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Greenland and Denmark affirm their alliance amid Trump's desire for US control
After talks in Copenhagen, Greenland's and Denmark's leaders agreed to intensify their relationship in response to the desire of U.S. president Donald Trump to take control of a strategically located Arctic Island. Greenland’s new prime minister Jens-Frederik Nielson landed in Copenhagen on Saturday, for a 3-day visit. The trip was a show of unity between Denmark and the island rich in minerals, which is a semiautonomous Danish territory. Nielsen, at a press conference held with Danish Prime Minister Mette Fredericksen, said: "We're in a foreign-policy situation that means we need to work together." Nielsen's visit comes after months of tension sparked by Trump's repeated statements that Greenland should be part of the United States. Leaders of Denmark and Greenland said that only Greenlanders could decide the future of their territory. They have had to tread a fine line between rejecting the U.S.'s ambitions to annex Greenland and maintaining good relations with their traditional ally. Nielsen stated, "We want to be treated with respect and are open to a stronger partnership (with the U.S.). We won't be sold as a piece property by anyone." Greenlanders are anxious about the ongoing expansion of the U.S. Consulate in Nuuk, Greenland’s capital. This agreement was made before Trump was elected. Nielsen didn't confirm or deny that he was in touch with the U.S. government since assuming office earlier this month. Nuuk and Copenhagen have a warmer relationship after Greenland’s former prime minister blamed Denmark in December for a "genocide" that occurred in Greenland. In January, he intensified his push for independence. Frederiksen stated that Denmark is ready to invest in Greenland more and support Greenland financial as Greenland takes on more responsibility for domestic affairs, taking it over from Copenhagen. This was part of a "modernisation", as she described their relationship. Nielsen and Frederiksen both said that they are committed to strengthening defense in the area. Denmark's King Frederik is set to travel to Greenland Monday as a show of solidarity. (Reporting and editing by Jacob GronholtPedersen, Louise Rasmussen, and Helen Popper.)
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US, Philippine troops shoot down drones in joint defence drills
U.S. soldiers and Philippine soldiers destroyed drones using Stinger missiles in live-fire drills Sunday. The exercises were part of an annual joint military exercise that took place during a time when tensions between Beijing and the Philippines over the South China Sea are simmering. More than 14,000 Filipino and U.S. troops are participating in this year's Balikatan, or "shoulder-to-shoulder", exercises, which run until May 9, focusing on a "full battle test" between the two defence treaty allies in response to regional security concerns. China has condemned the drills for being provocative. The drills took place in Zambales, a province located on the west coast of the Philippines. It faces the South China Sea - a hotspot between China and Southeast Asian countries. The relationship between Beijing and Manila is at its lowest point in many years, amid frequent clashes over the disputed waterway which have raised fears of a possible military conflict. Chinese state broadcaster CCTV reported last week that the country's Coastguard had conducted maritime controls operations at Sandy Cay - which China calls Tiexian reef - exercising sovereignty jurisdiction. The Philippines conducted a maritime mission in the area on Sunday, observing "illegal presences" of Chinese coastguard vessels and "maritime militia ships". The Philippine military described the drills this year as a practice for national defense, but said that the exercises were not aimed at any particular country. The Marine Air Defense Integrated System (MADIS) was used in the integrated air and missile defense exercise at Zambales. This was the second time the MADIS system had been deployed to the Philippines and the second time it had been tested live. After the exercise, 3rd Marine Littoral Regiment officer John Lehane said to reporters: "This type training is absolutely invaluable for us." The NMESIS anti-ship missile was also unveiled at Balikatan this year. This system will be used during key terrain maritime security operations near Taiwan, in Northern Luzon, and on the Batanes Islands. (Written by Karen Lema, edited by Helen Popper).
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Vancouver: Multiple deaths and injuries after a vehicle crashes into a street festival
Police said that a number of people died and many others were injured after a driver drove through a crowd during a Filipino festival in Vancouver, a western Canadian city. Police said that the driver had been arrested in a social media post. The incident occurred shortly after 8 pm (0300 GMT), near East 41st Avenue, and Fraser Street where the Lapu Lapu Day Block Party took place. CTV News reported that a witness saw a black car driving erratically near the festival area just before it struck the crowd. The Vancouver Sun reported that thousands of people were in the area. Vancouver Mayor Ken Sim stated, "I'm shocked and deeply moved by the horrific incident that occurred at today's Lapu Lapu Day celebration."
