Ata mārie and welcome to your Monday summary of global business and political news from the weekend.
First up, US President Donald Trump said he won’t rush into a deal with Iran to end the war and reopen the Strait of Hormuz, believing both sides must take their time to get it right. Bond strategists warned that yields could stay high even if the war ended soon, Bloomberg said.
Trump’s latest comments appeared to dampen hopes of an immediate breakthrough, Reuters added.
“The negotiations are proceeding in an orderly and constructive manner, and I have informed my representatives not to rush into a deal in that time is on our side,” Trump wrote on Truth Social.
“Our relationship with Iran is becoming a much more professional and productive one. “They must understand, however, that they cannot develop or procure a Nuclear Weapon or Bomb.”
On Saturday, Trump said a deal with Iran was “largely negotiated”. The deal being sorted by officials would open the Strait of Hormuz, end the war, unfreeze certain Iranian assets and guarantee further negotiations to curb Iran’s nuclear programme, CNBC reported.
Trump added the US blockade in the Strait of Hormuz would remain in “full force and effect” until an agreement was reached and signed.
US President Donald Trump.
US Secretary of State Marco Rubio held talks with Indian Prime Minister Narendra Modi over the weekend as the two countries reshape their economic relationship amid the Iran war, the BBC said.
India imports more than 80% of its energy and had suffered from the closure of the Strait of Hormuz as roughly half of its crude oil imports pass through the waterway. Rubio discussed the situation in the Middle East with Modi.
UK government borrowing hit its second highest level for April on record, with a £24.3 billion deficit last month, the Guardian reported. A poll of economists by Reuters had earlier suggested a £20.9b deficit.
Meanwhile, UK officials suggested establishing a single market for goods trade with the European Union, as part of the next phase of its Brexit reset, the BBC reported.
A European Commission spokesperson declined to comment on the UK's proposal but said there was scope to deepen industrial defence cooperation. The UK government did not confirm the specific details.
They said a range of options were put to the EU in recent months and conversations were ongoing.
Russia used a new hypersonic ballistic missile in one of its biggest bombardments of Ukraine since the war began, CNN reported. Ukrainian President Volodymyr Zelensky said the missile had come down near the city of Bila Tserkva, in the centre of the country.
“They’re really out of their minds. It’s vital that this doesn’t go unpunished for Russia,” he said.
Ukrainian President Volodymyr Zelensky.
Taiwanese and Chinese coast guards were engaged in a tense standoff near the strategically located Pratas islands at the top of the South China Sea, Reuters reported.
China claimed democratically governed Taiwan as its own territory. China had pressured Taiwan by increasing its military presence around the island.
Meanwhile, a gas explosion at a coal mine in northern China killed at least 82 people, according to state media, CNN said.
Rescue efforts were continuing after the blast happened about 300 metres below ground. The explosion site was filled with water and debris from broken walls.
Finally, a person who opened fire at a White House security checkpoint was confirmed dead after being shot by officers, the US Secret Service said.
The suspect was identified as 21-year-old Nasire Best. Trump was at the White House but was unharmed. It marked the third incidence of gunfire in the vicinity of Trump in the past month, the Associated Press reported.
