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Officials from Iraq, Russia, and Saudi Arabia convened in Baghdad to discuss energy markets ahead of the OPEC+ meeting. Iraqi Prime Minister Mohammed Shia Al-Sudani met with Russian Deputy Prime Minister Alexander Novak and Saudi Energy Minister Prince Abdulaziz bin Salman to address key issues impacting the alliance.
At COP29, negotiations resulted in a climate finance goal of $300 billion annually by 2035, deemed insufficient by poorer nations. Despite calls for an expanded donor base, no developing countries formally agreed to contribute, reflecting tensions over financial responsibilities and the evolving status of nations like China.
The euro rose 0.2% to $1.0512 on Tuesday after escaping the latest tariff threats from Donald Trump, who did not include the euro area in his remarks. This development led to a stronger dollar overall, as investors prepared for the historically favorable month for the common currency.
Turkey is negotiating with the US for a sanctions waiver to continue using Gazprombank for natural gas payments to Russia. Energy Minister Alparslan Bayraktar emphasized that without this exemption, Turkey would be unable to pay for gas imports, jeopardizing its energy supply.
Donald Trump has initiated a tariff battle with China by announcing a 10% levy on Chinese goods, challenging President Xi Jinping to respond. The situation raises questions about the extent of further tariffs that may be imposed.
Israel’s government is optimistic about the economy's recovery following the conflicts in Gaza and Lebanon. Shmuel Abramzon, the Finance Ministry’s chief economist, expressed confidence that the fighting will subside, predicting a positive economic outlook for 2025.
S&P Global Ratings has revised the Philippines' credit outlook to positive, moving the country closer to achieving an 'A' sovereign rating. The long-term foreign currency debt rating remains at BBB+, reflecting the impact of fiscal reforms, enhanced infrastructure, and a supportive policy environment that have sustained strong economic growth over the past decade.
Tim Cook, alongside other U.S. executives, attended the second China International Supply Chain Expo in Beijing, emphasizing Apple's commitment to the Chinese market amid rising trade tensions as Donald Trump threatens increased tariffs. Cook met with Chinese Premier Li Qiang to discuss enhancing economic collaboration, highlighting the importance of maintaining global supply chains. The expo focuses on advanced manufacturing and technology, crucial for international companies like Apple that rely heavily on China for manufacturing.
Karnataka's Minister for Large and Medium Industries, MB Patil, announced that the upcoming Global Investors Meet in February aims for 80% of signed agreements to materialize, a significant increase from past events. He emphasized a new approach to investment, ensuring commitments are realistic and achievable, following previous challenges where major announcements failed to come to fruition. The event, branded 'Invest Karnataka 2025', seeks to elevate the investment summit format beyond routine gatherings.
Traders experienced a sense of déjà vu as Donald Trump's latest tariff threats triggered a surge in the dollar, prompting a flurry of activity in the markets. Nick Twidale, a seasoned currency trader, noted the potential for profit over the next four years, having already capitalized on short positions against the Mexican peso and Australian dollar.
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