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Trump to Nominate One of US 'Trade Hawks' to Head World Bank

David Malpass, Trump’s potential candidate to Head the World Bank (AP)
David Malpass, Trump’s potential candidate to Head the World Bank (AP)
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Trump to Nominate One of US 'Trade Hawks' to Head World Bank

David Malpass, Trump’s potential candidate to Head the World Bank (AP)
David Malpass, Trump’s potential candidate to Head the World Bank (AP)

US President Donald Trump is expected to nominate Treasury Department official David Malpass to head the World Bank, according to senior administration officials.

Malpass, 62, Treasury Department’s undersecretary for international affairs, supports Trump and is one of the trade hawks of the current US administration.

Before joining the administration, Malpass was an economic adviser to Trump during the 2016 presidential campaign, and he has enthusiastically supported the President’s agenda of tax cuts and deregulation to bolster economic growth.

Paradoxically, Malpass is skeptical of multilateralism and of the World Bank itself. He has earlier said that global organizations like the World Bank “have grown larger and more intrusive” and “the challenge of refocusing them has become urgent and more difficult.”

He also said it is too inefficient and too reluctant to wean developing countries that have become engines of growth.

The US administration plans to announce its selection on Wednesday, reported Politico Newspaper, after Trump delivers his State of the Union address.

Washington has historically been allowed to choose the head of the World Bank although that dynamic has more recently faced pushback from other nations. The US is the World Bank’s largest shareholder. Under an informal trans-Atlantic pact, an American has always run the institution while the managing director of its sister institution, the International Monetary Fund, has always been European.

The nomination risks provoking opposition from countries that have defended the existing global order against Trump’s criticisms. It could reignite calls for the bank to break with tradition and appoint a non-American in a recognition of the growing clout of emerging markets such as China and India.

Malpass has pushed the World Bank to lend less to China, arguing the Asian nation has the financial resources to support itself and has criticized Beijing for not moving fast enough to open up its economy, the world’s second largest.

He struggled at Treasury to retain personnel in his unit, with about 20 career staff members quitting in less than a year. Some of the departing officials decided they couldn’t support the administration’s trade policies, while others chafed at Malpass’s leadership style.

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Business

China Lines Up Second LNG Terminal For Sanctioned Russian Cargoes

Chinese and Russian flags fly at an airport in Tianjin, China August 31, 2025. Sputnik/Vladimir Smirnov/Pool via REUTERS 
Chinese and Russian flags fly at an airport in Tianjin, China August 31, 2025. Sputnik/Vladimir Smirnov/Pool via REUTERS 
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China Lines Up Second LNG Terminal For Sanctioned Russian Cargoes

Chinese and Russian flags fly at an airport in Tianjin, China August 31, 2025. Sputnik/Vladimir Smirnov/Pool via REUTERS 
Chinese and Russian flags fly at an airport in Tianjin, China August 31, 2025. Sputnik/Vladimir Smirnov/Pool via REUTERS 

China is preparing a second import terminal to handle liquefied natural gas cargoes from Russia's sanctioned Arctic LNG 2 project, expanding a ‌route that so far relies on a single facility, three sources with knowledge of the matter said.

The newly built Longkou LNG terminal in eastern China's Shandong province, operated by state pipeline giant PipeChina, is being lined up to receive Arctic LNG 2 cargoes, the sources told Reuters.

The move would provide a lifeline to the $21 billion project, which is under heavy sanctions, and to Moscow, whose gas exports have been hit by Europe's decision to halt purchases and ⁠whose oil sector faces pressure from Ukrainian attacks.

A second import terminal would allow China to take larger volumes of sanctioned Russian LNG, while giving Arctic LNG 2 - designed to produce 19.8 million metric tons a year - another export outlet.

China, the only known buyer of sanctioned Arctic LNG 2 cargoes, has so far received shipments through PipeChina's Beihai terminal in Guangxi. That facility took the project's first delivery to an offtaker in August 2025 aboard the Arctic Mulan tanker.

Since then, Beihai has received 41 cargoes, or 2.6 million tons, of LNG from Arctic LNG 2 - many via two floating storage units in Russia - according to ship-tracking data and Kpler estimates. It ‌has also ⁠received three LNG cargoes from Russia's sanctioned Portovaya terminal.

