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Trump still plans to meet with Xi despite saying that tariffs of 100% on China are not sustainable
U.S. president Donald Trump said that his proposal of a 100% tariff on Chinese goods would not be sustainable. He blamed Beijing, however, for the latest impasse in negotiations which began when Chinese authorities tightened control over rare-earth exports. When asked if such a high tariff is sustainable and what this might do to the economic system, Trump responded, "It is not sustainable but that's the number." In an interview that aired on Fox Business Network, he stated that "they forced me to do this." Trump announced additional 100% levies on China's U.S. bound exports last week, as well as new export controls for "any and all crucial software" on November 1, nine day before the existing tariff relief would expire. Trump's new trade measures were a response to China drastically expanding its export controls for rare earth elements. China is the dominant market for these elements, which are vital to tech manufacturing. Trump confirmed he will meet with Chinese president Xi Jinping, in South Korea in two weeks - a date the U.S. President had questioned last week – and expressed his admiration for him. "I believe we will be fine with China but we need to make a fair agreement." Trump told FBN's Mornings with Maria, which was recorded on Thursday that the deal had to be fair. Wall Street suffered some early losses Friday due to the softer tone of Trump and his affirmation that he would meet with Xi. The major U.S. indexes were modestly up in early trading, despite the recent turmoil caused by Trump's sudden reimpositions of steep tariffs on Chinese imports as well as credit concerns among regional banks. In another sign of a possible thaw, CNBC reported that U.S. Treasury Sec. Scott Bessent will speak with Chinese Vice Premier He Lifeng on Friday. The time of the call was not disclosed. A Treasury spokesperson didn't immediately respond to an inquiry for comment. Beijing refuted Bessent's claim that He was "unhinged" during recent meetings with U.S. negotiators. (Reporting and editing by William Maclean, Paul Simao and Susan Heavey)
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Ambani's Reliance Industries reports a nearly 10% increase in profit on digital and energy growth
Reliance Industries, owned by Indian billionaire Mukesh Amani, posted a 9.7% increase in its quarterly profit on Thursday, largely due to a strong performance in the company's core energy business. The steady growth of digital services was also credited. The quarter ended 30 September saw a profit of 181.65 billion rupies ($2.06 billion), compared to 165.63 rupies a year earlier. Reliance's earnings are boosted by higher crude prices, a robust fuel market and a rise in margins for its oil-to chemicals business. Ambani is also accelerating his strategic shift to consumer and digital ventures. Mukesh Amani said that the oil to chemicals division grew on an Y-o -Y basis despite the continued volatility of energy markets. Reliance plans to list its telecom unit Jio in mid-2026. This move is seen as crucial to unlocking the value of its rapidly growing digital services unit. The core earnings of the oil to chemicals business increased by 20.9%, reaching $1.7 billion. EBITDA for its digital services, which include telecom unit Jio jumped 17.7% compared to a year ago, while EBITDA for the retail segment grew 16.5%.
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Egypt says that resolving the Palestine issue is crucial for progress on India-Europe transit route
Egypt's Foreign Minister said that the Palestinian issue was crucial to progressing in the U.S.-funded transport project connecting India to Europe by sea and rail via the Middle East. The India-Middle East Economic Corridor was announced in September 2023 on the sidelines of a meeting of leaders of the Group of 20 leading economies. It was seen as a U.S. rival to China's Belt and Road initiative on global infrastructure. A month after the announcement of the decision, war broke out in response to the attack by the Palestinian Islamist Hamas on Israel on October 7, 2023. "We must remember that connectivity is a very important part of a settlement for the Palestinian cause," Egypt’s Foreign Minister Badr Abdulatty told reporters on a recent visit to New Delhi. He said he had discussed the IMEC with his Indian counterpart, and that Egypt is open to joining the project. The corridor will extend from India to the United Arab Emirates, via Saudi Arabia and the Arabian Sea. It will then connect to Europe through Jordan and Israel. India and the UAE signed an agreement framework for the project in the last year. Abdelatty, a reporter, said: "The IMEC project is important, but we must understand that what has happened in the past two years shows that escalation can hinder cooperation and connectivity." He said that Egypt had suffered a loss in excess of $9 billion ever since the Iran-aligned Houthi began its attacks against ships in the Red Sea. The group claims it was acting in solidarity with Palestinians. He said, "We're paying a high price." "Every day, we used to see at least 75 ships cross the Suez Canal in both directions. It's down to 25 ships maximum, or at least 60%. Abdelatty arrived on Thursday in India for a bilateral visit of two days, where he met with Prime Minister Narendra modi. He will be meeting with executives from Indian companies as his country is pushing for more Indian investment. "We have an industrial zone in this area for China (and) Russia. He said that we encourage the creation of an Indian Industrial Zone alongside the Suez Canal Economic Zone. (Reporting and editing by William Maclean in New Delhi. Reporting by Shivam Patel from New Delhi)
