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18
January

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Saudi Arabia's finance minister said on Wednesday the kingdom is changing the way it provides assistance to allies, shifting from previously giving direct grants and deposits unconditionally.

"We used to give direct grants and deposits without strings attached and we are changing that," Mohammed al-Jadaan said at the World Economic Forum in Davos, adding Saudi Arabia was encouraging countries in the region to make reforms.

"We need to see reforms. We are taxing our people, we are expecting also others to do the same, to do their efforts. We want to help but we want you also to do your part." (Reuters)

18
January

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Russian Foreign Minister Sergei Lavrov said on Wednesday that the United States had assembled a coalition of European countries to solve "the Russian question" in the same way that Adolf Hitler had sought a "final solution" to eradicate Europe's Jews.

Lavrov, who caused an international furore last year with remarks about Hitler, said Washington was using the same tactic as Napoleon and the Nazis in trying to subjugate Europe in order to destroy Russia.

Using Ukraine as a proxy, he said, "they are waging war against our country with the same task: the 'final solution' of the Russian question".

"Just as Hitler wanted a 'final solution' to the Jewish question, now, if you read Western politicians ... they clearly say Russia must suffer a strategic defeat."

The 'Final Solution' was Hitler's Holocaust blueprint, which led to the systematic murder of 6 million Jews, as well as members of other minorities.

Lavrov has caused outrage before with remarks about Hitler. Last May he said the Nazi leader had had "Jewish blood", drawing angry protests from Israel. (Reuters)

18
January

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Iron ore futures rose on Wednesday in a bargain-buying bounce from a slump in previous sessions after investors stayed on the sidelines following China's state planner's decision to clamp down on excessive market speculation.

The most-traded May iron ore on China's Dalian Commodity Exchange ended day-time trade 0.9% higher at 841.5 yuan ($124.27) a tonne.

On the Singapore Exchange, the benchmark February iron ore was up 0.7% at $121.40 a tonne, as of 0703 GMT.

China's state planner issued on Wednesday its third warning this month against excessive speculation in iron ore, adding that it will increase supervision of the country's spot and futures markets.

The outcome of Tuesday's meeting lacked any real teeth, so markets have assimilated it and moved on. In fact, some traders are using these events as a "buy the dip" opportunity, said Atilla Widnell, managing director of Navigate Commodities.

China's property sector fell 5.1% in 2022 from a year earlier, value-added data from the National Bureau of Statistics (NBS) showed on Wednesday, heaping more pressure on policymakers to revive the sluggish sector in 2023.

Brazil's CSN Mineracao SA (CMIN3.SA) said on Tuesday it has reached a deal for a long-term supply of iron ore to Swiss trader Glencore.

The most-active rebar contract on the Shanghai Futures Exchange climbed 1.5%, hot-rolled coil rose 1.5%, wire rod edged 0.9% higher, and stainless steel gained 0.4%.

During 2023, crude steel production will continue to be affected by the Chinese central government's determination to ensure that steel output remains flat or below the previous year's total, according to Mysteel consultancy.

Dalian coking coal and coke rose 2% and 1.4%, respectively.

Coronado Global Resources (CRN.AX), which has not typically sold Australian coking coal to China, has received enquiries for long-term supply as Beijing lifts its unofficial ban on coal imports from Australia, its chief executive said on Wednesday. (Reuters)

18
January

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The United States and Taiwan concluded four days of trade negotiations on Monday and reached consensus on several areas related to trade facilitation, anti-corruption, small and medium-sized enterprises and regulatory practices, the U.S. Trade Representative's office said.

The first major negotiating round of the U.S.-Taiwan Initiative on 21st Century Trade saw the two sides exchange texts on those areas in Taipei, the office said in a statement.

"Officials also reached consensus in a number of areas and pledged to maintain an ambitious negotiating schedule in the months ahead to continue this momentum," the statement said.

Taiwan's top trade negotiator, John Deng, told reporters in Taipei he was "quite satisfied" with the outcome of the meetings.

"Both parties are willing to speed up the process," he said. "There is a high degree of ambition and I hope there will be considerable results this year."

The talks, which do not include tariff reductions or traditional market access enhancements, aim to reach agreements with "economically meaningful" outcomes and will include discussions on China's "economic coercion," Deng said last year.

Taiwan has also applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, and Deng said an agreement with the United States could help with that bid.

"If an agreement can be successfully signed with the United States, it will also be proof that Taiwan is capable and willing to accept high standards, which will be of considerable help to Taiwan's membership in the CPTPP," Deng said.

Taiwan last year was excluded from a broader U.S. trade initiative covering Indo-Pacific countries, the Indo Pacific Economic Framework, that also focuses on non-tariff issues.

The U.S. Trade Representative's office (USTR) said the trade texts exchanged during the Taipei negotiating round "follow through on the two sides' shared commitment to pursue a high-ambition trade initiative" that would "strengthen and deepen economic and trade ties."

The USTR statement did not include a date for the next round of negotiations, saying that this would be revealed.

Any agreements reached between the United States and Taiwan would not need approval from the U.S. Congress, but USTR said congressional staff attended the meetings and were briefed throughout the talks.

Despite the lack of formal diplomatic ties, the United States has been eager to bolster support for Taiwan, especially as it faces stepped-up political pressure from China to accept its sovereignty claims.

China has expressed strong opposition to the new Taiwan-U.S. trade initiative. (Reuters)