China needs an additional terminal to absorb more sanctioned cargoes, one of the sources said. All declined to be named as they were not authorized to speak to media.

The world's largest LNG importer, China bought 7.57 million tons from Russia last year, according to Chinese customs data.

Longkou is seen as a logical choice because, like Beihai, it is operated by PipeChina ⁠and is closer to the Koryak floating storage unit in Russia's Far East, where Arctic LNG 2 cargoes are stored and reloaded, the sources said.

An industry executive said Longkou has completed its mechanical build phase and should be ready before October, in time for peak winter ⁠demand.

Under its completed first phase, the Longkou terminal in the coastal city of Yantai has an annual receiving capacity of 5 million tons, compared with 6 million tons at Beihai.

PipeChina's Dalian LNG terminal in northeastern China is also being discussed as ⁠a potential future receiving point, a fourth source said.

Novatek has recently stepped up hiring in China, a separate source said.

Reuters reported last year that Novatek has cut cargo prices by 30% to 40% since August 2025 to attract Chinese buyers despite sanctions.

 

Business

BofA Expects Fed to Hike Interest Rates 75 Basis Points in 2026

The Federal Reserve building in Washington. (Reuters)
The Federal Reserve building in Washington. (Reuters)
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BofA Expects Fed to Hike Interest Rates 75 Basis Points in 2026

The Federal Reserve building in Washington. (Reuters)
The Federal Reserve building in Washington. (Reuters)

Bank of America (BofA) expects the Federal Reserve to hike interest rates by 75 basis points in 2026, it said on Monday, citing resilient economic data and rising expectations of a hawkish Fed under new Chair Kevin Warsh.

BofA Global Research said in a note it expects the US central bank to raise rates in September, October, and December, compared with its prior forecast ⁠for no change this year, according to Reuters.

BofA's view is contrary to current 2026 outlooks of top Wall Street brokerages and comes after the Fed left its benchmark rate unchanged earlier this month, even as almost half of Fed policymakers indicated that they now expect rates to rise this year.

The policymakers' more hawkish outlook is accompanied by strength in the labor market and elevated inflation concerns.

“June Summary of Projections and ⁠Warsh's comments indicate that the Fed's reaction function is much more hawkish than we thought,” analysts at BofA said in a note.

In contrast to BofA's call, markets are pricing in 42 bps of hikes ⁠in 2026, according to London Stock Exchange Group (LSEG) data.

After three rate hikes this year, BofA analysts expect the central bank to keep interest rates on hold in ⁠2027.

“Inflation is likely to remain sticky, keeping the real policy rate from becoming overly restrictive,” they said.

Brokerages including BNP Paribas ⁠and Macquarie are also among the minority that expect the central bank to start hiking rates this year.

Business

Yanbu Commercial Port Boosts Operational Efficiency by Serving 11 Vessels Simultaneously

The accomplishment builds on the vital role of Yanbu Commercial Port in strengthening Saudi Arabia's maritime transport system. (SPA)
The accomplishment builds on the vital role of Yanbu Commercial Port in strengthening Saudi Arabia's maritime transport system. (SPA)
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Yanbu Commercial Port Boosts Operational Efficiency by Serving 11 Vessels Simultaneously

The accomplishment builds on the vital role of Yanbu Commercial Port in strengthening Saudi Arabia's maritime transport system. (SPA)
The accomplishment builds on the vital role of Yanbu Commercial Port in strengthening Saudi Arabia's maritime transport system. (SPA)

Saudi Arabia’s Yanbu Commercial Port achieved a new operational milestone by successfully serving 11 vessels simultaneously of various sizes and cargo capacities, reflecting the port's high level of operational readiness, reported the Saudi Press Agency on Monday.

The achievement underscores the efficiency of the port's operations and its ability to manage maritime and commercial traffic with a high degree of effectiveness.

It contributes to smoother import and export activities and supports the continuity of supply chains in accordance with the highest operational and logistical standards.

The accomplishment builds on the vital role of Yanbu Commercial Port in strengthening Saudi Arabia's maritime transport system and reinforcing its position as a key logistics hub on the Red Sea coast.

It also supports economic growth and enhances the competitiveness of the maritime and commercial sectors.