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Saudi Arabia announces record non-oil imports of $137 Billion in 2024
Saudi Arabian non-oil imports will reach a record high of 515 billion Riyals ($137.29 Billion) by 2024, according to the official news agency. The kingdom is continuing its efforts to diversify away from its oil-dependent economy. The world's largest oil exporter invests billions of dollars in its Vision 2030 plan. This plan focuses on reducing the country's reliance on crude oil and increasing infrastructure spending to boost industries such as tourism, sports, and manufacturing. Saudi Arabia also works to attract more investment from outside to ensure that its ambitious plans remain on track. State news agency SPA reported that non-oil exports have increased by 13% in the last year and by over 113% since Saudi Vision 2030 was launched. SPA quoted Abdulrahman Althukair as CEO of the Saudi Export Development Authority attributing the increase in non-oil imports to "the kingdom's sustained economic diversification efforts". Saudi Arabia released its annual report 2024 for the Kingdom's 2030 Vision Plan on Friday. The kingdom attracted foreign direct investments worth 77,6 billion riyals (20,69 billion dollars). The country has set a goal to attract $100 billion of foreign direct investment annually by the end of the decade.
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Finance Minister: Pakistan wants an extra 10 billion yuan for China's swap line
Finance Minister Muhammad Aurangzeb announced that Pakistan had requested China to increase its swap line to 10 billion yuan (US$1.4 billion). He also said he expects the country to launch a Panda Bond before year's end. Aurangzeb said in an interview at the International Monetary Fund's and World Bank Group's spring meetings in Washington that Pakistan already has a 30 billion yuan Swap Line. Aurangzeb stated that "from our perspective, reaching 40 billion renminbi is a good goal to aim for... we have just made this request." China's central banks has promoted currency swap lines to a number of emerging economies including Argentina and Sri Lanka. Pakistan is also making progress in the issuance of its first panda bonds - debt denominated yuan on China's bond market. He said that the talks with the presidents from the Asian Infrastructure Investment Bank and Asian Development Bank - two of the lenders in line to offer credit enhancements - were constructive. He said: "We are looking to diversify our loan base, and we've made good progress in that direction. We hope that we can make an initial print this year." Aurangzeb also expected that the IMF's executive board would sign off on the Staff Level Agreement for its new $1.3billion arrangement under the Climate Resilience Loan Program as well as on the first review of their ongoing $7billion bailout program in early May. The IMF's board of directors would have to approve the payment, which is $1 billion. This programme was secured by Pakistan in 2024. It has played an important role in stabilizing the economy. Aurangzeb, when asked about the economic impact of the tensions between India and Pakistan following the murder of 26 men in a tourist area earlier this month said that it "wasn't going to be helpful." The attack in India sparked outrage, grief, and calls for action towards Pakistan. New Delhi accuses Pakistan of funding and encouraging terrorists in Kashmir, an area both nations claim, and over which they have fought 2 wars. India and Pakistan launched a series of countermeasures against each other after the attack. Pakistan closed its airspace for Indian airlines, suspended trade relations, while India suspended the 1960 Indus Waters Treaty, which regulates the water-sharing on the Indus River, its tributaries, and its banks. After past frictions, trade flows between the countries have already dropped sharply and totaled just $1.2 billion in 2018. Aurangzeb predicted a growth of around 3% for the current fiscal year that ends in June 2025. He also estimated a growth range between 4-5% next year and 6% afterward. $1 = 7.2864 Chinese Yuan Renminbi (Reporting from Karin Strohecker, Washington; additional reporting by Ariba Sharif in Karachi; editing by Dan Burns).
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Paper says Pirelli will declare the end of Chinese investors' control over governance.
