The Global Economic News

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President Donald Trump on Monday announced a steel-making company's plan to invest about $15 billion to build what would be the largest plant of its kind in U.S. history. The Oval Office announcement with Mesabi Metallics came just weeks before the November midterm election , which is poised to be shaped by Americans' increasingly sour views of Trump's handling of the economy. The steel plant is planned to be built in in Iowa and aims to begin production in 2030, a White House official told CNBC on condition of anonymity ahead of the Oval Office event. The Wall Street Journal first reported the announcement earlier Monday morning. Mesabi Metallics, based in Nashwauk, Minnesota, told CNBC the project will deliver "100% American steel: mined, melted and poured in Minnesota and Iowa." The company confirmed that its chairman, Rewant Ruia, would speak alongside Trump at the White House event. The steel plant will use iron ore from Mesabi's mine on Minnesota's ...

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Image source, Google Image caption, Wetherspoon staff have been turning away up to 20 tourists on a daily basis as scammers use the address as a fake Booking.com holiday apartment, Which? has found By Rebecca Sherdley East Midlands Published 2 hours ago A theatre-goer fell victim to a "sophisticated phishing attack" after booking a "luxury" London apartment, only to discover the address was a Wetherspoon pub. Paul Dawson, from Loughborough in Leicestershire, paid 73 for a one-night stay for his family via Booking.com at The London Crown apartments to watch the musical Hamilton in the West End. Days later, he said, he discovered the address shown in the listing was actually The Liberty Bounds pub, a Wetherspoon near Tower Bridge. Consumer protection organisation Which? said Wetherspoon staff had been turning away up to 20 tourists a day after scammers used the pub's address as a listing for a "block of luxury apartments". Which? said it was also made a...

Image source, Reuters Image caption, Xi thanked his hosts for receiving him and his wife with "meticulous care and consideration" By Bernd Debusmann , White House reporter , Max Matza and Ione Wells , Reporting from Washington Published 56 minutes ago US President Donald Trump welcomed China President Xi Jinping to the White House for a lavish state dinner where both leaders touted a new chapter in their friendship. The dinner was attended by billionaire business leaders, Trump administration officials, US tech CEOs and others. Their arrival was marked, however, by protesters loudly shouting from just outside the White House gates, some of whom were arrested. Both Trump and Xi praised one another, pledging to continue talks to ensure stability between their two nations. But experts say that not much concrete has been yielded in talks so far. The dinner came on the second day of Xi's three-day trip to Washington. Image source, Getty Images Image caption, The noise of prot...

Oil fell Friday following a report that U.S. and Iranian negotiators in New York are discussing a phased deal to end the standoff in the Persian Gulf. Futures for international benchmark Brent crude for November delivery declined 0.92% to $105.68 a barrel. U.S. West Texas Intermediate futures for November dropped 1.52% to $93.09 per barrel. brent Reuters reported that a senior Iranian official had said the most realistic path forward is for Tehran to allow navigation in the Strait of Hormuz in exchange for the U.S. ending its naval blockade. The U.S. and Iran agreed to this approach under a June 17 memorandum of understanding, but the deal quickly collapsed into renewed fighting. It is unclear what is different about the current negotiations. Iran now wants the U.S. to return to the memorandum of understanding before the U.S. midterm elections, according to Al Jazeera, which reported that this was told to media outlets by Iranian President Masoud Pezeshkian on the sidelines of the UN ...

The former CEO of U.S.-based credit union Family First is no longer with the company, days after she posted an allegedly AI-edited family photo of her family with "Lake America" sweatshirts. On Wednesday, a statement posted to the company's website revealed that Jane Smith was no longer with Family First "effective immediately," with chief operations officer Jason Acosta serving as interim CEO. It was signed by Maurice Patterson, chairman of the Family First Credit Union board, and Acosta. Family First did not state that if the reaction was the reason for Smith leaving, even though the company posted on Thursday that "we sincerely apologize for the concern, disappointment and pain this situation has caused our members and community." Family First is based in Michigan, a state that borders Canada. Smith on Sept. 11 had posted the photo on Facebook with the caption: "Like our sweatshirts? Not sure Canada will. Lol lol" The post has since been ...

U.S. equity futures were little changed Thursday evening as Treasury yields continued their climb. S&P 500 futures were down 0.1%, and Nasdaq-100 futures were also off 0.1%. Futures tied to the Dow Jones Industrial Average fell 59 points, or 0.1%. In Thursday's regular trading, the S&P 500 and Nasdaq Composite both finished flat. In Asia-Pacific, Japan's Nikkei 225 added 0.25% while the Topix rose 0.40%. Australia's benchmark S&P/ASX 200 was 0.48% lower. Markets in mainland China and South Korea are closed for a holiday. Hong Kong's Hang Seng index was 1.46% lower. The drama continued in the bond market, where the 10-year Treasury yield climbed to 5.225% late Thursday, the highest level since 2007, while the 30-year yield reached 5.502%. This week's ascent in yields was fueled by hawkish comments from Federal Reserve Governor Michael Barr, persistently high energy prices due to the Iran war, and a hot purchasing managers' report. Fed funds futures t...

