France's Macron, Indonesia's Prabowo To Discuss Strategic Partnerships

Summary:

JAKARTA, May 28 (Reuters) - French President Emmanuel Macron will meet his Indonesian counterpart Prabowo Subianto in Jakarta on

French President Emmanuel Macron will meet his Indonesian counterpart Prabowo Subianto in Jakarta on Wednesday, and defence ties with Paris' biggest arms client in Southeast Asia are expected to be on the agenda.

Indonesia is the second leg of Macron's regional trip after Vietnam, where the two countries signed deals worth over $10 billion. He is scheduled to fly to Singapore on Thursday.

Indonesia's foreign ministry said the two sides would discuss "existing strategic partnerships," without giving specific details about the areas of discussion.

In 2022, the two countries signed an $8.1 billion defence deal that included an order for 42 Rafale fighter jets made by France's Dassault Aviation (AM.PA), opens new tab, as well as a series of agreements including submarine development and ammunition.

"Some commitments need follow-up and Indonesia has shown interest in some other military hardware, but there has been no progress yet," said Khairul Fahmi, a military expert at Indonesia-based Institute for Security and Strategic Studies.

No Rafale jets have been delivered to Indonesia yet. The chief of the Indonesian Air Force Mohamad Tonny Harjono said in February that six jets would arrive in Indonesia in early 2026, state news agency Antara reported.

Aside from the Rafale deal, Indonesia in 2024 struck an agreement with French state-owned shipyard Naval Group to buy two "Scorpene" submarines, and in 2023 announced the purchase of 13 long-range air surveillance radars from France's Thales.

Prabowo, who became president last year, was the defence minister when these deals were signed.

Macron's delegation to mineral-rich Indonesia includes French mining group Eramet's new CEO Paulo Castellari. Eramet (ERMT.PA), opens new tab chairwoman Christel Bories said they would look to discuss mining permits in relation to the Weda Bay nickel mine.

Indonesia is the world's largest producer of nickel, and also holds the biggest known reserves of the metal. Eramet and other companies have complained about reduced volume allowances.

The group also has been in talks with Indonesia's new sovereign wealth fund, Danantara, about battery supply-chain investments, with Eramet still wanting to get into nickel processing after dropping a plan to build a plant with BASF last year.

Reporting by Ananda Teresia and Stanley Widanto in Jakarta, and Gus Trompiz in Paris; Writing by Gibran Peshimam; Editing by John Mair

Source: Reuters

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Michelle Reid

Key Points:

● Bitcoin reached $111,980, a new all-time high.

● Strong institutional investment marked the surge.

● Economic policies may influence future fluctuations.

Bitcoin Surpasses $110,000 Amid Market Momentum

Bitcoin surpassed the $110,000 mark on May 26, 2025, amid strong trading activity and macroeconomic factors.

The event boosts Bitcoin's stance as a dominant cryptocurrency, while experts remain attentive to potential fluctuations due to global economic conditions.

Bitcoin's price movement to $110,000, a critical psychological level, occurred after it dipped to $106,000 on May 25. Strong institutional support led by key players, like Michael Saylor, who said, "Bitcoin is an unparalleled store of value that continues to gain traction among institutional investors," has been instrumental in this achievement, highlighting his fervent advocacy for Bitcoin as a store of value. The current US President's delay in implementing tariffs on the EU appears correlated with the price increase.

Financial markets witnessed a surge with digital asset inflows reaching $3.3 billion weekly, supporting Bitcoin's climb. Institutional investments fuel growth while market analysts project support for a move toward $115,000. The cryptocurrency market experienced over a 2% rise as a result of these factors, signaling continued confidence.

The situation's implications involve potential economic and financial shifts influencing prices. Bitcoin's upward trajectory may affect investor decisions globally. Long-term holder accumulation and Bitcoin ETFs were instrumental in this price increase, with predictions suggesting recently established support could push prices to higher targets.

Experts caution that if institutional inflows slow or regulatory pressures mount, a price correction below $110,000 may occur. Continued market interest and technical analyses suggest maintaining current levels could solidify future growth trends.

Source: CryptoSlate

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Nathaniel Wright

Preliminary estimates of durable goods orders in the US showed a less sharp than expected dip in April. The decline was 6.3% versus a 7.5% jump a month earlier and an expected 7.6% drop.