An Italian newspaper reported that Pirelli's board would likely approve an agreement between shareholders on Monday to ensure that Sinochem, the largest shareholder in the group, did not have control over the tyre manufacturer. Sinochem, a Chinese shareholder in Pirelli, has been a hindrance to Pirelli's U.S. growth plans. According to an agreement reported in the Il Messaggero, Sinochem will keep its 37% stake, but it will not be considered as controlling Pirelli for regulatory purposes. Il Messaggero reported that the agreement would declare Sinochem has no dominant influence on the company's governance as decisions are made by the management. Pirelli and Sinochem did not respond to requests for comment. Pirelli said earlier this month that it was putting on hold its plans to further invest in the United States, as it sought to ease tensions related to Sinochem being its largest shareholder. The Pirelli board will meet on Monday, to approve the financial report of the company for 2024. The board meeting, originally scheduled for the end of march, was delayed by one month due to tensions between investors. (Reporting and editing by Aidan Lewis; Giulio Piolovaccari, Valentina Za)
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Van Oord Expands its Trencher Fleet
Dutch offshore installation firm Van Oord has introduced Jet-It as the latest unit to join its trencher fleet, following the completion of a test campaign in the North Sea.Building on the expertise gained from its previous trenchers, Dig-It and Deep Dig-It, Van Oord has developed another trencher dubbed Jet-It.With the addition of the latest unit, Van Oord now operates three trenchers, all designed for the purpose of cable burial.While Dig-It and Deep Dig-It feature mechanical cutting and jetting technology, the Jet-It is equipped with jetting technology only.According to Van Oord, it boasts an efficiently designed system which uses high-pressure water to fluidize the substrate and create a trench.“Each trencher in our fleet has its own strengths, allowing us to tailor our approach to soil conditions, trench depth, and project requirements. With the arrival of Jet-It, we can offer even greater efficiency in subsea cable installation,” Vann Oord said on social media.It is said to be ideally suited for the burial of inter-array and export cables in sandy and light clay soils.With two high-pressure, frequency-driven water pumps, it is capable of trenching to depths of up to 3 meters. Multiple integrated sensors enable the trencher to operate at high speed with great precision.Designed for fast mobilization, the Jet-It can be deployed on any vessel in a single lift, Van Oord said.
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The global trade situation is further complicated by the contradictory statements of US and China.
In an interview published Friday, U.S. president Donald Trump claimed that tariff negotiations with China were underway, but Beijing denied there were any talks taking place. This is the latest of a series conflicting signals about what progress has been made in de-escalating a trade battle threatening to sap growth globally. Trump told TIME that there were talks and that Chinese President Xi Jinping called him. He repeated this assertion to reporters on his way out of the White House to Rome, where he would attend the funeral for Pope Francis. China responded in a statement from its foreign ministry posted by the Chinese embassy in the U.S., "China and the U.S. have NOT been in consultation or negotiations on #tariffs." "The U.S. shouldn't be creating confusion." Speaking to reporters on Air Force One, Trump said that it would be great if China opened its markets to U.S. goods and that tariffs might help make this happen. "Free China. "Let's go into China and work it," he said. "That would be fantastic. It would be great, but I am not sure I will ask for it. They don't want the door open. Wang Yi, the Chinese Foreign Minister, said on Saturday that Beijing adheres to international rules regarding U.S. tariffs and will seek solidarity with other nations. According to a Chinese foreign ministry statement, Wang stated that certain countries have their own priorities and engage in coercive and bullying transactions. They also provoke trade wars without any reason. The back and forth adds to uncertainty about Trump's tariff policy. Not just in regards to China, but to the dozens countries that are scrambling to make their own deals, to reduce the heavy import taxes he imposed since reentering the White House. His team of negotiators conducted what was a lightning round trade talks with the foreign officials that had swarmed Washington for the spring meetings the International Monetary Fund Group and World Bank Group. While Trump officials, including Treasury Secretary Scott Bessent, touted signs of rapid progress many of their colleagues were more circumspect. The IMF's finance chiefs were sending home a renewed