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G7 looks to private capital to fill the trillion-dollar infrastructure gap in emerging markets
The Group of Seven industrialised countries' development finance institutions are launching an initiative in partnership with investors, to increase private money for the infrastructure projects that emerging markets require. Allianz Global Investors is a member and says that the world needs to spend $4.2 trillion on infrastructure every year. Two-thirds are in emerging markets. This is a huge task, made even more difficult by the cuts in aid from rich countries, as well as bilateral lending. Lori Kerr is the chief executive officer at FinDev Canada. She said, "This will mobilize capital in large amounts for infrastructure. It will also advance economic prosperity and sustainability in emerging and developing countries." The initiative, dubbed Infrastructure Investment Council, is being led by FinDev Canada under Canada's G7 Presidency. According to a private sector member, Natixis Investment Managers, development finance institutions from Britain and France, Germany, Japan, and Italy, are also part of this effort. Other private sector members include BlackRock Global Infrastructure Partners and General Atlantic's Actis, as well as Brookfield Macquarie, Ninety One and Brookfield. Many emerging markets lack the basic infrastructure that is needed to transform their economies. This includes clean water, power grids for all citizens, and ports, roads and rail lines. Private cash flow into some of these markets has been hindered by a variety of investment barriers. The press release also stated that the council's main goals will be to create investment vehicles to allow private capital to flow into emerging markets, and to facilitate the sharing of knowledge and expertise. (Reporting and editing by Dhara Raasinghe; reporting by Libby George)
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Sam Altman-backed Oklo to get $2 billion for US nuclear fuel development
The nuclear technology company Oklo announced on Friday that it had signed an agreement with Europe's newcleo in order to develop advanced fuel manufacturing and fabrication infrastructure in the U.S. According to the agreement, newcleo, a developer of nuclear reactors, plans to invest as much as $2 billion. Blykalla, a Swedish developer of advanced nuclear technology, is also interested in co-investing and purchasing fuel-related services. In premarket trading, shares of Sam Altman's Oklo rose 1.7%. After decades of stagnation in the U.S., nuclear power is gaining momentum. This is largely due to the surge in electricity demand for energy-hungry data centres and the electrification and transportation industries. The U.S. will regulate the investments, which include multiple projects. This will promote transatlantic co-operation and increase energy security. Further details about specific projects will be revealed in future agreements. The U.S. Energy Department selected Oklo along with three other firms in September for its pilot program, which builds advanced nuclear fuel pipelines as part of the Trump administration's efforts strengthening domestic supply chains. Oklo CEO Jacob DeWitte stated that fissioning excess plutonium was the best method to eliminate an legacy liability and create a near-term abundant fuel source. DeWitte stated that the fuel can be used to accelerate the deployment and scaling up of advanced reactors. (Reporting and editing by Shilpa Majumdar in Bengaluru, Mrigank Dhaniwala).
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India's central bank gold stockpile tops $100 billion due to surging bullion price
India's gold reserve has crossed $100 billion for the first-time, according to Reserve Bank of India data. The price surge in the global market helped the reserves reach this milestone, even though the central bank purchases have slowed down sharply. The Reserve Bank of India reported that India's gold reserves rose by $3.595 Billion to $102,365 Billion in the week ending October 10 while total foreign exchange reserves fell $2.18 Billion to $697.784 Billion. According to traders, gold's share in India's total reserve has risen to 14.7% - the highest level since 1996-1997. The gold share of India's foreign currency reserves has nearly doubled in the last decade, from below 7% up to almost 15%. This is due both to central bank accumulations and a rise in bullion prices globally. This has led to the RBI reaching the milestone of $100 billion despite the marked decline in its gold purchases during this year. According to World Gold Council figures, the central bank only bought gold four times in the first nine month of 2025 compared with nearly monthly additions in 2024. The cumulative buying between January and September was just 4 tons. This is a sharp drop from 50 tons during the same period last year. Kavita Chacko is the research director for India at World Gold Council. She said that the share of gold has grown significantly in India's reserves due to the increased value of gold. The gold price has risen by about 65% since 2025. This is due to a powerful mix of macroeconomics, institutions and psychological factors. Global central banks are continuing to accumulate gold in order to diversify their reserves away from the U.S. Dollar. This trend is a result of increased geopolitical risk, pressures due sanctions and dedollarization. India is the second largest consumer of gold in the world and imports are necessary to meet this demand. Indian culture is deeply rooted with the tradition of buying gold, as it's a status symbol and an investment.