The volatility is almost entirely due to the transport sector, and without that component, there was a 0.2% gain for the month after a commensurate decline earlier. This indicator has been near a plateau for the past three years, adding only 1% in money over that time against a 12% rise in the Core CPI and a 9% rise in Core PPI. Simply put, America has been cutting investment in durable goods for about as long as the Fed has been shrinking its balance sheet.

In the short term, the current report is relatively positive for demand for US assets, including the dollar, coming in above expectations. However, in the medium term, it is worth paying attention to the decline in orders expressed in real prices. This may indicate a growing threat of stagnation, if not contraction, of the US economy, bringing the Fed rate cut closer.

The FxPro Analyst Team

Source: FxPro

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James Whitman

Political

Russia-Ukraine Conflict

U.S. President Donald Trump on Tuesday said Vladimir Putin was "playing with fire" by refusing to engage in ceasefire talks with Kyiv as Russian forces made gains in Ukraine's northeast.

With his frustration increasing, Trump has lashed out at the Russian president as Moscow has hit Ukraine with some of the three-year-old war's deadliest drone and missile attacks while not moving forward on ceasefire efforts.

"What Vladimir Putin doesn't realize is that if it weren't for me, lots of really bad things would have already happened in Russia, and I mean REALLY BAD. He's playing with fire," Trump said in a Truth Social post on Tuesday.

The president, who prides himself on having friendly relations with Putin, did not elaborate.

Trump in a post on Sunday said Putin had "gone absolutely CRAZY" by unleashing a massive aerial attack on Ukraine.

Putin said after a two-hour call with Trump last week that Russia was ready to work with Ukraine on a memorandum about a future peace accord.

The Russian leader said part of this work would be defining a possible ceasefire, including its timeframe. Ukraine, its European allies and the U.S. have all urged Putin to accept an immediate, unconditional ceasefire lasting at least 30 days.

The Kremlin has said it could not estimate how long drafting the memorandum would take, and it said on Tuesday it was still working on it. Kyiv and European governments have accused Moscow of stalling while it advances on the battlefield.

FOUR SUMY VILLAGES CAPTURED

Trump's social media blast on Tuesday came as Kyiv suffered another battlefield setback with Russian forces capturing four villages in Ukraine's northeastern Sumy region.

Trump has so far held off on major new sanctions against Russia, though U.S. officials say a package of sanctions has been prepared should he decide to do so. Trump is also under pressure from Ukraine President Volodymyr Zelenskiy to increase military assistance to Ukraine.

The Russian advances follow some of the biggest drone and missile attacks on Ukraine since Russia began the full-scale war in early 2022, although the level dropped markedly overnight from Monday to Tuesday.

Ukraine has also fired dozens of long-range drones into Russia in recent days, forcing some Moscow airports to close temporarily.

Sumy Governor Oleh Hryhorov wrote on Facebook that the villages of Novenke, Basivka, Veselivka and Zhuravka had been occupied by Russia, although residents had long been evacuated.

Russia's Defence Ministry said on Monday it had taken the nearby village of Bilovody, implying a further advance in the more than three-year war.

Ukrainian officials have said for weeks that Russian troops are trying to make inroads into Sumy region, the main city of which lies less than 30 km (19 miles) from the border.

Russian forces, attacking in small groups on motorcycles and supported by drones, have been widening the area where they have been carrying out assaults, a spokesperson for Ukraine's border guard service said.

Ukrainian forces used Sumy region as a launch pad to seize a chunk of Russia's neighbouring Kursk region last year before being largely driven out by April. The area has been pounded for months by Russian guided bomb attacks and other strikes.

"The enemy is continuing attempts to advance with the aim of setting up a so-called 'buffer zone'," Hryhorov wrote on Facebook.

During a trip to the Kursk region in March, Putin repeated a call for his military to consider establishing a "buffer zone" along Russia's border.

NEW OFFENSIVES

Though Russia's offensive activity is concentrated in the eastern Donetsk region, Moscow's inroads into northeastern Ukraine show how it is stretching Kyiv's forces on multiple fronts.

