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Sharaa makes second trip to UAE as Syria's leader
On Sunday, Ahmed al-Sharaa, the president of Syria, will make his second trip to the United Arab Emirates as president. The islamist leaders are trying to assure foreign partners that their country will have a democratic political system. Sharaa is accompanied by Assad al Shibani, the UAE's foreign minister who visited earlier this year. The SANA news agency, which does not give any details, reported that they are expected to discuss topics of mutual interest. In February, Sharaa made his first trip abroad since taking office as president in January. His visit to the UAE coincides with the new Syrian leadership's efforts to strengthen relations with Arab and Western leaders After the Fall Bashar al-Assad was killed by Hayat Tahrir al-Sham, a Sunni Islamist organization led by Sharaa. Abu Dhabi is a staunch opponent of islamist groups in the region. This includes Egypt, Sudan, and Libya. It Previously said After the fall of Assad, extremism and terrorism became a major issue in Syria. The West closely monitors Syria's leaders to ensure that they create a government inclusive of all, with effective institutions. They also want to make sure the country is not shattered by civil war. After 14 years of conflict, the United States and Europe imposed a wide range of sanctions on Assad. Menna alaa Eldin and Jaidaa taha, Menna alaa Eldin's writing and Giles Elgood's editing.
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US Energy Secretary: Saudi Arabia and US on a 'pathway to civil nuclear deal'
Chris Wright, the U.S. Secretary of Energy, told reporters on Sunday in Riyadh that the United States and Saudi Arabia would sign a preliminary cooperation agreement regarding the kingdom's plans to develop a nuclear civil industry. Wright, who met earlier with Saudi Energy Minister, Prince Abdulaziz bin Salman, said Riyadh was on "a path" to reach an agreement for Riyadh to collaborate on developing a Saudi nuclear civil programme. Wright, who was on his first trip to Saudi Arabia as secretary, as part of a tour of the Gulf energy producing states, stated that a more detailed memorandum about the energy cooperation between Riyadh, and Washington, would be released later this year. He said that a 123 agreement would be necessary for a U.S. nuclear partnership. "There are many ways to structure an agreement so as to achieve both Saudi and American goals." The 123 agreement is a reference to Section 123 in the U.S. Atomic Energy Act from 1954. It allows the U.S. Government and American companies to collaborate with entities within the Kingdom to develop a nuclear civil industry. Wright stated that the Saudi authorities had not accepted the requirements of the act. The act specifies nine criteria for non-proliferation that a state has to meet in order to prevent it from developing nuclear weapons or transferring sensitive materials to other states. The discussions were hampered by the fact that Saudi Arabia refused to sign an agreement that would have ruled out the possibility of uranium enrichment or the reprocessing of spent fuel, both possible paths to a nuclear bomb. Saudi Crown Prince Mohammed bin Salman said for years that if Iran were to develop a nuclear weapon then Saudi Arabia would also follow suit. This stance has caused deep concern amongst arms control advocates as well as some U.S. legislators over a potential U.S.-Saudi nuclear civil deal. Wright didn't mention an agreement with the Kingdom that the former administration of U.S. President Joe Biden was seeking, including a civil nuclear deal and security guarantees. The hope was to lead to a normalisation of the relations between Saudi Arabian and Israel. Saudi Arabia's Vision 2030 reform program, which is led by the crown prince, aims to reduce emissions and generate renewable energy. Some of the energy will come from nuclear power. Reporting by Pesha Magd; Writing by Andrew Mills, Editing by David Goodman & David Evans
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Sumy mayor of Ukraine says that over 20 people have been killed by a Russian missile strike
Artem Kobzar, acting mayor of Sumy in northern Ukraine, said that a Russian missile attack on Sunday killed over 20 people. Andriy Yermak said, in a post by X, that the Russians had hit the city Sumy with missiles and killed civilians. I was looking for a comment from the Russian authorities. Andriy Kvalenko, the Ukrainian official in charge of the Centre for Countering Disinformation (CCD), highlighted that this strike was carried out after Steve Witkoff, U.S. ambassador to Moscow, visited. He wrote on Telegram that "Russia is building this so-called diplomatic effort... around attacks on civilians." Witkoff is the special envoy of U.S. president Donald Trump for Ukraine. Holding talks Trump spoke with Russian President Vladimir Putin in St. Petersburg on Friday about the search to find a peace agreement on Ukraine. Trump also told Russia to get moving. Russia has launched a full scale The following are examples of how to invade Approximately 20% of Ukraine's east and south is currently held by Russian forces. In recent months, Russian forces have slowly advanced in the east. However, drone and missile strikes are now dominating the war. The Russian defence ministry announced on Saturday that Ukraine has carried out five attacks against Russian energy infrastructure in the last day, which it said was a violation to a U.S.