China's Xi Holds Court at APEC Summit After Trump Trade Truce 

This handout photo from APEC 2025 KOREA via Yonhap taken and released on October 31, 2025 shows China's President Xi Jinping attending a session of the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in Gyeongju. (AFP photo / APEC 2025 Korea via Yonhap / Handout)
This handout photo from APEC 2025 KOREA via Yonhap taken and released on October 31, 2025 shows China's President Xi Jinping attending a session of the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in Gyeongju. (AFP photo / APEC 2025 Korea via Yonhap / Handout)
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China's Xi Holds Court at APEC Summit After Trump Trade Truce 

This handout photo from APEC 2025 KOREA via Yonhap taken and released on October 31, 2025 shows China's President Xi Jinping attending a session of the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in Gyeongju. (AFP photo / APEC 2025 Korea via Yonhap / Handout)
This handout photo from APEC 2025 KOREA via Yonhap taken and released on October 31, 2025 shows China's President Xi Jinping attending a session of the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in Gyeongju. (AFP photo / APEC 2025 Korea via Yonhap / Handout)

China's Xi Jinping took center stage at an annual gathering of Pacific Rim leaders in South Korea on Friday, meeting Canadian and Japanese counterparts after securing a fragile trade truce with US President Donald Trump.

That agreement, struck just before Trump left South Korea, skipping the main two-day Asia-Pacific Economic Cooperation summit, cooled spiraling tensions between the world's two largest economies that jolted global commerce.

With Trump playing host for the White House's annual Halloween party back in Washington, Xi sought to cast China as the predictable champion of free and open trade at the forum, a role the US has dominated for decades.

"Changes unseen in a century are accelerating across the world," Xi told leaders of the 21-member economic bloc on Friday in the historic town of Gyeongju.

"The rougher the seas, the more we must pull together," Xi added in a speech calling for protection of global trading rules and deeper economic cooperation.

However, many Asian nations are wary of China's rhetoric, given its muscular defense posture in the region, dominance in manufacturing and its own willingness to use export controls and other tools in trade disputes.

Deputizing for Trump, US Treasury Secretary Scott Bessent told the gathered leaders - many of whom have been hammered by Trump's barrage of tariffs - that Washington was "rebalancing its trade relationships to build a stronger foundation for global growth".

The IMF initially cut the global growth outlook after Trump's 'Liberation Day' tariff announcement in April, but has edged it back up as shocks and financial conditions have proved more benign than expected.

XI MEETS JAPAN'S NEW HAWKISH LEADER

Among the most hotly-anticipated bilateral meetings, the Chinese leader held his first talks with Japan's new premier Sanae Takaichi. In brief opening remarks, both leaders said they would seek to advance ties.

While relations between the historic rivals have been on a sounder footing in recent years, Takaichi's surprise elevation to become Japan's first female leader may strain ties due to her nationalistic views and hawkish security policies.

One of her first acts since taking office last week was to accelerate a military build-up aimed at deterring the territorial ambitions of an increasingly assertive China in East Asia. Japan also hosts the biggest concentration of US military abroad.

The detention of Japanese nationals in China and Beijing's import restrictions on Japanese beef, seafood and agricultural products were also likely to be among sensitive issues on the agenda.

CANADA SEEKS TO RESTART CHINA ENGAGEMENT

Canadian Prime Minister Mark Carney also held talks with Xi, aiming to restart broad engagement with China after years of poor relations.

Embroiled in a bitter trade dispute with the United States, Canada's biggest trading partner, Carney told a gathering of executives running parallel to the main summit on Friday that Ottawa aimed to double its non-US exports over the next decade.

China is Canada's second-biggest trading partner.

Under the leadership of Carney's predecessor Justin Trudeau, Canadians were detained and executed by the Chinese government and Canada's security authorities concluded that China interfered in at least two federal elections. Xi also publicly scolded Trudeau, alleging he leaked their discussions to the press.

China announced preliminary anti-dumping duties on Canadian canola imports in August, a year after Canada said it would levy a 100% tariff on imports of Chinese electric vehicles. Senior officials from both sides met to discuss those issues earlier this month but gave no indication of any looming breakthrough.

Xi also met Thai Prime Minister Anutin Charnvirakul, while South Korean President Lee Jae Myung will tackle Korean denuclearization with the Chinese leader at a summit on Saturday.

As he held his summits on Friday, Xi's commerce minister delivered a speech on his behalf to the gathering of executives, in which he said the world was standing at a "new crossroads" between multilateralism and protectionism - a veiled jab at US trade policies.

Elsewhere, Taiwan said it was making progress on a tariff deal with the United States, and South Korea said final details of its deal with Washington were almost ready after a breakthrough agreed on Wednesday.

SOUTH KOREA HOPEFUL OF JOINT DECLARATION

South Korean Foreign Minister Cho Hyun said on Thursday that he was hopeful APEC leaders would issue a joint declaration when the summit concludes on Saturday.

Two APEC member-nation diplomats privately expressed skepticism that any statement would be particularly substantive given fractures in global politics.

APEC, which stretches from Russia to Chile and accounts for 50% of global trade, failed to adopt a joint declaration in 2018 and 2019, during Trump's first presidency.

There was also some business deals on the sidelines with US chipmaker Nvidia agreeing on a $3 billion AI joint venture with South Korean automaker Hyundai Motor Group.

Nvidia CEO Jensen Huang has had a whirlwind week, with the company becoming the first to surpass a $5 trillion valuation, but the issue of the US chipmaker's sale of advanced AI chips in China was seemingly left out of Thursday's Xi-Trump summit.

