
Australia PM in China to boost trade ties
The Australian leader said upon arrival that "the full range of issues" would be on the table during discussions with Chinese leaders including President Xi Jinping, making the visit a tricky balancing act as economic and security priorities compete. "We cooperate where we can, we disagree where we must, and we're able to have those honest conversations about some of the disagreements that are there," Albanese said.
Beijing's foreign ministry said earlier this week that ties between the countries "have continued to improve and grow". "China hopes that through this visit, the two sides will strengthen communication, enhance mutual trust (and) expand practical cooperation," ministry spokeswoman Mao Ning said. — AFP

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Observer
2 days ago
- Observer
620 Russian barrages hit Ukraine
KYIV: Russia fired more than 620 drones and long-range missiles overnight killing four people, Ukraine said on Saturday, calling for fresh sanctions on Moscow to halt its wave of record barrages. "Twenty-six cruise missiles and 597 attack drones were launched, of which more than half were 'Shaheds'," Ukrainian President Volodymyr Zelensky said, referring to Iranian-made drones. The Ukrainian air force said it had downed 319 drones and 25 missiles, adding that one missile and about 20 drones hit "five locations". Zelensky said the strikes had killed at least two people and wounded 20 in the southwestern Chernivtsi region, far from the front lines of the east and south. Twelve people were wounded in Lviv, also in the west. In the east, two people died in Dnipropetrovsk and three were wounded in Kharkiv, local authorities said. The Russian defence ministry said it had targeted companies in Ukraine's military-industrial complex in Lviv, Kharkiv and Lutsk and a military aerodrome. — AFP


Observer
2 days ago
- Observer
Australia PM in China to boost trade ties
BEIJING: Anthony Albanese arrived in Shanghai on Saturday to kick off his second visit to China as Australian prime minister, seeking to bolster recently stabilised trade ties even as geopolitical tensions remain high. "Trade is now flowing freely, to the benefit of both countries and to people and businesses on both sides," Albanese said ahead of the trip. The Australian leader said upon arrival that "the full range of issues" would be on the table during discussions with Chinese leaders including President Xi Jinping, making the visit a tricky balancing act as economic and security priorities compete. "We cooperate where we can, we disagree where we must, and we're able to have those honest conversations about some of the disagreements that are there," Albanese said. Beijing's foreign ministry said earlier this week that ties between the countries "have continued to improve and grow". "China hopes that through this visit, the two sides will strengthen communication, enhance mutual trust (and) expand practical cooperation," ministry spokeswoman Mao Ning said. — AFP


Observer
2 days ago
- Observer
Oman forecasts 2.2% economic growth in 2025
MUSCAT: Oman's economy is expected to grow by 2.2% in real terms by the end of 2025, up from 1.7% in 2024, according to the Ministry of Economy's 'Economic Forecasts for 2025' report, marking the final year of the Tenth Five-Year Plan. Inflation is projected to reach around 1.3%, remaining within the plan's target range, thanks to government subsidies and stable global commodity prices. The GDP at constant prices is forecast to rise from RO 38.3 billion in 2024 to RO 39.2 billion by the end of this year, supported by a 1.3% rebound in oil activities. Oil's GDP contribution is expected to edge up to RO 12 billion, while non-oil sectors are projected to grow by 2.7%, contributing RO 28.6 billion. Looking ahead, growth is expected to continue through 2026 and 2027, driven by strategic projects and higher oil production. However, global uncertainty persists. The IMF downgraded its 2025 global growth forecast from 3.3% to 2.8%, citing rising protectionism and demand shifts. It also trimmed growth projections for advanced economies to 1.4%, and for emerging markets to 3.7%, largely due to slowing Chinese exports, real estate pressures, and weak consumption. Despite this, MENA's outlook remains relatively positive, with regional growth set to reach 3% in 2025, driven by recovering GCC economies and growing non-oil investments in diversification and renewables. Trade policy changes in the US are a potential risk. Washington's planned 10% tariff on all imports, plus additional "reciprocal" duties on around 90 countries, may impact global trade flows. Although GCC states may see minimal direct impact, indirect effects such as supply chain disruptions and oil price volatility could pose challenges. For Oman, the US remains a key trading partner, with historical data showing a US trade surplus except during 2020-2022. New global tariffs could still indirectly affect Oman through shifts in partner markets and weaker global oil demand. Rising US inflation may also delay interest rate cuts, potentially increasing imported inflation for Oman. Nonetheless, Oman's strategic location, robust infrastructure, and free zones position it well to benefit from shifting global supply chains. Re-exports and foreign investment in economic zones could increase, especially as European firms consider relocating operations in response to tariff changes. — ONA