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The article discusses how Donald Trump's policies have created an opportunity for Xi Jinping to enhance China's global reputation by engaging with US allies and other countries. Xi has been conducting diplomatic outreach with various nations, including South Korea, Pakistan, Thailand, and Brunei, to strengthen ties and counterbalance the US. While some European leaders are considering a more lenient approach towards China due to Trump's actions, challenges remain, such as military aggression in the South China Sea and economic tensions. Xi is focusing on building partnerships with other nations, such as the Cook Islands, to diversify China's economy and fill the void left by the US in international institutions. [Extracted from the article]

The article discusses how Donald Trump's policies have created an opportunity for Xi Jinping to enhance China's global reputation by engaging with US allies and other countries. Xi has been conducting diplomatic outreach with various nations, including South Korea, Pakistan, Thailand, and Brunei, to strengthen ties and counterbalance the US. While some European leaders are considering a more lenient approach towards China due to Trump's actions, challenges remain, such as military aggression in the South China Sea and economic tensions. Xi is cautious in his approach, refraining from aggressive rhetoric, and focusing on building alliances to bolster China's image as a defender of the global economy and international order. [Extracted from the article]

The article discusses Salvadoran President Nayib Bukele's offer to accept deportee criminals, including US citizens, into a specialized prison built for gang members in El Salvador. Bukele's efforts are seen as an attempt to appeal to US President Donald Trump and potentially benefit economically from such arrangements. The article also highlights Bukele's crime crackdown, which has led to a significant drop in murders in the country. Additionally, it mentions concerns raised by human rights groups regarding due process and overcrowding in prisons under Bukele's administration. [Extracted from the article]

White House crypto czar David Sacks is currently studying the feasibility of creating a national reserve of Bitcoin as part of Donald Trump's policies on digital assets. Sacks mentioned that the administration is in the early stages of this initiative and is waiting for confirmation of cabinet members. Republican lawmakers have also announced the formation of a bicameral working group to craft crypto regulation. Trump's administration aims to bolster the AI and crypto industries by easing regulatory constraints and increasing investments, with a focus on digital asset policies and legislative proposals. [Extracted from the article]

The US Marshals Service will not meet a deadline set by Senator Cynthia Lummis to disclose the number of Bitcoin assets it controls and its management plans. The agency is expected to provide an inventory of the different tranches of Bitcoin it holds in the coming weeks. The Bitcoin assets in question were seized during criminal investigations, including those from the Silk Road case, and have been auctioned off by the Marshals Service. Senator Lummis has proposed legislation for the US Treasury Department to acquire Bitcoin to create a national digital asset stockpile, with plans for public hearings on the matter. [Extracted from the article]

The parents of FTX co-founder Sam Bankman-Fried are exploring avenues to secure a pardon for their son from President Donald Trump, who was sentenced to 25 years in prison for fraud. Bankman-Fried's parents have met with lawyers and individuals connected to Trump's circle to discuss clemency, although it is unclear if outreach has been made to the White House. Bankman-Fried, once a crypto billionaire, has filed a legal appeal for his conviction and is seeking a pardon, following Trump's trend of swift use of his pardon power for white-collar defendants. [Extracted from the article]

Italy and India are engaged in discussions to enhance collaboration in ship and yacht building industries, as well as in the broader areas of blue economy and space. The two nations, with deep-rooted cultural and trade connections, are considering establishing a "Cotton Route" as an alternative to China's "Silk Route," focusing on investments in ports, logistics, and information technologies. Minister Adolfo Urso highlighted the importance of creating alternative economic corridors in light of ongoing conflicts in the Middle East and disruptions caused by events such as Russia's actions in Ukraine. The India–Middle East–Europe Economic Corridor, which aligns with the strategic interests of the US and Europe, is seen as a potential solution to address these challenges. [Extracted from the article]

