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Arab News
6 hours ago
- Arab News
Trump arrives in Scotland for golf and bilateral talks as EU trade deal nears
EDINBURGH/LONDON: US President Donald Trump, dogged by questions about his ties to disgraced financier and sex offender Jeffrey Epstein, arrived in Scotland on Friday for some golf and bilateral talks that could yield a trade deal with the European Union. Trump told reporters upon his arrival that he will visit his two golf properties in Scotland and meet with British Prime Minister Keir Starmer and European Commission President Ursula von der Leyen, whom he called a 'highly respected woman.' As hundreds of onlookers cheered his arrival, Trump repeated his earlier comment about a 50-50 chance of securing a deal with the EU, adding it would be his administration's biggest trade agreement thus far, if it came together. However, he said there were still 'sticking points' with Brussels on 'maybe 20 different things.' Trump said his meeting with Starmer would be more of a celebration of the trade deal already reached than continued work on it, adding, 'It's a great deal for both.' Before he left Washington, Trump said his administration was working hard on a possible trade deal with the EU, and Brussels was keen to make a deal. Von der Leyen said later she would meet Trump in Scotland on Sunday. EU diplomats say a deal could result in a 15 percent tariff on EU goods, mirroring a framework accord with Japan reached this week and half of the 30 percent Trump is threatening to impose by August 1. Trump has sought to reorder the global economy after imposing a 10 percent tariff on nearly all trading partners in April and threatening sharply higher rates for many countries to kick in a week from now. Trump says the moves will reduce the US trade deficit and bring in extra revenue, but economists warn the new trade policies could drive up inflation. Trump, facing the biggest domestic political crisis of his second term, expressed frustration about ongoing questions about his administration's handling of investigative files related to Epstein's criminal charges and his 2019 death in prison. 'You make it a very big thing over something that's not a big thing,' Trump told reporters in Scotland, urging them to focus on other prominent Americans with ties to Epstein, including former President Bill Clinton. 'Talk about Clinton. Talk about the former president of Harvard. Talk about all of his friends. Talk about the hedge fund guys that were with him all the time. Don't talk about Trump,' he said. 'What you should be talking about is the fact that we have the greatest six months in the history of a presidency.' The Epstein issue has caused a rare breach with some of Trump's most loyal Make America Great Again supporters, and majorities of Americans and Trump's Republicans say they believe the government is hiding details on the case, according to Reuters/Ipsos polling. White House officials are hoping the controversy dies down while Trump is abroad, two people familiar with the matter said. Trump will stay at his Turnberry property on Scotland's west coast this weekend, before traveling on Monday to a golf property in Aberdeen, where he will open a second 18-hole course named in honor of his mother, Mary Anne MacLeod. MacLeod was born and raised on a Scottish island before emigrating to the US As he left the White House, Trump said he looked forward to meeting both Starmer and Scottish leader John Swinney, who had publicly backed Democratic candidate Kamala Harris in the 2024 US presidential election. The trip gives Trump and Starmer a chance to deepen their already warm ties, with key issues on the agenda to include ending Russia's war in Ukraine, British and US sources said. The deteriorating situation in Gaza is also likely to come up. Starmer on Thursday said he would hold an emergency call with France and Germany over what he called the 'unspeakable and indefensible' suffering and starvation being reported there, and called on Israel to allow aid to enter the Palestinian enclave. Gaza health authorities say more than 100 people have died from starvation, most in recent weeks. Human rights groups have said mass starvation is spreading even as tons of food and other supplies sit untouched just outside the territory. Since being elected last year, Starmer has prioritized good relations with Trump, stressing the importance of Britain's defense and security alliance with the US, while working to clinch the first tariff-reduction deal with the US in May. The framework agreement reaffirmed quotas and tariff rates on British automobiles and eliminated tariffs on the UK's aerospace sector, but left steel tariffs in place. Starmer is expected to press for lower steel tariffs, but sources close to the matter said it was unclear if any breakthrough was possible during Trump's visit. Trump has described Scotland as a 'very special place' and made a similar trip there in 2016 during his earlier run for the presidency, but he will not necessarily get a warm welcome. About 70 percent of Scots have an unfavorable opinion of Trump, while 18 percent have a favorable opinion, an Ipsos poll in March found. Scottish police are girding for protests on Saturday in both Aberdeen and in Edinburgh, the country's capital. Trump will return to Britain from September 17-19 for a state visit hosted by King Charles. It will make Trump the first world leader in modern times to undertake two state visits to Britain. The late Queen Elizabeth hosted him at Buckingham Palace for a three-day state visit in June 2019.
