In a statement, the department said the capital commitment by Rio Tinto’s subsidiary Richards Bay Minerals (RBM) reflects growing cooperation between industry, government and host communities. RBM, which is 74 per cent owned by Rio Tinto, mines mineral-rich coastal sands in KwaZulu-Natal. The operation produces zircon, rutile and ilmenite, key feedstocks used to make titanium […]
China said on Thursday that it would inject 300 billion yuan (US$44 billion) into state-owned banks this year to guard against systemic risks, and boost financing for technology companies amid intensifying US rivalry. The measures were outlined in the annual government work report released at the opening session of the National People’s Congress (NPC), China’s rubber-stamp parliament. […]
The Washington-based lender also approved a new Resilience and Sustainability Facility valued at roughly $124.3 million, which will run through September 2027 and focus heavily on climate adaptation and agricultural stability. The latest payout follows the Fund’s review of the 48-month ECF arrangement first approved in September 2023. IMF officials said the economy has shown […]
The signing ceremony took place during a dinner honoring President Prabowo, organized by the US Chamber of Commerce. Key points of the agreement include food security and agricultural products. Indonesia agreed to purchase massive quantities of US agricultural goods, including 1 million metric tons of soybeans (valued at $685 million), 1.6 million metric tons of […]
Japan plans to invest US$36 billion in US oil, gas and critical mineral projects, the first tranche of its US$550 billion commitment under the trade agreement it struck with US President Donald Trump. “Our MASSIVE Trade Deal with Japan has just launched!” Trump posted Tuesday on social media. “The scale of these projects are so large, and […]
Deutsche Bank’s headquarters in Frankfurt and its office in Berlin were searched by German prosecutors and police on Wednesday in an investigation over suspected money laundering offenses, officials said. According to the Sueddeutsche Zeitung daily, the probe is connected to suspected offences in the bank’s dealings with companies linked to Russian billionaire businessman Roman Abramovich. […]
Gold prices climbed on Tuesday, reaching $4,467.80 per troy ounce, up 0.36 percent from the previous day, driven by investor bets on further U.S. Federal Reserve interest rate cuts. This momentum extended gold’s remarkable 68 percent year-over-year gain, building on a record high of $4,794.85 hit in December 2025. Market observers noted bolstered safe-haven demand […]
Sovereign wealth funds globally amassed a record $15 trillion in assets under management in a year when many deepened their technology investments and profited from buoyant markets. Overall, sovereign owned investors ploughed $66 billion into investments in artificial intelligence and digitalization in 2025, the data firm said. Middle East sovereign wealth funds led on digital […]
The British government has decided to withdraw its $1.15 billion backing for the TotalEnergies-led Mozambique Liquefied Natural Gas project, it said on Monday. Britain had promised financial support for the $20 billion project via UK Export Finance in 2020, shortly before it pledged to stop providing direct government support for overseas fossil fuel projects. The […]
India’s economic growth accelerated to 8.2% year-on-year in the July-September period, boosted by strong consumer spending and a front-loading of production ahead of local festivals and punitive U.S. tariffs. Economists polled by Reuters had forecast a 7.3% expansion for the quarter ended September, during which the U.S. imposed an additional 25% punitive tariff on Indian exports, raising the total levy to 50%. The gross domestic product grew by 7.8% in the previous quarter. Private consumer spending, which accounts for around 57% of GDP, rose 7.9% year-on-year in July-September, compared with a 7% rise a quarter ago, the data released on Friday showed. To counter subdued external demand and mitigate the effects of U.S. tariffs tied to its Russian oil purchases, India introduced tax cuts on mass consumption items which kicked in at the end of September. “The blockbuster GDP growth has been led by front-loading of exports,” said Garima Kapoor, economist, institutional equities, at Elara Securities in Mumbai. “With today’s print, full-year FY26 GDP growth will now see an upside and will be close to 7.5%, way above the (central bank’s) and government’s estimate,” Kapoor said. GOVERNMENT EXPECTS SUSTAINED GROWTH Economists said stockpiling for the festive season as well as expedited exports ahead of the 50% tariff deadline on August 27 might have contributed to the quarterly growth figures. Manufacturing output rose 9.1% in the quarter ending in September from a year earlier against growth of 7.7% a quarter ago, while construction expanded 7.2% year-on-year from 7.6% a quarter ago. Government spending decelerated, declining 2.7% year-on-year in the three-month period compared with growth of 7.4% in the previous quarter. The government expects strong demand, firm public spending and easing inflation to help India weather trade uncertainties and sustain growth through the rest of the 2025/26 financial year. Retail inflation in October slumped to a record low of 0.25% in October, raising chances of an interest rate cut by the Reserve Bank of India in its next review in December. Nominal growth, which includes inflation, was 8.7% in July-September as against 8.8% in the quarter earlier, weighing on corporate profits and tax collection. Gross value added, considered by economists as a more accurate measure of underlying economic activity, grew 8.1% year-on-year in July-September from 7.6% in the three months to June. GVA excludes indirect taxes and government subsidy payouts, which tend to be volatile. The agriculture sector grew 3.5% year-on-year compared with an increase of 3.7% a quarter ago. Source: Gulftimes