Trump urges to cut rates before Powell testimony
U.S. President Donald Trump called for a major interest rate cut before Federal Reserve Chair Jerome Powell’s testimony to Congress.
U.S. President Donald Trump kicked off his Gulf tour with a high-profile visit to Saudi Arabia, securing a major strategic economic agreement and pledging deep investment ties between the two nations.
U.S. President Donald Trump began his Gulf tour on Tuesday with a ceremonial welcome in Saudi Arabia, where he signed a wide-ranging strategic economic agreement with Crown Prince Mohammed bin Salman. The deal, announced during the Riyadh Summit, covers energy, defence, mining, and other key sectors, and is intended to deepen bilateral cooperation as the kingdom pursues economic diversification under Vision 2030.
Saudi state media said the agreement was accompanied by a separate Strategic Economic Partnership Document. The White House confirmed that the kingdom had pledged to invest $600 billion in the United States, including what officials described as the largest-ever defence sales package between the two allies—worth nearly $142 billion.
"I really believe we like each other a lot," Trump remarked during talks with Prince Mohammed, whom he called a friend. The two leaders also participated in the Saudi-U.S. Investment Forum, where the crown prince hosted a lunch attended by high-level U.S. business figures such as Elon Musk, BlackRock CEO Larry Fink, Blackstone’s Stephen Schwarzman, and OpenAI’s Sam Altman.
Trump joked that the $600 billion pledge could grow to $1 trillion, echoing comments he made during his 2017 trip to Riyadh, and noted the investment would generate jobs in the United States.
Saudi Investment Minister Khalid al-Falih opened the forum by highlighting the shift from oil dependency to innovation, particularly in frontier technologies. NEOM’s Deputy CEO Rayan Fayez said most of the $1 billion in tech-focused Saudi investment has gone to U.S. firms.
Despite its scale, the event notably did not include a stop in Israel, prompting speculation about changing regional priorities. Israeli officials have expressed concern, especially as Prime Minister Benjamin Netanyahu faces pressure from Washington to accept a ceasefire and consider a two-state solution amid the ongoing Gaza war.
Meanwhile, Trump’s envoy Steve Witkoff said efforts to expand the Abraham Accords were ongoing, though sources say progress with Saudi Arabia is unlikely under the current Israeli stance. Trump is also expected to offer Riyadh an arms package exceeding $100 billion, further cementing defence ties with the kingdom.
Separately, U.S. and Iranian officials met in Oman to discuss Tehran’s nuclear programme, with Trump maintaining the possibility of military action if talks fail. Israeli operations against Hamas and Hezbollah, and the targeted killings of their leaders, have increased pressure on Iran, giving Trump added diplomatic leverage.
Iran launched 18 ballistic missiles late Sunday targeting the U.S. military’s Al-Udeid Air Base in Qatar, the largest American installation in the Middle East.
Iranian missiles struck multiple locations across Israel and neighbouring regions early Friday morning, including a Microsoft office complex, according to emergency responders and local media reports.
A high-speed tram derailment in central Gothenburg, Sweden, has left at least eight people injured late on Thursday (19 June), after the vehicle slammed into a snack bar on Avenyn Avenue.
China has unveiled a mosquito-sized bionic drone designed for covert military operations and battlefield reconnaissance, marking a major advance in micro-robotics and stealth technology as part of the country’s growing focus on next-generation warfare capabilities.
Wizz Air has suspended all flights to and from Tel Aviv, Israel, and its European services to Amman, Jordan, effective immediately until 15 September due to escalating situation in the Middle East. Also, the air carrier temporarily suspended its flights between Astana, Kazakhstan, and Abu Dhabi.
The Netherlands will deliver 100 drone-detection radars and 20 medical evacuation vehicles to Ukraine under a new €175 million military aid package, boosting its ongoing support for Kyiv ahead of the NATO summit.
A new MIT study has found that regular use of Artificial Intelligence tools such ChatGPT, may lower brain activity and diminish critical thinking, raising concerns about their growing role in education and professional life.
Floods triggered by relentless monsoon rains have forced people to evacuate across China's Guizhou province, with cities urging residents to flee rising waters as infrastructure collapses and warnings of more extreme weather loom.
World leaders convened in the Netherlands on Tuesday for a pivotal two-day NATO summit that could see member states agree to a historic rise in defence spending—or expose sharp divisions within the 32-member alliance.
A deadly weekend attack on a hospital in Sudan claimed the lives of more than 40 people, including children and healthcare workers, drawing international condemnation.
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