China Gasoline Exports to N.Korea Nosedive as Tillerson Hails Pyongyang’s Recent Restraint

A car drives past residential buildings in Pyongyang, North Korea on April 11, 2012. (Reuters)
A car drives past residential buildings in Pyongyang, North Korea on April 11, 2012. (Reuters)
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China Gasoline Exports to N.Korea Nosedive as Tillerson Hails Pyongyang’s Recent Restraint

A car drives past residential buildings in Pyongyang, North Korea on April 11, 2012. (Reuters)
A car drives past residential buildings in Pyongyang, North Korea on April 11, 2012. (Reuters)

Gasoline exports from China to North Korea took a sharp dip in July, which would threaten critical supplies of fuel and force the isolated country to seek alternatives to its main supplier.

The decline, revealed by customs data, is the strongest sign yet that the suspension of sales of the fuel by China’s state oil major CNPC has cut critical supplies to its southern neighbor.

Beijing's General Administration of Customs said on Wednesday Chinese shipments of gasoline dropped 97 percent from a year ago to just 120 tons of the fuel - worth little more than $100,000. The number was down from 8,262 tons in June.

Monthly fluctuations in the data are not unusual, but this was the fourth-lowest volume on Reuters' records of customs data going back to January 2010.

Customs data also showed China's trade with North Korea fell last month as a ban on coal purchases from its isolated neighbor slowed imports amid growing pressure from the United States to rein in Pyongyang's missile program.

At the end of June, Reuters reported China National Petroleum Corp (CNPC) suspended sales of gasoline and fuel to North Korea over concerns CNPC would not get paid for its goods.

Fuel prices in the country surged following the cut and the measure is still in place, people familiar with the matter say.

Gasoline typically accounts for the bulk of fuel exports to North Korea, but July data showed the biofuel, ethanol, took the top spot with shipments of 4,137 cubic meters, worth $1.9 million.

On Tuesday, US Secretary of State Rex Tillerson commended North Korea for recent restraint in its provocations and said it could point the way to a possible dialogue with the US.

It was rare positive expression from the US toward the authoritarian government in Pyongyang and comes amid a slight easing in recent tensions between the adversaries that had flared after President Donald Trump pledged to answer North Korean aggression with "fire and fury." North Korea, for its part, had threatened to launch missiles toward the American territory of Guam.

Addressing reporters at the State Department, Tillerson said that North Korea had "demonstrated some level of restraint that we have not seen in the past" by not conducting missile launches or provocative acts since the UN Security Council adopted tough sanctions on August 5.

"We hope that this is the beginning of this signal that we have been looking for, that they are ready to restrain their level of tensions, they're ready to restrain their provocative acts," Tillerson said, "and that perhaps we are seeing our pathway to sometime in the near future having some dialogue."

Tillerson added a caveat.

"We need to see more on their part," he said, without elaborating.

The UN sanctions were a response to twin tests last month of an intercontinental ballistic missile that may be able to reach parts of the US, heightening concern in Washington that North Korea could soon be able to threaten it with nuclear weapons. It was the latest salvo in the Trump administration's push to increase economic and diplomatic pressure on Kim Jong Un's government.

However, the US administration has left the door open to engagement with the North, with Tillerson recently urging it to stop missile tests to show its sincerity. While the two sides have maintained quiet diplomatic contacts in recent months, there has been scant sign that Pyongyang will oblige.

Kim has held off on the North's supposed plans to fire missiles into waters near Guam that were advertised in state media earlier this month, but his government this week has kept up its harsh criticism of the US over annual military drills conducted with close ally South Korea.

The North regards the drills as preparation for invasion and on Tuesday its military vowed, with customarily tough rhetoric, a "merciless retaliation" against the US Senior US military commanders dismissed calls to pause or downsize the exercises that they view as crucial to countering a clear threat from Pyongyang.



