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Official: More than 100 deaths after floods in eastern Congo
A local official reported that more than 100 people died in flooding near the shores of Lake Tanganyika, in eastern Democratic Republic of Congo. The flooding that hit the village of Kasaba comes at a time when Central Africa is most vulnerable. Since the beginning of this year, M23 rebels supported by Rwanda have intensified their offensive in eastern region. Thousands of people were killed in the fighting during the first two month of this year. Samy Kalodji said on Saturday night that the reports coming from the Fizi territory, which is in South Kivu Province, where the village lies, "indicated over 100 deaths." The area affected is still administered by Kinshasa, and not one of the areas taken over by M23. Didier Luganywa said that the South Kivu Government spokesperson, Didier Luganywa stated in a press release the flooding incident took place between Thursday night to Friday, when torrential rainfall and strong winds caused Kasaba River to overflow. The statement stated that 62 deaths were confirmed and 30 people were injured. Officials said that the Kasaba region was only accessible by Lake Tanganyika, and the mobile network was not available. This could cause delays in humanitarian aid efforts. (Reporting and editing by MacDonald Dzirutwe, David Holmes, and Ange Kasongo; Additional reporting in Kinshasa by Ange Kalongo)
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Trump's quest for $1 trillion is unlikely to bring about Saudi-Israeli ties
Donald Trump, the U.S. president, will land in Riyadh, Saudi Arabia, on Tuesday. He will be welcomed with lavish ceremonies, palaces gilded in gold, and the prospect that $1 trillion worth of investments are in store. The raging Gaza war has prevented him from achieving a goal that he had long desired: Saudi-Israeli normalisation. Two Gulf sources and an official from the United States said that behind closed doors, U.S. officials were quietly pressuring Israel to agree to a ceasefire immediately in Gaza. This was one of Saudi Arabia’s conditions for resuming normalization talks. Steve Witkoff, Trump's Middle East envoy, told an Israeli embassy audience in Washington, this week, that he expected to see progress in expanding the Abraham Accords. The Abraham Accords were a series of agreements brokered by Trump during his first term, under which Arab countries including the UAE and Bahrain recognized Israel. Witkoff stated in a video recording of his speech that "we think we will be making some or many announcements very soon, and we hope they will result in progress by next years." He will be expected to accompany Trump to the Middle East. Two sources stated that the Israeli prime minister Benjamin Netanyahu's opposition to a permanent end to the war and the creation of a Palestinian State makes progress in similar talks with Riyadh very unlikely. Saudi Arabia doesn't recognize Israel as legitimate. This means that the Middle East’s two most powerful economies and militaries do not have any formal diplomatic relations. Normalising relations would, say supporters of the move, bring stability and prosperity in the region while countering Iran’s influence. Since the beginning of Israel's Gaza war, establishing ties is especially toxic for Saudi Arabia. It was the birthplace Islam. According to six sources, including two Saudis and two U.S. government officials, this issue, which was central to bilateral discussions in Trump's term, is now effectively decoupled from other issues of economic and security between Washington and Saudi Arabia. All the people asked to remain anonymous in order to discuss sensitive diplomatic discussions. Dennis Ross, an ex-U.S. negotiator, said that Saudi Arabia's defacto ruler, Crown Princess Mohammed bin Salman needs to see the Gaza War end, and have a path to a Palestinian State "before he engages in the normalization issue." According to six sources, Washington and Riyadh are focusing Trump's visit primarily on the economic relationship and other regional issues. Both sides are looking at lucrative investments, such as mega-projects, arms deals, and artificial intelligence. They said that the approach was cemented during diplomatic discussions between Saudi and U.S. officials before the trip. This is the first official state visit of Trump’s second term. Trump has stated that he wants to invest a trillion dollars in U.S. firms, building upon the $600 billion commitment made by the crown prince. The rich kingdom, which is the top oil exporter in the world, knows how to impress guests and secure favors. Sources said the