Vietnam approves $1.5 billion investment plan by Trump Organization and partner
HANOI (Reuters) - Vietnam's government has approved a plan by the Trump Organization and a partner to invest $1.5 billion in golf courses, hotels and real estate projects in the Southeast Asian country, state-run Tuoi Tre newspaper reported on Friday.
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CNBC
43 minutes ago
- CNBC
Oil rises on optimism about U.S.-China talks easing trade tensions
Oil prices climbed on Tuesday as investors awaited the outcome of U.S.-China trade talks and as Saudi Arabia's crude supply to China is set to dip slightly. Brent crude futures rose 16 cents, or 0.2%, to $67.20 a barrel by 0849 GMT. U.S. West Texas Intermediate crude was up 14 cents, or 0.2%, at $65.43. On Monday, Brent had risen to $67.19, the highest since April 28, buoyed by the prospect of a U.S.-China trade deal. U.S.-China trade talks were set to continue for a second day in London as top officials aimed to ease tensions that have expanded from tariffs to rare earth curbs, risking global supply chain disruptions and slower growth. "There's a sense of optimism around these trade talks, the market is waiting to see what this will produce and that is supporting prices," said Harry Tchilinguirian, group head of research at Onyx Capital Group. Prices have recovered as demand concerns have faded with the trade talks between Washington and Beijing and a favourable U.S. jobs report, while there are risks to North American supply due to wildfires in Canada, Goldman Sachs analysts said. U.S. President Donald Trump said on Monday that the talks with China were going well and he was "only getting good reports" from his team in London. A trade deal between the U.S. and China could support the global economic outlook and boost demand for commodities including oil. Saudi Arabia's state oil firm Saudi Aramco will ship about 47 million barrels to China in July, a tally of allocations to Chinese refiners showed, 1 million barrels less than June's allotted volume, Reuters reported. "The Saudi allocations could be an early sign that OPEC+'s unwind may not actually mean that much additional supply," Tchilinguirian said. "After all these unwinds, one would have thought that we would be getting more from the country that can produce more." OPEC+, which pumps about half of the world's oil and includes OPEC members and allies such as Russia, put forward plans for an increase of 411,000 barrels per day for July as it looks to wrestle back market share and punish over-producers. It is set to unwind production cuts for the fourth straight month. A Reuters survey found that OPEC oil output rose in May, although the increase was limited as Iraq pumped below target to compensate for earlier overproduction and Saudi Arabia and the United Arab Emirates made smaller hikes than allowed. "The prospect of further hikes in OPEC supply continues to hang over the market," Daniel Hynes, senior commodity strategist at ANZ, said in a note. Elsewhere, Iran said it would soon hand a counter-proposal for a nuclear deal to the U.S. in response to a U.S. offer that Tehran deems "unacceptable", while Trump made clear that the two sides remained at odds over whether the country would be allowed to continue enriching uranium on Iranian soil. Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries and any easing of U.S. sanctions on Iran would allow it to export more oil, weighing on global crude prices.