-brokered ban on such attacks. Ukraine and Russia agreed last month to pause their strikes on each others' energy facilities, but both sides have accused each other repeatedly of violating the moratorium. Max Hunder, David Goodman, Mark Heinrich and Max Hunder (Reporting)
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Britain provides $26 billion in export financing support amid tariff tension
The UK announced on Sunday that it would increase its financial support to exporters, including those who are affected by U.S. Tariffs by an additional 20 billion pounds (26 billion dollars), in order to provide them with stability and certainty as they enter what the government described as a "new era" of global trade. The introduction of tariffs by Donald Trump in the United States has created uncertainty among UK businesses regarding their exposure to a new trade regime. The United States has imposed a 25% tariff on steel, aluminum and cars imported from other countries, including Britain, and a 10% tariff on the majority of other imports. The UK Export Finance (UKEF) has increased its lending capacity from 80 billion pounds to 80 billion pounds. Up to 10 billion pounds of this amount will be set aside for those who are most affected by tariffs. Finance Minister Rachel Reeves stated that the world was changing and it was more important than ever for businesses to be supported to meet future challenges. The announcement today will benefit thousands of businesses across the country. As part of this package, small and medium-sized companies will have access to up to 2 million pound in loans.
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Minister: Ukraine seeks solutions for Chernobyl containment vessel damaged
A government minister stated on Saturday that Ukraine is looking for solutions to repair damage caused by the Russian drone attack against the confinement vessel of the Chornobyl nuclear plant. Svitlana Svitlanahrynchuk, Minister of Environmental Protection and Natural Resources spoke outside the decommissioned nuclear station at the inauguration of an 0.8 megawatt solar power plant ahead of two conferences to be held to discuss Chornobyl and related issues. She said that Ukraine is working with experts to determine how to restore the proper function of the containment vessel or arch after the drone strike on February 14. "Unfortunately, following the attack, the arched partially lost its functionality. We will know the results in May of the analysis we are conducting ...," Hrynchuk. She said that the European Bank for Reconstruction and Development (EBRD), scientific institutions and companies who were involved in the installation of the arc to cover the "sarcophagus", which leaked, beneath, in 2019, had been a part of the analysis. The arc was installed in 2019 in the days following the Chornobyl catastrophe in 1986. She said, "In a couple of weeks, we'll have the results from this analysis." "We are actively working to resolve this issue... We need to restore the arch so that no leaks occur under any circumstance, as ensuring nuclear safety and radiation safety are the primary tasks." Officials from the plant stated that the drone attack caused a large hole to be punched in the outer cover of the new containment structure and it exploded within. At the time, Russian Foreign Ministry spokesperson Maria Zakharova called the incident in Chornobyl a "provocation". The containment vessel covered the massive, deteriorating steel and concrete structure built after the fourth reactor of the plant exploded and sent radioactivity across much of Europe. This was the largest nuclear accident in history. A 30-km-long exclusion zone was set up following the accident. The plant is located within this zone, and nearby are abandoned apartment blocks and amusement parks. Hrynchuk stated that the solar power plant was important for maintaining the power supply at the disused station. It was also the beginning of plans to promote renewable energies in the region. She said, "We've been saying this for years: the exclusion zone must be transformed into a zone that promotes renewal." This territory is unique in Ukraine for its suitability to develop renewable energy projects. (Reporting and writing by Yurii Kovalenko; editing by Sandra Maler).
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FT reports that Trump intends to stockpile metals from deep seas in order to combat China.
