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US and China economic chiefs to meet in Paris to prepare for Trump-Xi Summit
?Top U.S. economic officials and Chinese officials will launch a second round of talks on Sunday in Paris to smooth out the kinks 'in their trade truce, and to prepare for Donald Trump to travel to Beijing at the end of March to meet with Chinese president Xi Jinping. The U.S. Treasury secretary Scott Bessent, and the Chinese Vice Premier He Lifeng are expected to lead discussions on a number of issues, including shifting U.S. Tariffs, the flow of Chinese rare earth minerals to U.S. buyers and American export controls for high-tech products, and Chinese purchases U.S. agriculture products. A source familiar with the planning of the two parties said that the two sides would meet at the Paris headquarters for the Organisation for Economic Cooperation and Development. China does not belong to the club of 38 mostly rich democracies, and it considers itself as a developing nation. U.S. trade representative Jamieson Greer is also expected to join the discussions. The talks will continue a series of meetings held in European cities during the last year, which were aimed at easing the tensions between the two world's largest economies. U.S. and China trade analysts say that there is little time for preparation, as Washington is focused on the U.S. - Israel war against Iran. The prospects of a major breakthrough in trade are limited at either the Paris or Beijing summits, because Washington's focus will be on this conflict. Scott Kennedy, an expert in China economics at the Center for Strategic and International Studies, Washington, said, "Both sides have a minimal goal of holding a meeting. This keeps things together and prevents a rupture and reescalation of tensions." Kennedy said that Trump might want to leave Beijing with a commitment from China to buy new Boeing planes and more U.S. soybeans and liquefied gas. But to achieve this, he may have to make a concession on U.S. Export Controls. Kennedy, however, said that the chances of a summit "that superficially appears to be making progress" but in reality leaves things at their current state for the past four months were good. Trump and Xi may meet at least three more times in 2018. These meetings could include a G20 summit hosted by the U.S. in December and an APEC summit held in China in November. IRAN WAR OIL CONCERNS At the Paris talks the U.S. and Israel's war against Iran is likely to be discussed, particularly in relation to the "spike" in oil prices, as well as the closing of the Strait o'Hormuz through which China receives 45% of its crude oil. Bessent announced on Thursday that sanctions would be waived for 30 days to allow the sale Russian oil in tankers stranded out at sea. This was done to increase supplies. Trump called on other countries to protect shipping in the Strait of Hormuz after Washington bombed military sites at Iran's Kharg Island, a hub for oil loading. Iran had threatened to retaliate. In an editorial, China's China Daily newspaper called for continuity of the U.S. - China dialogue to serve as a "stabilizing pillar" in the midst of uncertainty surrounding the "ongoing Middle East crisis" and how best to resolve specific differences, including those relating to strategic materials, technology and market access, and agriculture. China Daily stated that "in a time like this, a trade conflict between the two world's largest economies is the last thing we need." TRADE TRUCE OVERVIEW Both sides will review their progress on meeting the commitments made under the October 2025 Trade truce announced by Trump and Xi at Busan in South Korea. The agreement prevented a major flare up in tensions. It lowered U.S. import tariffs and suspended for a whole year China's export controls of rare earths. The deal also halted the expansion of an American blacklist of Chinese firms banned from buying high-tech U.S. products such as semiconductor manufacturing machinery. China has also agreed to purchase 12 million metric tonnes of U.S. soya beans during the 2025 season and 25 millions tons for the '2026 season. This will begin with the fall harvest. Bessent and other U.S. officials have stated that China has met its commitments in the Busan agreement, citing soybean sales that met initial goals. While some industries receive rare earth exports, mainly from China which is the world's largest producer, U.S. semiconductor and aerospace firms do not. They