthiest guy Aliko Dangote.
Dangote intends to reverse Nigeria's reliance on imports for fuel which have actually continued even though the nation is Africa's. biggest oil manufacturer.
(source: Reuters)