Al Arabiya
7 hours ago
- Al Arabiya
Oil prices dip to settle at 3-week low on US and China economic concerns
Oil prices eased on Friday and settled at a three-week low as traders worried about negative economic news from the US and China and signs of growing supply. Losses were limited by optimism US trade deals could boost global economic growth and oil demand in the future. Brent crude futures fell 74 cents, or 1.1 percent, to settle at $68.44, while US West Texas Intermediate (WTI) crude fell 87 cents, or 1.3 percent, to settle at $65.16. Those were the lowest settlement levels for Brent since July 4 and WTI since June 30. For the week, Brent was down about 1 percent with WTI down about 3 percent. European Commission President Ursula von der Leyen will meet US President Donald Trump on Sunday in Scotland. European Union officials and diplomats said they expected to reach a framework trade deal this weekend. The euro zone economy has remained resilient to the pervasive uncertainty caused by a global trade war, a slew of data showed on Friday, even as European Central Bank policymakers appeared to temper market bets on no more rate cuts. In the US, new orders for US-manufactured capital goods unexpectedly fell in June while shipments of those products increased moderately, suggesting business spending on equipment slowed considerably in the second quarter. Trump said he had a good meeting with Federal Reserve Chair Jerome Powell and got the impression that the head of the US central bank might be ready to lower interest rates. Lower interest rates reduce consumer borrowing costs and can boost economic growth and demand for oil. In China, the world's second-biggest economy, fiscal revenue dipped 0.3 percent in the first six months from a year earlier, the finance ministry said, maintaining the rate of decline seen between January and May. Growing supplies? The US is preparing to allow partners of Venezuela's state-run PDVSA, starting with US oil major Chevron, to operate with limitations in the sanctioned nation, sources said on Thursday. That could boost Venezuelan oil exports by a little more than 200,000 barrels per day (bpd), news US refiners would welcome, as it would ease tightness in the heavier crude market, ING analysts wrote. Iran said it would continue nuclear talks with European powers after 'serious, frank, and detailed' conversations on Friday, the first such face-to-face meeting since Israel and the US bombed Iran last month. Venezuela and Iran are members of the Organization of the Petroleum Exporting Countries (OPEC). Any deal that could increase the amount of oil either sanctioned country could export would boost the amount of crude available to global markets. OPEC said the joint ministerial monitoring committee (JMMC) scheduled to convene on Monday does not hold decision-making authority over production levels. Four OPEC+ delegates said an OPEC+ panel is unlikely to alter existing plans to raise oil output when it meets, noting the producer group is keen to recover market share while summer demand is helping to absorb the extra barrels. OPEC+ includes OPEC and allies like Russia. In Russia, the world's No. 2 crude producer behind the US, daily oil exports from its western ports are set to be around 1.77 million bpd in August, down from 1.93 million bpd in July's plan, Reuters calculations based on data from two sources show. In the US, energy firms this week cut the number of oil and natural gas rigs operating for the 12th time in 13 weeks, energy services firm Baker Hughes said in its closely followed report on Friday.
