Makana 360 Daily Insights:
📌 China sets lowest economic growth target since 1991
China lowered its annual economic growth target to 4.5%–5%, the lowest since 1991, amid domestic and global economic pressures. The announcement came during the country’s major political gathering, the Two Sessions, where Premier Li Qiang outlined the early framework of China’s 15th Five-Year Plan. Beijing aims to reshape its economy through investment in innovation, high-tech industries, artificial intelligence, and green energy, while addressing weak domestic consumption, demographic decline, a prolonged property crisis, and global trade tensions.
📌 US submarine sinks Iranian warship in the Indian Ocean
US Defence Secretary Pete Hegseth said an American submarine sank the Iranian frigate IRIS Dena in the Indian Ocean using a torpedo. Sri Lanka reported receiving a distress call from the vessel about 40 km off its southern coast, where rescue teams recovered roughly 80 bodies and saved 32 sailors, with injured survivors taken to a hospital in Galle. Iran’s Foreign Minister Abbas Araghchi condemned the attack as an “atrocity at sea,” accusing the US of striking the ship in international waters without warning.
📌 Venezuela and US to cooperate on mining sector development
Venezuela’s interim president Delcy Rodríguez and US Interior Secretary Doug Burgum agreed to collaborate on developing Venezuela’s mining sector after talks in Caracas. The plan includes reforms to mining laws to attract foreign investment—similar to recent reforms in Venezuela’s oil industry—allowing foreign firms to exploit gold, diamonds, and rare earth minerals. Burgum brought more than two dozen US mining companies, highlighting the potential for billions of dollars in investment and thousands of jobs, though challenges such as illegal mining, environmental damage, and corruption remain.
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