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UAE, Indonesia Sign Agreements, MoUs

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, met Indonesian President Joko Widodo. (WAM)
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, met Indonesian President Joko Widodo. (WAM)
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UAE, Indonesia Sign Agreements, MoUs

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, met Indonesian President Joko Widodo. (WAM)
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, met Indonesian President Joko Widodo. (WAM)

The UAE and Indonesia signed several agreements and memoranda of understanding (MoU) in key sectors, such as diplomatic cooperation, digital financial innovation, and mutual recognition of certificates of seafarers' competency.

Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister and Ruler of Dubai witnessed with Indonesian President Joko Widodo the exchange of a series of MoUs and agreements between the two countries for cooperation in financial services, investment, travel, and energy, and the avoidance of double taxation.

The two countries also exchanged documents of ratification of the Agreement for Promotion and Reciprocal Protection of Investment, the revised Double Taxation Avoidance Agreement, and the amendment of the Safe Travel Corridor.

Abu Dhabi Fund for Development signed an investment agreement with Indonesia Investment Authority (IIA).

Sheikh Mohammed stressed his country's aspiration to push forward the partnership within various sectors that support the development trends in the two countries.

Sheikh Mohammed said he hoped cooperation between the nations would increase, adding on his Twitter account: "The value of our trade with them was Dh7billion in 2020, and we want to double our cooperation with them as a strategic partner to reach new heights."

The two parties discussed ways to develop their bilateral partnership given the strong relations that bring them together at various political, economic, and cultural levels.

The bilateral cooperation ties witnessed a remarkable development during the past period, supported by mutual visits at the leadership and senior officials.

UAE and Indonesian leaderships aim to take their partnership to higher levels of coordination and constructive interaction that serve the interests of the two peoples and support the ambitious development directions of both sides.

The meeting also addressed enhancing bilateral cooperation within various economic and technical sectors, including trade exchange which grew during the past few years.

UAE's non-oil foreign trade with Indonesia reached $2 billion during 2020. The total non-oil trade exchanges between the two countries exceeded $11 billion in the last five years.

The two sides discussed issues of mutual interests and ways to boost bilateral cooperation.

The discussions also highlighted the importance of offering Indonesia and UAE private sectors opportunities to explore investment in both countries and launch joint companies.

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BP CEO: Company Must Sharpen Financial Discipline, Tighten Spending

FILE PHOTO: BP CEO appointee Meg O'Neill attends a meeting in London, Britain, March 30, 2026. REUTERS/Jaimi Joy/Pool/File Photo
FILE PHOTO: BP CEO appointee Meg O'Neill attends a meeting in London, Britain, March 30, 2026. REUTERS/Jaimi Joy/Pool/File Photo
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BP CEO: Company Must Sharpen Financial Discipline, Tighten Spending

FILE PHOTO: BP CEO appointee Meg O'Neill attends a meeting in London, Britain, March 30, 2026. REUTERS/Jaimi Joy/Pool/File Photo
FILE PHOTO: BP CEO appointee Meg O'Neill attends a meeting in London, Britain, March 30, 2026. REUTERS/Jaimi Joy/Pool/File Photo

BP CEO Meg O'Neill said on Thursday the British energy major needs to prioritize financial discipline by simplifying its portfolio, cutting costs and tightening capital spending, as the company refocuses on its core oil and gas investments.

O'Neill, who took over as ⁠CEO in April ⁠following the abrupt departure of Murray Auchincloss last year, said BP needed to be more selective in its investment decisions ⁠as it works through its strategy reset after an unsuccessful push into renewables.

"We need to be deliberate about where we invest and where we don’t," Reuters quoted O'Neill as saying in a LinkedIn post on the 100th day of ⁠her being ⁠in the role.

"We need to make fewer, better choices and hold ourselves to account."

Her appointment coincided with other leadership changes, including Chair Albert Manifold's removal by the board in May over governance and conduct issues, which he disputes.
 