Image source, NASA/Carla Thomas Image caption, The long nose of the X-59 is designed to damped the plane's sonic boom By Michael Dempsey Technology Reporter Published 3 hours ago There's a weird and wonderful jet flying over the US. It has the nose of anteater, parts cannibalised from other planes and a cockpit so far back the pilot depends on a camera to see where he's going. This contraption, the X-59, might just be the future of air travel. The X-59's owes its eccentric design to the problem of sonic booms. The shockwave created by a jet breaking the sound barrier restricted Concorde to flights over the sea and barred it from lucrative routes across the US. Now Nasa is working around that problem using the X-59's elongated snout to flatten supersonic booms into tolerable bumps in the background. On top of its bizarre appearance the X-59 boasts a remarkable lineage. It's the latest in a series of experimental Nasa aircraft dating back to 1947 and the fir...

U.S. government officials, business leaders and their spouses dominated a list of more than 100 people who will attend a state dinner Thursday, according to a White House press release. On the Chinese side, the delegation consisted primarily of government officials, accompanying Chinese President Xi Jinping and U.S. President Donald Trump and their wives. Talks with Trump have "added new substance" to U.S.-China relations, Xi said in a toast, according to an official translation. Trump gave Xi a statue of a bald eagle. The U.S. and Chinese presidential couples were seated with Apple 's Tim Cook, Nvidia 's Jensen Huang and his wife, Elon Musk and AMD's Lisa Su. Meta and OpenAI were among the other major U.S. tech companies represented. Anthropic was not on the list. The two-course menu included a silky yellow squash velouté with crispy pancetta, sesame-crusted sea bass served over braised baby bok choy, and a fruit-shaped vanilla cremeux with ice cream made with W...

To play this video you need to enable JavaScript in your browser. This video can not be played Figure caption, Watch: We ask New Yorkers to share the smallest amount they'd ask a friend to pay back By Yasmin Rufo Business reporter , Reporting from New York Published 1 hour ago You pick up the bill for dinner, pay for the taxi home or grab a friend's coffee with the promise they'll pay you back later, but days go by and the money never arrives. At what point do you ask them for it again and how small is too small to chase? For some, $5 ( 3.70) is worth a reminder, while for others, asking a friend to repay anything under $20 ( 15) feels more awkward than simply taking the hit. Henry Payne says he's "sent a request for $8.50, but I wouldn't go lower than $8". The 21-year-old New Yorker adds that he will chase someone once but "two requests is insane". "I would rather swallow the $8.50 than send another request." He does admit that he...

At the United Nations General Assembly on Tuesday, South Korean President Lee Jae Myung used a meeting with U.S. President Donald Trump to revisit one question in their countries' military alliance: who would lead their combined forces if war resumed on the Korean Peninsula? The two sides' 30-minute summit covered strategic investment, shipbuilding and nuclear cooperation, as well as the transition of wartime operational control, or OPCON, to South Korea. The renewed attention on OPCON comes after Trump abruptly curtailed the annual Ulchi Freedom Shield military exercise between the two countries last month, prompting concerns about combined readiness. The topic appeared again most recently as new defense minister Kang Shin-chul took office on Tuesday, after he argued that a structure in which Korean commanders take the lead, backed by the U.S. military, would make the combined defense system "much stronger". The same day, the ruling Democratic Party launched a task ...

Image source, Getty Images By Katy Austin , transport correspondent and Lucy Hooker , business reporter Published 24 September 2026, 13:21 BST Updated 7 hours ago Reports of violent incidents and harassment on rail services "rose substantially" last year, figures from the rail regulator show. Reported assaults, including physical and verbal, were up 36% in the year to March 2026 compared with the previous year, according to the Office of Rail and Road (ORR). In total 13,464 assaults against passengers and members of the public were recorded on Britain's mainline railway, the highest number recorded since the series began in 2004. The ORR said the figures were "concerning" and that it was working with the industry to address the problem. According to the figures, harassment increased by 52% compared with the previous year and common assaults rose by 30%. The increase comes against a backdrop of five years of rising reports of incidents and industry campaigns to ...

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The Senate on Thursday narrowly voted down a measure demanding an end to the U.S. war with Iran . The chamber voted 49-50 on the resolution, the latest to call for an end to the war. All but four Republicans voted against the measure despite concerns that GOP candidates will face fallout in November's midterm elections from the war's economic costs. The Republicans who voted for the resolution were Sens. Thom Tillis of North Carolina, Maine's Susan Collins, Lisa Murkowski of Alaska and Rand Paul of Kentucky. Sen. John Fetterman of Pennsylvania was the lone Democrat to vote against it. Sen. Angela Alsobrooks, a Maryland Democrat, did not vote despite having been in the Senate earlier Thursday. Alsobrooks has previously voted for similar resolutions. But if she had again voted that way on Thursday, the resolution still would have failed. "Senator Alsobrooks has voted 13 times to end the war in Iran. Unfortunately, she was dealing with an urgent family matter during toda...

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