IAEA plans Iran visit in next two weeks
Dubai — The UN nuclear watchdog will make a visit to Iran within the next two weeks, Iran’s foreign ministry spokesperson Esmaeil Baghaei said on Monday, a few days after the watchdog’s director said Tehran was ready to restart technical conversations.
Baghaei added that a manual regarding the future of Iran’s co-operation with the International Atomic Energy Agency would be presented, based on a recent parliamentary bill restricting such co-operation.
The bill, which has now become law, stipulates that any future inspection of Iran’s nuclear sites by the IAEA needs approval by Tehran’s Supreme National Security Council.
The IAEA has said it must be allowed to resume inspections after Israeli and US air strikes last month that aimed to destroy Iran’s nuclear programme and deny it the capacity to build a nuclear weapon. Iran has always denied seeking nuclear weapons and says its programme is strictly peaceful.
The UN nuclear watchdog is particularly concerned about the whereabouts of Iran’s stocks of some 400kg of highly enriched uranium. Reuters
UK retail sales keep falling
London — A downturn in British retail sales extended into its 10th month in July as rising prices weighed on consumers, though the pace of the fall was less severe than in June, a Confederation of British Industry survey showed on Monday.
The CBI’s monthly gauge of how retail sales compared with a year earlier stood at -34 this month, an improvement on June’s -46 but still a sign of weakness in demand.
A measure of expected sales for August rose to -31 from -49, the CBI said.
Employers groups have said finance minister Rachel Reeves’ decision to increase the social security contributions they pay for their staff, as well as an increase in the minimum wage, is contributing to higher prices. Reuters
Dollar’s stablecoin power ‘boosts US’
Frankfurt — The dollar’s early dominance of stablecoins gives the US an advantage that could ultimately push up borrowing costs for Europe, reduce the ECB’s autonomy and increase geopolitical dependency on the US, an ECB blog post argued on Monday.
Stablecoins, crypto assets pegged to a currency such as the dollar, have gained popularity in recent years and got a big boost earlier this month when US President Donald Trump signed a law to create a regulatory regime, aimed at cementing the dollar’s status as the global reserve currency.
“Such dominance of the US dollar would provide the US with strategic and economic advantages, allowing it to finance its debt more cheaply while exerting global influence,” ECB adviser Jürgen Schaaf said in a post that does not necessarily reflect the ECB’s own views.
“For Europe, this would mean higher financing costs relative to the US, reduced monetary policy autonomy and geopolitical dependency,” he added. Reuters
GSK and Jiangsu Hengrui sign $500m deal
Bengaluru — Britain’s GSK and China’s Jiangsu Hengrui Pharmaceuticals have agreed on a $500m deal to develop up to a dozen new medicines, including a promising candidate for a chronic lung condition, the drugmakers said on Monday.
The deal comes as GSK focuses on growing its pipeline to offset declining revenues from top drugs and vaccines amid slowing demand and rising competition. It is hoping to reach annual sales of more than £40bn by 2031.
Under the deal, GSK will gain an exclusive licence to Hengrui’s HRS-9821, which is being studied as a treatment for chronic obstructive pulmonary disease, with an option for 11 other treatments once they have cleared early-stage trials.
Hengrui said it could earn up to $12bn in milestone payments if all options are exercised and targets are met under the GSK deal, which would cover therapy areas such as oncology, immunology, and inflammation.
GSK will pay the Chinese firm $500m upfront. Reuters
Ghana deploys soldiers to quell dispute
Accra — Ghana has deployed more soldiers to a northeastern region where a long-running conflict over chieftaincy has fuelled recent violence, including attacks on schools, a spokesperson for President John Dramani Mahama said.
The Bawku chieftaincy conflict, which goes back decades, has remained one of Ghana’s most protracted ethnic flash points, often resulting in violent clashes and loss of lives. It is rooted in a dispute between the Mamprusi and Kusaasi ethnic groups over who can appoint a chief for the area.