goal is to avoid diplomatic landmines, and possibly, win concessions from Trump regarding the Gaza War and its aftermath. The Trump administration wants to make this trip a big deal. This means lots of big announcements about deals and collaborations, which can be sold to Americans as good for America", said Robert Mogielnicki. He is a senior resident scholar with the Arab Gulf States Institute in Washington. He said that "normalizing relations with Israel" was a more difficult task than rolling out a red carpet for Trump and announcing investments deals. A State Department spokesperson refused to comment on an agreement reached before the trip. Trump, however, "will seek to strengthen the ties between our Arab Gulf partners and the United States during the visits." The Saudi Government Communications Office did not respond to a comment request. COURTING the Kingdom Before Hamas' Oct.7 attack on Israel, which killed 1,200 people, and sparked the devastating Israeli offensive in Gaza - the Crown Prince was finalising a historic diplomatic agreement: A U.S. Defense pact as a trade for Riyadh recognizing Israel. The scale of Israel’s campaign in Gaza - killing 52,000 and forcing 1.9 million people to flee - forced a pause on the talks. Bin Salman accused Israel's of genocide. Two Gulf sources claimed that Trump, frustrated by the long-term crisis in Gaza, could use his trip to announce a U.S. plan to end the 18 month war. They said that the plan could lead to a new transitional government in Gaza and new security arrangements - potentially reshaping region diplomacy, and opening up future normalization discussions. Axios reports that Trump, in a sign of the importance of the diplomacy, met with Israeli Strategic Affairs Minister Ron Dermer privately on Thursday. They discussed the nuclear and war talks with Iran. The U.S. State Department didn't immediately answer questions about Trump’s Gaza discussions. Trump has conspicuously not announced that he will be visiting Israel during his tour of the area. Two diplomats have noted that the U.S. President has not spoken about his "Gaza Riviera plan" which angered the Arab World with its suggestion to resettle the entire Gazan community and U.S. possession of the strip. Washington took a number positive actions in the lead up to the visit. A Saudi ceasefire in Yemen coincides with an agreement by the United States to stop bombing Houthis. Washington has also separated civil nuclear talks and the normalisation issue. To bypass the opposition of Congress, the stalled Saudi U.S. Defense Pact was revived as a scaled-down version of security guarantees. Three sources confirmed that the Trump administration is now taking up these talks along with discussions on a civil nuclear agreement. They cautioned, however, that it would take some time to define the terms. CHINA INFLUENCE Trump's Saudi Arabia trip is his second foreign trip after his reelection and first official state visit since his inauguration. He attended the funeral of the pope in Rome. He will also travel to Qatar and the United Arab Emirates. Diplomats claim that beneath the showmanship and the hype of Trump's visit, lies a calculated U.S. attempt to reassert its influence and reshape the economic alignments of a region in which Beijing, Washington's main economic rival, has steadily increased its foothold within the petrodollar-based system. Trump's first overseas trip in his first term began in Riyadh where he announced $350 billion of Saudi investments. Trump has the deepest trust of the Saudi leadership. This is rooted in his close relationship with them during his first term, which was marked by massive arms deals and the steadfast U.S. support for Bin Salman. Five industry sources confirmed that Saudi Arabia and its Gulf Allies plan to ask Trump to relax U.S. Regulations, which have been deterring foreign investment in the U.S. for years. This is especially true of sectors considered to be part of America's critical national infrastructure. Saudi ministers are expected to advocate for a business-friendly environment in meetings with U.S. officials. This is especially true at a moment when China is actively courting Gulf capital. Saudi Arabia will not find it easy to counter China's economic growth, even though this may be the top priority of Trump's foreign policies. China's influence in Saudi Arabia has grown since the launch of Vision 2030. It now dominates sectors such as energy, infrastructure, and renewables. Samia and Humeyra Pakuk reported from Washington, with additional reporting by Alexander Cornwell and Pesha Mahed in Riyadh. Samia and Humeyra also wrote the article. Frank Jack Daniel edited it.
