Trump, Australia’s Albanese Sign Critical Minerals Agreement to Counter China 

President Donald Trump, right, shakes the hand of Australian Prime Minister Anthony Albanese during a meeting in the Cabinet Room of the White House, Monday, October 20, 2025, in Washington. (AP)
President Donald Trump, right, shakes the hand of Australian Prime Minister Anthony Albanese during a meeting in the Cabinet Room of the White House, Monday, October 20, 2025, in Washington. (AP)
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Trump, Australia’s Albanese Sign Critical Minerals Agreement to Counter China 

President Donald Trump, right, shakes the hand of Australian Prime Minister Anthony Albanese during a meeting in the Cabinet Room of the White House, Monday, October 20, 2025, in Washington. (AP)
President Donald Trump, right, shakes the hand of Australian Prime Minister Anthony Albanese during a meeting in the Cabinet Room of the White House, Monday, October 20, 2025, in Washington. (AP)

US President Donald Trump and Australian Prime Minister Anthony Albanese signed a critical minerals agreement aimed at countering China on Monday at a meeting marked by Trump's jab at Australia's envoy to the United States over past criticism.

China loomed large at the first White House summit between Trump and Albanese, with the US president also backing a strategic nuclear-powered submarine deal with Australia to bolster security in the Indo-Pacific.

While Trump and Albanese greeted each other warmly, the US president expressed ire about past criticism of him by Australia's US ambassador Kevin Rudd, a former prime minister. Rudd in 2020 called Trump "the most destructive president in history," later deleting the comment from social media.

Trump said he was not aware of the critical comments and asked where the envoy was now. Upon seeing him across the table, Trump said, "I don't like you either, and I probably never will."

The visit otherwise appeared to go smoothly, with Albanese and Trump signing a minerals deal that Trump said had been negotiated in recent months. Albanese described it as an $8.5 billion pipeline "that we have ready to go."

A copy of the agreement released by both governments said the two countries will each invest $1 billion over the next six months into mining and processing projects as well as set a minimum price floor for critical minerals, a move that Western miners have long sought.

A White House statement on the agreement added that the investments would target deposits of critical minerals worth $53 billion, although it did not provide details on which types or locations.

"In about a year from now, we'll have so much critical mineral and rare earths that you won't know what to do with them," Trump told reporters.

EXIM ANNOUNCES OVER $2.2 BILLION IN INVESTMENTS

The US Export-Import Bank, which acts as the US government's export credit agency, later announced seven letters of interest totaling more than $2.2 billion to advance critical minerals projects in Australia. It said the letters went to Arafura Rare Earths, Northern Minerals, Graphinex, Latrobe Magnesium, VHM, RZ Resources, and Sunrise Energy Metals.

EXIM said the projects span a range of critical minerals essential to advanced defense systems, aerospace components, communications equipment, and next-generation industrial technologies.

The investments would help support the re-industrialization of America’s high-tech manufacturing base, while helping to "counter China's export dominance and ensure Western supply-chain resilience," it said.

Additionally, the Pentagon plans to build a gallium refinery in Western Australia. China blocked gallium exports to the United States last December.

The United States has been looking to boost its access to critical minerals around the world as China takes steps to strengthen control over global supply. Trade tensions between the United States and China have escalated ahead of Trump's meeting with Chinese President Xi Jinping in South Korea next week.

The term critical minerals applies to a range of minerals, including rare earths, lithium and nickel.

China has the world's largest rare earths reserves, according to US Geological Survey data, but Australia also has significant reserves. The minerals are used for products ranging from electric vehicles to aircraft engines and military radars.

TRUMP SIGNALS SUPPORT FOR SUBMARINE DEAL

Albanese got welcome support from Trump for the A$368 billion ($239.46 billion) AUKUS agreement, reached in 2023 under then-President Joe Biden. Under the deal, Australia is to buy US nuclear-powered submarines in 2032 before building a new submarine class with Britain.

While Trump has been eager to roll back Biden-era policies, he signaled his intent to back the AUKUS submarine agreement, months after his team launched a review of the deal over concerns about the ability of the United States to meet its own submarine needs.

Navy Secretary John Phelan told the meeting the United States and Australia were working closely to improve the original AUKUS framework for all three parties "and clarify some of the ambiguity that was in the prior agreement."

Trump said these were "just minor details," adding that "there shouldn't be any more clarifications, because we're just - we're just going now full steam ahead, building."

