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Manchester United sack manager Carrick with club in relegation zoneManchester United dismissed manager Michael Carrick on Thursday after a prolonged winless Premier League run culminated in a 4-4 draw against Aston Villa at Old Trafford last weekend, leaving the struggling team mired in the relegation zone. United have won only three of their 15 matches in all competitions under Carrick this season – including one league victory – leaving them 18th in the table on eight points after 10 games, one point from the bottom. “After a disappointing start to the season, the club has come to the extremely difficult conclusion that a change is necessary in order to achieve our ambitions,” United said in a statement on their website. Carrick came under mounting pressure after a 3-0 home loss to Bournemouth and the former United midfielder carried the air of someone awaiting the inevitable after the defeat when fans chanted his name but booed the players off the pitch. He had dropped captain Bruno Fernandes to the bench against Bournemouth and did not bring him on even when United were desperate for inspiration in midfield, but the struggling club gave Carrick another chance to revive their season. Ten Hag says relegation a real possibility for Man Utd Although he restored the playmaker to the starting lineup against Chelsea following clear-the-air talks and spoke of the team’s determination to put things right, little changed as they were comprehensively outplayed in a 2-0 loss at Stamford Bridge. A 3-2 comeback win over AS Roma in the Champions League briefly eased the pressure on Carrick, but United’s familiar defensive frailties were exposed again in the 4-4 draw with Aston Villa, despite two injury-time goals salvaging a point. Carrick’s tenure Carrick was appointed on an interim basis following Ruben Amorim’s sacking in January before being handed a contract until 2028 after overseeing a turnaround in the side’s fortunes. United won 11 of their first 16 matches under Carrick, including victories over Arsenal, Manchester City, Liverpool and Chelsea, to climb to third in the Premier League and secure qualification for the Champions League. The 45-year-old proved unable to carry that momentum into the new season, however, with United notching wins only against promoted Ipswich Town and Champions League debutants Sabah FK before embarking on a nine-match winless run. Manchester United expects higher fiscal 2027 revenue on Champions League boost The club praised Carrick for his professional conduct during his managerial tenure, and said they were working towards appointing a permanent successor as soon as possible. He ultimately became another managerial casualty at Old Trafford after the reigns of David Moyes, Louis van Gaal, Jose Mourinho, Ole Gunnar Solskjaer, Erik ten Hag and Amorim. What next for united? Carrick is likely to be replaced by Mauricio Pochettino, the US men’s national team coach, who has agreed to take over the newly vacant post, according to reports in British media. The former Southampton, Tottenham Hotspur and Chelsea manager is one of the Premier League’s most highly regarded former coaches. United have not won the English league title since lifting the trophy for the 20th time in 2013 when Alex Ferguson left the club following a trophy-laden 27-year stint as manager. A daunting trip to Anfield to face rivals Liverpool awaits United after the international break. Pochettino is expected to remain in charge of the US for their upcoming CONCACAF Nations League quarter-final matches, which would leave the Argentine little time to prepare for his first game in one of English football’s most demanding jobs. (Reporting by Rohith Nair and Suramya Kaushik in Bengaluru; Additional Reporting by Karan Prashant Saxena; editing by Ed Osmond, Toby Chopra and Ken Ferris)Business Recorder
India October inflation tops RBI's 6% limit, strengthens case for rate hikesNEW DELHI: India’s retail inflation surged in October to 6.09%, breaching the central bank’s upper tolerance limit for the first time under the new series, as rising food prices drove up household costs and bolstered bets of further rate hikes. Economists had expected inflation to rise to 5.93% in October, according to a Reuters poll, from 5.54% in September. It has now remained above the Reserve Bank of India’s 4% medium-term target for five consecutive months. India’s headline retail inflation last breached the RBI’s 6% limit in October 2024, when it rose to 6.2%, according to the previous CPI series with a 2012 base year. The acceleration was driven largely by food prices, which account for nearly 40% of India’s consumer price index. Food inflation rose to 8.94% in October from 7.74% in September as prices of staples such as onions, garlic and ginger climbed. Rising inflation prompted the RBI to join its global peers in raising its benchmark repo rate last month for the first time in nearly four years, citing elevated inflation expectations and broadening of price pressures. India inflation jumps to 5.54% in Sept, strengthening case for further rate hikes Minutes of the rate-setting