Japan PM says won't ‘easily compromise' to Trump on tariffs
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Asharq Al-Awsat
37 minutes ago
- Asharq Al-Awsat
Gold Falls to One-week Low as Dollar Firms after Tariff Deadline Extension
Gold prices retreated to a one-week low on Monday as the dollar firmed and traders digested US President Donald Trump's extension of his July 9 tariff deadline to August 1 and assertion that the US is close to several trade deals. Spot gold was down 0.8% at $3,307.87 an ounce at 1302 GMT after hitting its lowest since June 30 at $3,296.09. US gold futures lost 0.7% to $3,318. The stronger dollar, up 0.2% against a basket of other major currencies, makes dollar-priced gold more expensive for buyers with other currencies, Reuters reported. "The market volumes remain quiet at this moment, and price action is probably still just reflecting the latest piece of economic data, but also starting to look forward to the potential for trade deals to be announced," said Daniel Ghali, commodity strategist at TD Securities. Last week's stronger than expected US payroll data cemented expectations that the Federal Reserve is unlikely to cut interest rates as early as previously expected. Minutes of the Fed's latest policy meeting and speeches by several Fed officials are due this week for further insights into the central bank's policy path. Elsewhere, China's central bank added gold to its reserves in June for an eighth consecutive month, official data from the People's Bank of China (PBOC) showed on Monday. "The PBoC in particular has been diversifying foreign exchange reserves substantially and an uptick in uncertainty and geopolitical risk may speed up the process," said Zain Vawda, analyst at MarketPulse by OANDA. In other precious metals, spot silver fell 1.6% to $36.32 an ounce, platinum shed 2.9% to $1,350.97 and palladium lost 3% to $1,100.65.
Arab News
3 hours ago
- Arab News
UAE-Cuba economic ties poised for growth as first joint committee meets in Dubai
JEDDAH: Trade and investment relations between the UAE and Cuba are expected to deepen following the inaugural session of the Joint Economic Committee, which convened in Dubai to boost cooperation across multiple sectors, including biotechnology, renewable energy, and tourism. Organized under the framework of the trade, economic, and technical cooperation agreement signed earlier by both nations, the session marked a significant step forward in advancing bilateral economic engagement. The committee meeting was co-chaired by Abdullah Ahmed Al-Saleh, undersecretary of the UAE Ministry of Economy, and Carlos Luis Jorge Mendez, Cuba's first deputy minister of foreign trade and foreign investment. According to the UAE's official news agency WAM, discussions centered on enhancing collaboration in agriculture, food security, infrastructure, transportation, logistics, cultural industries, healthcare, and pharmaceuticals. Non-oil trade between the two countries has been steadily rising. It reached over $39.1 million in 2024—up more than 2 percent from the previous year and 46.4 percent compared to 2022, WAM reported. The agency added that trade during the first quarter of 2025 rose by 5.6 percent compared to the same period in 2024, and by over 25 percent from the fourth quarter of that year. More than 825 Cuban brands are currently operating in the UAE market. According to WAM, Al-Saleh said that bilateral ties continue to advance steadily, particularly in the economic and commercial spheres, adding: 'This reflects the visionary leadership of both nations in fostering growth and prosperity and in serving their shared interests.' He continued: 'The first session of the Joint Economic Committee between the two countries marks a key milestone in enhancing economic and investment relations in the coming period. It expands areas of cooperation in priority sectors, strengthens engagement between the Emirati and Cuban business communities, and explores promising market opportunities — contributing to the national goals of the 'We the UAE 2031' vision.' Attended by the ambassadors of both countries, the session concluded with an agreement to establish a joint framework that will oversee implementation of the committee's outcomes, ensuring the continuity of economic cooperation and shared growth. According to WAM, both sides also agreed to coordinate business forums and economic events, exchange trade delegations, and facilitate increased trade and investment flows between Emirati and Cuban companies. The agency added that the two parties proposed organizing joint meetings, seminars, and workshops involving investors, promotion agencies, and financial institutions to attract investment in high-priority sectors. 'They stressed the importance of advancing economic cooperation through new partnerships in entrepreneurship and the startup ecosystem, with the aim of accelerating SME (small and medium-sized enterprise) growth, expanding investments, supporting exports to international markets, and increasing their contribution to the national GDPs (gross domestic products) of both countries,' WAM added. Food security and agriculture were also top priorities, with both sides expressing interest in boosting trade in food commodities and agricultural products. They also committed to working together on sustainable farming, food processing, and agricultural technology. Tourism was highlighted as another strategic sector for collaboration. Both nations agreed to co-host exhibitions, events, and conferences to showcase their tourist and heritage destinations. They also discussed sharing expertise and data on tourism resources, statistics, and digital innovations. The committee's formation follows recent government restructuring in the UAE. Just over two weeks ago, Sheikh Mohammed bin Rashid Al-Maktoum, vice president and prime minister of the UAE and ruler of Dubai, announced the creation of a Ministry of Foreign Trade, led by Thani Al-Zeyoudi. The Ministry of Economy was also renamed the Ministry of Economy and Tourism, now headed by Abdullah bin Touq Al-Marri.
Arab News
3 hours ago
- Arab News
GCC, Japan advance free trade talks as officials meet in Tokyo
RIYADH: Negotiations over a free trade agreement between the Gulf Cooperation Council and Japan advanced further this week as officials from both sides convened in Tokyo to review progress and explore ways to accelerate discussions. The meeting, held between GCC Secretary-General Jasem Al-Budaiwi and Japan's Vice Minister of Economy, Trade and Industry Kato Akiyoshi, focused on the strategic potential of the proposed accord and recent developments in the negotiation process, the Saudi Press Agency reported. The second round of negotiations for the agreement had concluded in Tokyo in early June, covering a wide range of issues including goods, technical barriers, terms of services, financial and telecommunications services, and intellectual property. A government delegation led by the General Authority for Foreign Trade took part in those discussions, reviewing proposals aimed at strengthening trade relations, identifying areas for cooperation, and fostering new partnerships. At this week's meeting, both sides reiterated that a free trade agreement would represent a pivotal step toward expanding trade flows, enhancing economic links, and establishing a framework for long-term cooperation. 'Al-Budaiwi reviewed a number of economic indicators and statistics for the GCC countries, noting that the GCC countries' distinguished economic performance, and the sustainable growth and development they are witnessing in various sectors, have contributed to strengthening their position regionally and internationally,' SPA's report stated. The officials stated that the accord could open broader avenues for exchange and contribute to a sustainable economic partnership serving shared interests.