Financial Times, Saturday, reported that the Trump administration was drafting an executive directive to allow the stockpiling deep-sea materials to counter China's dominance of battery minerals and rare earth supply chain. The report said that the plan would create "large quantities available and ready to use on U.S. soil in the future" in the event of a conflict between the United States and China, which could restrict imports of rare earths and metals. As part of President Donald Trump's response to the tariff package, China imposed export restrictions on some rare earth elements, which could cut off the U.S. from minerals essential to everything from electric car batteries to smartphones. Report added that the stockpile was being considered as part a larger push to speed up deep-sea mine applications under U.S. laws, and create onshore processing capability. China produces 90% of the world’s refined rare earths. This group of 17 elements is used in the electronics, defense, electric vehicles, and clean energy industries. Most of the rare earths that are imported by the U.S. come from China. Requests for comment from the White House and China’s Foreign Ministry were not immediately responded to. Reporting by Rajveer Pardesi, Bengaluru. Editing by Mark Potter
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How much will a seat cost? US businesses are already feeling the impact of Trump tariffs
A manager of a toy shop is bombarded with daily notifications about price increases. A lip balm producer forecasts an increase of $5 million in the cost of goods. The impresario of a concert venue was surprised by a $140,000 price increase to install new seating in the performance hall. The business owners are among 12 managers and business owners who have spoken with about President Donald Trump's new tariff regime. They provide an early indication of what more Americans may expect. Businesspeople expressed their concern over the continued economic turmoil. Trump increased tariffs on Chinese imports while announcing a 90-day tariff freeze on dozens countries. The tariffs are now effectively 145% higher when the levies from earlier in the year are considered. After a week of erratic trade taxes, he kept tariffs at 10% on imports from the majority of other countries for 90 days. Tariffs on Canada, Mexico and other countries that are not covered by trade agreements remain at 25%. Steve Shriver, founder and CEO at Eco Lips in Cedar Rapids Iowa, said, "We are constantly dealing with uncertainty about the future, and our future supply chain." The company makes organic beauty and health products using ingredients from over 50 countries, and sells them to 40,000 stores across the country. Its annual sales are around $30 million. Shriver, on the day Trump announced his pause, sent a note to 300 clients who use Eco Lips' products under their own brands, informing them that the prices would be increasing and the delivery dates would be extended. "I don’t trust it. This is a 90 day pause. Shriver stated that it could change in 10 days. "There is still a 10% tariff across the board. That's a significant addition to our price." Shriver predicted that his cost of goods for the next 12 months could increase by $5 million. This is on top of his usual $10 million annual expenditure, which includes ingredients such as cacao, coconut oil, and vanilla that can't be grown in America. Some businesspeople have cancelled purchase orders, stopped expansion plans, and delayed hiring. "WE'RE SCRAMBLING" Shriver and other said they had received notifications of price increases from suppliers and that they have already increased their own prices. Trump announced tariffs to correct what he called unfair trade imbalances. Trump has also imposed tariffs to achieve goals such as keeping out illegal drugs and migrants, and encouraging domestic production. Paul Kusler’s Into the Wind, a kite and toys store in Boulder, Colorado that has been open for 45 years, has an annual revenue of about $2.5 Million. Kusler's sells a lot of goods that are made in China. "The tariffs against China are simply ineffective, and it's a serious risk to our business," Kusler said, standing among a sea colorful kites. Frisbees. Puppets. Stuffed animals. "We pay our bills every week. "These price increases are occurring now for items that I already have on the door." Kusler stated that the price increases he's seen are between 7% and 10 percent. However, this is due to the short period of time when tariffs on China reached 34% after Trump announced the trade taxes in April. Kusler believes he will be able to absorb an increase of around 3%. He said that the economic turmoil has suppressed demand for his products and will continue to do so. He said that people would not buy toys when they were worried about the rising prices of food and other essentials. Emily Ley is the owner of Simplified in Pensacola Florida, which specializes in office planners designed for women. She said that, since Trump announced tariffs against Chinese goods during his first term in 2017, she had paid over $1 million to the U.S. Treasury in trade taxes. She predicted that she would be able to match the $1 million in the next year at the new tariff rate for China. Ley claimed that she had tried to manufacture her products in the U.S. for many years, but couldn't find a way to make money. She said, "This could end our business." We're scrambling to figure out what to do. Ley has taken the step of suing the U.S. Government, claiming that the tariffs are unconstitutional and rely on statutes which have nothing to do. Aisha Ahmed-Post, the executive Director for the Newman Center for the Performing Arts, at the University of Denver in Denver, Colorado has been managing a major refurbishment for more than a full year. She replaced all 971 seats inside the June Swaner Gates Concert Hall. Newman Center evaluated chairs made by two U.S. manufacturers and one Canadian manufacturer. The chairs of one American manufacturer were way over budget, and the chairs of the other required harsh solvents for maintenance. Ahmad-Post purchased chairs for $560,000 from Montreal-based Ducharme in early 2024 and blocked out six weeks of shows to install the chairs by mid-July. On March 5, Ahmad-Post was notified by Ducharme to "apply tariffs corresponding to your project" and comply with Trump's new trade taxes. The tariffs were 25% at the time. This meant an increase of $140,000 in the Newman Center Seat Project, which was not welcome for a school that is still rebuilding its rainy-day fund after the COVID-19 Pandemic depleted it. Ahmad-Post stated that "the chairs are already being produced, so it's impossible to just change direction." Now we have to figure out how to pay for it. (Reporting from Brad Brooks, Boulder, Colorado and Rich McKay, Atlanta, Georgia. Editing by Donna Bryson, Matthew Lewis and Matthew Lewis.