committee’s meeting indicated that further rate hikes may be needed to contain inflation but policmakers stopped short of endorsing an aggressive tightening cycle, citing risks to economic growth. The RBI now expects inflation to average 6% in the October-December quarter and has raised its forecast for the current financial year to 5.2% from 5% earlier. RBI Governor Sanjay Malhotra warned that a weak monsoon and strong El Nino conditions pose risks to agriculture and rural demand, although ample foodgrain stocks and government measures are expected to cushion the impact. Brent crude futures have fallen to around $92 a barrel, offering some relief to the inflation outlook as markets weigh hopes of de-escalation in the US-Iran war against concerns over attacks on shipping in the Strait of Hormuz. Transport inflation accelerated to 5.84% in October from 5.01% a month ago.Business Recorder
Mirra Andreeva reaches WTA Finals semis, Svitolina fights back to beat MuchovaINDIAN WELLS: World number three Mirra Andreeva booked her place in the semi-finals of the WTA Finals with a 6-4 6-0 win over Aryna Sabalenka on Wednesday, while Elina Svitolina battled back to beat Karolina Muchova and keep her hopes alive. Andreeva, the 19-year-old French Open champion, won her second straight Group 2 match and advanced as group winner after Svitolina earlier defeated Muchova 3-6 6-2 6-2. The result eliminated Muchova from semi-final contention, while Svitolina will face Sabalenka in Friday’s final group match with the remaining place in the last four at stake. Sabalenka, the world number two and US Open runner-up, made the stronger start and broke Andreeva in the fourth game of a closely fought opening set to move 3-1 ahead. Andreeva responded immediately, however, winning three consecutive games to draw level at 4-4 before breaking Sabalenka again and serving out the set. The Russian maintained the momentum in the second set, capitalising on Sabalenka’s errors to break early and race into a 3-0 lead. Andreeva did not allow Sabalenka another game, sealing a dominant victory on her WTA Finals debut, in just 62 minutes, netting 16 winners and making only six unforced errors. “I’m even happier than I was after my first match. I feel like I could play another two matches. Sabalenka’s slump continues with Wuhan Open exit to Li I’m so full of energy. I’m so pumped up. I’m so happy,“ Andreeva said. Earlier, Svitolina recovered from a set down to overcome Muchova in their third consecutive meeting to go the distance. Both players had lost their opening matches in straight sets, but Muchova edged a competitive first set before Svitolina raised her level. The Ukrainian broke twice in the second set and served it out to force a decider, before carrying that momentum into the final set with another two breaks of serve. “I got a bit angry at myself. I tried to hit the ball. Tried to let everything out. Happy I could win those two sets and get a win here. I didn’t really expect it to be fair,” Svitolina said. “It means the world to me (to be here). At the beginning of the year I tried to set a goal for myself to finish here… For me it’s just an amazing thing. After pregnancy, surgery, injuries on the way, it wasn’t easy. I’m very pleased and really proud of the effort,” added the 32-year-old, who won the WTA Finals in 2018.Business Recorder
Oil falls over $1 on easing geopolitical fears and oversupply worriesTOKYO/SINGAPORE: Oil prices fell more than $1 per barrel on Thursday as easing concerns over an escalation of conflict in the Middle East reduced the risk premium in crude markets, while rising OPEC+ output and growing US inventories fed worries about oversupply. Brent futures were down $1.47, or 1.58%, to $91.29 a barrel by 0426 GMT. US West Texas Intermediate crude futures slipped $1.24, or 1.43%, to $85.29. The declines reversed Wednesday’s gains, when Brent rose 1.4% and WTI added 0.6% after both benchmarks hit two-month lows the previous day. “Markets are falling on expectations that behind-the-scenes efforts are underway to secure a ceasefire between Russia and Ukraine and that it is unlikely the Iran war will escalate ahead of the US-China summit next week,” said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities. “However, given the uncertainty surrounding the Strait of Hormuz, the markets are unlikely to suffer a significant collapse,” Kikukawa said. Russian and Ukrainian negotiators agreed to a major prisoner exchange at two days of peace talks in Abu Dhabi that ended on Wednesday, although US mediators said differences remained on other major issues, including territory. Trump thinks he will meet Xi and Putin at China APEC summit Ukrainian President Volodymyr Zelenskiy said Kyiv hoped to achieve concrete results on resolving the war this year. Meanwhile, Iran will not allow even a single particle of enriched nuclear material to leave the country and there will be consequences if the US launches new strikes, Iranian security chief Mohsen Rezaei said in televised remarks. Washington has said nuclear issues must be part of any initial negotiations with Iran aimed at ending the eight-month-old war, while US officials downplayed the need for further military strikes. Adding to bearish sentiment in oil markets, OPEC+ crude production rose in October, driven by higher Saudi Arabian output despite ongoing shipping disruptions through the Strait of Hormuz. US crude stocks rose by 9 million barrels in the latest week, market sources said, citing data from the American Petroleum Institute. Official data from the US Energy Information Administration is due on Thursday, delayed a day due to a US national holiday on Wednesday.Business Recorder