Business

China's Producer Inflation Jumps to 4-year High, Squeezing Manufacturers

This picture taken on June 28, 2026 shows women attending an electricity course at the Mulan Build workshop in Hangzhou, in eastern China's Zhejiang province. (Photo by Pedro PARDO / AFP)
This picture taken on June 28, 2026 shows women attending an electricity course at the Mulan Build workshop in Hangzhou, in eastern China's Zhejiang province. (Photo by Pedro PARDO / AFP)
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China's Producer Inflation Jumps to 4-year High, Squeezing Manufacturers

This picture taken on June 28, 2026 shows women attending an electricity course at the Mulan Build workshop in Hangzhou, in eastern China's Zhejiang province. (Photo by Pedro PARDO / AFP)
This picture taken on June 28, 2026 shows women attending an electricity course at the Mulan Build workshop in Hangzhou, in eastern China's Zhejiang province. (Photo by Pedro PARDO / AFP)

China's producer price inflation surged to its highest level in four years in June, piling pressure on manufacturers' profit margins as weak domestic demand limits their pricing power.

China's economy is developing a two-track dynamic as a global AI-fueled export surge is lifting advanced manufacturing, while weak household spending, lackluster investment and the property downturn continue to restrain domestic activity.

The producer price index (PPI) rose 4.1% year-on-year, the highest rate since July 2022, National Bureau of Statistics (NBS) data showed on Thursday, matching the forecast in a Reuters poll and up for the fourth straight month.

The gauge, which logged a 3.9% gain in May, had snapped a years-long deflationary streak in March as energy prices soared in the wake of the Iran war.

The faster growth in factory-gate prices owed partly to a low base of comparison a year earlier, though analysts said soft domestic demand meant deflationary pressures had ⁠yet to ease meaningfully.

"The ⁠latest escalation in US-Iran tensions could deliver some renewed upward pressure on inflation in the near term," said Julian Evans-Pritchard, head of China economics at Capital Economics. "But this will remain limited to a few narrow areas and inflation still looks set to return near zero once energy supply normalizes."

Higher prices in coal mining, electrical machinery, electronics and ferrous metals were among the main factors contributing to the rises in producer prices, according to the NBS. Prices declined in sectors including alcoholic beverages and automobile manufacturing.

Compared with the previous month, PPI fell 0.3% in June following a sharp drop in global oil prices after ⁠the US and Iran agreed on a ceasefire. In contrast, some high-tech and green-transition industries, such as virtual reality equipment, wearables and carbon-based nanomaterials, recorded month-on-month price gains.

Markets hardly budged on the data, with stocks holding steady and the yuan moving up slightly.

Although firmer prices have boosted profits in some upstream and high-tech sectors, manufacturers more reliant on the home market are struggling to pass higher costs on to consumers. This backdrop highlights headwinds policymakers face in their efforts to support the job market and bolster still-soft domestic demand.

Evidence of subdued domestic demand was underscored by China's auto sales, which fell for a ninth consecutive month in June, prompting carmakers to turn to external markets.

Data on consumer prices, which was released alongside PPI, showed some moderation. The consumer price index (CPI) climbed 1.0% last month year-on-year, slowing from a 1.2% increase in May and below an expected 1.1% rise, as price increases for industrial consumer goods eased, ⁠including those for gold jewelry ⁠and gasoline.

On a monthly basis, CPI edged down 0.3%, compared with an expected 0.2% drop and a 0.1% dip in May, Reuters reported.

Core CPI, which excludes volatile food and energy costs, rose 1.0%, the slowest pace since January. Food prices dropped 1.6% year-on-year.

"The data is moving from near-deflation to low positive inflation," said Lynn Song, ING's chief economist for Greater China. "This sort of inflation level is not likely to impede the People's Bank of China from monetary policy action, should it deem it necessary."

China's market regulator has renewed its crackdown on "involution-style" competition, pressing ahead with a campaign to rein in cut-throat price wars that have fueled deflationary pressures.

Excessive competition has led to shrinking corporate profit margins across multiple sectors, including electric vehicles (EVs), solar panels, lithium batteries, steel, cement and food delivery.