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Aramco's first-quarter profits drop by nearly 5%
Aramco, the Saudi oil giant, reported on Sunday a drop of 4.6% in its first-quarter profits due to lower sales. The top oil exporter in the world reported a net profit of 97.54 riyals (about $26,01 billion) for the three-month period ended March 31. This was higher than the median estimate of 16 analysts, which was $25.36 billion. Aramco has confirmed the previously announced $21.36 billion total dividends for first quarter. Of this, $219 millions were performance-linked dividends. This mechanism was introduced in 2022 after Russia invaded Ukraine and oil prices soared. Aramco said in March that it would declare a total dividend of $85.4 billion by 2025. This is a sharp drop from the $124 billion payout last year, which was based upon 2023 and 2024 earnings. Performance-linked dividends, which totalled $43.1bn last year, were slashed by 98% due to a lack of free cash flow. In the first quarter of 2018, free cash flow decreased by 15.8% compared to a year earlier. Amin Nasser, the Chief Executive of Aramco, said that "global trade dynamics affected the energy markets in the 1st quarter of 2025 with economic uncertainty affecting oil prices." He added that Aramco’s results demonstrated the value of low-cost operations. "Such periods highlight the importance disciplined capital planning, execution and our long-term perspective. Aramco’s resilience is what drives both its financial performance as well as our progressive and sustainable base dividend in volatile times. The capital expenditure in the first quarter was $12.5 billion, an increase of 15.9% over a year ago. (1 dollar = 3.7507 Riyals) (Reporting and editing by Edmund Klamann, Elaine Hardcastle and Yousef SABA)
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Chinese passenger vehicle sales rose for the third consecutive month in April
China's car sales in April rose for a third month, up 14.8% from a year earlier, as government-subsidised auto trade-ins mitigated the impact of U.S. tariffs on consumer sentiment. The China Passenger Car Association reported on Sunday that passenger vehicle sales for the month of December totaled 1.78 million vehicles, and the first four months in 2025 saw an 8.2% increase from the same period a decade earlier. Last month, sales of new energy vehicles (electric vehicles, plug-in hybrids and other electric vehicles) increased by 33.9% on an annual basis, making up 50.8%. Official data shows that the government program which offers larger subsidies to those who trade in their old cars for electric vehicles than they do for gasoline cars, covered 2,71 million cars by April 24. This scheme has helped cushion the blow on consumer confidence due to the increased U.S. trade tariffs against Chinese exports. CPCA data show that car exports fell 2.2% from a month earlier in April, extending a 8% drop in March. According to the association, automated driving systems are losing their appeal as a sales catalyst among domestic buyers. After BYD announced its intention to make its "God's Eye", driver-assistance technology, standard across all of its models in February, the focus shifted from years-long price competition in the largest auto market in terms of automated driving features. The fervor to promote driver-assistance technology is cooling after a crackdown by the government on marketing terms such as "smart" and "autonomous", which were used to describe their technologies following a fatal accident involving a Xiaomi SU7 car in March. The car caught fire seconds after the driver attempted to take control of the vehicle using the assisted-driving feature. Reporting by David Kirton and Jenny Wang; Editing by Edmund Klamann, Christian Schmollinger and Qiaoyi LI
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Mogadishu: Seven people killed by heavy rains on Friday
According to a government spokesperson, at least seven people were killed in Mogadishu's two districts after heavy rains triggered a flood that swept the nation east of Africa on Friday night. "We can confirm that seven people, including two females, have died." Saleh Hassan said that the rain collapsed nine homes and filled 200 houses. According to Hassan, some infrastructure, including six main roads in Somalia's Capital, has also been damaged, causing a disruption in the movement of people. A young boy was among the dead, whose body was found in the rubble on one of the streets damaged on Saturday. "I hoped the water would spit out his body but it was all in vain." My friends and I removed his body this morning with spades and hammers, said local resident Nuradin Muhammad on Saturday. (Reporting and writing by AbdiSheikh, Editing by Tomaszjanowski)
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CIP Sells 10% Stake in Fengmiao I Offshore Wind Farm to MOL
Copenhagen Infrastructure Partners (CIP), on behalf of its fund Copenhagen Infrastructure V (CI V), has entered into an agreement to divest a 10% stake in the 495MW Fengmiao I offshore wind farm in Taiwan to Mitsui O.S.K. Lines (MOL).The transaction, for which no further details were revelaed, is subject to customary closing conditions, filing for Foreign Investment Approval and filings with the Ministry of Economic Affairs, Taiwan R.O.C.Following closing of the transaction, CI V will remain the controlling shareholder and operator of Fengmiao I.Fengmiao I is CIP’s third offshore wind project in Taiwan and is located off the coast of Taichung County.Construction of Fengmiao I was initiated following financial close in March 2025, and the offshore wind farm is on track for completion of construction by the end of 2027.CIP Reaches Financial Close for Offshore Wind Farm in TaiwanGoogle Signs PPA with CIP for Taiwanese Offshore Wind FarmCIP Orders Vestas Offshore Wind Turbines for 495MW Taiwanese ProjectFengmiao I is financed through a combination of equity and senior loans from a consortium of 27 international and Taiwanese banks and financial institutions, partly guaranteed by four export credit agencies and Taiwan’s National Credit Guarantee Administration.Once operational, the 495 MW offshore wind farm will deliver much-needed clean energy to a group of six large local and international energy users in Taiwan who have entered into long-term power purchase agreements with Fengmiao I for its entire capacity.“We are delighted to welcome MOL as co-investor in Fengmiao – and I am confident that we together will bring a project of the highest standards to commercial operation. The transaction recognizes the value created by CIP during the development phase as well as CIP’s strong offshore wind track record in Taiwan,” said Thomas Wibe Poulsen, Partner and Head of Asia-Pacific at CIP.