are experiencing a worsening shortage of key materials such as yttrium used to make heat-resistant coatings on jet engines. William Chou said that the U.S. will focus on agricultural purchases from China and access to Chinese rare Earths, in the "short term", at the Paris talks. William Chou is a senior fellow with the Hudson Institute. NEW TRADE PROBE Greer and Bessent bring a new irritant into the Paris talks. A new "Section 301", investigation into unfair trading practices targeting China and other major trading 'partners, over alleged excess capacity in their industries. This could lead to a second?round tariffs in a matter of months. Greer launched a second investigation into alleged forced-labor practices in 60 countries, including China. This could lead to a ban on certain imports from the U.S. The investigations aim to rebuild Trump’s tariff pressure against trading partners, after the U.S. Supreme Court declared illegal Trump’s global tariffs under emergency laws. The ruling reduced Trump's tariffs against Chinese goods by 20%, but he immediately implemented a 10% tariff on a global basis under another trade law. China denounced Friday the investigations and stated that it reserves the right to take countermeasures. China Daily's editorial said that the investigations were "representative unilateral actions that complicate negotiation." Reporting by David Lawder, Editing by Andrea Ricci
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Tedros, WHO chief Tedros, says that 12 people were killed in a strike at a primary healthcare center in Lebanon
On Saturday, the head of the 'World Health Organization' said that it had'verified 12?doctors and nurses? who were killed during a strike against Bourj Qalaouiyeh Primary Healthcare Center in Lebanon on Friday evening. In a post published on X, Director-General Tedros Adhanom?Ghebreyesus noted that two paramedics were killed earlier in the day in an attack on a hospital in Al Sowana. Israel has launched a massive bombing campaign against the powerful Lebanese group Hezbollah. This has resulted in the deaths of more than 770 people and the displacement of hundreds of thousands of others. Hezbollah also fired hundreds of rockets across the border.
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Trump: 'Many countries' are sending warships to the Strait of Hormuz.
Donald Trump, the U.S. president, said on Saturday that a number of countries would send warships in order to maintain the Strait of Hormuz as a shipping route. He did not specify which countries would be doing this. Trump posted a message on Truth Social saying that "Many Countries will be sending War Ships in conjunction with United States of America to keep the Strait safe and open." Trump said that he hopes China, France Japan South Korea and Britain will send ships to the region. He wrote: "The United States will continue to bomb the hell out of the shoreline and shoot Iranian Boats and Ships into the water." The White House did not respond immediately to a question about whether countries had agreed to ship ships. Western nations have boosted their military presence in eastern Mediterranean as the conflict in Iran continues. They are focusing on the safety of Cyprus after an Iranian drone struck a British base on the island in March. John Healey, the British defence minister, said that Britain was also looking at additional options to deploy in the Gulf following an increase in Iranian attacks against vessels. A spokesperson for the Ministry of Defence said that on Saturday, the British government was in discussions with allies and partners to discuss "a range of possible options" to ensure "the security of shipping within the region". As part of its defensive support for allies, the French Navy has deployed about a dozen vessels, including 'its aircraft carrier strike groups, to the Mediterranean Sea, Red Sea, and possibly 'the Strait of Hormuz. French officials have been in consultation with European, Asian, and Gulf 'Arab countries over the last week to develop a plan to eventually have warships escort oil tankers through this strait. Trump stated on Thursday that the U.S. is?willing' to escort vessels through the Strait?of Hormuz in order to protect them against Iranian attack. His administration is looking for ways to reduce high oil prices caused by the U.S. and Israeli war on Iran. (Reporting from Bhargav Asharya in Toronto, and Milana Vinn, in New York. Editing by Toby Chopra. Sergio Non. Rod Nickel.)
