Middle East

The decline in imports of Russian fuel to Turkey has been due to sanctions and competition from other grades of oil, as well as the fact that President Donald Trump is urging allies not to buy Russian oil, to hinder its war effort. Trump, frustrated by Russia's refusal of to stop fighting in Ukraine and a major source of revenue for Moscow, has asked Europe to cease Russian oil and gas sales. After two hours of discussions with Turkish President Tayyip Erdoan, Trump stated that he thought Ankara might agree to his demand to stop purchasing Russian oil, and he...

Saudi stocks continued their sharp rise in early trading on Thursday, following news that Capital Market Authority was considering allowing foreigners to own majority stakes of listed companies. The UAE markets recovered as investors purchased recently sold-off share. Saudi Arabia's benchmark stock index rose 1.1% on the back of its largest single-day gain for more than five year after Bloomberg reported that regulators could ease the cap on foreign ownership to 49%, which would likely attract new foreign investment into the region's biggest equity market. Al Rajhi Bank shares, the largest Islamic lender in the world, rose more than 5%...

On Monday, dockworkers on strike in Italy blocked the access to ports and violence broke out at a pro Palestinian protest in Milan's centre as unions held a day of demonstration against Israel’s Gaza offensive. Italian dockworkers protesting say they want to stop Italy being used as an staging post for arms and other supplies going to Israel, which is at war in Gaza with Hamas. A witness said that police in riot gear used tear gas to fight protesters near the central station of Milan. Meanwhile, Italian media reported that the demonstrators tried to stop traffic on the autobahn...

Dockworkers on strike in Genoa, northern Italy, blocked the access roads to its port Monday as part of protests over Israel's offensive against Gaza. A group of unions called strikes in solidarity with Palestinians, which led to the closure of a number schools and disruption of transport services. In Genoa in north-west Italy, protesters waved Palestinian flags during early morning gatherings near the port. Workers protesting in Livorno on the Tuscan coast blocked an entrance to the harbor. Italian dockworkers claim they want to stop Italy being used as an intermediate staging point for arms and supplies going to Israel,...

The Securities and Exchange Board of India dismissed on Thursday allegations of stock manipulating against billionaire Gautam Adani and his company group made by U.S. Short-seller Hindenburg Research. SEBI began to investigate Adani Group companies in 2023, including Adani Power, Adani Ports and Adani Enterprises after Hindenburg accused the group of using tax havens as well as failing to disclose related party transactions. The conglomerate, while denying wrongdoings, was forced to sell off $150 billion worth of its stock. Since then, the shares have recovered. Adani's spokesperson didn't immediately comment on the SEBI decision. The order was made in two...

Cairo's roads are not for the weak-hearted. They have potholes and obstacles like donkey carts. Now, drivers are faced with a new hazard - a proliferation of mismatched and flashy billboards that compete for their attention. According to AdMazad a media and advertising analytics company, the number of billboards that line Cairo's streets has increased by more than twofold in six years. This is more than 30 ads per square kilometre, and that's without counting the digital flashing ads which have increased more than ten-fold in the past decade to reach more than 300. Ahmed Adel, a resident of Cairo,...

Gulf equities had a mixed start to trading on Tuesday, as higher oil prices provided some support. However, investors remained cautious ahead of the highly anticipated monetary policies verdict from the U.S. Federal Reserve scheduled for Wednesday. Investors are closely monitoring the updated "dotplot" of policymakers and Jerome Powell's guidance. The Fed's position has a lot of weight in the Gulf region, where the majority of currencies are pegged with the U.S. Dollar, thereby anchoring the regional monetary policies. Saudi Arabia's benchmark index rose 0.1% after bouncing from a two-year low in the previous session. Consumer discretionary shares and utilities...

Investors expect the U.S. Federal Reserve to continue its easing cycle this week. The markets are priced at 100% for a 25 basis point easing by the Fed. This would bring its key rate down to 4.0-4.25%. Futures indicate a mere 4% chance that it will be 50 basis points. The U.S. monetary policy changes have a major impact on Gulf markets where the majority of currencies are pegged with the dollar. Dubai's benchmark index rose 0.2% thanks to gains in consumer goods, utilities and industry shares. Gulf Navigation gained 3.2%, while Tecom Group increased by 1.8%. Emirates Integrated Telecommunications,...