Brazilian leaders are navigating a delicate diplomatic balance between the US and China to protect their nation from potential repercussions in a polarized world. Discussions at the Bloomberg New Economy at B20 in Sao Paulo emphasized the importance of maintaining relationships with both major economies to avoid trade barriers and foster growth. While some advocate for Brazil to align more closely with China, others stress the need to uphold democratic values and human rights in business dealings. Challenges such as bureaucratic inefficiencies and fiscal concerns are hindering Brazil's competitiveness, but there is optimism for increased investment in sectors like ESG and renewable energies. [Extracted from the article]

China emphasized the need for targeted security measures to protect its citizens in Pakistan following the deaths of two Chinese nationals. During a visit to Islamabad by Chinese Prime Minister Li Qiang, both countries highlighted the importance of creating a safe environment for cooperation. The two nations signed 13 documents covering various aspects of cooperation, including the China-Pakistan Economic Corridor program. Efforts are being made to enhance security and coordination to ensure the safety of Chinese personnel, projects, and institutions in Pakistan. [Extracted from the article]

Pakistan is investigating an attack in Karachi that killed two Chinese citizens. The militants targeted a security convoy of Chinese workers near the airport. Pakistan is struggling to curb rising militancy targeting its economic partner, China. The country is trying to protect about 2,500 Chinese nationals working on various projects, but militant attacks have increased by 47% this year. The Baloch Liberation Army claimed responsibility for the latest attack. China has asked Pakistani authorities to investigate and protect its citizens and projects. These attacks are also impacting Pakistan's efforts to revive its economy and secure loans. [Extracted from the article]

Pakistan is investigating an attack in Karachi that killed two Chinese citizens. The militants targeted a security convoy of Chinese workers near the airport. Pakistan is struggling to curb rising militancy targeting its economic partner, China. The country is trying to protect about 2,500 Chinese nationals working on various projects, but militant attacks have increased by 47% this year. The Baloch Liberation Army claimed responsibility for the latest attack. China has asked Pakistani authorities to investigate and protect its citizens and projects. These attacks are also impacting Pakistan's efforts to revive its economy and secure loans. [Extracted from the article]

Marco Tronchetti Provera, the Executive Vice Chairman of Pirelli & C. SpA, has increased his stake in the Italian tiremaker for the third time this year. This move solidifies Tronchetti's position as Pirelli's core shareholder and dispels speculation of a potential merger with brake specialist Brembo NV. Tronchetti purchased an additional 2.5% of Pirelli after Brembo sold its entire holding in the company. Tronchetti now owns around 25.3% of Pirelli and has the option to increase his stake to 29.9% in the next two years. [Extracted from the article]

Marco Tronchetti Provera, the Executive Vice Chairman of Pirelli & C. SpA, has increased his stake in the Italian tiremaker for the third time this year. This move solidifies Tronchetti's position as Pirelli's core shareholder and dispels speculation of a potential merger with brake specialist Brembo NV. Tronchetti purchased an additional 2.5% of Pirelli after Brembo sold its entire holding in the company, raising gross proceeds of approximately €283 million. Tronchetti now owns around 25.3% of Pirelli and has the option to increase his stake to 29.9% in the next two years. [Extracted from the article]

Sri Lanka is preparing for its first election since defaulting on sovereign debt in 2022, which led to an economic crisis. The US is investing in a major expansion of Colombo's main port, backed by a $553 million loan from the US Development Finance Corp., as part of its efforts to counter China's influence in the region. The election is crucial for China, India, and the US, who are all vying for influence in Sri Lanka. The candidates are focused on stabilizing the economy and promoting national interests, but none have proposed pivoting away from China. The US-backed port expansion project aims to increase Colombo's shipping capacity and make Sri Lanka a key player in global trade. Despite the economic challenges, signs of a turnaround are emerging, with the Sri Lankan rupee strengthening and the economy returning to steady growth. The election is expected to be closely contested, and a run-off may be necessary. [Extracted from the article]

Iron ore prices have plunged by about a third this year, reaching their lowest level in almost two years. This drop in prices is due to China's steel slowdown, which has resulted in an oversupply of iron ore. While major mining companies like BHP Group and Rio Tinto are unlikely to reduce output, smaller producers in countries like India and Brazil are at risk. Analysts believe that prices need to settle in the $80s in order to balance the market and force mine closures. However, there is some hope for a price recovery if there is an increase in Chinese steel demand and a supply response from countries like Brazil and India. [Extracted from the article]

