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Trump's renewed trade war with China clouds IMF and World Bank meetings
The U.S. President threatened 100% tariffs on Chinese imports, sending the markets into a tailspin. Questions about whether Trump's threat to retaliate for China's dramatic expansion of export controls on rare Earths will lead to a full-blown war between the two world's largest economies are likely to dominate the annual meetings of the International Monetary Fund (IMF) and World Bank. Washington and Beijing reached a delicate truce over the last five months, which brought down tariffs from triple-digits and led to an upgrade of the IMF's outlook for global growth. Trump's plans to meet Chinese President Xi Jinping in the latter part of this month fueled hope for a further thaw. This optimism was dashed on Friday when Trump threatened to cancel this meeting and impose "massive increases" in tariffs against Chinese goods. He also announced other countermeasures. China's decision on Friday to charge the same port fees as the U.S. for vessels built in China or owned by Chinese companies, or by companies owned by more than 25% U.S. investment funds. More than 10,000 people, including finance and central bank governors of more than 190 nations, will attend the IMF and World Bank Meetings in Washington. Martin Muehleisen is a former IMF strategist who now works for the Atlantic Council. He said that Trump's threats could be a way to gain leverage in negotiations, but they would inject volatility into this week's proceedings. "Let's pray that sanity will prevail." Muehleisen warned that if Trump returns to 100% tariffs, he will face a lot more pain on the markets. Trump's Friday threat triggered the largest U.S. share sell-off since months. This was at a moment when investors and policymakers were already becoming anxious about an artificial intelligence investment boom that could harm future employment. Muehleisen stated that while China does have some leverage with Trump because of its global dominance over rare earths which are vital for manufacturing tech, it would not be in Beijing's best interest to return to a world of triple-digit duties. Scott Bessent, the U.S. Treasury secretary who has led U.S. China trade talks, is not expected to meet any Chinese officials in Washington this week. A Treasury spokesperson declined comment on Bessent’s bilateral meeting schedule. GROWTH PROSPECTS HOLD UP Kristalina Georgeeva, IMF's Managing Director, had praised the global economy for its ability to handle multiple shocks. She cited a number of factors, including the slowing U.S. jobs market, the rising debt level, and the rapid changes brought about by AI adoption. Georgieva stated last week, in a preview to the IMF World Economic Outlook forecasts that are due on Tuesday: the global GDP growth for 2025 will be just slightly lower than the 3.3% rate of 2024. The IMF raised its GDP growth forecast for 2025 by two-tenths a percentage point in July, based on lower tariff rates than originally feared. This included the U.S. China duties. In an interview, Georgieva said: "What we see is a world of demonstrable resilience." "But we also say it's a time when there is exceptional uncertainty and downside risks still dominate the forecast." Watch it and don't become too comfortable. G7 FOCUS RUSSIA The Group of Seven Industrial Democracies' finance ministers will meet on Wednesday in order to discuss ways to increase sanctions on Russia to end the war that Moscow is fighting against Ukraine. According to a British government source, finance minister Rachel Reeves wants to ensure that G7 and European Union nations take joint action to reduce Russia's revenues from energy and to gain access to assets overseas that are compliant with international law. G7 ministers are expected to discuss a plan by the European Union to use frozen Russian sovereign assets as collateral for a loan to Ukraine of 162 billion euros. BESSENT'S AGENDA for Institutions The U.S. will have a large presence at the meetings, from the tariff discussions to Bessent’s call for the IMF to withdraw from climate change and gender issues and focus on its core mission of financial stability. Dan Katz, IMF's No. 2 official, will make his public debut at the meetings. 2 official. The member countries will watch to see if Katz, the former investment banker and Bessent's chief staff, can carry out the agenda of U.S. Treasury Chief, which calls for stronger IMF critique of China's government-led economic policies. The U.S. Treasury’s market intervention in favor of Argentina, IMF’s largest borrower will also take center stage during the meetings, as Argentine's libertarian right-wing president Javier Milei, will join Trump, his ally, two blocks away, at the White House, on Tuesday. Georgieva welcomed the move to keep Argentina's reforms based on market principles on track. Muehleisen said that the Fund could be pushed to implement Trump's geopolitical objectives - increasing pressure on China, and possibly extending more assistance to U.S. Allies such as Argentina, without adequate reforms. Is it still a multilateral, global organization or is it more like an appendage to the U.S. Treasury? Treasury?" "Treasury?" This will be a fascinating debate," he said. (Reporting and editing by Dan Burns, Paul Simao and Dan Burns; additional reporting by Andrea Shalal, David Milliken and David Lawder)
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Unipec diverts supertanker away from Shandong after US sanctions
LSEG data show that a supertanker transporting oil to the Chinese Port of Rizhao, in Shandong Province, changed its destination over the weekend. The U.S. imposed restrictions on an import terminal there on Friday. The Very Large Crude Carrier New Vista chartered by Unipec - the trading arm for China Petroleum and Chemical Corp, also known as Sinopec - changed its destination to Ningbo and Zhoushan, arriving on October 15th, according to LSEG data. Data showed that the New Vista had originally been scheduled to discharge in Rizhao, Sunday. The vessel can hold 2 million barrels and is currently transporting Abu Dhabi's Upper Zakum crude oil. Sinopec didn't immediately respond to an inquiry for comment. The U.S. Treasury listed the Rizhao-Shihua Crude oil Terminal, which is half owned by a Sinopec Logistics unit. It was also included in a list of entities that includes ships transporting Iranian crude and liquefied petrol gas as well as a Chinese independent refinery. The U.S. announced that the terminal in Lanshan, a city in Shandong Province, which is a major Chinese oil refinery hub, had been sanctioned because it received Iranian oil aboard vessels sanctioned by the U.S. Analysts and industry executives claim that Sinopec imports one-fifth its crude oil at the Rizhao Terminal.
