Beijing cuts interest rates again to soften impact of US tariffs

Today’s Headlines: Trump, after call with Putin: “Talks with Ukraine imminent”; Moscow bans Amnesty International. After a decade, direct flights resume for Iranian pilgrims to Saudi Arabia. Influencer arrested in Vietnam for consumer fraud. Japan’s agriculture minister apologises after saying he’s “never had to buy rice”.

CHINA

China has once again cut its benchmark interest rates, bringing them to a historic low, while major state-owned banks have also reduced deposit rates. The moves are part of Beijing’s efforts to loosen monetary policy and cushion the economic blow of the ongoing trade war with the United States. The widely expected rate cuts aim to stimulate consumer spending, boost loan growth, and safeguard bank profits as the world’s second-largest economy shows signs of slowing.

USA – RUSSIA – UKRAINE

Former President Donald Trump, following a phone call with Vladimir Putin, stated that Russia and Ukraine would begin immediate negotiations for a ceasefire. However, the Kremlin responded that the process would take time. Trump also indicated he was not ready to join Europe in imposing new sanctions on Moscow. Meanwhile, Russia has banned Amnesty International, labelling it an "undesirable organisation" for its support of Ukraine against Russia.

SAUDI ARABIA – IRAN

Saudi airline Flynas has resumed flights for Iranian pilgrims travelling to Mecca for the first time since 2015. Over 35,000 Iranian pilgrims will travel to Saudi Arabia solely for the Hajj pilgrimage, set to begin in June. The resumption of flights is seen as another sign of improving relations between the two nations, whose ties were abruptly severed a decade ago.

VIETNAM

Vietnamese authorities have arrested an influencer for consumer fraud after she promoted a counterfeit fibre supplement. Nguyen Thuc Thuy Tien had heavily advertised the gummy product as fibre-rich on her social media channels. Public outrage erupted after tests revealed the product’s health claims were false.

JAPAN

Japan’s Minister of Agriculture, Taku Eto, has issued an apology after claiming he had “never had to buy rice” due to gifts from supporters. The comment, made during a political fundraising event on Sunday, sparked anger among consumers struggling with soaring basic food prices. After Kyodo News first reported the remark, other local media quickly followed, prompting a storm of backlash on social media.

TAIWAN – CHINA

Taiwanese President Lai Ching-te has said the island seeks peace and dialogue with China, but must continue to strengthen its defences. Marking one year since his election, Lai reiterated that only the people of Taiwan can determine their future. China has dismissed Lai’s offers of talks, labelling him a "separatist" and rejecting his refusal to accept Beijing’s sovereignty claims over the independently governed democratic island.

TURKMENISTAN – TURKEY

Relatives of two detained Turkmen bloggers and humanitarian activists in Turkey—Alisher Sakhatov and Abdulla Orusov—have appealed to President Recep Tayyip Erdoğan to release them from a deportation centre in Ankara. They are also calling on Turkish authorities not to return them to Turkmenistan, where they fear the men would face torture or even death.

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