Turkey is hosting transport ministers from Iraq, Qatar, and the United Arab Emirates to discuss the construction of a $20 billion trade route connecting the Persian Gulf to Europe. Turkish President Recep Tayyip Erdogan is seeking financing from the UAE and Qatar to build a rail and road network from Iraq's Faw port to its northern border with Turkey, as well as a railway across Istanbul's Bosphorus Strait. Turkey is competing with a US-backed project, the India-Middle East-Europe Economic Corridor, and believes that cargo demand could support both projects. Turkey aims to become a conduit for exports to Europe and strengthen its economic and strategic advantages. [Extracted from the article]

Former prosecutors are alarmed by Donald Trump's plan to create a national Bitcoin stockpile with cryptocurrency held by the US government. They argue that this would divert seized digital assets that should be used to compensate victims of crime. Trump's proposal goes against the central tenet of US forfeiture law, which is to sell seized assets to repay crime victims and support law enforcement. Critics argue that much of the "stockpile" likely belongs to victims of hacks, ransomware, and scams, and should be returned to them. Trump's call for a national stockpile comes as the US currently holds about $12 billion worth of cryptocurrencies obtained through criminal and civil forfeiture cases. [Extracted from the article]

Bitcoin has dropped from a six-week high as attention turns to the possibility of the US government selling seized tokens. This comes just days after Donald Trump pledged to create a government stockpile of the cryptocurrency if re-elected as president. The US recently moved $2 billion of Bitcoin to a new digital wallet address, leading market analysts to speculate that the tokens are from the Silk Road marketplace. Trump's speech at the Bitcoin Conference further solidified the cryptocurrency's importance in the upcoming election. [Extracted from the article]

Italian Prime Minister Giorgia Meloni has announced plans to travel to China in the coming weeks. This decision comes after Italy withdrew from a controversial investment pact with Beijing known as the Belt and Road Initiative. Meloni's predecessor had signed up for the pact, which had caused tension with the US and its allies. Since leaving the agreement, Meloni's government has been working to improve relations with China, an important market for Italian exports. [Extracted from the article]

Marco Tronchetti Provera, the Executive Vice Chairman of Pirelli & C. SpA, has increased his stake in the Italian tiremaker after China's Silk Road Fund Co. sold off its shares. Silk Road sold about 9% of its stake for €520 million at a discount. Tronchetti now owns 22.8% of the company, which manufactures tires for luxury brands. However, Sinochem Holdings, a Chinese conglomerate, remains Pirelli's largest investor. Italy has been taking steps to limit Chinese influence over strategic assets, and last year imposed restrictions on Sinochem's access to information from Pirelli tires. Pirelli's Italian investors are also strengthening their position, with brake specialist Brembo NV signing a shareholders' agreement with Tronchetti's Camfin holding. Shares in Pirelli fell 5.4% following the news. [Extracted from the article]

Marco Tronchetti Provera, the Executive Vice Chairman of Pirelli & C. SpA, has increased his stake in the Italian tiremaker after China's Silk Road Fund Co. sold off its shares. Silk Road sold about 9% of its stake for €520 million at a discount. Tronchetti now owns 22.8% of the company, which manufactures tires for luxury brands. However, Chinese conglomerate Sinochem Holdings remains Pirelli's largest investor. Italy has been taking steps to limit Chinese influence over strategic assets, and last year imposed restrictions on Sinochem's access to information from Pirelli tires. Pirelli's Italian investors are also strengthening their position, with brake specialist Brembo NV signing a shareholders' agreement with Tronchetti's Camfin holding. [Extracted from the article]

China's state-backed Silk Road Fund Co. is selling its 9% stake in Italian tiremaker Pirelli & C. SpA for around €512 million ($553 million). This comes after the Italian government limited the fund's influence over the company due to national security concerns. Chinese conglomerate Sinochem Holdings Corp remains Pirelli's largest investor with a stake of around 37%. Pirelli manufactures tires for luxury car brands such as Ferrari, McLaren, and Bentley. Italy has been taking steps to reduce China's influence over its strategic assets. [Extracted from the article]