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Moeve joins Shell platform to scale up sustainable jet fuel
Shell told the press after the deal was signed that Moeve, a Spanish energy company, is the first supplier external of sustainable aviation fuel (SAF) to join its blockchain-based platform aimed at scaling SAF usage. Shell's Avelia is a platform that allows users to "book and claim". It aims at connecting airlines, fuel suppliers, and corporate buyers. Avelia was launched in 2022 by Amex Global Business Travel and Accenture. By mid-2025, it had enabled the use of SAF at 17 airports. Moeve produces SAF at its La Rabida Energy Park from used cooking oils. It has plans to increase its capacity to 800,000. metric tons per year by 2030. The global SAF industry has been unable to scale up despite the pressure to decarbonize aviation. In June, the International Air Transport Association stated that it expects sustainable aviation fuel production to double by 2025 and reach 2,000,000 tons. This would still only be 0.7% of the fuel consumed by airlines.
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EU starts gradual rollout for digital border system
On Sunday, the European Union's member states began implementing a new system of entry and exit at their external borders. This involves electronically registering non EU nationals. Over the next six months, the Entry/Exit System will be implemented. This automated system requires that travellers register at border crossings by scanning their passports, and taking their fingerprints and photographs. This move is intended to detect overstayers, combat identity fraud, and prevent illegal migration in the face of political pressure from some EU countries for a more aggressive stance. Magnus Brunner, European Commissioner for Internal Affairs and Migration, said in a press release that the Entry/Exit System was "the digital backbone" of our new European common migration and asylum framework. Six months to adjust Non-EU citizens must register their personal information when they enter the Schengen Area for the first time - this includes Iceland, Norway Switzerland and Liechtenstein. The facial biometric check will be required for subsequent journeys. On April 10, 2026, the system will be fully operational and passport stamping will be replaced by electronic records. Brunner stated that "every third country national arriving at the external border will be subject to identity verification, security screening and registration into the EU databases." On Sunday, at the Bajakovo crossing between Serbia, an EU member, and Croatia, which is a neighbouring state, hundreds, including many Serbians, stood in line for about 20 minutes, before entering booths to be fingerprinted and scanned. Dalibor Vranic from Serbia said, "There were five lanes available, so we spent about 20 minutes waiting in line, and two minutes each (in the booth). The process for British travellers who use the Port of Dover or the Eurotunnel Terminal at Folkestone, or the Eurostar Terminal at London St Pancras, takes place before they leave the UK. EES was only required to be checked on Sunday at Dover and Eurotunnel. Eurotunnel will begin passenger vehicle checks in November and Dover by the end the year. The Eurostar is introducing this new process to some business travellers starting on Sunday. Alex Norris, British Minister of Border Security and Immigration, said: "The UK and EU share a common objective to secure our borders. These modernisation measures will allow us to protect our citizens and stop illegal migration." Reporting by Lili Bayer and James Davey, Kate Holton and Aleksandar Vaovic in Belgrade. Mark Potter is the editor.
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Air France suspends flights from Madagascar due to security concerns
Air France-KLM said that its French division had suspended flights from Paris-Charles de Gaulle Airport to Madagascar's capital Antananarivo between October 11 and October 13 inclusive, "due the security situation on the ground", the airline stated in an email statement sent on Sunday. Air France stated that the company was monitoring the situation with the authorities in real-time, and "the return of operations would be subject to daily assessments of the situation." Air France said that affected customers would be notified, and offered refund or rebooking options. The Madagascar presidency announced on Sunday, without giving any details, that there was "an attempt illegal and forcible seizing of power" in the African country. This came a day after a few soldiers joined a demonstration that began last month. (Reporting by Mathieu Rosemain Editing by Alexandra Hudson)
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Qantas: Cyber criminals released customer data months after breach
Qantas Airways, Australia's national airline, said on Sunday it was among the companies whose data was published by cybercriminals following a breach in July. Database containing personal information about airline customers. Airline In July, In one of Australia's largest cyber breaches, sensitive information such as home addresses, phone numbers and birth dates were accessed. The hack also affected four million other customers, who had their email addresses and names stolen. The July breach was Australia's highest-profile cyberattack, since 2022 when telecommunications giant Optus hit and health insurer Medibank was also targeted. These incidents prompted mandatory laws on cyber resilience. Qantas released a statement on Sunday stating that they were "one of many companies worldwide that have had data released by criminals after the airline's cybersecurity incident in early-July, where customer data stolen via a 3rd party platform". It said: "With the assistance of cyber security specialists, we are investigating which data were part of the leak." The airline said that it had a "continuing injunction" in place, which prevents the stolen data from being accessed, seen, released, used or published by others, including third parties. The Guardian Australia reported that the hacker collective Scattered Lapsus$ Hunters was behind the Qantas Data Release, which took place after the ransom deadline established by the group had passed. Qantas has declined to comment.
