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Saudi Arabia plans to invest $600bn in new US trade over 4 years
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By Kayode Sanni-Arewa
Saudi Arabian Crown Prince Mohammed bin Salman told President Donald Trump that the kingdom wants to put $600 billion into expanded investment and trade with the United States over the next four years, the Saudi State news agency said early on Thursday.
In a phone call between the two leaders, the crown prince said the Trump administration’s expected reforms could create “unprecedented economic prosperity”, the state news agency reported.
The report said Saudi Arabia wants its investments to capitalize on these conditions. It did not detail the source of the $600 billion, whether it would be public or private spending nor how the money would be deployed.
The investment “could increase further if additional opportunities arise”, the agency quoted Bin Salman as telling Trump.
Trump fostered close ties with Gulf states including Saudi Arabia during his first term. The country invested $2 billion in a firm formed by Jared Kushner, Trump’s son-in-law and former aide, after Trump left office.
Trump said following his inauguration on Monday that he would consider making Saudi Arabia his first destination for a foreign visit if Riyadh agreed to buy $500 billion worth of American products, similar to what he did in his first term.
“I did it with Saudi Arabia last time because they agreed to buy $450 billion worth of our product. I said I’ll do it but you have to buy American product, and they agreed to do that,” Trump said, referring to his 2017 visit to the Gulf kingdom.
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Reporting by Hatem Maher; Editing by Leslie Adler and Cynthia Osterman
News
APC sets May 25 deadline for 2027 primary elections results submission
The All Progressives Congress has ordered all Primary Election Committees to submit reports and result sheets from its 2027 primaries by Monday, May 25, 2026.
The directive was announced in a statement issued May 24 by APC National Publicity Secretary Felix Morka. It covers governorship, senatorial, House of Representatives, and state assembly primaries.
The party said submissions for legislative bye-election reports will open on May 30, 2026.
National Organising Secretary Sulaiman Muhammad Argungu signed the notice and urged committees to ensure documents are submitted promptly and accurately.
APC said sticking to the deadlines is critical for transparency and credibility in its internal electoral process ahead of the 2027 general elections.
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2027: Ogbeide-Ihama hails Tinubu’s reemergence as APC presidential flag bearer
Edo South Senatorial District All Progressives Congress APC Senate flag bearer, Hon Omoregie Ogbeide-Ihama has hailed the reemergence of Bola Tinubu as APC presidential candidate in the 2027 general elections.
Ogbeide-Ihama in a congratulatory message he personally signed hailed President TInubu describing him as the iroko tree that provides shades for all.
Recall that Tinubu was declared winner of the keenly contested APC Presidential Primary, held at the Eagle Square in Abuja, said is truly the arrowhead of politics in Nigeria, adding that as one of the movers and shakers of APC from day one his victory did not come as a surprise.
He stressed that the emergence of Senator Tinubu was a result of dint of hard work, and that the votes that gave him victory was a clear manifestation of his general acceptance.
Ogbeide-Ihama noted that Tinubu is truly a political caterpillar that pilots his affairs without rancour with his massive shoulders warehousing all and sundry to the admiration of his political adversaries.
” I hail you my Excellency as you have proven it again that definitely you can take Nigeria to the next level.
News
Just in: Oil Falls With Brent Below $100 Per Barrel On Hopes Of US-Iran Hormuz Deal
The price of North Sea Brent crude and West Texas Intermediate slipped close to five percent to $99.41 and $92.49 a barrel, respectively.
The United States and Iran appear closer than ever to a deal that would end the war that has ravaged the Middle East since late February, sending energy prices soaring and stoking global inflation.
But sticking points in their negotiations have tempered hopes of a swift resolution to restore the transit of oil and gas through the Strait of Hormuz.
US President Donald Trump said on Sunday he had informed US negotiators “not to rush into a deal”.
“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,” a post to Trump’s official Truth Social account said.
Iran’s Tasnim news agency said that, based on their information, key clauses of a possible agreement remained unresolved.
One of the main sticking points has been whether Tehran is willing to hand over its stockpile of highly enriched uranium.
The release of Iran’s frozen assets held under longstanding US sanctions and whether Lebanon, repeatedly targeted by Israeli strikes, will be included in any peace deal are also key issues.
Markets across Asia climbed in early trade on hopes that Washington and Tehran will be able to overcome these hurdles.
Tokyo soared more than three percent in early trade on Monday, while Hong Kong and Seoul were closed for public holidays.
Shanghai inched upwards, with Taipei, Manila, Bangkok, Jakarta, Singapore, Sydney, and Wellington also climbing.
Kuala Lumpur was down 0.1 percent.
“The weekend news flow has once again focused on the prospects for a negotiated deal between the US and Iran,” said Chris Weston, head of research at Pepperstone.
“According to reports from Donald Trump, a memorandum of understanding has been ‘largely negotiated’, with details to be announced at some stage soon, although there appears to be limited urgency,” Weston said.
Investors will also be keeping an eye on how the US Federal Reserve and its new chief, Kevin Warsh, react to Personal Consumption Expenditures (PCE) data this week, as well as European inflation metrics.
“The inflation story remains central to the entire setup,” said SPI Asset Management analyst Stephen Innes.
“Investors will receive another critical read on Thursday with the release of the Personal Consumption Expenditures index, the Federal Reserve’s preferred inflation gauge.
“After several hotter-than-expected consumer and producer inflation reports earlier this month, markets are increasingly concerned that elevated oil prices and supply disruptions tied to the Middle East conflict are beginning to seep into the broader inflation pipeline.”
The conflict erupted after the United States and Israel attacked Iran on February 28, and the Islamic Republic responded with missile and drone attacks across the region.
The United States and Iran have observed a ceasefire since April 8 while mediators push for a negotiated settlement, although Tehran has imposed controls on Gulf shipping and Washington has blockaded Iran’s ports.
Currency dealers monitor exchange rates as an electronic screen shows the prices of WTI (L), Brent crude (C), and Dubai crude (R) in a foreign exchange dealing room at the Hana Bank headquarters in Seoul on March 13, 2026. (Photo by Jung Yeon-je / AFP)
Key Figures At Around 0215 GMT
Brent North Sea Crude: DOWN 3.99 per cent at $99.41 a barrel
West Texas Intermediate: DOWN 4.25 per cent at $92.49 a barrel
Tokyo – Nikkei 225: UP 3.2 per cent at 65,358.97
Shanghai – Composite: UP 0.3 per cent at 4123.89
Hong Kong – Hang Seng Index: UP 0.9 percent at 25,606.03 (close)
Euro/dollar: UP at 1.1640 from 1.1608 on Friday
Pound/dollar: UP at $1.3480 from $1.3441
Dollar/yen: DOWN at 158.86 from 159.13 yen
Euro/pound: DOWN at 86.35 from 86.36 pence
New York – DOW: UP 0.6 per cent at 50,579,70 (close)
New York – S&P 500: UP 0.4 per cent at 7,473.47 (close)
New York – Nasdaq: UP 0.2 per cent at 26,343.97 (close)
London – FTSE 100: UP 0.2 per cent at 10,466.26 (close)
Paris – CAC 40: UP 0.4 per cent at 8,115.75 (close)
Frankfurt – DAX 30: UP 1.2 per cent at 24,888.56 (close)
AFP
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