Deputy Prime Minister Nguyen Chi Dung met with SK Group’s chairman Tae-Won Chey on the sidelines of the Future of Asia Conference on May 25 in Tokyo.

During the meeting, chairman Chey provided detailed updates on SK’s proposed investment plans. The group is exploring the development of three special energy-industrial clusters (SEICs), the core being liquefied natural gas (LNG) projects. SK aims to roll out a comprehensive energy solution package across Vietnam.

The three SEICs would include the North Central AI Energy-Industrial Complex in Nghe An and Thanh Hoa; the South Central ‘E-Logistics’ SEIC in Ninh Thuan; and the Mekong Delta Energy-Agriculture SEIC.

For the North Central AI SEIC, SK envisions transforming the area into a high-tech industrial and energy hub. The centrepiece would be the integrated Nghi Son- Quynh Lap LNG Power Project with an estimated total investment of $4.1 billion.

The venture comprises two LNG power plants, each with a capacity of 1,500MW, located in Nghi Son and Quynh Lap, respectively. A shared onshore LNG terminal in Quynh Lap would support both plants, with a storage capacity of up to 2.4 million tonnes per year.

Supporting infrastructure would include an LNG import port, breakwaters, and auxiliary facilities necessary for LNG import operations. The total land requirement is estimated at 424ha, with 88.6ha onshore and 335ha offshore.

Looking ahead, SK also proposes the construction of a third 1,500MW LNG power plant in Thanh Hoa. The power generated from these projects would support the development of a 10,000sq.m AI data centre near Nghi Son power plant.

In Ninh Thuan province, SK’s proposal includes the development of the 1,500MW LNG-fuelled Ca Na Power Plant and a 240,000cub.m LNG terminal, along with related technical infrastructure.

The estimated investment for this phase is around $2.4 billion, requiring approximately 143ha of land and 232ha of sea area.

In the long term, SK plans to build another 1,500MW LNG power plant in Ca Na, increasing the total investment in the province to approximately $4 billion.

Source: VIR

Shell expects to add 12 million tons of LNG capacity volumes by the end of the decade from projects currently under construction, a top executive at the world’s largest LNG trader said on Wednesday.

“(There is) up to 12 million tons of additional (LNG) capacity that we’re adding between now and the end of the decade,” Cederic Cremers, President Integrated Gas at Shell, said at Wood Mackenzie’s conference Gas, LNG & The Future of Energy 2025. The additional capacity will come from projects in Canada, Qatar, Nigeria, and the United Arab Emirates (UAE), Shell’s Cremers said at the industry event in London.

The UK-based supermajor, which is the world’s biggest LNG trader with 65 million tons of LNG delivered to over 30 countries last year, is adding further capacity via third-party deals, acquisitions, and participation in LNG projects.

Shell is a partner of Qatar’s state firm QatarEnergy in some trains of the mega expansion of the North Field, the world’s biggest natural gas field shared by Qatar and Iran.

Shell also owns 40% and is the operator of the LNG Canada project. LNG Canada at Kitimat, British Columbia, has received its first import cargo of liquefied gas that it will use for equipment testing as the facility nears completion, scheduled for later this year. LNG Canada is the country’s first project for the export of superchilled fuel, with a focus on Asian markets as the biggest demand driver.

Source: Oilprice

The US and China have extended the truce in their trade war after two days of talks in London that resulted in a “framework” deal over export restrictions on rare earths and semiconductors.

Negotiations to resolve the wider tariff war triggered by Donald Trump in April will continue but the truce settles, for now, growing tension between the two economic super-powers.

 The talks, which broke up at about midnight UK time after more than 20 hours of discussions over two days, were led by the Treasury secretary, Scott Bessent, alongside the US commerce secretary, Howard Lutnick, and the trade representative, Jamieson Greer.

Lutnick expressed optimism on Tuesday that concerns about critical or rare earth” minerals and magnets, which are vital to a range of industries including cars, electronics and defence, would be resolved as the deal was implemented.

The wider dispute, triggered by Trump’s decision to impose triple-digit tariffs on Chinese imports in April – since eased to a baseline 30% – has yet to be resolved with China’s exports to the US plunging 35% year on year in May.

Both sides had accused each other of reneging on a preliminary trade deal struck in Geneva last month to ease retaliatory tariffs, with China putting restrictions on exports of rare earths and the US continuing curbs on semiconductor exports.