China's state-backed Silk Road Fund Co. is selling its 9% stake in Italian tiremaker Pirelli & C. SpA for approximately €512 million ($553 million). This comes after the Italian government limited the fund's influence over the company due to national security concerns. Chinese conglomerate Sinochem Holdings Corp remains Pirelli's largest investor with a stake of around 37%. Pirelli manufactures tires for luxury automotive brands such as Ferrari, McLaren, and Bentley. Italy has been taking steps to reduce China's influence over its strategic assets. [Extracted from the article]

China's state-backed Silk Road Fund Co. is selling its 9% stake in Italian tiremaker Pirelli & C. SpA for approximately €512 million ($553 million). This comes after the Italian government limited the fund's influence over the company due to national security concerns. The stake will be sold through an offering of 90 million shares at a price of €5.69 per share, representing an 8.08% discount to Pirelli's last closing price. Pirelli's largest investor, Chinese conglomerate Sinochem Holdings Corp, is also considering a stake sale. Italy has been taking steps to reduce China's influence over its strategic assets. [Extracted from the article]

Pakistan's new government is aiming to revive projects under China's Belt and Road Initiative in an effort to boost the country's struggling economy. The government is exploring joint ventures for renewable energy and agriculture projects, as well as potentially attracting Chinese companies to relocate to Pakistan. The progress on these projects had stalled due to the COVID-19 pandemic and Pakistan's economic difficulties. The government hopes to restore China's confidence in Pakistan's commitment to the initiative and is also considering encouraging Chinese firms to relocate from China to Pakistan. [Extracted from the article]

Former President Donald Trump has pledged to commute the sentence of Ross Ulbricht, the founder of the Silk Road online marketplace, in an effort to appeal to Libertarian voters and position himself as a pro-cryptocurrency candidate. Ulbricht is currently serving a life sentence for running Silk Road, where customers used Bitcoin and other virtual currencies to purchase illegal drugs and hacker tools. Trump's speech at the Libertarian party convention also aimed to broaden his support and gain the backing of pro-crypto political action committees. Ulbricht is seen by many Libertarians as a martyr, and Trump's support for him could score him points with this group. [Extracted from the article]

China's investment in Eastern Europe, particularly in Serbia and Hungary, is helping to transform the region and strengthen China's influence. The construction of a high-speed rail link between Belgrade and Budapest, funded by China, symbolizes this relationship. Chinese investment in the two countries exceeds $15 billion, with projects ranging from car battery plants to copper mining. The economic partnership is also accompanied by political ties, as both Serbia and Hungary have maintained relationships with China and Russia while pursuing EU membership. This growing Chinese presence in Eastern Europe serves as a message to other countries in the region about the benefits of cooperation with China. However, it also raises concerns about China's leverage over the governments and societies of these countries. [Extracted from the article]

(Bloomberg) -- Chinese President Xi Jinping will visit Hungary from May 8 to 10 as part of a trip to Europe, Cabinet Minister Gergely Gulyas said at a briefing on Thursday.Prime Minister Viktor Orban is seeking to expand economic ties with China, including by broadening its participation in the Belt and Road Initiative to include further rail modernization projects as well as the financing of a new crude pipeline connecting Hungary and Serbia. Xi is expected to arrive in Hungary after visiting France and Serbia.©2024 Bloomberg L.P.By Zoltan SimonReported by Author [Extracted from the article]

Two founders of the Samourai Wallet crypto-mixing service have been charged with money laundering and operating an unlicensed money transmitting business. The service was used to process $2 billion in anonymous financial transactions, providing a haven for criminals to engage in large-scale money laundering and sanctions evasion. Regulators globally have been cracking down on crypto mixers, which obscure the origins and destinations of certain transactions. Samourai Wallet was identified by the UK's National Crime Agency and Europol as a service that could be used by criminals for illicit purposes. [Extracted from the article]