Israel's military announced on Monday that it intercepted a Yemeni drone after sirens were heard near Eilat. A day earlier, Yemen's Houthis had launched a drone at an airport in the vicinity of southern Israeli city. The military announced that sirens sounded later on Monday in the Negev region after another drone had been detected. The military did not reveal what happened to the drone. Israel's Ramon Airport, near Eilat, has resumed its operations after a drone fired from Yemen hit the arrivals area on Sunday. Since the beginning of the Gaza war, the Houthis, backed by Iran have launched...

Israel's Airports Authority reported on Sunday that an Israeli drone, launched from Yemen, struck the arrivals area at Ramon Airport in the Red Sea town of Eilat. The airport said that takeoffs, landings and other operations were suspended. It was working hard to get back to normal as quickly as possible. On Sunday, the Israeli military announced that it was looking into the crash of an unmanned drone launched from Yemen which fell near the airport. The Israeli military stated that the incident is being reviewed without providing any details about the impact. The Israeli military did not say if...

The manager of a chemical tanker with Liberian flag said that the vessel was undamaged, and its captain is still in command, despite reports of an attack on the coast of Saudi Arabia by the Houthi militia of Yemen. Eastern Pacific Shipping, based in Singapore, said that it was aware of reports claiming that the vessel Scarlet Ray had been targeted by a suspected Houthi-inspired attack. We confirm that the vessel is not damaged and that it continues to be operated under the master's command. All crew members are safe and well. Yemen's Houthis claimed on Monday that they fired...

Hakan Fidan, the Turkish Foreign Minister, announced on Friday that Turkey had decided to ban Israeli vessels from entering its ports and forbid Turkish ships using Israeli ports. It also imposed restrictions on certain planes in Turkish airspace. In his comments to the parliament, he provided little detail that appeared to summarize steps taken by Turkey against Israel in Gaza war or those already in progress. Israel denies the charge. The Turkish government has strongly criticised Israel for its offensive in Gaza. Ankara halted its trade with Israel and called for international sanctions against it. It also urged the world's...

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Mexico is planning to increase import tariffs on almost 1,500 products including cars, steel, textiles and appliances to protect the domestic industry and job opportunities, particularly from cheap Chinese goods. This comes amid wider trade talks with both the U.S. Oracle has signed an unprecedented $300 billion cloud computing contract with OpenAI to support massive AI expansion starting in 2027. This is one of the biggest tech contracts ever, and signals a high-stakes wager on ChatGPT’s continued...

Israel's military confirmed that a missile fired from Yemen at Israel on Thursday fell in an area open outside Israeli territory. No sirens were activated. This was the third launch of this kind within 24 hours. Yemen's Iran supported Houthis have recently increased attacks and launched missiles in response to Israeli attacks against Yemen. The Houthis launched missiles and drones towards Israel from thousands of kilometers away, calling it an act of solidarity with Palestinians. The majority of missiles or drones that were launched either missed their targets or were intercepted. Israel has responded by bombing areas in Yemen controlled...

Two sources familiar with the matter said that JD.Com's property investment arm and two other firms are planning to launch a Singapore based real estate trust (REIT), with assets valued at potentially more than $1 billion. Sources said that JD Property (the unlisted infrastructure investment platform and asset management platform for JD.Com) is creating the REIT in partnership with Partners Group, a Swiss investment firm, and EZA Hill Property which is backed up by Asian investment firm Hillhouse. Sources who refused to name themselves because the matter was private said that the REIT plan could be listed at the Singapore...

A senior official revealed on Wednesday that Uganda was in discussions with credit export agencies and development finance institutions to have 85% a planned rail project funded with debt. This is due to concerns about the already high public debt. In October of last year, Turkey's Yapi Merkezi was awarded the contract for the construction of the 2.7 billion euro ($3.15 billion) rail. Preliminary works have already begun. Perez Wamburu said that some of the potential financiers are the OPEC Fund for International Development (FIDA), the Africa Development Bank, the Islamic Development Bank, and some European export credit companies. Wamburu...

