A viral video showing a gigantic python wrapping itself around an Indonesian villager has secured more than a million views, after locals wrestled with the serpent before successfully caging it.

US President Donald Trump and European Commission chief Jean-Claude Juncker on Wednesday agreed on a plan to defuse the festering trade dispute between the two major economies.

The European Union on Monday followed China in complaining to the World Trade Organization (WTO) over US tariffs on steel and aluminium imports.

The European Commission (EC) has decided to initiate a safeguard investigation concerning imports of 26 steel products to its member countries.

The United States is not seeking a trade war over tariffs but does not fear one, US Treasury Secretary Steven Mnuchin said on Tuesday after a meeting of G20 finance ministers.

White House economic advisor Gary Cohn became the latest casualty of President Donald Trump's tumultuous administration,resigning in protest on Tuesday as Trump stepped up his threats of steep tariffs on steel, aluminum and European cars.

The Government would not use public funds to rescue 12 loss-making projects under the jurisdiction of the Ministry of Industry and Trade (MoIT), Deputy Prime Minister Vương Đình Huệ said.

The International Monetary Fund (IMF) is optimistic about the current state of the world economy while predicting faster growth across all regions and highlighting China’s vital role in promoting globalisation.

The Ministry of Planning and Investment has proposed export tax cuts on cement while local producers are struggling with high stockpiles as supply has exceeded demand in the domestic market.

The National Assembly Economic Committee held a plenary session on Thursday to review the implementation of the national socio-economic development plan in 2016 and early 2017.