New York Post
an hour ago
- New York Post
Bill Gates pleaded with Marco Rubio to reverse Elon Musk's DOGE cuts to USAID: report
Bill Gates paid a secret visit to the White House on Friday to personally plead with Secretary of State Marco Rubio to reverse cuts to foreign aid that were spearheaded by tech rival Elon Musk, according to a report. Gates, the Microsoft co-founder and billionaire philanthropist who has been vocal in his opposition to cuts made by Musk's Department of Government Efficiency, sought an audience with Rubio after his boss's fallout with the Tesla mogul, former Puck reporter Tara Palmeri reported on her Red Letter newsletter. President Trump and Musk, once close political allies, traded barbs on social media last week — ending a partnership that began during the 2024 presidential campaign. Advertisement 4 Bill Gates paid a secret visit to the White House on Friday to personally plead with Secretary of State Marco Rubio to reverse the cuts made to foreign aid, according to a report. REUTERS 'With Musk on the outs, Gates clearly saw an opportunity to argue for the reversal of the DOGE cuts,' Palmeri reported. DOGE slashed more than $8 billion in funding for the US Agency for International Development (USAID), which provides assistance in the areas of HIV and AIDS prevention in Africa as well as treating malaria and other infectious diseases on the continent. According to Palmeri, however, Gates' pleas fell on deaf ears as Rubio told the software mogul that there are no plans to reverse the USAID cuts. Advertisement '[Rubio] said the country is insolvent, we can't pay back our debts,' a source with knowledge of the situation told Palmeri. Gates was likewise observed in the West Wing and the Eisenhower Executive Office Building on Friday, making his appearance around 4 p.m., according to Palmeri. The mogul appeared just after Trump's departure for his Bedminster golf course. Advertisement Officials within the administration would neither confirm nor deny that Gates met with the president, whose attention on Friday was reportedly consumed by calls from journalists inquiring Elon Musk. Anna Kelly, a White House spokesperson, told The Post: 'We don't comment on private meetings that may or may not have occurred.' The New York Times' Teddy Schleifer reported over the weekend that Rubio had refused to meet with Gates for months despite Gates's repeated attempts. Advertisement 4 Secretary of State Marco Rubio rebuffed Gates, according to a report in Red Letter. AFP via Getty Images 4 Gates was incensed by the DOGE cuts, accusing Musk of 'killing the world's poorest children.' REUTERS Senior State Department officials told Palmeri that Gates sought a meeting with Rubio in April. 'The Secretary's position on making important and necessary cuts to foreign aid has not changed,' a senior State Department official told Palmeri, confirming the meeting. 'He does not believe US taxpayers should be burdened with covering the costs for progressive projects abroad, including funding contraceptives, electric buses, and DEI.' The official added that 'as the secretary has repeatedly mentioned, the future of foreign aid under the Trump Administration means that we will only be funding true lifesaving programs and initiatives that advance our national interests.' 4 Musk's DOGE made more than $8 billion in cuts to the US Agency for International Development. AP The Post has sought comment from Gates and Rubio. Advertisement Gates was incensed by the DOGE cuts, accusing Musk of 'killing the world's poorest children.' Musk hit back last month, lashing out at Gates over his past ties to the late convicted pedophile Jeffrey Epstein. 'Who does Bill Gates think he is to make comments about the welfare of children given that he frequented Jeffrey Epstein?' Musk said during an interview on Tuesday at the Bloomberg Qatar Economic Forum. 'I wouldn't trust that guy to baby-sit my kids, I can tell you that.'
Yahoo
an hour ago
- Yahoo
Blackstone to invest $500 billion in Europe over next decade, Bloomberg reports
(Reuters) -Blackstone plans to invest up to $500 billion in Europe over the next decade, CEO Steve Schwarzman told Bloomberg Television in an interview on Tuesday, underscoring market confidence in the region's prospects. Schwarzman said Europe represents a "major opportunity" for the world's largest alternative asset manager, which oversees assets worth over $1 trillion. There has been a surge in investor optimism about the region, driven by European governments' push to increase military spending and revive a sluggish private equity market. With U.S. President Donald Trump reshaping global alliances and trade policies, Europe is actively pursuing new avenues for economic growth, potentially creating promising investment opportunities for firms such as Blackstone. The European Union, for example, is ramping up its defense spending to revitalize a sector historically overlooked by private investors. Since 2020, the U.S. and Canada have attracted 83% of all private equity and venture capital-backed aerospace and defense investment, according to S&P. Europe is starting to change its approach, "which we think will result in higher growth rates. So this has worked out amazingly well for us," Schwarzman told Bloomberg. Schwarzman supported Trump in the U.S. presidential election last year, according to a report from Axios. He has long been viewed as an ally of the president. Trump's whiplash tariffs have, however, prompted several businesses to optimize their supply chains to reduce U.S. exposure. "The U.S. administration's tariffs - combined with any retaliatory measures from its trading partners - will deliver a supply shock to the U.S. and a demand shock to the rest of the world, including China and Europe," said Blerina Uruçi, chief U.S. economist at T. Rowe Price. ($1 = 0.8753 euros)