sense of urgency to reduce the risk posed by tariffs. "I am walking away from these meeting with a clear understanding of what is at stake, and the risks for jobs, growth, and living standards around the world," Irish finance minister Paschal Donohoe said. The meetings here... reminded of the need to reduce uncertainty in the coming weeks and months. DE-ESCALATION There were some signs of de-escalation, even though it was unclear whether a deal is being made to avoid the imposition in early July of higher tariffs. Business groups claim that China has exempted certain U.S. pharmaceuticals from the steep tariffs it imposed on Chinese imports earlier this month. A list of 131 categories of products that are allegedly being considered for exemptions is also circulating in some business and trade groups. The list includes chemicals, vaccines and jet engines. China has yet to publicly address the issue. Bessent said that both sides view the current situation as unsustainable. Trump told reporters in the White House that Japan was very near to signing a trade agreement. Analysts see this as a test case for other bilateral agreements, even though the talks may be difficult. Many expect Shigeru Shiba, the Prime Minister of Japan, and Donald Trump to announce an agreement when they meet in Canada at the Group of Seven summit in June. Trump told TIME he made "200 deals", which he said would be finished in three to four weeks. He declined to give specifics. He said that he would be happy if tariffs remained between 20% and 50% in a year. The president has claimed that his thickets of trade barriers would revive U.S. Manufacturing Industries that have been eroded by global competition. The majority of economists warn, however, that this would increase prices for U.S. consumer and raise the risk of recession. The U.S. stock market was on track to gain a week, even though it has been down about 10% since Trump took office in January. It is also lagging behind other indexes, and the dollar has dropped at an unprecedented pace. Investors were encouraged by signs that the U.S. was willing to ease off its trade war with China. Wall Street's major indexes increased slightly as investors sought clarity on the U.S./China trade front. Trump has imposed tariffs on imports from all countries, as well as a 10% blanket tariff. He also increased duties on autos, steel and aluminum. He also proposed additional industry-specific taxes on semiconductors and pharmaceuticals. According to industry estimates, this could lead to a 12.9% increase in drug prices across the U.S. The IMF meeting this week was dominated by discussions about Trump's tariffs. Finance ministers were vying for one-on-1 meetings with the U.S. Treasury secretary. Bessent described the initial discussions with South Korea on Thursday as "very succesful". Seoul called it a "good beginning." Next week, further discussions will take place. The Swiss government said that it was satisfied with the initial meeting between Bessent and Switzerland. The U.S. Trade Office said that it was "constantly engaging" with Japan and others countries but said Trump would decide whether or not they proceed. The IMF's Kristalina Gheorgieva warned that there was no sign of progress in other countries despite her urging. She said this week that they could lead to a serious slowdown of global growth. Reporting by Bureaus Worldwide; Writing by Andy Sullivan, Dan Burns and Editing by Chizu Nomiyama, Marguerita Choy
Ukraine's steel production has risen by 2.7% in 2025 so far, according to the producers union
The Ukrainian Steel Producers' Union reported on Wednesday that the steel production in Ukraine has continued to grow in the first quarter of 2025, despite the loss in eastern Ukraine of Pokrovsk's coking coal mine.
Metinvest, the Ukrainian steelmaker, has suspended operations in Ukraine's sole coking coal mine. The company cited a deteriorating situation due to Russian advances.
Data showed that the raw steel production rose 2.7% between January and March 2025, to 1,73 million metric tonnes.
Since the Russian invasion of February 24, 2022 leading steel mills have been destroyed.
Ukraine, once a major exporter and producer of steel, reported a 70.7% decline in production in 2022, to 6.3 millions tons. The output dropped to 6 million tonnes in 2023, but increased to 7,58 million tons in 2020.
The producers have stated that they would like to be able to get coking coal from another mine in Ukraine if the mine is taken over by Russian troops. However, imports will be necessary, which will increase costs.
Metinvest announced this week that it received the first shipment of U.S. coal to compensate for the suspension in production at the Pokrovsk Mine.
Metinvest's United Coal Company in the United States delivered 80,000 metric tonnes of coal. The company said that it would receive one vessel per month. (Reporting and editing by Louise Heavens, with Pavel Polityuk)
(source: Reuters)