Russia, Ukraine and US start second day of Abu Dhabi peace talksABU DHABI: Russian, Ukrainian and US officials began a second day of peace talks in Abu Dhabi on Wednesday, resuming meetings which Kyiv and Washington depicted on Monday as constructive but produced no early signs of a breakthrough. Ukrainian and Russian negotiators gave no details after Monday’s US-brokered talks, the first between the two warring sides since February, and Moscow and Kyiv went into the talks far apart on terms for a possible settlement. “We are starting the second day of the talks,” Rustem Umerov, Ukraine’s top negotiator, said on the Telegram app. “First, there will be a trilateral format with the United States and Russia. After that, we will have a separate meeting with the European partners.” Ukrainian President Volodymyr Zelenskiy, who like Russian President Vladimir Putin is not attending the talks, said Monday’s “substantive” discussions had covered humanitarian and security issues, and that a potential summit of Russian, Ukrainian and US leaders could be discussed on Tuesday. US Secretary of State Marco Rubio described the first day of talks as very productive, without giving details. The second day of talks is the last day when meetings are scheduled. Trump envoys bring Russia and Ukraine together for first peace talks in 9 months Despite public optimism from US President Donald Trump, there has been no sign of major compromises or that new issues are being discussed more than 4-1/2 years after Russia’s full-scale invasion of Ukraine. Russian forces control about a fifth of Ukraine, but territory is not the only issue at stake. Others include future security guarantees, which both sides want, and Moscow’s demands that Ukraine adopt neutral status and not join NATO. Each said side the other had launched attacks overnight, despite the peace talks being under way. Russia struck six large electricity substations in Ukraine’s four central regions, Ukrainian Prime Minister Sergii Koretskyi said. Ukrainian energy company Naftogaz said Russian jet drones had hit one of its facilities in the eastern Dnipropetrovsk region, causing a fire and damaging equuipment. Russia hits two cargo vessels, tanker in Black Sea, IFX cites defence ministry Drone debris killed two people after hitting an apartment building in Russia’s Smolensk region bordering Belarus, the TASS news agency said, citing the regional governor. Russia’s defence ministry said its forces had struck a cargo vessel in the Black Sea southwest of the Ukrainian port city of Odesa that was carrying weapons and military equipment for Ukraine’s armed forces. Reuters could not verify the reports. New attacks Trump has intensified pressure on Kyiv to reach a deal, saying it is time for Ukraine to end the war or face “a very bad thing”. Last week he said the war was close to being settled in a “big beautiful agreement”, but he has frequently predicted breakthroughs that have not materialised. The new American drive for a deal has galvanized European officials into pushing for a place at the negotiating table to seek an end to Europe’s deadliest conflict since World War Two. Russian Foreign Minister Sergei Lavrov on Tuesday underlined Moscow’s preference for negotiating a broad European security framework before tackling the specifics of the war. Zelenskiy speaks to Modi ahead of Ukraine-Russia talks European Commission President Ursula von der Leyen said wider security talks should only come after a ceasefire. Lavrov rejected the notion of a truce, saying the Europeans were trying to secure breathing space for Ukraine. The Kremlin said on Wednesday the Russian delegation in Abu Dhabi had not been in contact with European representatives there, and that no such contacts were planned. In a call with reporters, Kremlin spokesman Dmitry Peskov also said that Russian President Vladimir Putin is being briefed constantly by the Russian delegation about the talks. There has been no sign publicly that Putin is willing to drop his demand that Ukraine surrender the entire eastern region of Donbas before a peace deal can be struck. Zelenskiy has repeatedly refused to hand over land that Ukrainian troops have died defending. Russian advances at the front line have slowed this year, but Moscow has been pounding Ukrainian cities and energy sites, while Ukraine has stepped up attacks on Russian oil refineries and other infrastructure.Business Recorder