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Argentina: US Justice Dept. backs bid to halt YPF discovery
The U.S. Justice Department filed a'memorandum' supporting Argentina's request to suspend a 'discovery' process in a New York Court case?related to the 'nationalization' of YPF state 'oil 'company in 2012, Argentina's Treasury Attorney's Office announced on Saturday. The filing was submitted to the Southern District Court of New York. It argues that the current discovery is too intrusive, and violates international principles of courtesy and reciprocity. The?U.S. The?U.S. Argentina wants to halt the discovery and withdraw a contempt complaint filed by plaintiffs Petersen Energia 'Inversora and Eton Park Capital Management who were awarded damages of $16.1 'billion. The litigation is funded in part by UK-based Burford Capital. Burford Capital would get a large share of any payout, and they had requested information about Argentina's gold reserves. Argentina asserts that the case is outside U.S. jurisdiction and should be governed Argentine 'law. It also claims that President Javier Milei, who has been in office since December 20, 2023, fully cooperated with 'legal requests. The government deems that the demands for discovery are disproportionate. Under Milei and Donald Trump's libertarian government, the United States -and Argentina- have strengthened their economic ties. Washington has become a major supporter of Argentina's plans to'seek out international investment'. YPF, Argentina's biggest oil and gas firm, aims to become a global energy company by developing the Vaca Muerta shale. This formation has the second largest shale-gas reserves in the world and the fourth largest shale-oil reserves. (Reporting by Lucila Sigal, Editing by Alexander Villegas & Emelia Sithole Matarise)
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Hamas urges Iran to refrain from targeting its neighbors, but asserts the right to self defense
Hamas, a militant Palestinian group that is aligned with Iran, has 'called on Iran not to target neighbouring lands while still reaffirming Tehran’s right to retaliate?to U.S. and Israeli?attacks. The group is making its first public comments on Iranian policy. The group has shown solidarity with Iran in the war, but so far it does not appear to have threatened any retaliatory action. The group said that while it affirms Iran's rights to respond to the aggression using all?available methods in accordance with international laws and norms, it urges?our brothers in Iran to not target neighboring nations. The statement also called on all countries and international organizations to stop the war immediately. Israel and Hamas reached an agreement on a Gaza ceasefire that was implemented in October. However, there have been frequent outbreaks of violence ever since. Israeli attacks against Gaza decreased at the beginning of the Iran war, but have now increased. Hezbollah in Lebanon, which is allied with Iran, opened fire on Israel March 2, to avenge the killing of Iran's Supreme Leader at the beginning of the war. Israel has since then pounded Lebanon, and targeted the group. Houthis from Yemen, who are allied with Iran, launched a military offensive against ships that they believed were affiliated?with Israel during the Gaza war. They have also shown strong support for Tehran. They haven't yet threatened to resume their attacks. (Reporting and editing by Jaidaa Taka; Toby Chopra).
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Reeves: UK considers targeted support for householders as energy costs rise.
In an interview published Saturday, Finance Minister Rachel Reeves stated that the British government was looking to offer "targeted support" to poorer households in order to reduce the impact of the rising energy costs caused by the conflict in the Middle East. Reeves, a Times reporter, said that the government is looking into options to help those affected by sharp increases in energy prices, particularly those who rely on heating oil. However, he ruled out a universal aid for all households because it would not be affordable. Labour, which is trailing Reform UK in the polls, has been under pressure by opponents to cap the regulated household tariffs, due to be reviewed in late May, and to cancel a planned increase in vehicle fuel duties in September. "I've?found money and we have worked out with MPs and others how to help people who aren't protected by the energy price cap. She said that the plan would help households who depend on heating oil. In Britain, more than one million households use oil as a heating fuel. This is especially true in rural areas without access to the gas grid. In Northern Ireland, almost half the households use oil as their sole source of heat. SHOCKS: HEATING OIL USERS WILL PAY MORE? The government's energy price cap does not cover heating oil, so consumers are more vulnerable to fluctuations in global oil prices. Reeves said to the Times that Treasury is modeling different scenarios depending on the length of the Iran conflict, including "more focused options" for support. She said, "I'm concerned about how high our debts are, given the debt we inherited. I want to see what other options there would be." The Competition and Markets Authority of Britain wrote to Reeves, on Saturday, saying that it would be contacting several firms involved in the distribution of heating oil as a "matter of urgency", to determine whether their practices were of concern. The letter by the CMA chief executive Sarah Cardell stated that "the CMA is at the initial stages of its review and it shouldn't be assumed that businesses have broken consumer protection laws, but we will not hesitate to enforce if any potential breaches are found." The CMA stated that it was also monitoring the vehicle fuel prices in order to determine if this situation was being abused. The Times reported that Reeves was planning to use his speech on Tuesday to not only address energy issues but also call for a more close alignment with the European Union's single?market in order to boost growth. She told the newspaper that Brexit was not good for her country, growth or prices at the shop. "It has been almost 10 years since the Leave vote. The ship may have sailed, but we still have a lot to do to improve our trade relations. We should align ourselves where it is in our national interests. (Reporting and editing by Toby Chopra, Louise Heavens, and Michael Holden)
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Sources say that some oil loading operations have been suspended following a fire in Fujairah.