Italian Prime Minister Giorgia Meloni is seeking to strengthen trade and economic ties with China after Italy withdrew from China's Belt and Road Initiative. Italian Foreign Minister Antonio Tajani will meet with Chinese Commerce Minister Wang Wentao to initiate a dialogue, and Meloni plans to travel to China in the near future. This move comes as the European Union is working to reduce its reliance on China and protect supply lines, particularly in light of China's support for Russia in the conflict with Ukraine. Italy's approach to diplomacy aims to maintain strong ties with NATO and the transatlantic partnership while fostering relationships with countries like China, Iran, and Russia. Italy's decision to exit the Belt and Road Initiative was carefully managed to avoid provoking backlash from China, as China is an important export market for Italy. The main focus of trade between Italy and China is pharmaceutical products. Meloni's government has a strong majority in parliament and her actions could have an impact on the balance of power in Brussels. [Extracted from the article]

US President Joe Biden is strengthening ties with Japan and the Philippines to counter China's assertiveness in the South China Sea. The leaders will discuss joint military patrols, humanitarian efforts, and maritime training. The US is concerned about China's use of coercive tactics and sees a growing number of countries pushing back. The summit will also address economic security and provide an alternative to China's infrastructure investments. The US is planning to announce projects in the Philippines and investments in underseas cables, logistics, clean energy, and telecommunications in the region. The US is also seeking to strengthen its economic appeal to Southeast Asia and counter negative perceptions of its foreign policy. [Extracted from the article]

China's deputy head of the foreign exchange regulator, Xu Zhibin, stated at the Boao Forum that China will protect itself from the spillover effects of international financial risks while maintaining a balance between risk prevention and opening up its capital account. China's new climate chief, Liu Zhenmin, highlighted that economic competition between nations has become a hurdle in the fight against climate change, as countries like the US, Europe, and India implement measures to support domestic manufacturing and reduce reliance on China in clean energy sectors. The Boao Forum, similar to the World Economic Forum, covered various topics including globalization, artificial intelligence governance, and carbon pricing. [Extracted from the article]

China's No. 3 leader, Zhao Leji, made a speech at the Boao Forum, expressing opposition to trade protectionism and the erection of barriers. The forum, often compared to the World Economic Forum at Davos, will discuss topics such as globalization and carbon pricing. Huang Yiping, an adviser to China's central bank, stated that China's economy still faces issues of inadequate demand and weak confidence. Colombia and Laos presented environmentally friendly projects at the forum, seeking funding from China's Belt and Road Initiative. Bill Hayton, an Asia expert, warned Western countries not to dismiss China's initiatives, as China is successfully engaging with Africa, Latin America, and other Asian states. The International Monetary Fund (IMF) representative in China, Steven Barnett, emphasized the importance of consumption in China's transition to a high-quality development model. CanSino, a Chinese pharmaceutical company, plans to discuss further cooperation with AstraZeneca at the forum. The President of the Asian Infrastructure Investment Bank (AIIB), Jin Liqun, believes that China and the US can work together on issues such as climate change. Japan, the US, and China are aligned in their desire to see the Asian Development Bank expand its role in green financing. [Extracted from the article]

China's third-ranking official, Zhao Leji, made a veiled criticism of the US at a regional forum, emphasizing the harmful effects of "hegemonic and bullying acts." While not explicitly naming any country, Zhao's remarks reflect China's efforts to counter the global influence of the US while maintaining stable relations. He called on Asian countries to oppose power politics and maintain a regional order that accommodates the needs of all parties. Analysts suggest that China is building its own sphere of influence in Asia, excluding the US. The speech also promoted China's Belt and Road Initiative and dismissed concerns over its slowing economy. [Extracted from the article]

China and Australia are facing a complex diplomatic road ahead after a three-year trade war. While the lifting of major tariffs on Australian products by China is a positive development, it is unlikely to lead to a complete improvement in relations. Chinese Foreign Minister Wang Yi's visit to Australia and the resumption of high-level official meetings indicate a tentative improvement, but political differences and increased competition between China and Australia's ally, the US, continue to pose challenges. Experts emphasize the need for both countries to focus on improving relations and rebuilding trust, but caution that there are still geopolitical obstacles to navigate. [Extracted from the article]