'True great' Kane set to break England appearance recordLONDON: England captain Harry Kane is set to cap his golden year by breaking the Three Lions’ appearance record in Thursday’s Nations League clash with Croatia. When Kane leads England out at Wembley to earn his 126th cap, he will surpass the previous record held by former goalkeeper Peter Shilton since 1990. It will be the latest landmark moment in a incredible 12 months for the Bayern Munich striker, who became the first English player in 25 years to win the Ballon d’Or in October. Kane’s pride at securing that prestigious award was palpable during his emotional acceptance speech at the glitzy London ceremony. Taking sole possession of the England cap record will serve as an exclamation point on Kane’s year to remember, underlining the 33-year-old’s remarkable durability and consistency. He is England’s record scorer with 91 goals and also holds Tottenham’s all-time mark with 280. Since leaving his boyhood club to join Bayern in 2023, Kane has taken his game to another level. He has amassed 156 goals for the German club, finally winning the first silverware of his career with Bundesliga titles in 2025 and 2026. Kane has also developed as a leader, a quality he reportedly showed by making clear his frustration at England boss Thomas Tuchel’s defensive tactics during the World Cup semi-final loss to Argentina in July. Tuchel packed England’s defence in a bid to hold onto a 1-0 lead but Argentina took advantage to score twice in the closing stages, denying Kane his first World Cup final appearance. In clear-the-air talks prior to the international break in September, Kane is said to have led the squad in a spirited discussion with Tuchel over his tactics. ‘Ultimate professional’ As an England team-mate of Kane’s and an adversary in the Bundesliga, Bayer Leverkusen defender Jarell Quansah has a special appreciation for the striker. Kane is the first Bundesliga player to secure the Ballon d’Or since Matthias Sammer in 1996. “The whole Bundesliga, to be honest, are super happy because they’ve not had a winner for so long. They’ve obviously taken to him so well, and everyone knows his quality,” Quansah told the BBC this week. “He’s a scary player to play against. No-one wants to play against him. He’s almost certain to get a goal every week, and everyone knows his quality. “I think he’s had a few nice receptions from different crowds as well, which is always nice.” From the moment he scored within 79 seconds of making his England debut as a substitute against Lithuania in 2015, Kane has been to the manor born on the international stage. Kane would dearly love to become the first male England captain to lift an international trophy since Bobby Moore cradled the 1966 World Cup. He has already experienced the heartache of losses in the European Championship final in 2021 and 2024. But, regardless of the quest for silverware, Quansah sees the way Kane carries himself around the camp and has no doubt about his status as an England legend. “He’s an ultimate professional and he’s done everything. It’s the standards he sets off the pitch,” he said. “He will always be the first outside for meetings. He’s always waiting for the squad to get together. He’ll never let the squad do anything by themselves. “Him as a whole, he’s just a true great captain.”Business Recorder
India pollution monitors overwhelmed by toxic smogNEW DELHI: India’s air pollution monitors were overwhelmed this week by toxic smog so severe that concentrations exceeded their upper measurement limit, equivalent to 66 times the World Health Organization’s recommended daily maximum, regulators said. The admission comes after opposition politicians accused authorities of deliberately allowing gaps in official readings for several hours overnight Sunday into Monday, just as pollution surged with a barrage of fireworks for Diwali, the Hindu festival of lights. New Delhi is one of the world’s most polluted capitals, where winter smog from vehicle emissions, farm fires and industry already chokes millions. But the missing readings meant official data failed to capture the full extent of the pollution at its worst. “The government which shuts down air quality monitoring stations on the night of Diwali, the government that does data fraud, how will you trust such a government?” Aam Aadmi Party (AAP) Delhi president Saurabh Bharadwaj said in a video posted on X. Pakistan blames India’s Diwali fireworks for Lahore’s toxic air “If Diwali night’s PM2.5 (toxic particulates) is not in the record, who will answer for that air?” senior Congress party lawmaker Ajay Maken said in a social media post. The Central Pollution Control Board (CPCB) rejected accusations of deliberate under-reporting, saying the gaps reflected “differences in measurement of pollutant concentration” rather than an attempt to conceal pollution. ‘Extreme episodes’ Particulate matter analysers, installed when the National Air Quality Index (NAQI) was introduced in 2015, were calibrated to measure concentrations of up to 1,000 micrograms per cubic metre. The WHO recommends a daily maximum of 15 micrograms per cubic metre for PM2.5, fine particles small enough to penetrate deep into the lungs and linked to cancer. “The designed system of automated data validation treats hourly readings beyond the calibrated range as outside range, and