Washington Financial News

Philippines, the United States and Japan will change the dynamic in the South China Sea and the region, Philippine President Ferdinand Marcos Jr. said on Friday, while seeking to assure China it was not a target. «I think the trilateral agreement is extremely important,» Marcos told a press conference in Washington a day after meeting President Joe Biden and Japanese Prime Minister Fumio Kishida in the nations' first trilateral summit. «It is going to change the dynamic, the dynamic that we see in the region, in ASEAN in Asia, around the South China Sea,» Marcos said, referring to the Association of Southeast Asian Nations.

Oil rose around 1% on Friday on geopolitical tensions in the Middle East but posted a weekly loss on a bearish world oil demand growth forecast from the International Energy Agency (IEA) and worries about slower U.S. interest rate cuts. Brent crude futures settled up 71 cents at $90.45 a barrel, while U.S. West Texas Intermediate crude futures rose 64 cents to $85.66.

Vinay Mohan Kwatra visited Washington, DC, United States, from April 10-12. During his visit, Foreign Secretary Kwatra undertook a detailed review of the progress made towards further consolidating the India-US Comprehensive Global Strategic Partnership, informed the Embassy of India in the US. During his visit to Washington, DC, Foreign Secretary had discussions with his counterparts at the State Department, Deputy Secretary Richard Verma and Deputy Secretary Kurt Campbell, as well as other senior officials, the embassy's press release said. «Delighted to welcome my great friend Indian Foreign Secretary Kwatra back to Washington for discussions on US-India cooperation and the Quad. Our partnership in the Indo-Pacific is closer than ever,» said US Deputy Secretary of State Kurt Campbell in a post on X.

Regional tensions have intensified following Iran's warning of retaliation against Israel over an attack on its embassy in Damascus that resulted in the deaths of two Iranian generals. This development has heightened concerns about a potential escalation in the already volatile region, with countries like India, France, and Russia advising against travel to the area. Threat of Direct Iranian Attack on Israel Iran perceives the strike on its embassy as an attack on its territory, raising the possibility of a direct Iranian assault on Israel. This threat comes amid ongoing tensions over the war in Gaza, which has entered its seventh month.

Vinay Kwatra has met US Deputy Secretary of Defense Kathleen Hicks and they discussed the importance of expanding the scope of bilateral military engagements, the Pentagon said. Kwatra is in the US for a series of meetings with senior officials of the US government and interaction with industry leaders to advance bilateral cooperation in areas like defence and technology. The foreign secretary was on a three-day official visit to Washington and left for New York on Friday. Hicks and Kwatra discussed priorities for strengthening the US-India defence partnership, including the implementation of the roadmap for the US-India Defense Industrial Cooperation, Pentagon spokesperson Eric Pahon said.

Asked by reporters about his message to Iran, Biden said simply, «Don't,» and he underscored Washington's commitment to defend Israel. «We are devoted to the defense of Israel. We will support Israel. We will help defend Israel and Iran will not succeed,» he said.

The UK’s Competition and Markets Authority (CMA), led by Sarah Cardell, has voiced its displeasure with the control of AI Foundation Models (FMs) by a small number of tech companies. This concern was outlined in a paper presented by the CEO during an Antitrust Law Spring Meeting in Washington on April 11.

China as Taiwan's main export market for four consecutive months due to a surge in demand for microchip products and AI technology, Taipei's Finance Ministry said Friday. Self-ruled Taiwan is a microchip-manufacturing powerhouse, churning out the world's most advanced silicon wafers necessary to power everything from e-vehicles and satellites to fighter jets and increasingly to power AI technology.

Dan Savickas, director of policy for the Taxpayer's Protection Alliance, spoke to FOX Business about former President Trump's proposed 60% tariff on Chinese imports and the effects of tariffs on American consumers.

The head of the International Monetary Fund says strong economic activity in the United States and emerging markets is projected to help drive global growth by about 3% this year

Kwatra is here this week for a series of meetings with senior officials from the US Government and interaction with industry leaders to advance bilateral cooperation in areas like defence and technology. Kwatra held separate meetings with Richard Verma, Deputy Secretary of State for Management and Resources and Kurt Campbell, Deputy Secretary of State at the Foggy Bottom headquarters of the State Department. «Productive catch up with Indian Foreign Secretary Kwatra on advancing ongoing US-India cooperation and the need for our countries' close partnership for regional security and prosperity,» Verma said in a post of X. Earlier in the day, Kwatra was hosted by the US India Business Council over a breakfast meeting with its Board Chair and NASDAQ Executive Vice Chairman Ed Knight.

Suzuki said authorities were analysing not just recent yen declines but factors that are driving the moves, and repeated that Tokyo stood ready to respond to any excessive currency swings. Suzuki said finance leaders from the Group of 20 major economies, who will meet in Washington D.C. next week on the sidelines of the spring International Monetary Fund (IMF) gatherings, may discuss currency moves as part of topics for debate.

Middle East, where Iran has promised to retaliate for a suspected Israeli air strike on its embassy in Syria, which could risk disruptions to supply from the oil producing region. Brent crude futures climbed 34 cents, or 0.38%, to $90.08 a barrel, while U.S. West Texas Intermediate crude futures rose 44 cents, or 0.51%, to $85.45, at 0033 GMT.

Carnegie Endowment said the US has limited ability to influence the trajectory of emerging powers such as India. In a report released Tuesday, it said besides India, other emerging powers—Argentina, Brazil, Indonesia, Mexico, Nigeria, Saudi Arabia, South Africa, Thailand and Türkiye—have taken stances that contrast or directly clash with US positions on China and Russia over the past few years.

Americans filling their tanks up at a gas station in Alexandria, Virginia, reacted to gas prices rising over 50% since January 2021, when President Biden took office.

With reports and rumors swirling about possible mergers and bids to acquire Paramount, the film studio put its best foot forward for theater owners at CinemaCon on Thursday

Some Federal Reserve policymakers argued at their most recent meeting in March that inflation was likely worsening, even before the government reported Wednesday that price increases re-accelerated last month

Fewer Americans applied for jobless benefits last week as the labor market continues to thrive despite the Federal Reserve’s efforts to cool it

If you daydream about getting a break from stress, you might picture a restful week of vacation or a long weekend away

Most news organizations hold its journalists to strict ethical standards to avoid conflicts of interest either real or perceived

U.S. producer prices rose in March from a year earlier at the fastest pace in nearly a year, offering more evidence that progress against inflation may have stalled this year and raising doubts about whether and when the Federal Reserve will start cutt...