China and Australia are facing a difficult diplomatic road ahead after a three-year trade war. While China is likely to lift the final major tariffs on Australian products, experts caution that the overall relationship still faces challenges due to political differences and increased competition between China and Australia's ally, the US. Although there have been improvements in diplomatic relations, such as high-level meetings and the lifting of trade sanctions, recent events, including the detention of an Australian journalist and disputes over territorial claims in the South China Sea, have strained the relationship. Some experts urge both countries to focus on improving relations, as their economies are deeply complementary, but there are concerns about potential geopolitical challenges in the future. [Extracted from the article]

Prime Minister Narendra Modi is set to inaugurate a Hindu temple in the Abu Dhabi desert, following the controversial opening of a temple in India where a mosque once stood. The temple in the United Arab Emirates has been built on a 27-acre plot granted on lease by President Sheikh Mohammed bin Zayed Al Nahyan. The visit is seen as an opportunity for Modi to showcase himself as a global leader and attract foreign investments. The UAE recognizes India's rising geopolitical importance and its position as the world's fastest-growing major economy. The UAE is considering investing up to $50 billion in India, its second-largest trading partner. The two countries have grown closer politically in recent years, with the UAE helping broker a peace deal between India and Pakistan and being invited to join the BRICS bloc. Other Middle Eastern countries, such as Saudi Arabia, have also sought to strengthen ties with India. However, concerns have been raised about the treatment of Muslims in India, and it is important for Abu Dhabi to address these issues behind closed doors. [Extracted from the article]

Indian Prime Minister Narendra Modi is set to inaugurate a Hindu temple in the Abu Dhabi desert, following the controversial opening of a temple in India where a mosque once stood. The temple in the United Arab Emirates has been built on a 27-acre plot granted on lease by President Sheikh Mohammed bin Zayed Al Nahyan. Modi's visit is expected to result in investment pledges or memorandums of understanding between the two countries. While Islam is the UAE's state religion, there is a growing appreciation of India's rising geopolitical importance and its position as the world's fastest-growing major economy. The UAE is considering investing up to $50 billion in India, its second-largest trading partner. The close relationship between the UAE and India has political and economic benefits for both countries, and the US and western bloc are also interested in strengthening ties to contain China's ambitions in the region. However, concerns have been raised about the treatment of Muslims in India, and it remains to be seen how many of the investment pledges will actually materialize. [Extracted from the article]

Chinese investment into Belt and Road countries reached its highest level since 2018, with nearly $50 billion invested in overseas projects last year. This increased investment helped bring the total engagement with the 150 countries involved in the infrastructure initiative to over $1 trillion since 2013. Investment in high-technology projects, particularly in the electric-vehicle manufacturing and battery sectors, saw significant expansion. Despite concerns about China's influence and lending practices, outbound investment from China rose to its highest level since 2016. The average size of building projects announced in 2023 was relatively small, reflecting China's shift towards smaller-scale projects. The report also clarifies that the value of construction contracts may not fully represent the total Chinese financing of projects in the Belt and Road Initiative. [Extracted from the article]

The India-Middle East-Europe Economic Corridor (IMEC), a plan to channel trade between Europe and Asia through the Middle East, is at risk of stalling due to the Israel-Hamas war and regional turmoil. The project, which aimed to counter China's Belt and Road initiative and build influence in the "Global South," has been put on hold. The outbreak of violence in the Middle East has diverted attention away from discussions on IMEC, and the project's future remains uncertain. The US and its allies are facing challenges in countering China's economic vision and implementing grand strategic plans. [Extracted from the article]

The India-Middle East-Europe Economic Corridor (IMEC), a plan to channel Europe-Asia trade through the Middle East, is at risk of stalling due to the Israel-Hamas war and other regional turmoil. The project, which aimed to counter China's Belt and Road initiative and build influence in the "Global South," has been put on hold. The US and Europe have struggled to gain support in the developing world, and IMEC was seen as a way to bolster their leverage. However, the outbreak of violence in the Middle East has diverted attention away from the project. Despite this setback, there is still a strong commitment to the vision of IMEC among participating countries. The US sees the project as a way to compete with China's Belt and Road initiative and is eager to work with allies on multilateral projects. However, the collapse of IMEC serves as a reminder that grand strategic plans often face challenges in the face of geopolitical realities. [Extracted from the article]