Lebanese Cabinet Approves Draft Law on Financial Crisis Losses

A photograph released by the Lebanese Government Press Office on December 26, 2025, show Prime Minister Nawaf Salam speaking during a press conference after a cabinet session in Beirut on December 26, 2025. (Photo by Handout / Lebanese Government Press Office / AFP)
A photograph released by the Lebanese Government Press Office on December 26, 2025, show Prime Minister Nawaf Salam speaking during a press conference after a cabinet session in Beirut on December 26, 2025. (Photo by Handout / Lebanese Government Press Office / AFP)
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Lebanese Cabinet Approves Draft Law on Financial Crisis Losses

A photograph released by the Lebanese Government Press Office on December 26, 2025, show Prime Minister Nawaf Salam speaking during a press conference after a cabinet session in Beirut on December 26, 2025. (Photo by Handout / Lebanese Government Press Office / AFP)
A photograph released by the Lebanese Government Press Office on December 26, 2025, show Prime Minister Nawaf Salam speaking during a press conference after a cabinet session in Beirut on December 26, 2025. (Photo by Handout / Lebanese Government Press Office / AFP)

Lebanon's government on Friday approved a draft law to distribute financial losses from the 2019 economic crisis that deprived many Lebanese of their deposits despite strong opposition to the legislation from political parties, depositors and banking officials.

The draft law will be submitted to the country's divided parliament for approval before it can become effective.

The legislation, known as the "financial gap" law, is part of a series of reform measures required by the International Monetary Fund (IMF) in order to access funding from the lender.

The cabinet passed the draft bill with 13 ministers in favor and nine against. It stipulates that each of the state, the central bank, commercial banks and depositors will share the losses accrued as a result of the financial crisis.

Prime Minister Nawaf Salam defended the bill, saying it "is not ideal... and may not meet everyone's aspirations" but is "a realistic and fair step on the path to restoring rights, stopping the collapse... and healing the banking sector.”

According to government estimates, the losses resulting from the financial crisis amounted to about $70 billion, a figure that is expected to have increased over the six years that the crisis was left unaddressed.

Depositors who have less than $100,000 in the banks, and who constitute 85 percent of total accounts, will be able to recover them in full over a period of four years, Salam said.

Larger depositors will be able to obtain $100,000 while the remaining part of their funds will be compensated through tradable bonds, which will be backed by the assets of the central bank.

The central bank's portfolio includes approximately $50 billion, according to Salam.

The premier told journalists that the bill includes "accountability and oversight for the first time.”

"Everyone who transferred their money before the financial collapse in 2019 by exploiting their position or influence... and everyone who benefited from excessive profits or bonuses will be held accountable and required to pay compensation of up to 30 percent of these amounts," he said.

Responding to objections from banking officials, who claim components of the bill place a major burden on the banks, Salam said the law "also aims to revive the banking sector by assessing bank assets and recapitalizing them.”

The IMF, which closely monitored the drafting of the bill, previously insisted on the need to "restore the viability of the banking sector consistent with international standards" and protect small depositors.

Parliament passed a banking secrecy reform law in April, followed by a banking sector restructuring law in June, one of several key pieces of legislation aimed at reforming the financial system.

However, observers believe it is unlikely that parliament will pass the current bill before the next legislative elections in May.

Financial reforms in Lebanon have been repeatedly derailed by political and private interests over the last six years, but Salam and Lebanese President Joseph Aoun have pledged to prioritize them.


Türkiye Says Russia Gave It $9 Billion in New Financing for Akkuyu Nuclear Plant

Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Reuters)
Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Reuters)
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Türkiye Says Russia Gave It $9 Billion in New Financing for Akkuyu Nuclear Plant

Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Reuters)
Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Reuters)

Türkiye's energy minister said Russia had provided new financing worth $9 billion for the Akkuyu nuclear power plant being built by ​Moscow's state nuclear energy company Rosatom, adding Ankara expected the power plant to be operational in 2026.

