EU Council chief says ‘concrete progress' needed on trade with China
'We need concrete progress on issues related to trade and the economy, and we both want our relationship to be... mutually beneficial,' Costa said.
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Al Arabiya
2 hours ago
- Al Arabiya
North Korea's Kim vows to win anti-US battle marking Korean War anniversary
North Korean leader Kim Jong Un said the country would achieve victory in 'anti-imperalist, anti-US' battles, as the country marked the anniversary of the Korean War armistice, state media reported on Sunday. Kim 'affirmed that our state and its people would surely achieve the great cause of building a rich country with a strong army and become honorable victors in the anti-imperialist, anti-US showdown,' KCNA state news agency said, referring to his visit to a war museum on a previous day. North Korea signed an armistice agreement with the United States and China on July 27, 1953, ending the fighting in the three-year war. US generals signed the agreement representing the United Nations forces that had backed South Korea. North Korea calls July 27 'Victory Day' even though the armistice drew a border dividing the Korean peninsula roughly equally in area after the two sides had made major advances back and forth during the war. South Korea does not mark the day with any major events. But in a speech read out on Sunday at a commemoration ceremony honoring Korean War veterans in Washington, D.C., South Korea's President Lee Jae Myung pledged to further cement the country's alliance with the United States and protect freedom and peace. 'Through efforts in various fields including politics, economy, security, and culture, we will further strengthen the noble South Korea-US alliance forged in blood and make even more efforts to firmly protect freedom and peace on the Korean Peninsula,' Lee said. North Korea is now fighting alongside Russia in the war in Ukraine. Thousands of North Korean troops were deployed to Russia's Kursk region, while Pyongyang has also supplied Russia with munitions. It may deploy more troops in July or August, South Korea has said. Kim also visited memorials honoring the veterans of the 1950-53 war including the Tower of Friendship remembering the Chinese People's Liberation Army soldiers who fought with the North Koreans, and met soldiers in an artillery regiment to celebrate the day, state media KCNA said.
Al Arabiya
2 hours ago
- Al Arabiya
US says tariff deadline of August 1 is firm, no extensions
The US deadline of August 1 for imposing tariffs on its trading partners is firm and there will be no extensions, Commerce Secretary Howard Lutnick said Sunday. 'So no extensions, no more grace periods. August 1, the tariffs are set. They'll go into place. Customs will start collecting the money, and off we go,' Lutnick told 'Fox News Sunday.' For all the latest headlines follow our Google News channel online or via the app. After the levies kick in, President Donald Trump – who was negotiating Sunday in Scotland with European Union officials – is still willing to keep talking, Lutnick said. Of the Europeans, Lutnick said, 'You know they're hoping they make a deal, and it's up to President Trump, who's the leader of this negotiating table. We set the table.' So far five countries have struck deals with the Trump administration ahead of the Friday deadline as it tries to overhaul the global system of largely free trade by slapping tariffs on countries that the United States deems as engaging in unfair practices. These five are Britain, Vietnam, Indonesia the Philippines, and Japan. The levies they accepted are often higher than the new base rate of 10 percent that the United States has applied to most countries since April. But they are far below the levels the Trump administration threatened to impose if no deal were reached.
Arab News
3 hours ago
- Arab News
GCC economy grows 1.5% to $588bn in Q4 2024 on non-oil expansion
RIYADH: The Gulf Cooperation Council's economy grew 1.5 percent year on year in the fourth quarter of 2024, reaching $587.8 billion, driven by a surge in non-oil activity, official data showed. According to the GCC Statistical Center, the increase from $579 billion in the fourth quarter of 2023 highlights the region's ongoing shift toward diversification, with non-oil sectors contributing 77.9 percent of total output, while oil accounted for 22.1 percent. Among non-oil sectors, manufacturing contributed 12.5 percent, wholesale and retail trade 9.9 percent, construction 8.3 percent, and public administration and defense 7.5 percent. Finance and insurance made up 7 percent, real estate 5.7 percent, and other activities a combined 27 percent. The region's economic shift is driven by national reform plans, including Saudi Arabia's Vision 2030, the UAE's Economic Vision 2030, Oman's Vision 2040, and Qatar's National Vision 2030, aimed at reducing reliance on oil by expanding sectors like tourism, logistics, finance, and technology, and boosting private sector and foreign investment. The statistical center said: 'This report on the quarterly GDP estimates in the GCC countries is issued based on the data made available by the member states, with a reference of May 2025.' At the real GDP level, the GCC economy grew 2.4 percent in the fourth quarter of 2024, with non-oil GDP expanding by 3.7 percent, while oil GDP contracted by 0.9 percent, reflecting voluntary OPEC+ production cuts. Among member states, Qatar recorded the highest real GDP growth at 4.5 percent, followed by the UAE at 3.6 percent and Saudi Arabia at 2.8 percent, the report showed. The region also maintained stable price levels, with overall inflation averaging 2.1 percent across the bloc during the quarter. Qatar and Oman registered the lowest inflation rates at 1.1 percent and 1.5 percent, respectively, while Bahrain recorded the highest at 3.3 percent. In its latest update, the Institute of Chartered Accountants in England and Wales, in collaboration with Oxford Economics, raised its 2025 GCC growth forecast to 4.4 percent, up from a prior estimate of 4 percent, citing stronger oil output and resilient non-oil sector activity. The International Monetary Fund projects the GCC economy to expand by 3 percent in 2025, led by Saudi Arabia and the UAE, and supported by sustained infrastructure investment and policy reforms.