such readings are not used in the computation,” the Central Pollution Control Board (CPCB) said in a statement late Tuesday. “During extreme episodes, which are occasional like Diwali firecracker bursting, this may appear as a data gap at the particular station concerned”, it added. Although choking clouds filled the streets early Monday, the scale of the pollution was only captured when monitors resumed reporting, around eight hours after the fireworks peaked. Readings then hit 879 micrograms per cubic metre in the Mandir Marg locality, according to monitoring organisation IQAir, which cited data from a city government station. That is more than 58 times the WHO daily limits. “There is one thing the people of Delhi can be certain of: the fact that the data has gone missing doesn’t mean the pollution has disappeared too,” Congress party lawmaker Pawan Khera added. Indian capital plans drone flights to combat smog crisis “The poisonous smoke we have been inhaling… will continue to choke our lungs, threaten our lives and shorten our life expectancy.”Business Recorder
World leaders to address COP31 as Turkiye pushes for new climate dealANTALYA: World leaders will set out their climate priorities in speeches at COP31 in Turkiye on Wednesday, as negotiators seek agreement on a plan to increase the share of electricity in global energy use and revive stalled efforts to move away from fossil fuels. Delegates from nearly 200 countries are meeting in the Mediterranean resort city of Antalya as global greenhouse gas emissions show little sign of falling and wars, inflation and other crises compete for political attention. A UN report last month found the world on course to break through the 1.5 degrees Celsius (2.7 degrees Fahrenheit) warming limit that countries had agreed to pursue under the Paris Agreement to prevent the worst of climate change. Former French Prime Minister Laurent Fabius, who presided over the 2015 Paris climate conference and leads an advisory council of former COP presidents, said the speeches could give political impetus to the negotiations. “It is an opportunity for leaders to make some announcements, and more this time, to explain how they will implement, because the key word in Antalya is implementation,” he told Reuters . Scores of world leaders – including presidents and heads of government – will begin their rapid-fire speeches on Wednesday afternoon and continue through the day on Thursday, according to the COP31 schedule. Wednesday’s speakers are expected to include Brazilian President Luiz Inacio Lula da Silva, who was re-elected at the end of October, and whose country hosted last year’s climate talks. PM arrives in Türkiye European Commission President Ursula von der Leyen, Chinese Vice President Han Zheng, and Marshall Islands President Hilda Heine will also speak on Wednesday. The United States, the world’s largest historical emitter, has skipped the talks for the second year in a row after President Donald Trump – who has called global warming a hoax – withdrew the US from climate cooperation following his return to office in 2025. Age of electricity? COP31 host Turkiye has so far been pushing the government representatives attending the conference to put a goal on electrification at the centre of a final deal, even as critics say it may do little to curb warming. The proposal targets a rise in electricity’s share of total global energy consumption to 35% by 2035, up from a little over a fifth now, theoretically reducing greenhouse gas emissions from cars, factories, and buildings. But the proposal does not include language requiring new power to be generated by clean energy sources, and world governments have yet to clarify a broader plan to transition away from fossil fuels like coal, oil and gas. “It is long past time to stop treating the transition away from fossil fuels as taboo or intractable,” United Nations Secretary-General Antonio Guterres told the conference on Tuesday, urging countries to produce clear timelines for the transition. The previous COP in Brazil was unable to reach consensus on the need for a global plan to reduce dependency on fossil fuels. COP31 summit leaders urge world to move faster on climate The Brazilian COP presidency has in recent weeks, however, published a roadmap aimed at keeping that idea central to the climate negotiations. It asks countries to first plan and assess their energy systems by 2028, then work together to reduce fossil fuel supply from 2031.Business Recorder