Rosatom is building Türkiye's first nuclear power station at Akkuyu in the Mediterranean province of Mersin per a 2010 accord worth $20 billion. The plant was expected ‌to be operational ‌this year, but has been ‌delayed.

"This (financing) ⁠will ​most ‌likely be used in 2026-2027. There will be at least $4-5 billion from there for 2026 in terms of foreign financing," Alparslan Bayraktar told some local reporters at a briefing in Istanbul, according to a readout from his ministry.

He said ⁠Türkiye was in talks with South Korea, China, Russia, and ‌the United States on ‍nuclear projects in ‍the Sinop province and Thrace region, and added ‍Ankara wanted to receive "the most competitive offer".

Bayraktar said Türkiye wanted to generate nuclear power at home and aimed to provide clear figures on targets.


China Bets on Advanced Technologies to Revive Tepid Industrial Sector

A humanoid robot Tiangong by Beijing Innovation Center of Humanoid Robotics Co, moves an orange as a demonstration at its company, during an organized media tour to Beijing Robotics Industrial Park, in Beijing Economic-Technological Development Area, also known as Beijing E-Town, China May 16, 2025. (Reuters)
A humanoid robot Tiangong by Beijing Innovation Center of Humanoid Robotics Co, moves an orange as a demonstration at its company, during an organized media tour to Beijing Robotics Industrial Park, in Beijing Economic-Technological Development Area, also known as Beijing E-Town, China May 16, 2025. (Reuters)
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China Bets on Advanced Technologies to Revive Tepid Industrial Sector

A humanoid robot Tiangong by Beijing Innovation Center of Humanoid Robotics Co, moves an orange as a demonstration at its company, during an organized media tour to Beijing Robotics Industrial Park, in Beijing Economic-Technological Development Area, also known as Beijing E-Town, China May 16, 2025. (Reuters)
A humanoid robot Tiangong by Beijing Innovation Center of Humanoid Robotics Co, moves an orange as a demonstration at its company, during an organized media tour to Beijing Robotics Industrial Park, in Beijing Economic-Technological Development Area, also known as Beijing E-Town, China May 16, 2025. (Reuters)

China pledged on Friday to double down on upgrading its manufacturing base and ​promised capital to fund efforts targeting technological breakthroughs, after its industrial sector delivered an underwhelming performance this year.

China's industry ministry expects output of large industrial companies to have increased 5.9% in 2025 compared with 2024, state broadcaster CCTV said on Friday, almost unchanged from the 5.8% pace in 2024.

It would also be less than the ‌6% pace ‌of the first 11 months of ‌2025, ⁠based ​on ‌data released by the National Bureau of Statistics, as a weak Chinese economy suppressed domestic demand.

Industrial output, which covers industrial firms with annual revenue of at least 20 million yuan ($2.85 million), recorded growth of 4.8% in November, the weakest monthly year-on-year rise since August 2024.

Chinese policymakers have been looking ⁠to create new growth drivers in the economy by focusing on advancing ‌its industrial sector.

China has also vowed stronger ‍efforts to achieve technological self-reliance ‍amid intensifying rivalry with the United States over dominance ‍in advanced technology.

At the annual two-day national industrial work conference in Beijing that ended on Friday, officials pledged to deliver major breakthroughs in building a "modern industrial system" anchored by advanced manufacturing.

The ​focus will be on sectors such as integrated circuits, low-altitude economy, aerospace and biomedicine, an industry ministry ⁠statement showed.

The statement comes after China launched on Friday a national venture capital fund aimed at guiding billions of dollars of capital into "key hard technologies" such as quantum technology and brain-computer interfaces.

On artificial intelligence, the industry ministry said it will expand efforts to help small and medium-sized enterprises adopt the technology, while fostering new intelligent agents and AI-native companies in key industries.

Officials also vowed to "firmly curb" deflationary price wars, dubbed "involution", referring to excessive and low-return competition among ‌firms that erodes profits.