But the trade war has already caused damage on both sides, whatever the positioning and rhetoric. China’s exports to the US plunged 35% year on year in May.

The choked global supply of rare earths, which China controls, was already threatening to halt production in the automotive sector this summer on both sides of the Atlantic, with permanent magnets used in everything from windscreen wipers to doors.

Source: Theguardian

On Sunday, a key congressional committee in the United States approved President Donald Trump’s new tax cut bill, which could pass in the House of Representatives later this week.

The bill extends Trump’s 2017 tax cuts and may add up to $5 trillion to the national debt, deepening worries after a recent US credit ratings downgrade by Moody’s on Friday, which cited concerns about the nation’s growing $36 trillion debt.

The US has the highest amount of national debt in the world and is facing growing concerns about its long-term fiscal stability.

Debt is simply the total amount of money the US government owes to its lenders, currently amounting to $36.2 trillion. This represents 122 percent of the country’s annual economic output or gross domestic product (GDP), and it is growing by about $1 trillion every three months.

The highest debt-to-GDP ratio was during the pandemic in 2020, when the ratio hit 133 percent. The US is among the top 10 countries in the world with the highest debt-to-GDP ratio.

When the government spends more money than it collects, it creates a deficit.

To cover this deficit, the government borrows more money. To ensure that borrowing is subject to legislative approval, the US Congress sets a limit to how much the government can borrow to fund existing obligations like Social Security, healthcare and defence. This limit is known as the debt ceiling.

Once the ceiling is reached, the government cannot borrow more unless Congress raises or suspends the limit. Since 1960, Congress has raised, suspended or changed the terms of the debt ceiling 78 times, allowing the US to borrow more money.

The federal deficit is how much more money the government spends than it brings in during a single year. A federal surplus would mean the US is bringing in more money than it is spending.

Source: Aljazeera

Mahindra Group chairman Anand Mahindra recently took to social media to acknowledge India’s achievement of becoming world’s 4th largest economy in the world. Recently, India surpassed Japan to become the world’s fourth-largest economy, a significant milestone that has drawn widespread celebration and reflection from business leaders across the nation. Mahindra posted on X (formerly known as Twitter) sharing his perspective on India’s economic journey. “When I was in business school, the idea of India overtaking Japan in GDP felt like a distant, almost audacious dream. Today, that milestone is no longer theoretical — we’ve become the world’s fourth largest economy,” he wrote.

Mahindra emphasized that this achievement is “no small feat,” acknowledging Japan’s long-standing status as an “economic colossus with legendary productivity and resilience.” He attributed India’s progress to “the ambition and ingenuity of millions of Indians — across sectors, generations, and geographies.”

India has officially surpassed Japan to become the fourth largest economy in the world, according to NITI Aayog CEO B V R Subrahmanyam. Speaking at a press briefing following the 10th Governing Council meeting of NITI Aayog on Saturday, Subrahmanyam highlighted the favourable geopolitical and economic conditions for India.”We are the fourth largest economy as I speak. We are a $4 trillion economy as I speak,” Subrahmanyam said, as quoted PTI.

Source: Timesofindia

The United States and China have announced that they have reached a deal to reduce reciprocal tariffs temporarily, as the world’s two largest economies work to resolve a trade war that has unsettled the global economic outlook and rattled financial markets.

Speaking after discussions with Chinese officials in Geneva, US Treasury Secretary Scott Bessent told reporters that the two nations had agreed on a 90-day pause on tariff measures, with tariffs set to drop by over 100 percentage points to 10%.

“Both countries represented their national interests very well,” Bessent stated. “We both have an interest in balanced trade, and the US will continue moving towards that.”

Following the announcement, the dollar strengthened against major currencies, and financial markets rallied, easing concerns of a potential economic downturn triggered last month when US President Donald Trump intensified tariff measures aimed at reducing the US trade deficit.

Bessent addressed the media alongside US Trade Representative Jamieson Greer after the weekend talks in Switzerland, where both sides noted progress in narrowing their differences. “The consensus from both delegations this weekend is that neither side wants a decoupling,” Bessent said. “The previous high tariffs amounted to an embargo, and neither side desires that. We want trade.”

The Geneva discussions marked the first direct engagement between senior US and Chinese economic officials since Trump returned to office and initiated a global tariff campaign, particularly targeting China.

Since taking office in January, Trump had increased tariffs on Chinese imports to 145%, adding to the levies introduced during his first term and those imposed by the Biden administration. In response, China introduced export restrictions on key rare earth elements vital for US manufacturers of weapons and electronics, while also raising tariffs on US goods to 125%.