Huang said on Friday he hoped the chips can be sold in China, although stressed it was a decision for Trump.



Saudi Arabia Allows Contracting Exceptions for Firms without Regional HQ

The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Allows Contracting Exceptions for Firms without Regional HQ

The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)

Saudi Arabia has introduced greater flexibility into its investment environment, allowing government entities, under strict controls to safeguard spending efficiency and ensure the delivery of critical projects, to seek exceptions to contract with international companies that do not have regional headquarters in the kingdom.

The Local Content and Government Procurement Authority notified all government bodies of the mechanism to apply for exemptions through the Etimad digital platform.

The step is designed to balance enforcement of the “regional headquarters relocation” decision, in force since early 2024, with the needs of technically specialized projects or those driven by intense price competition.

Under a government decision that took effect at the start of 2024, state entities, including authorities, institutions and government-affiliated funds, are barred from contracting with any foreign commercial company whose regional headquarters in the region is located outside Saudi Arabia.

According to the information, the Local Content and Government Procurement Authority informed all entities of the rules governing contracts with companies that lack a regional headquarters in the kingdom and related parties.

Government entities may request an exemption from the committee for specific projects, multiple projects or a defined time period, provided the application is submitted before launching a tender or initiating direct contracting procedures.

Submission mechanism

In two circulars, the authority detailed how to submit exemption requests and clarified the cases in which contracting is permitted under the controls. It said the exemption service was launched on the Etimad platform in November 2025.

The service is available to entities that float tenders through Etimad. Requests for tenders launched before the service went live, as well as those issued outside the platform, will continue to follow the previously adopted process.

Etimad is the kingdom’s official financial services portal run by the Ministry of Finance, aimed at driving digital transformation of government procedures and boosting transparency and efficiency in managing budgets, contracts, payments, tenders and procurement. The platform streamlines transactions between state entities and the private sector.

Technical criteria

When issuing the contracting controls, the government made clear that companies without a regional headquarters in Saudi Arabia, or related parties, are not barred from bidding for public tenders.

However, their offers can only be accepted in two cases: if there is no more than one technically compliant bid, or if the offer ranks among the best technically and is at least 25% lower in price than the second-best bid after overall evaluation.

Contracts with an estimated value of no more than 1 million riyals ($266,000) are also exempt. The minister may, in the public interest, amend the threshold, cancel the exemption or suspend it temporarily.

More than 700 headquarters

More than 700 multinational companies had relocated their regional headquarters to Riyadh by early 2026, exceeding the initial target of attracting 500 companies by 2030. The program seeks to cement the kingdom’s position as a regional business hub and to localize global expertise.

When announcing the contracting ban, Saudi Arabia said the move was intended to incentivize foreign firms dealing with the government and its affiliated entities to adjust their operations.

It aims to create jobs, curb economic leakage, raise spending efficiency and ensure that key goods and services procured by government entities are delivered inside the kingdom with appropriate local content.

The government said the policy aligns with the objectives of the Riyadh 2030 strategy unveiled during the recent Future Investment Initiative forum, where 24 multinational companies announced plans to move their regional headquarters to the Saudi capital.

It stressed that the decision does not affect any investor’s ability to enter the Saudi economy or continue working with the private sector.

 


IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
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IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko

The International Monetary Fund on Thursday said its board ​would review a staff-level agreement for a new $8.1 billion lending program for Ukraine in coming days.

IMF spokeswoman Jule Kozack told reporters that Ukrainian authorities had completed the prior actions needed to move forward with the request ⁠of a new ⁠IMF program, including submission of a draft law on the labor code and adoption of a budget.

She said Ukraine's economic growth in 2025 ⁠was likely under 2%. After four years of war, the country's economy had settled into a slower growth path with larger fiscal and current account balances, she said, noting that the IMF continues to monitor the situation closely.

"Russia's invasion continues to take a ⁠heavy ⁠toll on Ukraine's people and its economy," Kozack said. Intensified aerial attacks by Russia had damaged critical energy and logistics infrastructure, causing disruptions to economic activity, Reuters quoted her as saying.

As of January, she said, 5 million Ukrainian refugees remained in Europe and 3.7 million Ukrainians were displaced inside the country.


US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
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US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid

Wall Street stocks retreated early Thursday as worries over US-Iran tensions lifted oil prices while markets digested mixed results from Walmart.

US oil futures rose to a six-month high as Iran's atomic energy chief Mohammad Eslami said no country can deprive the Islamic republic of its right to nuclear enrichment, after US President Donald Trump again hinted at military action following talks in Geneva.

"We'd call this an undercurrent of concern that is bubbling up in oil prices," Briefing.com analyst Patrick O'Hare said of the "geopolitical angst."

About 10 minutes into trading, the Dow Jones Industrial Average was down 0.6 percent at 49,379.46, AFP reported.

The broad-based S&P 500 fell 0.5 percent to 6,849.35, while the tech-rich Nasdaq Composite Index declined 0.6 percent to 22,621.38.

Among individual companies, Walmart rose 1.7 percent after reporting solid results but offering forecasts that missed analyst expectations.

Shares of the retail giant initially fell, but pushed higher after Walmart executives talked up artificial intelligence investments on a conference call with analysts.

The US trade deficit in goods expanded to a new record in 2025, government data showed, despite sweeping tariffs that Trump imposed during his first year back in the White House.