Mediation efforts by Otumfuo Osei Tutu II, known as the Asantehene, Ghana’s most revered traditional ruler, had “almost brought finality to the conflict” but recent killings have “necessitated drastic actions” to control it, presidential spokesperson Felix Kwakye Ofosu said on Sunday.
Violence in the area last week included the killing of a Kusaasi chief as well as three high school students by gunmen who stormed their campuses, according to local media reports. Reuters
Russia’s rouble falls past 80 as rates slashed
Moscow — The Russian rouble weakened beyond the 80 mark to the dollar for the first time in more than six weeks on Monday as the market reacted to the Bank of Russia cutting interest rates by 200 basis points to 18% late last week.
Friday’s rate move was the biggest cut in borrowing costs since May 2022, with the central bank hoping to revive lending and boost flagging economic growth after stubbornly high inflation showed signs of easing.
The rouble was down 0.6% as of 10.57am GMT at 79.90 per US dollar, according to data compiled by LSEG based on over-the-counter quotes. The rouble hit a low of 80.60 earlier in the session, its weakest point since June 12. Reuters
CK Hutchison eyes Chinese investor for ports bid
Hong Kong — CK Hutchison said on Monday it was in talks with a consortium pursuing its $22.8bn ports business to add a Chinese “major strategic investor” to the bid, after Beijing flagged a probe into the deal amid heightened Sino-US tension.
The Hong Kong-based conglomerate made the comment the day after exclusive talks ended with the consortium, led by US investment firm BlackRock and Italian billionaire Gianluigi Aponte’s family-run shipping company MSC.
The parties in March agreed a preliminary deal for 43 ports in 23 countries, including two ports along the strategically important Panama Canal.
Ports operator China Cosco Shipping Corp is looking to join the consortium, a person with knowledge of the matter told Reuters. Reuters
Trump: Rwanda, Congo leaders to visit Washington
Turnberry, Scotland — US President Donald Trump said on Monday that the leaders of Rwanda and Congo would be coming to Washington after the two sides signed a peace agreement last month to halt violence that escalated this year. Reuters
Italy’s working age population to shrink by a fifth
Rome — Italy’s working age population is set to shrink by more than a fifth over the next 25 years, national statistics agency Istat said on Monday, highlighting the country’s severe demographic challenges.
Italy is battling with a falling birth rate and a shrinking population. Last year new births dropped to a record low of about 370,000, and the population fell by 37,000 to 58.93-million, continuing a decade-long trend.
In its latest demographic forecast, Istat predicted that the number of people in the 15-64 age group would fall from 37.4-million in 2024 to 29.7-million in 2050, with their share of the total resident population falling to 54.3% from 63.5%.
In the same period, the percentage of residents over the age of 65 is projected to rise to 34.6% of the total, from 24.3% currently, and the share of children up to the age of 14 to fall to 11.2% from 12.2%. Italy’s long-declining birth rate is considered a national emergency. Reuters
Opec stresses need for full oil output compliance
London/Moscow — An Opec+ panel stressed the need for achieving full compliance with oil output agreements at its online meeting on Monday, Opec said in a statement after the meeting.
The online meeting of the Joint Ministerial Monitoring Committee, which includes top ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, began just after 1pm GMT. Reuters
German government backs plans for fiscal bazooka
Berlin — The German government will on Wednesday back a 2026 draft budget which includes record investment of €126.7bn and borrowing of €174.3bn as part of its fiscal bazooka for infrastructure and defence, finance ministry sources said.
Germany is throwing off decades of fiscal conservatism in the hope of reviving economic growth, modernising its crumbling infrastructure and scaling up military spending, as Europe’s biggest economy has gone from economic powerhouse to the Eurozone’s laggard.
It is the only G7 economy that failed to grow for the last two years and the government forecast in the spring that it would stagnate again this year.
The 2026 draft budget comes together with a medium-term financial framework until 2029, with the whole package expected to be approved by the cabinet. Reuters
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