ECB hikes interest rates by 25 basis points

0:00Now the news, I'm Tianyu. The Chinese Foreign Ministry has announced that Chinese President Xi Jinping will attend the 18th Brick Summit in New Delhi on Saturday and Sunday. The trip is at the invitation of the Indian Prime Minister. It is the fourth time India has hosted the forum. Discussions this year will focus on key global and economic issues. Raveena Bawa has more from India. The stage is all set for the biggest diplomatic gathering in Delhi. The 18th Brick Summit will bring together leaders from member and partner countries here on Saturday. The forum will focus on inclusive urban development, climate and disaster resilient infrastructure, local level finance and digital innovation. The venue for the meeting is all decked out to welcome the leaders. 25 missing crew members have been found dead after a fire broke out aboard a foreign cargo ship at a shipyard in Qingdao, Shandong Province.

1:03The ship had 42 people on board when the fire broke out during maintenance work on Thursday. 12 people were safely evacuated while 5 others were injured and taken to hospital. Chinese President Xi Jinping has called for a thorough investigation to determine accountability and urged nationwide safety inspections to prevent major accidents. An emergency management team has been dispatched to the scene. Shen Zhen will host the Asia Pacific Economic Operations CEO Summit on November 17th and 18th. Around 1000 business and political leaders from APAC economies will attend the summit in the southern Chinese city. The event will focus on promoting shared prosperity and wingwing future. Participants will discuss issues including the Asia Pacific free trade area, artificial intelligence and sustainable development and offer recommendations for boosting regional economic growth. Chinese and US law enforcement agencies have jointly cracked a transnational case involving

2:03precursor chemicals used to manufacture synthetic cannabinoids. According to the Chinese Ministry of Public Security, Chinese police arrested 21 suspects in mid-August. They also seized a batch of non-scatured precursor chemicals in coordinated operations in Herbe Province and elsewhere. Iran's Islamic Revolution Guard Corps says its naval forces have targeted a US-ungman surface vehicle in the Strait of Hormuz. The IRGC said the sail drone explorer type USV was struck at a strait's entrance. It said the drones were previously used in the region by the US 5th Fleet and a task force based in Bahrain. The IRGC Navy said on Tuesday that its forces had captured one of the US Army's unmanned submarine ranks. The US military later said one of its underwater drones malfunctioned during a survey of regional waters without mentioning whether the device was seized by Iran. The West Texas Intermediate Crude Futures for October delivery topped US$100 per barrel

3:06on Thursday morning as conflicts in the Middle East continue. This marks the highest level of frowned-mouth WTI crude oil futures since May the 20th. Meanwhile Brent Crude for November delivery also rose to above US$100 per barrel before pairing gangs slightly. The European Central Bank says it will hike the key interest rates by 25 basis points. It is the second time that the Central Bank has raised interest rates seeing September 2023. The ECB also revised up its inflation projections for 2027 and 2028. The Euro-area inflation eged up to 3.3% in August from 2.9% in July. The inflation surge was attributed largely to energy prices. The international monetary found says the global economy has been resilient despite six months of war between the United States and Iran but uncertainty remains high. An IMF spokesperson says the global economy is being pulled in two directions and negative

4:10supply shock from higher energy and commodity prices and a positive demand shock from the AI-driven technology cycle. Julie Kozak said there are significant differences in how these forces are impacting individual economies. The 2026 annual meetings of the IMF and the World Bank Group are scheduled to take place in Bangkok in October. IMF managing director Chris Lino Torjiva said in late August that resilience and dynamism are the two main topics.