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Philippines and China exchange accusations over South China Sea vessel collision
On Sunday, the Philippines and China each claimed responsibility for an incident that occurred near islands that are disputed in the South China Sea. This further escalated tensions along the richly resourced waterway. In a recent statement, the Philippine coast guard claimed that Chinese naval forces rammed and used water cannons to attack a Filipino vessel in proximity to Thitu Island (locally known as Pag-asa Island). The Philippines described this as a clear threat. Manila's Coast Guard reported that three vessels were anchored early Sunday morning near the island as part of a program by the government to protect local fisherman when Chinese ships approached and used water-cannons to intimidate them. The coast guard reported that an hour later, a Chinese ship fired its water cannon at a Philippine vessel, before ramming it with its stern. This caused minor damage, but did not result in any injuries. China's coastguard said that two Philippine government ships "illegally" entered waters near Sandy Cay - a coral reef located in the northern Thitu Reefs of the Spratly Islands - resulting in a collision. Beijing claimed that a Philippine ship "dangerously" approached a Chinese Coast Guard vessel, and held Manila accountable. Manila's officials vowed to keep operations going in the area and stressed the importance of protecting the livelihoods of Filipino fishermen. Over the years, the disputed region, which is part of the Spratly Islands has been the scene of numerous confrontations between two nations. Recently, tensions have increased, especially over Scarborough Shoal, and other contested areas in the South China Sea that China claims almost exclusively. Brunei also claims a portion of the waterway. This is a strategic route for trade that facilitates more than $3 trillion annually in shipborne commerce. Reporting by Phuong nghuyen, Karen Lema, Selena Li, and Eduardo Baptista, in Beijing, Hong Kong, and Manila; editing by Raju Gopalakrishnan
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EU starts gradual rollout for digital border system
On Sunday, the European Union's member states began implementing a new system of entry and exit at their external borders. This involves electronically registering non EU nationals. Over the next six months, the Entry/Exit System will be implemented. This automated system requires that travellers register at border crossings by scanning their passports and taking their fingerprints and photographs. This move is intended to detect overstayers, combat identity fraud and prevent illegal migration in the face of political pressure from some EU countries for a more aggressive stance. Magnus Brunner, European Commissioner for Internal Affairs and Migration, said in a press release that the Entry/Exit System was "the digital backbone" of our new European common migration and asylum framework. Six months to adjust Non-EU citizens must register their personal information when they enter the Schengen Area for the first time - this includes Iceland, Norway Switzerland and Liechtenstein. The facial biometric check will be required for subsequent journeys. On April 10, 2026, the system will be fully operational and passport stamping will be replaced by electronic records. Brunner added that the six-month implementation period would allow member states, travelers, and businesses to adjust to the new procedure. The process will be completed at the border for British travellers who use the Port of Dover or the Eurotunnel Terminal at Folkestone, or the Eurostar Terminal at London St Pancras. From Sunday, EES will only be applied to freight and coach traffic at Dover and Eurotunnel. Eurotunnel will introduce passenger vehicle checks in November and Dover by the end the year. The Eurostar will begin the process with business travellers on Sunday. The British Minister of Border Security and Asylum, Alex Norris, said: "We recognize that EES will be a major change for British travelers. That is why we worked closely with our European Partners to ensure the implementation goes as smoothly and efficiently as possible." Norris stated that "the UK and EU share a common objective to secure our borders, and these modernisations measures will help protect our citizens and stop illegal migration." Reporting by Lili Bayer and James Davey. Kate Holton. Mark Potter edited the article.
Poland signs a $1.6 billion deal for 46 radars with PGZ Narew
The Polish Minister of Defence announced on Tuesday that Poland had signed a contract with the PGZ/Narew consortium worth 5,8 billion zlotys (about $1,6 billion) for 46 passive location radars used in short-range antiaircraft and antimissile systems.
Poland is spending a lot on defense due to the threat that it perceives from Russia. It plans to spend 4,8% of its gross domestic product on defence by 2026.
The radar contract is an important investment not only in the security of Poland, but in our economy as well. These radars will increase the security of our aerospace. "This is a top priority for us", said Polish Defence Minister Wladyslaw KOSINIAK-KAMYSZ.
According to the Ministry of Defence, radars will allow for continuous space surveillance and effective anti-aircraft missile defense.
PGZ-Narew, a consortium of Polish defense companies led by state-controlled Polish Armaments Group(PGZ), is implementing a joint programme to build the Polish air and missile defence system Narew.
The contract was signed during the International Defence Industry Exhibition held in Kielce, a city located in central Poland.
(source: Reuters)