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. California-based Palo Alto Networks has entered into talks with Israeli cybersecurity company CyberArk Software to purchase it in a deal valued at over $20 billion. Union Pacific announced that it will buy the smaller competitor Norfolk Southern for $85 billion. This deal will create the United States' first coast-to-coast rail freight operator, and change the way goods are transported across the nation from grains to automobiles. CBL Properties, based in Tennessee, has acquired four malls for the...

The operator of the Greek bulk carrier said that the 19-member crew, which was severely damaged by repeated attacks in the Red Sea, likely carried out by Houthi militants are safe. They will arrive at Djibouti on Monday evening. Michael Bodouroglou said that the fate of the Liberian Magic Seas, which is flying the Liberian flag, was uncertain. The vessel could sink, according to Bodouroglou. The first incident of this kind to be reported since mid-April was Sunday's attack off the southwest coast Yemen. The Magic Seas was targeted by gunfire, rocket-propelled missiles, and skiffs for more than four hour....

An attack on a ship in the Red Sea, off the coast of Yemen's southwest coast, was launched by eight small boats using gunfire and grenades. A British maritime agency and a security firm confirmed the incident. The situation continues, according to the United Kingdom Maritime Trade Operations and British maritime security company Ambrey. The attack was not immediately attributed to anyone. This is the first report on the region by the agencies since the middle of April. The tensions in the Middle East are still high due to the conflict in Gaza, the 12-day Israel/Iran war that lasted for...

Hamas announced on Saturday that it had responded in kind to a ceasefire offer made by Steve Witkoff, the Middle East envoy for U.S. president Donald Trump. The proposal included a call for an end to war which was previously a redline for Israel. In a press release, the Palestinian group stated that it would release 10 living hostages in exchange for Israel releasing a number Palestinian prisoners. This is in line with Witkoff’s proposal. Hamas' statement continued: "This proposal is aimed at achieving a permanent ceasefire and a complete withdrawal from Gaza Strip. It also aims to ensure that...

Norway's $1.8 trillion sovereign wealth fund, the world's largest, can begin selling stocks it holds in Russian companies, as long as it complies with worldwide sanctions, the deputy finance minister told Reuters on Friday. Permission to offer the fund's Russian stocks is given on the condition that the sale can be carried out in line with suitable sanctions, Ellen Reitan said in an email. The Norwegian finance ministry bought a halt to all deals in the fund's Russian properties soon after Moscow's. invasion of Ukraine in February 2022 and stated at the time that. the ultimate goal was to divest...

A convoy of 109 trucks was violently looted on Nov. 16 after going into Gaza, resulting in the loss of 98 trucks in what aid workers state is among the worst such occurrences in the more than 13monthold war, an UNRWA help authorities informed Reuters on Monday. The convoy carrying food supplied by U.N. companies UNRWA and the World Food Program was advised by Israel to leave at brief notification through an unknown path from Kerem Shalom crossing, Louise Wateridge, UNRWA Elder Emergency situation Officer informed Reuters. This event highlights the intensity of gain access to obstacles of bringing help...

Uganda's government and Turkish building and construction company Yapi Merkezi signed a contract to build a 272 kilometre (169 miles) section of railway, in a bid to improve regional trade, a Ugandan authorities stated on Monday. Uganda's Requirement Gauge Railway project planner, Perez Wamburu, stated the arrangement was for the first area of a. prepared 1,700 km electrical railway. The job will increase trade and minimize transport expenses,. Uganda's works ministry permanent secretary, Bageya Waiswa, stated. at the signing event. He stated Uganda will use its own funds and credit from export. credit organisations to fund the task, which will...

Microsoft on Thursday named previous GE finance chief Carolina Dybeck Happe as its primary operations officer. The visit comes at a time when Microsoft is aggressively pursuing the lead in the cloud services market, doubling down on AI investments to reinforce its cloud organization and close the gap with Amazon's Amazon Web Provider. Dybeck Happe, GE's finance chief since March 2020, was crucial in leading the business's turnaround. She stepped below the role in September 2023, but continued as senior vice president, finishing the spin-off of energy facilities system GE Vernova in April 2024. She has actually held finance head...