US & Iran Hail 'Progress', Lagarde's Rumored Early Exit, More
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Both the United States and Iran say that talks on a nuclear deal are making progress, suggesting that the chances of an imminent military clash are low. A U.S. official has told Bloomberg that Tehran's diplomats are due to return to Geneva in two weeks with a new proposal. Iran's foreign minister, Abbas Araghchi, says the path to a deal has started.
We are hopeful that negotiation will lead to a sustainable and negotiated solution at the same time as demonstrated during the aggression of 13 June 2025. Iran remains fully prepared to defend itself against any threat.
the Iranian foreign minister speaking in Geneva. A deal could mean the US lifting tough sanctions on Iran's oil industry and wider economy, but the next steps are expected to get more difficult with each side needing to draft a text for a deal. US Vice President J.D. Vance told Fox News that force was still an option.
You know, in some ways it went well. They agreed to meet afterwards. But in other ways, it was very clear that the president has set some red lines that the Iranians are not yet willing to actually acknowledge and work through. So we're going to keep on working it. But of course, the president reserves the ability to say when he thinks that diplomacy has reached its natural end. We hope we don't get to that point. But if we do, that'll be the president's call.
Vance and other US officials have talked up the prospect of strikes on Iran as the US has moved weapons and troops to the region. Oil prices fell on the signs of progress, but Brent crude is up almost 12% this year, largely because of the US-Iranian tensions, the possibility of war in the oil-rich region.
Japan is planning to invest up to $36 billion in oil, gas and critical mineral projects in the US. It marks the first tranche of investments worth more than $500 billion as part of the trade deal struck between the two countries. In a social media post, President Trump hailed the scale of the projects, which include a large natural gas plant in Ohio and a crude export facility in the Gulf of Mexico. Japan's Prime Minister Sanae Takeuchi said the initiatives are aimed at building resilient supply chains and economic security. It comes weeks before she's due to meet President Trump in Washington.
The ECB says Christine Lagarde hasn't made a decision about leaving her job as president early. That follows a report from the Financial Times, citing one person familiar with Lagarde's thinking, saying that she wants to step down before France's presidential election in April 2027.
What progress has been made in US-Iran nuclear talks?
The statement, though, from the ECB says that the central bank chief is, quote, totally focused on her mission. There had been speculation that Lagarde may want to exit before the end of her eight year term in October 2027. Here's what Lagarde told Bloomberg TV in November.
I was always under the impression that it was a five year term and I hadn't checked. So having said yes to Macron and Merkel, I said, oh, okay, well, I'll be in Frankfurt for five years. And at that point, Macron said, No, for eight years. But it was too late.
The ECB president there speaking to Bloomberg's leaders with Lacroix last year. Earlier this week, we reported that European governments may choose to fast-track finding a successor for Lagarde in order to avoid having to deal with a possible far-right French president after next year's elections.
UK inflation dropped to its lowest level in 10 months, strengthening the case for a Bank of England rate cut. Consumer prices rose by 3% in January from a year earlier, a 0.4 percentage point drop from December's figure and in line with economists' expectations.
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