BEIJING: Chinese President Xi Jinping plans to meet with top US officials in Beijing this week, a report said Wednesday, as the world’s two biggest economies rush to patch up their trade differences before a looming deadline.
Xi will meet on Friday with officials including US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, who are in the capital for crunch talks toward a trade deal, the South China Morning Post reported.
“Xi is scheduled to meet both Lighthizer and Mnuchin on Friday,” it said, quoting a source briefed on the arrangements.
The US officials and their Chinese counterparts meet for talks on Thursday and Friday.
They are under the gun to seal an accord ahead of the deadline set by Donald Trump, though the US president said Tuesday that he was open to extending that, depending on progress in Beijing.
“If we’re close to a deal, where we think we can make a real deal ... I could see myself letting that slide for a little while,” Trump told reporters at the White House.
In December, Washington suspended for three months Trump’s plan to increase tariffs on $200 billion worth of Chinese imports — to 25 percent from the current 10 percent — to allow time for negotiations.
Mnuchin told reporters in Beijing late on Tuesday he was eager to start.
“We’re looking forward to several important days of talks,” he said in brief remarks.
He and other US officials left their hotel on Wednesday without making substantive remarks.
The Chinese delegation will be led by Vice Premier Liu He, China’s point man on trade, and central bank governor Yi Gang.
The two sides said major progress was made in talks last month in Washington, but subsequent comments have been less optimistic, jarring financial markets and amplifying concerns about how the dispute will affect fragile world growth.
But global stocks rose after Trump’s hint of a deadline extension.
Washington is demanding far-reaching changes to Chinese practices that it says are unfair, including theft of US technology and intellectual property, and myriad barriers that foreign companies face in the Chinese domestic market.
China has offered to boost its purchases of US imports but is widely expected to resist calls for major changes to its industrial policies such as slashing government subsidies.
The two countries have already slapped tariffs on more than $360 billion in two-way trade, which has weighed on their manufacturing sectors and shaken global financial markets.
The International Monetary Fund warned on Sunday of a possible global economic “storm” as world growth forecasts dip, citing the US-China trade row as a key pivot point.
China’s Xi to meet top US trade officials
China’s Xi to meet top US trade officials
- The US officials and their Chinese counterparts meet for talks on Thursday and Friday
- The two sides said major progress was made in talks last month in Washington, but subsequent comments have been less optimistic
Closing Bell: Saudi main index extends gains as market opens wider to foreign investment
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 153.61 points, or 1.38 percent, to close at 11,321.09.
The total trading turnover of the benchmark index was SR5.85 billion ($1.56 billion), as 207 of the listed stocks advanced, while 55 retreated.
The MSCI Tadawul Index increased, up 21.20 points or 1.41 percent, to close at 1,524.18.
The Kingdom’s parallel market Nomu gained 278.13 points, or 1.17 percent, to close at 24,013.03. This comes as 43 of the listed stocks advanced, while 29 retreated.
The best-performing stock was Saudi Pharmaceutical Industries and Medical Appliances Corp., with its share price surging by 7.26 percent to SR28.94.
Other top performers included Rasan Information Technology Co., which saw its share price rise by 6.51 percent to SR144, and Knowledge Economic City, which saw a 6.25 percent increase to SR13.09.
On the downside, the worst performer of the day was Najran Cement Co., whose share price fell by 2.11 percent to SR6.49.
Almasane Alkobra Mining Co. and Saudi Cable Co. also saw declines, with their shares dropping by 2 percent and 1.88 percent to SR103.10 and SR166.80, respectively.
On the announcement front, Riyad Bank has announced its annual financial results for 2025, with the total income from special commission of financing reaching SR24.1 billion, while net income from special commission of financing amounted to SR12 billion.
In a statement on Tadawul, the bank said: “Net income increased by 11.7 percent mainly due to an increase in total operating income and a decrease in total operating expenses.”
The bank further noted that the rise in total operating income was primarily driven by increased revenue from fees and commissions, trading activities, special commissions, gains on non-trading investments, and other operating sources. This growth was partially tempered by declines in exchange and dividend income.
“Net provision of expected credit losses and other losses decreased by 15.8 percent due to a decrease in impairment charge of credit losses and impairment charge for other financial assets, partially offset by an increase in impairment charge for investments,” it added.
RIBL’s share price closed at SR18.18 on the main market, marking a 1.43 percent increase.