Ahead of Monday's meeting, Australian officials emphasized that their country is paying its way under AUKUS, contributing $2 billion this year to boost production rates at US submarine shipyards, and preparing to maintain US Virginia-class submarines at its Indian Ocean naval base from 2027.

The delay of 10 months in an official meeting since Trump took office had caused some anxiety in Australia as the Pentagon urged the Australian government to increase defense spending. The two leaders met briefly on the sidelines of the United Nations General Assembly in New York last month.

The rare earths agreement came a week after US officials condemned China's expansion of rare earth export controls as a threat to global supply chains.

Resource-rich Australia, wanting to extract and process rare earths, put preferential access to its strategic reserve on the table in US trade negotiations in April.

As part of the rare earths agreement, Trump and Albanese agreed to cut permitting for mines, processing facilities and related operations in order to boost production.

The deal called for cooperation on the mapping of geological resources, minerals recycling and efforts to stop the sale of critical minerals assets "on national security grounds."

This was an oblique reference to China, which has bought major mining assets across the planet in the past decade, including the world's largest cobalt mine in Congo, from US-based Freeport-McMoRan in 2016.



Lagarde Dampens ECB Exit Talk, Expects to Finish her Term

FILE PHOTO: European Central Bank (ECB) President Christine Lagarde reacts during an address to the media after the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, December 18, 2025. REUTERS/Heiko Becker/File Photo
FILE PHOTO: European Central Bank (ECB) President Christine Lagarde reacts during an address to the media after the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, December 18, 2025. REUTERS/Heiko Becker/File Photo
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Lagarde Dampens ECB Exit Talk, Expects to Finish her Term

FILE PHOTO: European Central Bank (ECB) President Christine Lagarde reacts during an address to the media after the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, December 18, 2025. REUTERS/Heiko Becker/File Photo
FILE PHOTO: European Central Bank (ECB) President Christine Lagarde reacts during an address to the media after the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, December 18, 2025. REUTERS/Heiko Becker/File Photo

European Central Bank President Christine Lagarde has attempted to calm speculation about her stepping down early that has called into question the central bank's separation from politics, telling the Wall Street Journal she expects to complete her term.

Lagarde's status as leader of Europe's most important financial institution
was plunged into doubt this week after the Financial Times reported she planned to leave her job ahead of next spring's French presidential election, giving outgoing leader
Emmanuel Macron a say in picking her successor.

In an interview with the WSJ on Thursday, Lagarde dampened speculation about an imminent exit but still left the door slightly ajar to the possibility that she might leave before the end of her contract in October 2027.

“When I look back at all these years, I ‌think that we have ‌accomplished a lot, that I have accomplished a lot,” she told the ‌paper. “We ⁠need to consolidate ⁠and make sure that this is really solid and reliable. So my baseline is that it will take until the end of my term.”

Reuters exclusively reported that Lagarde had sent a private message to fellow policymakers reassuring them that she was still concentrating on her job and that they would hear it from her, rather than the press, if she wanted to step down.

The ECB has said that Lagarde has not made a decision about the end of her term, but stopped short of denying the FT report.

Some analysts thought an ⁠early exit risked tangling the ECB up in European politics as it could ‌give the impression of trying to make sure France's eurosceptic far ‌right, which could win next year's presidential vote, had no say in her succession.

Lagarde said last year she intended ‌to complete her term, a commitment she has conspicuously failed to repeat this week.

Bank of France Governor Francois ‌Villeroy de Galhau announced plans to step down from his job last week, in a move that gives President Macron a chance to pick the next French central bank chief, drawing sharp criticism from the far-right who called the move anti-democratic.

Villeroy's early departure and the confusion about Lagarde's future come just as US President Donald Trump is attacking the Federal Reserve, ‌further stoking debates about central bank independence from politics.

"After the recent events in the US, this is another reminder that although central banks are nominally ⁠independent, who leads them and ⁠their worldview is a matter for high politics," economists at Oxford Economics wrote on Friday.

As the head of the euro zone's second largest economy, the French president plays an important role in wider negotiations to select the head of the ECB.

Polls show either far-right National Rally leader Marine Le Pen, or her protege Jordan Bardella, could win the French presidency.

While the party has long dropped a call for France to leave the euro, it is still seen as something of an unknown quantity in central banking circles.

According to Reuters, Lagarde told the WSJ that she viewed her mission as price and financial stability, as well as "protecting the euro, making sure that it is solid and strong and fit for the future of Europe."