Zelenskiy has repeatedly warned that Russia is preparing new offensives against Sumy as well as the northeastern Kharkiv and southeastern Zaporizhzhia regions.

"There is much evidence that they are preparing new offensive operations. Russia is counting on further war," he said on Monday, without elaborating.

Source: Reuters

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James Whitman

Economic

Stocks

The US government will have veto power over key decisions relating to US Steel, as part of a deal with Nippon Steel that would approve the Japanese firm’s bid for the well-known American steel company, a US lawmaker said on Tuesday.

The details are laid out in what is called a national security agreement the companies will sign with the US government, said Republican Senator David McCormick of Pennsylvania, where US Steel is headquartered.

“It’ll be a US CEO, a US majority board and then there will be a golden share, which will essentially require US government approval of a number of the board members, and that will allow the United States to ensure production levels aren’t cut and things like that,” he told CNBC in an interview after Nikkei reported that a golden share was under consideration.

It was not immediately clear if McCormick was announcing a new part of the deal beyond prior pledges made by the companies to the Committee on Foreign Investment in the US, which reviews foreign investments for national security risks and has reviewed Nippon Steel’s bid for US Steel twice.

But on Tuesday, investors appeared confident the deal would soon close, with US Steel shares trading up 1.6% to $52.84 a share, close to their highest point since the deal was announced.

US President Donald Trump was expected to address the deal in a rally at a US Steel plant in Pennsylvania this week.

In response to questions about the deal, White House spokesperson Kush Desai said, “The President looks forward to returning to Pittsburgh … on Friday to celebrate American Steel and American Jobs.”

Nippon Steel declined to comment and US Steel did not respond to a request for comment.

National security agreements get worked out in reviews led by the Committee on Foreign Investment in the US, which scrutinizes foreign investments for national security risks and has reviewed Nippon Steel’s proposed merger twice.

In an NSA term sheet proposed to CFIUS in September 2024, Nippon Steel pledged that a majority of US Steel’s board members will be American, and that three of them — known as the “independent US directors” will be approved by CFIUS.

“US Steel may reduce production capacity if and only if it is approved by a majority of the Independent US directors,” the term sheet states, adding that core US managers will be US citizens.

Japan’s top steelmaker has since December 2023 sought to seal a $14.9 billion bid to acquire US Steel at $55 a share.

Both President Donald Trump and former President Joe Biden expressed opposition to the tie-up, arguing US Steel should remain American-owned as they sought to woo voters in Pennsylvania ahead of the November presidential election.

Biden formally blocked it in January on national security grounds, prompting a lawsuit by the companies that alleged the review process had been unfair. The Biden White House disputed that view.

Trump launched a fresh CFIUS review of the deal in April. On Friday he appeared to finally give it his blessing in a social media post, noting that the “planned partnership” would create “at least 70,000 jobs, and add $14 billion dollars to the US economy.” The post sent US Steel’s share price up over 20%.

But on Sunday, Trump cast doubt over that interpretation, noting in remarks to reporters that “It’s an investment and it’s a partial ownership, but it will be controlled by the USA.”

Source: Reuters

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Risk Warnings and Disclaimers

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Manuel

Political

Economic

Canadian Prime Minister Mark Carney said officials in Ottawa and Washington are engaged in intensive negotiations on a new bilateral economic-and-security deal, and it's neither in President Trump's or his interest to let talks drag on through the fall.

"We've got more that we need to do before we're satisfied that we have a partnership that is in Canada's interest," Carney said in a broadcast interview Tuesday with the Canadian Broadcasting Corp. "We've made a lot of progress."

Carney's Liberal government delivered its ceremonial Speech from the Throne, which marks the opening of Parliament after last month's election. The speech, read by King Charles III, focused on Canada's sovereignty and the need for an ambitious economic agenda as the country must deal with a protectionist U.S. Trump has imposed hefty 25% tariffs on Canadian steel, aluminum, assembled vehicles and goods that are not compliant with the existing U.S.-Mexico-Canada trade pact. Canada has responded with 25% retaliatory tariffs on about $43 billion of U.S. imports, but has since provided exemptions to the automotive and manufacturing sectors to give them time to find new non-U.S. suppliers.

