• Russia, Saudi Arabia seal key oil deal

      Russia, Saudi Arabia seal key oil deal

      Russian President Vladimir Putin signed a key deal Monday with Saudi Arabia during a key visit for an OPEC+ grouping aimed at stabilising global oil prices and seeking to calm regional tensions with Iran. Putin's visit was the first one to the kingdom in over a decade and followed attacks on Saudi oil installations that Saudi Arabia and the United States have blamed on Iran, an ally of Moscow.

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    • WTO formally backs US tariffs on EU goods

      WTO formally backs US tariffs on EU goods

      The World Trade Organisation (WTO) formally ruled on Monday that the United States is free to take countermeasures against the European Union and Airbus-producing countries Britain, France, Germany, and Spain. This way the President Donald Trump administration no longer faces any legal obstacles for its set of previously scheduled sanctions on billions of dollars of European products that could now take effect on Friday.

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    • Trio wins Nobel in economics for work on poverty

      Trio wins Nobel in economics for work on poverty

      A trio of American economists won on Monday Nobel Economics Prize for their work in the fight against poverty, the Royal Swedish Academy of Sciences said. Indian-born Abhijit Banerjee, his French-American wife Esther Duflo and Michael Kremer were honoured “for their experimental approach to alleviating global poverty,” including with new approaches in education and healthcare, the jury said.

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    • US suspends tariff hike, as phase one of China trade deal reached

      US suspends tariff hike, as phase one of China trade deal reached

      US and Chinese trade negotiators on Friday reached agreement on some of the key US demands, including intellectual property and financial services, producing what US President Donald Trump called phase one of a "substantial deal”, news wires reported. In exchange the US agreed to postpone a tariffs increase from 25% to 30%, set to take effect on Tuesday on billions of dollars of imported Chinese goods.

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    • US adds eight Chinese firms to trade blacklist

      US adds eight Chinese firms to trade blacklist

      The US government widened its trade blacklist to include some of China’s top artificial intelligence startups, ratcheting up tensions ahead of high-level trade talks in Washington this week. The decision, which drew a sharp rebuke from Beijing, targets 20 Chinese public security bureaus and eight companies including video surveillance firm Hikvision, as well as leaders in facial recognition technology SenseTime Group Ltd and Megvii Technology Ltd.

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    • Washington slaps fresh tariffs on the EU

      Washington slaps fresh tariffs on the EU

      The US will hit the European Union with fresh tariff on $7.5bn worth of goods, starting 18 October, news wires reported. The move follows a ruling by the World Trade Organization (WTO) which allowed Washington to impose duties on the bloc in retaliation for its subsidies to aircraft maker Airbus. The annual sum is the largest so-called countermeasure that the Geneva-based trade body has ever granted in a trade dispute.

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    • German class action lawsuit against VW starts

      German class action lawsuit against VW starts

      The Braunschweig Higher Regional Court opened on Monday a trial against VW with hearing VW customers who are seeking refunds on the full purchase price of their car. According to the German Justice Ministry, some 446,000 plaintiffs have joined the class action lawsuit, which is jointly organized by the Federation of German Consumer Organizations (vzbv) and the country's largest motoring club, ADAC.

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    • Airbus CEO warns of aviation trade war danger

      Airbus CEO warns of aviation trade war danger

      An escalating battle over aircraft subsidies between the US and the European Union threatens to damage both sides, said Airbus SE Chief Executive Officer Guillaume Faury. He will thus continue to advocate for a settlement between the two sides before the imposition of tariffs becomes a "lose-lose game" for both of them.

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