She also said that the World Economic Forum was "one of the many options" she was considering once she left the central bank.

When Lagarde's name first emerged as a possible candidate for ECB president in 2019, she said she had no interest in the job and would not leave the International Monetary Fund, where she was the managing director.


Stocks Drop, Oil Rises after Trump Iran Threat

Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP
Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP
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Stocks Drop, Oil Rises after Trump Iran Threat

Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP
Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP

Most Asia equities fell and oil prices rose on Friday after Donald Trump ratcheted up Middle East tensions by hinting at possible military strikes on Iran if it did not make a "meaningful deal" in nuclear talks.

The remarks fanned geopolitical concerns and cast a pall over a tentative rebound in markets following an AI-fueled sell-off this month.

Traders are also looking ahead to the release of US data later in the day that will provide a fresh snapshot of the world's top economy, said AFP.

A slew of forecast-beating figures over the past few days have lifted optimism about the outlook but tempered expectations for more interest rate cuts.

The US president told the inaugural meeting of the "Board of Peace", his initiative to secure stability in Gaza, that Tehran should make a deal.

"It's proven to be over the years not easy to make a meaningful deal with Iran. We have to make a meaningful deal otherwise bad things happen," he said, as he deployed warships, fighter jets and other military hardware to the region.

He warned that Washington "may have to take it a step further" without any agreement, adding: "You're going to be finding out over the next probably 10 days."

Israeli Prime Minister Benjamin Netanyahu earlier warned: "If the ayatollahs make a mistake and attack us, they will receive a response they cannot even imagine."

The threats come days after the United States and Iran held a second round of Omani-mediated talks in Geneva as Washington looks to prevent the country from getting a nuclear bomb, which Tehran says it is not pursuing.

The prospect of a conflict in the crude-rich Middle East has sent oil prices surging this week, and they extended the gains Friday to sit at their highest levels since June.

Equity traders were also spooked.

Hong Kong fell as it reopened from a three-day break, while Tokyo, Sydney, Wellington and Bangkok were also down. However, Seoul continued to rally to a fresh record thanks to more tech buying, with Singapore, Manila and Mumbai also up.

City Index market analyst Matt Simpson said a strike was not certain.

"At its core, this looks like pressure and leverage rather than a prelude to invasion," he wrote.

"The US is pairing military readiness with stalled nuclear negotiations, signaling it has credible strike options if talks fail. That doesn't automatically translate into boots on the ground or a regime-change campaign.

"While military assets dominate headlines, diplomacy is still in motion. The fact talks are continuing at all suggests both sides are still probing for a diplomatic off-ramp before tensions harden further."

Shares in Jakarta slipped even after Trump and Indonesian President Prabowo Subianto reached a trade deal after months of wrangling.

The accord sets a 19 percent tariff on Indonesian goods entering the United States. The Southeast Asian country had been threatened with a potential 32 percent levy before the pact.

Jakarta also agreed to $33 billion in purchases of US energy commodities, agricultural products and aviation-related goods, including Boeing aircraft.


Third ‘Mirkaz AlBalad AlAmeen Platform’ to Open in Makkah on Sunday 

A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
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Third ‘Mirkaz AlBalad AlAmeen Platform’ to Open in Makkah on Sunday 

A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)

The third edition of the “Mirkaz ABalad AlAmeen”, a leading platform for exchanging opportunities in Makkah, will kick off on Sunday, under the theme “Makkah Inspires the World.”

The platform, organized by the Holy Makkah Municipality, will feature 15 exceptional Ramadan evenings focused on dialogue, knowledge exchange, and cross-sector engagement.

Makkah Mayor Musad Aldaood said the platform redefines development from Makkah, where faith meets inspiration and values are transformed into a comprehensive civilizational experience.

He noted that the initiative reflects the ambitions of Saudi Vision 2030 and showcases Makkah to the world as a living model of creativity, leadership, and innovation.

The upcoming edition will host more than 65 speakers, including executive leaders and decision-makers from across all three sectors, alongside futurists, entrepreneurs, and leading voices in culture and inspiration from artists, writers, media professionals, and innovators.

The program targets 12 key sectors: technology and digital transformation, financial investment, communications and media, real estate development, transport and logistics, banking services, youth and sports, tourism and culture, hospitality and catering, Hajj and Umrah, the third sector, and healthcare.