Carney said it's his goal for the U.S. and Canada to agree on a new bilateral pact in the coming months that removes the hefty tariffs. "I don't think it's in either of our nation's interests for it to drag out," Carney said.

Last week, Bank of Canada Gov. Tiff Macklem warned the economy might deteriorate further unless there's a quick end to the current U.S.-Canada conflict.

Carney is a novice politician but a former central banker in two Group of Seven economies, Canada and Britain. Carney won last month's election on a pitch that he has the acumen and experience to navigate Canada through this present crisis, fueled by Trump's tariffs and threats to annex Canada as the 51st state.

In the interview, Carney reitirated that the decades of close integration between the two countries is over. "We are seeing the danger of overreliance on the United States," he said. "So we will cooperate where necessary, where it is in both of our interests very clearly, but we won't necessarily cooperate." The speech to parliament highlighted the need to build deeper economic and defense ties with Europe and Asia.

Last week, Carney told journalists that Canadian officials are looking at possible participation in Trump's proposed Golden Dome shield, which would combine ground-based interceptors with satellites to guard U.S. territory against high-tech threats. After the CBC interview aired, Trump said on his Truth Social account that Canada would need to provide $61 billion to be part of the shield, "but will cost ZERO DOLLARS if they become our cherished 51st State. They are considering the offer!" A spokeswoman for Carney did not respond to a request for comment.

Trump has argued the U.S. doesn't need energy, lumber and cars produced in Canada, and prefers that those products from America's northern neighbor be made domestically. Carney said Canada is an ideal partner for the U.S. to create a competitive, North American auto sector that faces a stiff challenge from China and other parts of Asia.

"Can the U.S. auto sector be viable if it's just an American auto sector? The answer is no," Carney said, citing the assembly plants and parts manufacturers that help feed U.S. demand. "That integration of the auto sector is part of what will make North America competitive, and that's what we're working towards."

Source: Dow Jones Newswires

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Risk Warnings and Disclaimers

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Manuel

Cryptocurrency

VanEck head of digital assets research Matthew Sigel called on US lawmakers to attach a royalty to domestic Bitcoin (BTC) mining so the federal government can accumulate BTC for its strategic reserve.

Speaking during a policy panel at the 2025 Bitcoin Conference in Las Vegas on May 27, Sigel said the reserve can grow through two main channels in his perspective.

He explained that one option is executive action, which points to the Exchange Stabilization Fund as a vehicle for an initial $100 million allocation. However, Sigel warned that any larger purchase “is gonna get sued by the Elizabeth Warrens of the world.”

Meanwhile, the second and more durable path would involve inserting funding language into Congress’s annual budget-reconciliation process, which requires only 51 votes in the Senate.

Beyond direct allocations, Sigel told the audience that Congress should “put small amendments in every bill” requiring miners to transfer a slice of block rewards to the Treasury.

His remarks come amid heightened discussions about creating a tax-neutral way to fund a BTC reserve after President Donald Trump’s March 6 executive order establishing a Strategic Bitcoin Reserve and a Digital Asset Stockpile.

The order directs Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick to expand federal holdings without new taxpayer spending.

Mining-royalty system

According to Sigel, mining royalties would satisfy the mandate because miners, not taxpayers, would supply the coins.

He framed the idea as a way to “clean up the environment and accumulate a Bitcoin stack at the same time,” arguing that miners who convert waste methane into electricity deserve tax relief while Washington receives a royalty.

Under this outline, energy producers that flare or vent methane could install mobile data-center rigs, route the gas into generators, and earn block rewards free of income tax. Miners would forward an agreed-upon percentage, Sigel suggested single digits, directly to the Treasury’s reserve wallet.

According to Sigel, the model reduces greenhouse gas emissions and diversifies national reserves without federal outlays. He further argued that pilot programs could refine royalty rates and compliance rules.

Legislative road map

Sigel called for bipartisan co-sponsors to embed royalty language in energy, defense, and appropriations bills.

He cited federal oil-and-gas royalties as precedent for attaching revenue riders to extraction activities.

He also urged state officials who regulate flaring to accelerate permits for miners that sign federal royalty contracts, mirroring existing tax holidays for data centers and renewable-power projects.

Sigel closed by saying swift legislative work could let the US “stack sats” within current fiscal limits and position the reserve for the next budget cycle.