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US Judge halts land swap for Rio Tinto copper mining opposed by Native Americans
A U.S. Federal Judge on Friday temporarily stopped the Trump Administration from transferring land for a copper mining project to Rio Tinto or BHP, which Native Americans opposed. The judge cited the Supreme Court’s ongoing deliberations. The Resolution Copper project has been a long-running battle between the San Carlos Apaches of Arizona and Washington, who want to increase minerals production while also protecting the religious rights. In an 18-page ruling, U.S. district judge Steven Logan stated that the Apache Stronghold (a nonprofit group comprised of Apaches and their allies) is likely to be dissolved. The Supreme Court of Canada has heard the appeal and ruled in favor of the plaintiff The land transfer should therefore be stopped for the time being. Logan stated that it was "clear that the balance is in favor of (Apache Stronghold) and that, even in the short-term, there's a high probability of irreparable damage if the transfer proceeds." The conflict centers around the federally-owned Oak Flat Campground, where many Apaches worship their deities. The site is located on top of a copper reserve that contains more than 40 billion lbs (18.1 million tons). Copper is a key component in electric vehicles and electronic devices. If the Resolution project were to be built, it would create a crater that was 2 miles wide (3 km) and 1,000 feet deep (304 m), which would slowly swallow up this worship site. The Apache has been unable to stop the transfer since 2021. The rulings Deferred to 2014 The U.S. Congress, and President Barack Obama at the time, made this statement. President Donald Trump Start the Land Transfer In his first term, the move undone Now, the U.S. Supreme Court will decide whether or not to accept the case. The Supreme Court has stated at least thirteen times that it will continue deliberating on the appeal request. This is an unusually lengthy timeframe. Meanwhile, Trump last month Restart the land transfer Logan was contacted by his administration to expedite the process. His administration is aiming to finish it as early as June 16. Logan stated in his ruling on Friday that "there are good reasons to anticipate" the Supreme Court taking the case. He added that Rio's and BHP’s promises that they would maintain the public access to land as long as it is safe to do so "are inadequate," since they are not legally bound. Logan dismissed the testimony of a Rio executive - given at a Hearing earlier in the week The company has "voluntarily" chosen to spend an extra $11 million per month on maintenance on top of the $2.7 billion it has spent so far on Resolution. Rio issued a press release to say that it would be reviewing the ruling of the district court. Rio's spokesperson said that "this short-term order... does not change anything about the merits" of the legal questions currently before the Supreme Court. BHP, who owns 45% to Rio's 50% of the project, has not responded to a comment request immediately. Wendsler Norsie, one Apache Stronghold leaders, expressed his gratitude that "the judge stopped this land take in its tracks, so that the Supreme Court can have time to protect Oak Flat against destruction."
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Brazil's Unigel approves Petrobras deal on fertilizer plants
Petrobras confirmed a report from Friday that Brazilian chemical company Unigel had approved a Petrobras deal to settle legal disputes relating to two fertilizer factories in the northeastern Brazil. The agreement would allow Petrobras, the state-owned fertilizer company to resume operations at the two plants located in the states Sergipe and Bahia. This is part of President LuizInacio Lula Da Silva's efforts to reduce Brazil's dependence on imported fertilizer. Petrobras leased two nitrogen fertilizer facilities to Unigel under a 10-year contract in 2019. However, both plants have been closed since 2023. Unigel has cited unfeasible conditions for operating due to the high natural gas price in Brazil. Petrobras announced in a filing that the deal, which is still subject to arbitration court approval, restores Petrobras ownership of the two plants. It added that operations will resume following a bid process for contracting services to operate and maintain the plants. Reporting by Marta Nogueira, Rodrigo Viga Gaier and Gabriel Araujo. Writing by Chizu Nomiyama; Editing and proofreading by Rosalba o'Brien and Rosalba Nomiyama.
