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Vietnam's Q1 growth slows due to Middle East energy testing 2026.
Data showed that the economy of Vietnam slowed down in the first three months compared to the previous three months. This was due to a 'heavy exposure' to Middle Eastern oil imports, which boosted inflation, making it difficult for the country reach its annual growth goal, officials said. The National Statistics Office reported that the gross domestic product (GDP) grew by 7.83% from January to the end of March compared with the same period last year, but fell below the 8.46% growth rate in the fourth quarter. The NSO said on Saturday that "the pressure from rising energy and input prices remains, posing a challenge for economic governance." It said that consumer prices increased by 4.65% on an annual basis in March, due to a 10.81% increase in transport costs. This was a significant acceleration from the 3.35% rise in February. The Southeast Asian economy is facing pressure to meet its growth target for this year of at least 10%. This is because it imports over 80% of its crude oil from the Middle East where the Iran War, which has now entered its sixth week of conflict, has disrupted supplies. Nguyen Th Huong, Director of the NSO, said: "Vietnam's socio-economic condition continues to face challenges, and meeting 2026 growth targets remains a major challenge." The rising?fuel price has prompted Vietnamese airlines to cut back on operations, and the government to try to reduce costs. This includes reducing taxes, subsidising fuel prices, and encouraging remote working to reduce consumption. The growth rate was higher than the 7.5% annual expansion in the first quarter 2025. The report stated that exports increased 20.1% to $46.44 Billion in March from a year ago. The report said that March industrial production increased 6.9% compared to a year ago, but was slower than the growth of 8.6% during the same month last year. Petrolimex, a leading fuel retailer in Vietnam has reported that the war has caused gasoline and diesel prices to increase by 21% and 84% respectively. Senior officials have sought alternative oil suppliers from Gulf states, Japan and South Korea. Vietnam's imports in March rose by 27.8%, to $47.11 Billion. This represents a trade deficit of 670 M$. Exports grew 19.1% in the first quarter to $122,93 billion while imports grew 27.0% to $126.57 billion. This led to a $3.64 billion deficit. Retail sales increased 10.9% in the third quarter. The NSO reported that foreign investment inflows for the first quarter of this year rose by 9.1% compared to the same period last year, to $5.41 Billion. Meanwhile, pledges, which are indicative of future inflows grew 42.9%, to $15.2 Billion. Pham 'Minh Chinh, the Prime Minister, said that Vietnam would maintain its 10% growth target despite current challenges. He promised to take steps like?increased public investment, diversification of supply chains and export markets, and greater public investments. Chinh said at a cabinet session that "Our country faces many limitations, shortcomings and challenges, as well as risks and difficulties related to macroeconomic management, energy security and the pressures of managing it." (Reporting and editing by William Mallard, Clarence Fernandez and Khanh Vu)
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Lucid misses its first-quarter vehicle deliveries estimates due to supplier disruptions
Lucid 'Group missed Friday its expectations for the first quarter vehicle deliveries, hurt by an unauthorized supplier and a temporary sales halt. The company was unable to meet the demand for its luxury electric SUV Lucid Gravity during the third quarter because of a quality issue with the second-row seat. The company reported that it delivered 3,093 vehicles in the March 31st quarter. Visible Alpha analysts had predicted Lucid would produce 5,967 cars and deliver 5,237. Lucid's Chief Executive Marc Winterhoff said that deliveries were especially affected in February when they paused for a few minutes to "reverse the changes and inspect already produced vehicles." Lucid recalled 4,476 'Gravity SUVs' built between December 2024 and February 2020 earlier this week due to seatbelt welds not meeting safety standards. The shortfall highlights the gap between Lucid's ability to produce cars and its production capacity, which has plagued Lucid as well as other EV startups when demand falls. Winterhoff acknowledged that supply challenges are still a concern. The company's forecast to?produce 25,000?to 27,000? vehicles this year was conservative, suggesting a growth of up to 50%. It maintained this forecast on Friday. By 2025, the production will have nearly doubled. Lucid has also been battling a chip shortage, uncertain supplies and an October fire at an aluminum supplier.