After a fire broke on Saturday, some?oil-loading operations were suspended in the?Fujairah, an emirate of the United Arab Emirates, which is a major bunkering center. According to the media office of the emirate, debris fell from a drone during its 'interception.' However, no injuries have been reported. The civil defence forces are tackling the incident to contain it, according to the statement. The authorities did not give any information about the reported suspension of operations. Bloomberg News reported earlier that certain oil-loading activities in the port of Fujairah outside the Strait of Hormuz had been suspended following a drone attack. ADNOC (the state-owned oil company of Abu Dhabi) did not respond immediately to a comment request. ADNOC shut down its Ruwais refinery on Tuesday in response to an incident that occurred at a facility in the complex after a drone strike. This was done to prevent further disruption to energy infrastructure due to the U.S. and Israeli war against Iran. Source: (Reporting and editing by Sarah El-Safty and Jaidaa Verma, and Gareth Jones and Toby Chopra)
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Reeves: UK considers targeted support for householders as energy costs rise.
In an interview with?Saturday, Finance Minister Rachel Reeves stated that the British government was looking at providing "targeted support" for the poorer households in order to offset the impact of the rising energy costs caused by the conflict?in the Middle East. Reeves, a Times reporter, said that the government is looking into?options? to help those affected by sharp increases in energy prices. This includes those households who rely on heating oil. However, he ruled out a universal program for all homes, stating it would not be affordable. Labour, which is trailing the populist Reform UK Party in the polls, has been under pressure by opponents to cap the regulated household energy tariffs, due to be reviewed in late May, and to cancel a planned increase in vehicle fuel duty in September. "I've found the money, and we have worked with MPs and others to develop a response for those who aren't protected by the cap on energy prices. "We're providing greater support for those who are in need," she said of the plan to assist households that rely on heating oils. In Britain, more than a million households use?oil as a heating fuel. This is especially true in rural areas without access to gas grids. In Northern Ireland, almost half the households use only oil as a fuel. HEATING OIL USERS WILL SUFFER A LARGER PRICE SHOCKWAVE The government's energy price cap does not cover heating oil, so consumers are more vulnerable to fluctuations in oil prices. Reeves said to the Times that Treasury is modeling different scenarios depending on the length of the Iran conflict, including "more focused options" for support. She said: "I'm?concerned about how high our debts are, given the debt we inherited. And?so, I want to?look at the different options that would be available." The Times reported that Reeves will use his speech on Tuesday to?not only address energy issues but also call for a?closer alignment to the European Union's single market in order to boost growth. She told the paper that Brexit was bad for her country's growth and for prices at the shops. "It has been almost 10 years since the Leave vote. The ship may have sailed, but we still have a lot to do to improve our trade relations. We should align ourselves where it is in our national interests. (Reporting and editing by Toby Chopra, Louise Heavens, and Michael Holden)
CNBC reports that Fertitta Entertainment is in talks with Caesars to purchase the company for $6.5 billion.
CNBC, citing 'close sources', reported on Saturday that Fertitta Entertainment was negotiating to buy Caesars Entertainment at $32 per share. This would represent an equity value $6.5 billion.
The report stated that Fertitta’s terms for Caesars include a value of $31.5billion, based on the substantial debt the gaming company has.
Caesars responded to an emailed question by saying: "As a policy, we do not comment on rumors and market speculation."
Could not verify the report immediately. Fertitta Entertainment has not responded to the request for comment made outside of regular business hours.
CNBC reported that deal talks will take place this weekend, within a 45 day exclusive window, at Fertitta’s headquarters in Houston.
The Wall Street Journal reported earlier this week that Fertitta Entertainment was considering paying $34 per share for Caesars. This would give it a market value of $7 billion.
Journal reported that the casino operator received a cash offer from Icahn Enterprises - the publicly listed company which houses billionaire Carl Icahn’s investments.
Icahn made his first friendly bid for Caesars back in January. He offered $28.50 per share with the promise that the current management would continue to be in place, according to a report by CNBC.
Icahn Enterprises didn't immediately respond to our request for comment.
Icahn?is interested in partnering up with a digital gaming company, which could combine Caesars digital gambling operations and theirs.
Caesars reported a?net loss for four consecutive quarters, hurt because of the softening visitor number in Las Vegas which dropped significantly in 2025.
(source: Reuters)