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HSBC predicts that gold will reach $5,000 per ounce in 2026.
HSBC forecasted on Friday that the bull run in gold prices would reach $5,000 per ounce by 2026. This was supported by increased risks and the impact of the new entrants to the market. Spot gold broke through the $4,300 mark on Thursday. It was heading for its best week since December 2008. Geopolitical tensions have fueled the advance, as well as central bank purchases, increased exchange-traded fund inflows and expectations of U.S. interest rate cuts. HSBC stated in a note that the bull market would likely continue to push prices higher in 1H'26. We could reach a peak of $5,000/oz in 1H 2026. HSBC has also increased its forecast for the average 2025 gold price to $3,455 from $3,355. It raised its forecast for 2026 average gold prices to $4,600 from $3,950. The bank cited geopolitical risk, economic policy insecurity and the rising public debt to support the price. HSBC stated that given the sharp increase in prices during 2025's second half and the increased risks of new market entrants it expects the gold price to stay high and possibly spike even further until early 2026. The bank expects a significant amount of volatility in prices and some moderation to occur during the second half 2026. The bank stated that unlike previous rallies, many of these buyers will likely remain in the gold market - even when the rally is over - for the diversification and safe haven qualities of gold. HSBC analysts join those at Bank of America, Societe Generale and others who forecast earlier this week that gold would reach $5,000 per ounce by 2026. (Reporting from Anushree mukherjee and Sherin elizabeth Varghese, Bengaluru. Editing by Barbara Lewis and Jane Merriman.
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The brother of the Manchester suicide bomber has denied attempting to kill 3 prison guards
The brother of the man who detonated an Ariana Grande suicide bomb in Britain after a concert in 2017 has denied on Friday that he attempted to kill three prison guards while incarcerated. Hashem Abedi's brother Salman Abedi is accused of killing 22 people in the Manchester Arena, in northern England, in 2017. Prosecutors claim that Hashem Abedi attacked four prison guards with hot oil and knives made from makeshift materials while shouting 'Allahu Akbar. The incident occurred in April in Frankland Prison in northern England. Abedi was jailed for 55 years in 2020 after he helped his brother plan an attack that injured over 200 people. Abedi, 28, appeared in London's Old Bailey Court via videolink, surrounded by five security guards. He pleaded not guilt to three counts for attempted murder, assault, and unauthorised possession of an weapon inside a prison. Abedi was "permitted to cook equipment" by the prosecutor, Jocelyn Ledward. He then attacked prison officers with "hot oil and... makeshift knifes". She said: "While he was carrying the attack out, he shouted 'Allahu akbar' twice." Abedi who represents himself said that he does not want to attend the trial scheduled for January 2027.
Russia expects the global oil demand to rise by 1.5 million barrels per day in 2025
News agencies reported that Russia's deputy prime minister Alexander Novak stated on Wednesday that the global oil demand is expected to rise by between 1.0 and 1.5 million barrels of oil per day this year.
This compares to the latest expectation from the Organization of Petroleum Exporting Countries of a rise of 1,45 million bpd.
Novak was quoted by Interfax as saying, "I am optimistic, because the rate of consumption increases every year. And judging from the fact that global economic growth will continue, demand for energy will increase."
Experts and think tanks predict a possible oil surplus this year, due to increased production in the United States combined with a sluggish market.
OPEC+ (Organisation of Petroleum Exporting Countries and Russia) decided this month to begin unwinding the most recent layer of production cuts in April.
Novak told Interfax that the OPEC+ will continue to monitor the oil markets, which are currently stable. It is important to maintain the balance between supply and demand.
Four sources said that OPEC+ is likely to stick with its plan to increase oil production for a second month in a row in May, despite the steady oil price and plans to make some members reduce their pumping to compensate past overproduction. (Reporting and editing by Jan Harvey, Kirby Donovan; Olesya Astakhova and Vladimir Soldatkin)
(source: Reuters)