Trump envoys bring Russia and Ukraine together for first peace talks in 9 monthsABU DHABI: Russian and Ukrainian officials met in Abu Dhabi on Tuesday for their first US-brokered talks since February, after President Donald Trump suggested last week that a broad deal was possible on ending the war in Ukraine and guaranteeing security in Europe. US envoy Jared Kushner told delegates that recent contacts with both sides had “really identified, narrowed the gaps”, and the US side had “some good ideas” on how to bridge their differences. Trump, he said, was committed to achieving peace. “He really has asked us to put extra effort into trying to find a solution that hopefully ends the war but also leaves both sides in a much stronger position” to realise their full potential, Kushner said. But more than 4-1/2 years after Russia’s full-scale invasion of Ukraine, and with Russian forces holding about a fifth of the country, Moscow and Kyiv remain far apart – despite Trump’s optimism – on terms for a possible settlement. US First Lady praised for Oleshky relief truce as Moscow strikes Ukrainian commuters Ukraine’s chief delegate, Rustem Umerov, said in his opening remarks that Kyiv was focused on achieving security guarantees and a lasting peace. Russian Foreign Minister Sergei Lavrov underlined Moscow’s preference for negotiating a broad European security framework before tackling the specifics of the war. “The idea of defining clear parameters for a future security architecture, and only then moving on to resolving the actual Russia-Ukraine conflict, is absolutely reasonable,” he told reporters in Moscow. European Commission President Ursula von der Leyen on Monday voiced the opposite view, saying wider security talks should come only after a ceasefire in Ukraine. Lavrov again rejected the notion of a truce, saying the Europeans were trying to buy breathing space for Ukraine. Europeans seek a role in the process The new American drive for a deal has galvanized European officials into pushing for a place at the table to seek an end to the continent’s deadliest conflict since World War Two. Before the start of the main meeting, the Ukrainians met separately with European, NATO and EU representatives and the two American envoys, Kushner and Steve Witkoff. Melania Trump to host Ukraine, Russia ‘representatives’ at White House France said there could be no lasting peace in Ukraine without addressing European security, and that this required the involvement of the Europeans. Russia had made clear it did not see a place for Europeans at the meeting with the Ukrainians and Americans. On the eve of the talks, Trump said Washington was seeing a “very strong inclination” towards ending the war, and that both sides were “tired of fighting”. After meeting privately with Russian President Vladimir Putin’s envoy last week at the White House, Trump predicted that a peace deal could emerge soon. Trump has frequently said an agreement was close, without a deal emerging. However, negotiations have picked up again in recent weeks after months in which Washington’s attention was focused on the war in Iran. Publicly, there has been no sign that Putin is willing to drop his insistence that Ukraine surrender the entire eastern region of Donbas before a peace deal can be struck. Ukrainian President Volodymyr Zelenskiy has refused to hand over land that his forces have died defending. Russian front-line advances have slowed to a virtual halt this year but Moscow has been pounding Ukrainian cities and energy facilities, while Ukraine has stepped up attacks on oil refineries and other infrastructure deep inside Russia. A source in the Russian delegation said Russia believed the main thrust of the talks would be trying to hammer out the key elements of a new post-war security framework for Europe. On the eve of the negotiations, Zelenskiy said Ukraine’s leverage in the talks was increasing as a result of its recent battlefield performance, which has included retaking some territory in Donetsk, a coal-mining area of the Donbas. “Ukrainian forces are currently genuinely strengthening Ukraine’s negotiating position,” Zelenskiy said in his nightly video address on Monday. He said Russia was suffering “record losses” — an assertion disputed by Moscow — and urged Washington to convince the Kremlin to end the war. US negotiators believe that Zelenskiy and Putin may be willing to strike a compromise on the vital question of territory, each ceding a little, a US official told Reuters . Under the proposed deal, Ukraine would get an end to the war, security guarantees and a roadmap to accession to the EU. A senior Ukrainian official strongly denied that the government would consider any such concessions. The issue of territory could be discussed only at the leaders’ level and only in the context of appropriate security guarantees for Ukraine, the official said.Business Recorder
Nvidia CEO's affair with alleged spy aided $7.5 billion in China chip shipments, Information reportsNvidia CEO Jensen Huang’s affair with a Chinese businesswoman alleged to be a spy for Beijing facilitated the shipment of at least $7.5 billion worth of the company’s chips to Chinese firms, The Information reported on Tuesday, citing two people who know her. Alice Huang, along with her husband and sister, built a network of companies across China and Singapore to acquire Nvidia chips, according to the report. Alice Huang and Jensen Huang are not related. At the center of the network was Shanghai Century Litong, a China-based company founded in June 2023 that secured preferred cloud partner status with Nvidia by October, giving it priority access to the company’s chips, The Information reported. Century Litong was initially linked to Alice Huang’s sister, Huang Yu, through a founding shareholder that was ultimately