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NYT: Musk wants SpaceX IPO banks buying Grok AI subscriptions
The New York Times reported that Elon Musk was requiring banks and advisers who are working on 'SpaceX's IPO to buy subscriptions to Grok, Elon Musk's artificial intelligence chatbot. The report stated that some banks had agreed to spend up to tens or even hundreds of millions of dollars per year on the chatbot, and they have already begun integrating it with their IT systems. This week, it was reported that Morgan Stanley, Goldman Sachs JPMorgan Chase, Bank of America, and Citigroup are the active bookrunners or 'lead banks' managing a deal. Musk and SpaceX have not responded to requests for comment. JPMorgan Chase declined to comment. Goldman Sachs also declined. Citigroup, Bank of America and Citigroup did not respond. Morgan Stanley did not respond immediately to our queries. Bloomberg News reported a day before that the Starbase rocket maker in Texas had boosted its target valuation for an initial public offering above $2 trillion. This could be the largest stock market listing ever. The company hopes to raise $75 billion, which is a record amount. This would be a far cry from previous mega-IPOs like 'Saudi Aramco 2019 or Alibaba 2014'. (Reporting and editing by Bill Berkrot, Mark Porter, and Savyata Mihsra from Bengaluru)
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Afghanistan earthquake 5.9 causes eight deaths
The National Disaster Management Authority reported that eight people died and one child was injured when a house in Kabul collapsed following the earthquake in Afghanistan. The German Research Centre for Geosciences, GFZ, reported that an earthquake measuring?5.9 magnitude struck Afghanistan's Hindu Kush on Friday. GFZ said that the quake was at a depth 177 km (110 mi). Witnesses reported feeling strong tremors in the Indian capital New Delhi and Kabul, Afghanistan's capital. Afghanistan is surrounded by rugged mountains and therefore prone to natural disasters. The most deadly are its earthquakes, which kill?about 560 people a year on average. The 6.3-magnitude earthquake that struck the country in November killed at least 27 people and destroyed hundreds of homes. Mohammad Yunus 'Yawar, reporting from Kabul; Akanksha 'Kushi, writing in Bengaluru; Kanjyik 'Ghosh, in Barcelona; Kevin Liffey and Emelia Sithole Matarise editing.
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Emirates Global Aluminium estimates that full recovery of production from the attack could take up to a year
The UAE-based company Emirates Global Aluminium said that it could take up to a full year to fully restore primary aluminium production in its Al Taweelah Smelter, which was damaged by an Iranian attack late last month. In a press release, Al Taweelah said that the facilities were evacuated to the fullest extent and put into emergency shutdown following the attacks of March 28 on the Khalifa Economic Zone Abu Dhabi. EGA stated that to resume operations, it must repair the infrastructure and restore each reduction?cell. Early indications suggest that it could take up to a year for the primary aluminium industry to fully recover. PARTICULAR OPERATIONS EGA stated that the Al Taweelah refining plant, which produces alumina (the raw ingredient of aluminium), and the Al Taweelah Recycling Plant could restart some production sooner, "depending?on?the final?assessment of the site damages". The conflict in the Middle East has caused the price of aluminum to rise the most in almost two years. Benchmark three-month aluminum on the London Metal Exchange rose?10.4% in the last month, and reached its highest level in almost four years -- $3,546.50 a metric ton -- on March 12. The London Metal Exchange's benchmark three-month aluminium reached its highest level in nearly four years - $3,546.50 per metric ton - on March 12. Al Taweelah Aluminium Smelter of EGA will produce 1.6 million tonnes of cast metal in 2025. Al Taweelah is also home to an alumina refinery, which produced 2.4 millions tons of aluminium last year. Hatem Maher (Reporting) Tomasz Janovski and Barbara Lewis (Editing)
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Meloni, Italy's Meloni, visits Saudi Arabia, Qatar, and the UAE amid Gulf tensions and energy concerns
A government official confirmed that Italian Prime Minister Giorgia meloni traveled to Saudi Arabia on Friday for a previously undisclosed trip. The trip will include meetings in Qatar, the United Arab Emirates and other countries. Officials said that the two-day trip was to show support for Gulf countries facing Iranian attacks, and also to protect Italy's energy supply. This is the first visit by an EU leader to Saudi Arabia since the conflict that was started by the United States and Israel in February. It also comes at a moment when there are growing concerns about the security of the?oil & gas 'flows. Qatari liquefied gas covered about 10% of Italy’s total gas consumption before the war. Middle East oil made up around 12% last year of Italy’s total oil imports. Italy received a notification last week that its Gulf supplier would be halting LNG deliveries due to the near-closure?of the Strait?of Hormuz. They will not ship 10 cargoes?between?April and?mid June. QatarEnergy CEO and State Minister for Energy Affairs, QatarEnergy, told?that Iranian attacks had also crippled 17% of Qatar’s LNG export capability. Last month, QatarEnergy's?CEO and state minister for energy affairs told?ajungiaparatulletzten??letztenbackbackééletzten Two sources with knowledge of the situation said on Thursday that Italy would begin to receive liquefied natural gas (LNG), from the Golden Pass LNG facility in the United States, from June. (Reporting and writing by Giuseppe Fonte, Crispian Balmer and Gavin Jones).