Italy has formally informed China that it will be exiting the Belt and Road Initiative, dealing a blow to China's efforts to expand the investment program. Italy, the only Group of Seven country to join the pact, stated that it has not seen the desired effects and that it is no longer a priority. This decision comes as tensions between Washington and Beijing escalate, and as European Union leaders prepare to visit China with a message that time is running out for Beijing to address economic grievances. China's ambassador to Italy has warned of negative consequences if Italy withdraws from the program. [Extracted from the article]

Italy has informed China that it intends to withdraw from the Belt and Road Initiative investment program, which it joined in 2019. Foreign Minister Antonio Tajani stated that the pact has not yielded the desired results and is no longer a priority for Italy. Prime Minister Giorgia Meloni has been working to diplomatically end the program, as Italy is the only Group of Seven country to participate. Italy's decision comes amid escalating tensions between the United States and China, as well as concerns about economic coercion and human rights. The Italian government plans to continue strengthening bilateral relations with China. [Extracted from the article]

Italy has formally informed China that it will be exiting the Belt and Road Initiative, dealing a blow to China's investment program. Italy was the only Group of Seven country to join the pact, but it has decided that the initiative has not produced the desired effects and is no longer a priority. This decision comes as tensions between Washington and Beijing escalate, and European countries are trying to balance trade and investment with China while addressing concerns about economic coercion and human rights. China's ambassador to Italy has warned of negative consequences if Italy withdraws from the program. [Extracted from the article]

President Joe Biden's meeting with Angolan President João Lourenço highlights Biden's unfulfilled promise to visit Africa, causing concerns among African leaders that the continent is being neglected. Despite hosting the US-Africa Summit last year and sending high-level officials to Africa, the White House has not announced any formal plans for Biden to travel to Africa. This has led to frustrations and a perceived trust deficit between the United States and African countries. Biden's engagement with Africa is aimed at countering China's influence in the region and presenting an American alternative to China's Belt and Road Initiative. During the meeting, Biden and Lourenço will discuss a partnership project to connect Angola, the Democratic Republic of the Congo, and Zambia to global markets. Angola, in particular, highlights the challenges facing Africa, including its historic relationship with China and its struggling economy. [Extracted from the article]

Russia expects to reach an agreement soon on a planned natural gas hub in Turkey, according to Deputy Prime Minister Alexander Novak. The hub would serve as a gas-trading platform and potentially become Russia's main gas-export route for Europe. Talks on the project had stalled due to earthquakes and an election in Turkey, but Russia and Turkey have been forging closer energy and economic ties amid strained relations with the European Union. The two countries are already cooperating on the construction of a nuclear power station in southern Turkey. [Extracted from the article]

China's Belt and Road Initiative is shifting its focus to smaller projects and promoting the use of the Chinese currency, according to a government document. The initiative, which has drawn an estimated $1 trillion in investment since its launch in 2013, aims to inject new life into the program amid a slowing domestic economy and skepticism over its benefits. The average deal size for Belt and Road projects has decreased by 48% since its peak in 2018, with a greater emphasis now being placed on sustainable and cost-effective projects. China also plans to promote the internationalization of the yuan in Belt and Road projects, encouraging the use of local currencies and supporting the sale of yuan-denominated bonds. [Extracted from the article]

Chinese leader Xi Jinping met with Speaker Vyacheslav Volodin of the Duma, Russia's lower legislative house, highlighting the strong relationship between China and Russia. Xi expressed China's willingness to strengthen ties with Russia and promote the development of the Belt and Road Initiative. Russia affirmed its support for China's territorial integrity and adherence to the one-China policy. China has provided diplomatic and economic support to Russia since the invasion of Ukraine, mitigating the impact of Western sanctions. The two nations have also strengthened military bonds, and China has increased exports and fossil fuel imports from Russia. [Extracted from the article]