Source: Arisetv

Analysts at JPMorgan estimated that the price of gold could reach $6,000 per ounce by 2029, up from about $3,300 now, if just 0.5% of U.S. assets held by foreign investors is reallocated to the precious metal. Gold has been on a tear in recent years and picked up even more momentum after President Donald Trump launched his trade war.

The price of gold has been on a tear in recent years and could reach astronomical heights by the end of the decade if foreign investors shift away slightly from the U.S., according to analysts at JPMorgan.

In a note on Wednesday, they laid out a scenario where gold would hit $6,000 per ounce by 2029, an 80% jump from the current price of about $3,300.

If just 0.5% of foreign-held U.S. assets are reallocated to gold, that would result in 18% annual returns and eventually send prices to $6,000, JPMorgan estimated.

That’s because the supply of gold isn’t expanding by much, meaning that a relatively minuscule boost in demand can create a big price swing.

Gold has jumped more than 20% so far this year, and prices have doubled from where they were three years ago.

After Russia invaded Ukraine in 2022, triggering financial sanctions on Moscow that saw its dollar and euro assets frozen, central banks around the world began buying up gold out of concern that their own holdings could be at risk someday.

A 0.5% reallocation of total foreign holdings of U.S. assets into gold translates to $273.6 billion overall pouring into the precious metal over four years, or about 2,500 metric tons, JPMorgan calculated.

Source: Financeyahoo

The high-level meeting on economic and trade affairs between China and the U.S. in Geneva was candid, in-depth and constructive, Chinese Vice Premier He Lifeng said on Sunday.

Substantive progress has been made and important consensus has been reached between the two sides, said He, also the Chinese lead person for China-U.S. economic and trade affairs, at a press conference following the conclusion of the two-day meeting with U.S. Treasury Secretary Scott Bessent, the U.S. lead person, and U.S. Trade Representative Jamieson Greer.

Both sides have reached an agreement on establishing a China-U.S. economic and trade consultation mechanism and will conduct further consultations on issues of mutual concern, he said.

China and the United States, He said, will finalize relevant details as soon as possible and release on Monday a joint statement agreed during the meeting.

He noted that under the current circumstances, the meeting was closely watched by the international community.

Through joint efforts of both sides, the meeting was fruitful, He said, adding that it is an important step towards resolving differences through equal dialogue and consultation, and has laid the foundation and created conditions for further bridging differences and deepening cooperation.

Economic and trade relations between China and the United States are not only of great significance to the two countries but also have an important impact on the stability and development of the global economy, said He.

He also called on the two sides to follow a practical attitude for solving problems, carry out candid dialogues and equal consultations, manage differences, explore cooperation potential, extend the cooperation list, and make the pie of cooperation bigger, so as to push for new development in China-U.S. economic and trade relations and inject more certainty and stability into the world economy.

Source: newscgtn

President Trump’s latest big move in the Middle East doesn’t involve proposing a peace treaty, nor a trade deal, but instead a high-rise. The Trump Organization and developer DarGlobal have revealed plans for a supertall skyscraper in Dubai that the firms say will boast the world’s highest outdoor swimming pool.

The Trump International Hotel & Tower, Dubai will rise to a height of 350 m (1,148 ft), making it a considerable skyscraper and around the fifteenth-tallest in Dubai. It will feature a simple and slender overall form, enlivened by an uppermost section that has a void, like the Shanghai World Financial Center, and looks a bit like a big handle.

Its interior will host 80 floors of residential and hotel space, and promises lavish suites inspired by the Trump Tower Penthouse on New York’s 5th Avenue – though presumably with a more muted color palette. They will boast floor-to-ceiling windows that capture sweeping views of the Dubai skyline, with a particular focus on the Burj Khalifa. There will also be lots of amenities, including the swimming pool and some sort of private club.

“Trump International Hotel & Tower, Dubai is a project that reflects our unwavering commitment to excellence, luxury and innovation,” said Eric Trump, Executive Vice President of The Trump Organization (which the US President maintains ownership of). “We are honored to partner once again with DarGlobal on this landmark development, bringing unparalleled quality and world-class amenities to Dubai’s luxury market. Dubai is a global destination that shares our vision for iconic development, and we’re proud to expand the Trump brand in one of the most dynamic cities on earth.”

Source: Newatlas