Arab News
11 hours ago
- Arab News
FIA and Formula E agree 10-year extension to electric world championship
LONDON: The FIA and Formula E have agreed a 10-year extension to their partnership, securing the future of the FIA Formula E World Championship until at least 2038. For the latest updates, follow us @ArabNewsSport Announced on Friday, the new multi-year agreement between the Federation Internationale de l'Automobile and Formula E ensures the world's premier all-electric racing series will continue to operate under the FIA's governance for another decade beyond the current deal. The extension is a pivotal moment for Formula E, which has recorded 20 percent year-on-year growth since its inaugural race in 2014. The sport now attracts more than 400 million fans worldwide and reaches a global TV audience of about half a billion. Described by the FIA as a milestone for innovation and sustainability in motorsport, the renewed deal will allow Formula E to accelerate its expansion, pursue long-range partnerships and enhance its position as a testbed for electric vehicle technologies that translate to consumer markets. 'The extension of the agreement governing the FIA Formula E World Championship is a fantastic outcome for the sport and a clear reflection of our ongoing strategy at the FIA to foster long-term stability, innovation, and growth across all areas of motorsport,' said Mohammed Ben Sulayem, president at the FIA. 'This milestone reaffirms our commitment to innovation, sustainability, and technological progress, which are all central to the championship's unique identity and purpose. It also aligns with our broader goal of increasing global participation and driving more accessible motorsport for all. We are delighted to be continuing this journey with Formula E, and I look forward to seeing it grow even further, both on and off the track, in the years to come,' he added. Formula E's cutting-edge credentials were further bolstered by the recent launch of the GEN3 Evo race car, which accelerates from 0-60mph in just 1.82 seconds, about 30 percent quicker than a current Formula 1 car. It has a top speed of 200mph and regenerates nearly half the energy used in a race. Sustainability is a core pillar, with tyres containing 35 percent recycled materials and bodywork incorporating recycled carbon fibre and natural fibres. Craig Edmondson, chief commercial officer at the FIA, added: 'Formula E has not only demonstrated impressive growth since its inception, but has also led the way on sustainable innovation in our industry. This is a landmark agreement for the FIA and Formula E, and we are excited to be working with the championship in the years to come.' The deal also provides the long-term security required to invest further in vehicle performance, fan engagement, and technological advancement. Formula E is targeting faster top speeds, enhanced aerodynamics, better tyre performance, and closer racing. 'We've believed in Formula E since Day 1, and this extension reaffirms our confidence in where it's headed. This is the motorsport of the future, a championship that combines the very latest technology, close-combat racing, and a mission that really matters,' said Mike Fries, CEO of Liberty Global, Formula E's majority owner. 'With the FIA's continued backing, we can now take the next big steps — scaling the sport, growing its global fanbase, and continuing to push the boundaries of what electric racing can achieve. 'With this new agreement in place, Formula E is now positioned better than ever to define the future of motorsport — more innovative, more inclusive, more sustainable — and to inspire the next generation of fans, drivers, and partners around the world,' he added. Formula E's roster includes major automotive manufacturers such as Porsche, Jaguar, Nissan, Maserati, Stellantis, Mahindra and Lola-Yamaha, with 11 teams and 22 drivers competing in cities including Jeddah, Monaco, Tokyo, London, Miami, and Shanghai. Jeff Dodds, CEO of Formula E, said: 'Formula E's growth since its inception has been nothing short of extraordinary, with hundreds of millions of fans and world-class teams and drivers deciding to choose highly competitive electric racing. 'This long-term extension of the partnership enables us to continue building the brand, investing in the product and delivering some of the most captivating racing that has made us famous. 'With this long-term extension, the opportunity that Formula E now has to impact world motorsport will be truly transformational,' Dodds added. Formula E has topped global rankings for environmental, social and governance performance in sport for the past three years and continues to reduce freight emissions while delivering positive legacies in its host cities through its Better Future Fund. With global EV sales forecast to exceed 40 percent of all vehicle sales by 2030 and battery production expected to triple, the series is positioning itself at the forefront of technological and cultural shifts in motorsport and mobility.