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Oando pipelines, located in Nigeria's oil rich Bayelsa State, are the target of sabotage.
Oando Plc, a Nigerian oil company, said that three sabotage attempts had been made against its pipelines over the last week in the oil rich Bayelsa State in the south. Oando, the company that now owns Eni’s former Nigerian Agip Oil Co., reported late Friday the incidents involving the 18-inch Tepidaba - Brass crude oil pipeline and the 24-inch Ogboinbiri/Obiobi link in Southern Ijaw District. A spokesperson in a press release said that the company had activated an emergency response team to contain the damage and sent leak repair teams to affected sites. Oando has said that it is working closely with the authorities to carry out a joint investigation to determine the cause and extent of the sabotage. Oando stated that the company would begin full-scale repairs after the visit to "resume operations as quickly as possible". Oil majors such as Shell, Exxon Mobil and Total have all sold their shallow-water and onshore fields in Nigeria, to focus on deep-water operations. Tife Owolabi reports from Yenagoa, Elisha Gbogbo writes and William Mallard edits.
US assets are battered by trade war as'sell America trade' is intensified
The latest trade war escalation between the United States of America and China has shook the global markets on Wednesday. Investors have dumped bonds, stocks and the dollar.
On Wednesday, President Donald Trump's 104% tariffs against China went into effect. Beijing responded with 84% duties on U.S. imported goods.
According to George Saravelos, head of Deutsche Bank's foreign exchange research, the seemingly wholesale withdrawal of Treasuries from the market and the dollar as the "backbone" of the global financial systems could be indicative of a general decline in investor interest in holding U.S. assets and the end of an era.
We are seeing a simultaneous fall in the value of all U.S. assets, including stocks, dollar against alternative reserve FXs and the bond markets. He said that we are entering uncharted waters in the global financial systems.
The markets have been roiled by a crisis of unprecedented volatility this week, with stocks losing trillions in value and commodities and emerging market markets being hit hard.
Many fear that Trump's tariffs are so severe they will trigger a recession, forcing the Federal Reserve to cut interest rates. So, many sold their Treasury holdings and drove up yields when bond prices fell.
Investors rushed to gold and Swiss francs, which accelerated the flight away from industrial commodities and stocks.
The benchmark 10-year U.S. note yield rose almost 20 basis points in one day to 4.456%. This brings its increase over the past three days up to 40 bps. It is the fastest rise in 25 years.
Chris Beauchamp is the chief strategist of IG. He said: "Last weekend was a story about equity, but as always, we've moved on to the bond story, which is more important." This is the financial plumbing, and the plumbing has clearly begun to seize-up.
The auction of 10-year notes, which followed a disappointing three-year note sale the previous day, could add to the pressure. It would be a litmus test for investor appetite towards U.S. Government debt.
The ING economists said that "this seemingly'sell America trade' is now dominating the theme of rising recession risks that would normally have pushed yields downward."
COSTLY "GAME OF CHICKEN"
Financial markets have been shook by the volatility caused by the shifting headlines about tariffs, and the threat of a long-term trade war between two of the world's largest economies.
S&P 500 index experienced one of the largest reversals since at least 50 years. The benchmark index lost 4.2 percentage points on Tuesday, from a positive beginning to a negative end. The S&P 500 index has lost $5.8 billion in stock market values, which is the largest four-day decline since the index was founded in the 1950s.
This week, the VIX index (a measure of stock volatility) reached its highest level since August.
The STOXX 600 in Europe fell by nearly 4.5%. This brings the total loss of market capitalisation from April 1, the day Trump announced his tariffs, to $1.5 trillion.
U.S. Stock Futures are down nearly 2%.
Analysts at JPMorgan thought that the rapid escalation of U.S. Tariffs against China would be disruptive enough to send the global economy into a recession.
In a client note, they stated that "given the import bill from China the China tariff is equivalent to a whopping tax hike of $400 billion on U.S. businesses and households." The currency will likely be used as a release valve by China's policymakers.
The dollar fell 1.3% to 145.45 Japanese yen, and 0.8% to 0.84 Swiss Francs.
Oil prices fell 6%, to less than $60 per barrel. Concerns over the future of global energy demand overshadowed any geopolitical concerns. Gold prices rose 3%, to $3,070 per ounce.
(source: Reuters)