Worldwide shares edge lower; dollar, bond yields hold near multi-month highs
The U.S. dollar and bond yields held near multimonth peaks on Monday on expectations the Federal Reserve would slow its rate of relieving, while worldwide shares were primarily lower, with investors waiting on Nvidia's. revenues release later in the week.
U.S. President-elect Donald Trump's new administration is. starting to take shape with elections to health and defense. roles last week, however two crucial positions for monetary markets,. Treasury Secretary and Trade Representative, are yet to be. filled.
Trump's choice of vaccine sceptic Robert F. Kennedy Jr. for. the top U.S. health job has currently resulted in a fallout in the. health care sector, with drugmakers sliding at the end of last. week.
It needs to be a quieter week as the recent unrelenting wave. of U.S. macro and political news flow in theory decreases with. the main story on this front being on possible political. visits for the brand-new Trump administration, said Deutsche. Bank head of international economics and thematic research study Jim Reid.
Trump's prepare for lower taxes and greater tariffs are. anticipated to stimulate inflation and lower the Fed's scope to relieve. interest rates.
U.S. Treasury yields held near multi-month highs on Monday,. having been strengthened by bets of less aggressive Fed rate cuts. down the line.
The benchmark 10-year yield steadied at 4.4256%,. while the two-year yield last stood at 4.2823%.
Futures suggest a 60% opportunity of the Fed reducing by a. quarter-point in December and have just 75 basis points of cuts. priced in by the end of 2025, compared to more than 100 a few. weeks earlier.
That has come on the back of Fed Chair Jerome Powell's. remarks recently signalling that borrowing expenses could remain. greater for longer.
With modifications afoot in immigration policy, tariff policy,. and fiscal policy, Fed authorities would tread more gently anyhow. in view of the inflationary effect that these policies posture,. stated Thierry Wizman, worldwide FX and rates strategist at. Macquarie.
The shift in outlook for U.S. rates and inflation raised the. dollar to a 1 year high recently.
The dollar index, which determines the currency against a. basket of six others, was stable at 106.69, simply below last. week's peak of 107.07.
Sterling last purchased $1.2618, suffering near last. week's six-month low, while the euro stood at $1.0547.
INTERNATIONAL STOCKS SOFT
Worldwide equity markets were a little lower as investors took. stock of newest advancements with Trump's leading team and the. outlook for financial policy.
MSCI's broadest gauge of world stocks was. down 0.1%, while the pan-European STOXX 600 was off. 0.2%. Major indexes in Frankfurt, London and. Paris were down 0.1% to up 0.2%.
Nasdaq futures were acquiring 0.5%, after the index. slid for five straight days last week. S&P 500 futures. edged 0.1% higher ahead of Nvidia's third-quarter outcomes on. Wednesday, where analysts anticipate the artificial intelligence. chip leader to record a jump in revenue.
Shares of Nvidia are up almost 200% this year, with its. hefty weighting in the S&P 500 partly responsible for the. index's charge to tape highs this year.
But its blistering multi-year run has actually likewise raised the bar. for earnings outperformance and a fault might fuel concerns. that the market's AI hopes have actually outstripped truth.
In Asia, MSCI's broadest index of Asia-Pacific shares. outside Japan advanced 0.2%.
Japan's Nikkei 225 fell 1.1%, dragged down by a. decline in innovation shares.
Bank of Japan Governor Kazuo Ueda repeated on Monday the. central bank will keep raising rates if financial and cost. advancements relocate line with its forecasts, but made no. mention of whether a hike might come in December.
However, he later stated in an interview that keeping. inflation-adjusted genuine rates of interest low for too long could. trigger excessive inflation and require the BOJ into treking interest. rates rapidly.
Ueda's comments were carefully viewed by financiers for ideas. on the BOJ's next rate hike.
The Japanese currency has fallen some 7% because. October against a resurgent dollar and last week compromised past. the 156 per dollar level for the first time since July, keeping. traders on alert for any intervention from Japanese authorities.
It was last partially lower at 154.61 per dollar.
In products, oil costs were blended. Brent crude futures. were flat $71.03 a barrel, while U.S. unrefined futures. dipped 0.2% to $66.88.
Spot gold jumped 1.1% to $2,590 an ounce, recuperating. from its sharp fall last week.
(source: Reuters)