Beijing sets lowest growth target for China in three decades
China’s latest Five Year Plan, details of which are set out in a 46-page report published by Premier Li Qiang, cuts the world’s biggest economy’s annual economic growth target to a range of 4.5%-5%, the lowest expansion goal since 1991. Indications from China’s biggest political gathering, known as the “two sessions”, are that Beijing aims to reshape its economy in the face of issues such as weak consumption, a shrinking population, an ongoing property crisis, global trade tensions and an energy crunch due to the Iran war.
Republicans block motion to stop US air campaign against Iran
The US Senate voted voted 53 to 47 against a motion aimed at halting Washington’s war against Iran* pending authorisation by Congress. The vote – largely along party lines, with all but one Republican voting against the motion and all but one Democrat supporting it – leaves US President Donald Trump largely free to direct the war. With the conflict continuing into its sixth day, Iran launched missiles at Israel overnight and aerial attacks were sustained across the Middle East, with the US and Israel intensifying their bombing of Iran, and the Israel Defense Forces targeting a Hezbollah stronghold in the southern suburbs of Lebanese capital Beirut. NATO air defences destroyed an Iranian ballistic missile fired towards Turkey.
US to work with Caracas in developing Venezuela’s mining industry
Venezuela’s interim president Delcy Rodríguez and US interior minister Doug Burgum have said the two countries will be working together to develop mining in the country. Burgum’s meeting with Rodríguez at the presidential palace in Caracas came during the second visit by a US secretary since the US strikes and seizure of Nicolás Maduro in January. Burgum leads the Trump administration’s National Energy Dominance Council. Venezuela, which has already changed its law to allow more foreign investment in its previously nationalised oil sector, is reportedly planning similar reforms for its mining sector. Rodriguez told journalists after the meeting that “we’re getting top marks on everything… 20 out of 20″, an apparent reference to the US being pleased with Venezuela’s co-operation so far.
Pressure on oil continues
US Energy Secretary Chris Wright says the US Navy will escort oil tankers through the Strait of Hormuz “as soon as it can” but is presently focused on the conflict with Iran. Earlier in the week, US President Donald Trump sought to allay concerns about the Iran war disrupting the global oil market by suggesting that the US military stood ready to protect ships moving through the strait. Yesterday, Energy Secretary Wright said on Fox News: “We’ll do that as soon as we can. Right now, our Navy, and of course, our military, is focused on other things, which is disarming this Iranian regime.”
SA water boards record more than R3 billion in irregular, fruitless and wasteful spending
Parliament’s portfolio committee on water and sanitation has been told South Africa’s water boards collectively recorded R3.4 billion in irregular, fruitless and wasteful expenditure in the past financial year, though their overall performance showed improvement, along with capital investment of R6 billion in 2024/25.
Sources: Netwerk24, BBC, Reuters, The Guardian
*This report has been amended to correct a mistaken reference to Iraq, instead of Iran