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FAO: If the Iran war continues, food prices will continue to rise around the world
The United Nations Food and Agriculture Organization reported on Friday that world food prices rose in March, reaching their highest level since last September. They could rise even more if the Middle East conflict continues to push up energy costs. In a recent statement, FAO Chief Economicist Maximo Toreros said that the price rises have been modest. They are mainly due to higher oil prices. He said that if a conflict continues for more than 40 days, and input costs are high, farmers can reduce their inputs, plant fewer crops, or switch to less intensive fertiliser crops. He added that "these choices will impact future yields, and shape our food supplies and commodity prices throughout the remainder of this year and the following years." FAO Food Price Index (which measures changes in global traded food commodities) rose 2.4% over its revised February level. The index is now 1% higher than it was a year ago. However, the value of the index has dropped by nearly 20% from its March 2022 high, which occurred after the beginning of the Ukraine war. Fertilizer costs could lead to reduced planting The index of cereal prices increased by 1.5% compared to the previous month. This was mainly due to a 4.3% rise in international wheat due to deteriorating crop prospects in America and lower plantings expected in Australia because of higher fertiliser costs. The global maize price edged upwards as the?ample supply of maize in the world offset concerns about fertiliser prices and indirect support from higher ethanol demand prospects related to higher energy costs. Due to the timing of harvest and weaker import demand, rice prices fell 3.0%. Vegetable oil price increases are now at 5.1% for the third month in a row. The higher quotations for palm, soya, sunflower and rapeseed oils reflected the impact on rising global energy costs and expectations of stronger demand. Palm oil prices have reached their highest levels since mid-2022. Sugar prices?jumped 7.2% to their highest level since October 2025 in March, due to higher crude oil prices. Brazil, the largest sugar exporter in the world, is expected use more sugarcane for ethanol production. The price of meat increased by 1.0% in Brazil and Europe, with pig prices rising in the EU. In a separate document, the FAO raised slightly its estimate of the global cereal production forecast for 2025 to a record 3,036 billion metric tonnes. This would mean a 5.8% increase year-on-year. (Reporting and editing by Tomasz Janowski and Barbara Lewis.)
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Morocco will stop fewer illegal migrants in 2025 due to route changes
Morocco will prevent?6.4% less attempts by illegal migrants to reach?Europe in 2020 compared to the previous year. The interior ministry announced this on Thursday. It added that people are using different routes, and the problem is not going away. The ministry responded to questions via email that in addition to stopping 73,640 attempts at illegal migration, they also dismantled over 300 migrant smuggling networks. The Sahel region of Africa has been ravaged by conflict for years. High unemployment, and the impact of climate change in farming communities is also a factor that drives migrants to Europe. Morocco has long been a major starting point for African migrants who are trying to reach Europe through the Mediterranean or Atlantic routes or by climbing fences around the Spanish enclaves in northern Morocco, Ceuta or Melilla. The level of cooperation with Spain has increased Since 2022, Morocco and Spain have strengthened their cooperation in the area of undocumented immigration. This follows the resolution of a previous diplomatic dispute. A senior official from the directorate of migration and border controls said that following tightened controls migrants have 'begun to use other departure points in West Africa, and parts of the southern Mediterranean. The marked drop in interceptions indicates a gradual decrease in irregular migration flows, reflecting a steady 'drying out' of the migration routes transiting through Morocco," he stated. The ministry reported that Morocco saved 13,595 migrants from drowning at sea by 2025. Meanwhile, 4,372 irregular migrants participated in voluntary return programs to their countries of origin. The official stated that voluntary returns are a reflection of Morocco's "human centered approach" to migration management, which "strikes an balance between firmness & responsibility". (Reporting and editing by Barbara Lewis; Ahmed El Jechtimi)
The wealth of Russia's richest people reaches record $625.5 billion
Forbes Russian-language Forbes list of Russia's wealthiest individuals reported that the richest Russians saw their wealth increase by more than 8 percent to $625.5 Billion over the last year. The magazine also noted on Thursday that at least 146 billionaires were listed.
Vagit Alekperov is the former head of Lukoil Oil Company and topped Forbes' list with an estimated fortune of 28.7 billion dollars. He resigned from his position as Lukoil president in 2022, after Britain imposed sanctions on him.
Alexei Mordashov, who was ranked fourth last year, rose to second place with a wealth of 28.6 billion dollars.
Forbes reported that there were 15 new billionaires, including Vikram Ponia, a native Indian who owns the pharmaceutical company Pharmasyntez. Forbes reported that he was worth $2.1 billion.
No one from the Forbes list of billionaires could be reached immediately for comment.
Below is a list of the 10 richest billionaires.
Vagit Alekperov: $28,7 billion
2) Alexei Mordashov - $28.6 billion
2) Leonid Mikhelson -- $28,4 billion
4) Vladimir Lisin - $26.5 billion
5) Vladimir Potanin - $24.2 billion
6) Gennady Timchenko - $23.2 billion
7) Andrei Melnichenko - $17.4 billion
Pavel Durov, $17.1 billion
Alisher Usmanov, $16.7 billion
Suleiman Kerimov, his family and associates - $16.4 billion
(source: Reuters)