Analysts contend that stronger policy intervention is essential to rebalance an economy marked by excess production capacity and weak domestic demand. The export boom has allowed policymakers to postpone more decisive stimulus measures.

"The anti-involution campaign and low base effects would boost inflation again in the first quarter of 2027," Zhaopeng Xing, ANZ's senior China Strategist, said.

"The inflation outlook allows policymakers to remain patient and keep interest rate cut on hold in 2026."

Business

Australia, India Strike Deal on Uranium Exports During Modi Visit

Australia's Prime Minister Anthony Albanese (R) talks as he stands with Indian Prime Minister Narendra Modi (L) during a press conference at Government House Victoria in Melbourne on July 9, 2026. (AFP)
Australia's Prime Minister Anthony Albanese (R) talks as he stands with Indian Prime Minister Narendra Modi (L) during a press conference at Government House Victoria in Melbourne on July 9, 2026. (AFP)
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Australia, India Strike Deal on Uranium Exports During Modi Visit

Australia's Prime Minister Anthony Albanese (R) talks as he stands with Indian Prime Minister Narendra Modi (L) during a press conference at Government House Victoria in Melbourne on July 9, 2026. (AFP)
Australia's Prime Minister Anthony Albanese (R) talks as he stands with Indian Prime Minister Narendra Modi (L) during a press conference at Government House Victoria in Melbourne on July 9, 2026. (AFP)

Australia and India reached a deal on Thursday to export Australian uranium to India for use in the nuclear energy industry, while agreeing to deepen cooperation in renewables, critical minerals and green hydrogen.

India has long eyed Australia's uranium reserves to help meet a target of 100 gigawatts of nuclear energy capacity by 2047, while Australia is looking to diversify trade beyond its reliance on China, its top partner.

"Australia and India are close partners and even closer friends," Australian Prime Minister Anthony Albanese ‌told reporters in Melbourne ‌on Thursday, after finalizing the deal with visiting Indian Prime ‌Minister ⁠Narendra Modi.

"The arrangement ⁠facilitates Australian uranium exports to India to help increase the share of non-fossil fuel power capacity, providing an additional market for the Australian resources sector."

Though both nations agreed to a nuclear cooperation pact in 2014, uranium exports have been limited over concerns about ensuring nuclear fuel is used solely for peaceful purposes, such as energy generation.

Modi said on Thursday India's relationship with Australia presented "historic opportunities" for both countries to cooperate across several areas.

Australia's technology, capital and resources could ⁠help accelerate India's energy transition, Modi said.

He also signaled possible cooperation ‌in low-carbon aluminium projects.

"We have historic opportunities to ‌cooperate in this field," Modi said, as he urged Australia's business community to invest long-term in ‌India's road, port, rail and urban infrastructure projects.

"India provides a safe, stable and sustainable ‌growth option for your funds," he said.

Australia's largest pension fund, AustralianSuper, said on Thursday it would invest a further A$500 million ($347 million) in India's National Investment and Infrastructure Fund.

'LIVING BRIDGE'

After meeting Modi at the business event, Albanese called the Indian leader a "living bridge" between Australia and India, saying Modi's vision ‌had helped reshape the roadmap for Australia's economic engagement with India.

India is Australia's fifth-largest trading partner after China, Japan, the US ⁠and South Korea, ⁠while around 1 million people in Australia claim Indian ancestry, out of a population of 28 million.

Modi, who previously visited Australia in 2023, is expected to meet thousands of expatriate Indians at an event in one of the biggest stadiums in Melbourne on Thursday evening.

The Indian leader has staged large-scale events during his overseas trips and has addressed packed stadiums in Britain, the United States and other countries that have large expatriate Indian populations.

Thousands of supporters thronged one of Sydney's biggest indoor stadiums during his last visit three years ago.

Modi arrived in Australia after visiting Indonesia, where he signed a raft of deals on agriculture and defense, including for the BrahMos cruise missile system. He will leave for New Zealand on Friday afternoon before returning to India.