Latest news with #ScottBesant
Shafaq News
24-05-2025
- Business
- Shafaq News
US eases sanctions on Syria across key sectors
Shafaq News/ US Secretary of State Marco Rubio vowed that easing sanctions on Syria is 'critically important' for the country's path forward. He confirmed that the United States has issued a sanctions exemption under the Caesar Act to encourage investment and increase capital flow into Syria, adding that the waiver will ease access to basic services and contribute to reconstruction efforts, affirming support for the Syrian people's pursuit of 'a brighter future.' The exemption, valid for 180 days, was confirmed by a senior US State Department official, as reported by Reuters. According to the US TreasuryDepartment, the waiver allows Washington's partners and allies to conduct transactions with Syria, including new investments, financial services, and trade involving Syrian oil or petroleum products, as well as dealings with the new Syrian government. The Treasury described the measure as part of a broader effort to roll back sanctions and revitalize Syria's economy across all sectors, aiming to support infrastructure rehabilitation. However, the license specifically prohibits any transactions that would benefit Russia, Iran, or North Korea. Earlier, on May 15, US Treasury Secretary Scott Besant announced the initial steps toward easing economic sanctions on Syria, stating that the move aims 'to stabilize the situation and support Syria's path toward peace.'
Saba Yemen
14-05-2025
- Business
- Saba Yemen
Customs duty reductions take effect
Beijing - (Saba): An agreement between China and the United States to lift a portion of the additional tariffs imposed between the two countries took effect on Wednesday. China's Xinhua News Agency reported that the United States and China announced on Monday the suspension of a portion of their tariffs for 90 days, according to a joint statement. US Treasury Secretary Scott Besant said, "We will continue to work with China on trade relations, and the agreement with China is historic and unmatched by any previous US president." Besant announced the reduction of US tariffs on Chinese goods to 30 percent for 90 days. China, meanwhile, announced the reduction of tariffs on the US from 125 percent to 10 percent for 90 days. Whatsapp Telegram Email Print
See - Sada Elbalad
12-05-2025
- Business
- See - Sada Elbalad
Gold Prices Drop By EGP 160 Following US-China Trade Agreement
Waleed Farouk Gold prices fell in local markets during trading on Monday, along with a decline in the ounce on the global stock exchange, following the trade agreement between the United States and China to temporarily lift customs duties. Gold prices fell in local markets by approximately EGP 160 compared to the close of trading last Saturday evening, with the price of a gram of 21-karat gold reaching EGP 4,555 per gram, while an ounce fell by $107 to $3,218 per gram. The price of a gram of 24-karat gold reached EGP 5,206 per gram, and the price of a gram of 18-karat gold reached EGP 3,904 per gram. The price of a gram of 14-karat gold reached approximately EGP 3,037 per gram, while the price of a gold pound reached approximately EGP 36,440 per gram. Gold prices in local markets rose by EGP 80 during last week's trading, with 21-karat gold opening at EGP 4,635, touching EGP 4,800, and closing at EGP 4,715. Meanwhile, the ounce rose by $84, opening at $3,241, touching $3,400, and closing at $3,325. Gold prices declined along with the ounce on the global stock exchange, following the agreement between the United States and China to reduce tariffs for 90 days. Gold has lost more than 8% from its all-time high of $3,500 reached on April 22. The precious metal remains up 23% since the beginning of the year, supported by safe-haven demand, reflecting market volatility caused by US tariffs and geopolitical conflicts. The US "reciprocal" tariffs on China were reduced from 125% to 10%, while China also agreed to reduce tariffs on US imports from 125% to 10%. US officials stated that some other measures remain in place, and that the tariff reductions will last for 90 days to allow more time for discussions. Earlier in the session, US Treasury Secretary Scott Besant—who led the US trade delegation during a weekend of talks in Switzerland with his Chinese counterparts—said they had made "substantial progress" in the discussions. The US-China trade agreement sent investors fleeing safe-haven assets like gold and silver. The US-China agreement to temporarily remove tariffs shocked financial markets, sending US bond yields soaring, with the 10-year Treasury yield hitting 4.43%, a level not seen since early April. In the commodities sector, oil rose more than 2% to $62.50, as demand is expected to rise again with the easing of trade tensions. Stocks are also witnessing a significant rise, with Chinese stocks rising more than 1%. European stock indices saw smaller gains, while US futures outperformed, recording gains ranging between 2.50% and 3%. Meanwhile, demand for gold, a safe haven, declined as geopolitical tensions eased following the announcement of a ceasefire between India and Pakistan. Ukrainian President Volodymyr Zelenskyy is preparing to meet Russian President Vladimir Putin in Turkey next Thursday for talks ahead of a potential ceasefire. In a related development, markets are awaiting US CPI data on Tuesday, US Producer Price Index data, and US retail sales data this week. US weekly unemployment claims, Empire State Manufacturing Survey, Philadelphia Manufacturing Survey, and Federal Reserve Chairman Jerome Powell's remarks in Washington, D.C., on Thursday, and the University of Michigan's preliminary survey of consumer confidence on Friday. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Saba Yemen
12-05-2025
- Business
- Saba Yemen
US, China Agree to 90-Day Tariff Cuts
Geneva - (Saba): China and the United States agreed on Monday to substantially eliminate tariffs on each other's goods for an initial 90-day period, a surprise achievement that has boosted global markets. Under the agreement, the United States will temporarily reduce its tariffs on Chinese goods from 145% to 30%, while China will reduce its tariffs on US imports from 125% to 10%, according to the joint statement. In a joint statement, the two governments announced their commitment to take these steps by May 14, 2025, recognizing the importance of bilateral economic relations and their impact on the global economy, and seeking to establish a long-term, sustainable, and mutually beneficial relationship, according to a White House statement. This announcement comes after a weekend of marathon trade negotiations in Geneva, Switzerland, between officials from the world's two largest economies, during which both sides hailed "tangible progress." The Chinese and American sides also agreed to establish a mechanism to continue economic and trade talks. The Chinese side will be represented by Vice Premier He Lifeng, while the American side will be represented by Treasury Secretary Scott Besant and Trade Representative Jameson Greer. The meetings will alternate between China and the United States, or in a third country mutually agreed upon by both sides, with the possibility of holding technical consultations at the working-level on related issues. The dispute over US President Donald Trump's 145% tariffs on China, which China responded by raising its tariffs on US products to 125%, has sparked warnings of a trade war between the two countries that would have negative repercussions for the global economy. Whatsapp Telegram Email Print more of (International)
Saba Yemen
11-05-2025
- Business
- Saba Yemen
US-China Talks to Defuse Trade Dispute
Geneva - Saba: Senior US and Chinese officials have begun formal talks in Switzerland in an attempt to defuse the escalating trade dispute between the world's two largest economies, which threatens to undermine global trade and harm the international economy. China's Xinhua News Agency reported that "US Treasury Secretary Scott Besant and US Trade Representative Jameson Greer held meetings in Geneva with a Chinese delegation headed by Vice Premier He Lifeng." Whatsapp Telegram Email Print