controlled by Huang Yu before exiting the company in 2024, according to the report When orders for Nvidia chips subject to US export restrictions stalled, Alice Huang used ties to Nvidia and its distributors to secure supplies, helping move about 240,000 H100, H200 and some A100 chips into China, the report said. Reactions to Nvidia’s probe into CEO Jensen Huang Century Litong rented computing capacity and operated data centers using Nvidia chips, including some barred from sale to China. Some of the chips ultimately served Alibaba, Tencent and smaller Chinese AI labs, The Information reported. Alice Huang also held an executive position at Singapore-registered Megaspeed, which was linked to Century Litong and has been investigated by US authorities over Nvidia chip shipments from Southeast Asia to China, the report said. Megaspeed obtained Nvidia chips by renting computing capacity from Southeast Asian data centers to Chinese customers or by physically shipping hardware into China. Hardware acquired by Speedmatrix, a Malaysian subsidiary established by Megaspeed in 2024, later reached Century Litong, according to The Information. The report said Alice Huang, also known as Huang Le, leveraged her relationship with Jensen Huang to build credibility while remaining vague about her role and avoiding a paper trail. Nvidia probes whether CEO Huang was target of foreign spying as he admits affair Nvidia did not immediately respond to a Reuters request for comment. Alibaba, Tencent, Megaspeed and Shanghai Century Litong were not immediately available for comment outside regular business hours. Reuters could not independently verify the report. Nvidia’s board on Sunday launched an internal investigation, while the FBI is examining whether 63-year-old Jensen Huang was targeted by a foreign intelligence operation. Huang has told employees he was unfaithful to his wife but provided no details about the relationship.Business Recorder
Anthropic targets $1 trillion IPO valuation in test of Wall Street's AI fervorAnthropic’s IPO is set to raise as much as $64.4 billion, a regulatory filing showed on Tuesday, in a landmark test of whether Wall Street’s faith in the AI boom outweighs concerns over its risks. The company is targeting a valuation of up to $1.02 trillion, according to Reuters calculations based on the outstanding shares listed in the filing. Reuters exclusively reported on Tuesday that Anthropic and some of its investors plan to sell shares in an indicative price band of between $70 and $78 per share. The company is launching the roadshow for a historic share sale that is expected to set a benchmark for the sector, following years of hype that fueled a massive influx of capital into AI companies. Anthropic will also raise $26 billion via a separate private placement deal with cornerstone investors including Alphabet’s Google, Nvidia, Advanced Micro Devices, Reuters reported. Together with investments from cornerstones, which include Broadcom, Micron Technology, Microsoft and TSMC, the Anthropic share offering will raise a total of up to $90.4 billion. Anthropic discloses fake tip to police among new rogue AI incidents Details of the blockbuster deal were briefly circulated to investment banks before being retracted late on Monday, according to emails seen by Reuters. The second half of the year has brought a reckoning for the AI boom, as investors question whether returns will justify the massive spending and mounting debt costs in an elevated interest-rate environment. Concerns are also rising over the sustainability of the investment cycle, with questions around circular financing arrangements, the risk of infrastructure overcapacity and how quickly companies can turn their AI investments into revenue. The tech-dominated Nasdaq notched its deepest one-day drop in 19 months on Thursday, wiping out trillions in market value on fears of more AI scrutiny, particularly on data center construction, after Democrats’ massive gains in the US midterm elections. Greater oversight and potential regulatory hurdles could complicate the infrastructure buildout underpinning the AI boom. But Anthropic’s growth has so far defied those concerns, propelled by surging demand for its products, particularly its viral Claude models. Its filing spoke of a vision to “bring forth an age of miracles,” even as it warned of existential risks to humanity, laying bare the extraordinary promise and profound uncertainties at the heart of the AI boom. Potential investors in Anthropic’s highly anticipated IPO were pushing for a more attractive valuation to commit to the offering, with some viewing the recently discussed $1.5 trillion valuation as being at the high end of expectations, Reuters has reported. Anthropic to commit 5% stake to new ‘public benefit fund’ Growth comes with risks Anthropic’s net loss narrowed in the third quarter as revenue jumped 47% from a quarter earlier to $16.96 billion, though the pace of growth slowed. It had surged 144% in the prior quarter. The company attributed the breakneck growth to the rapid adoption of Claude, including specialized products targeting industries such as healthcare, financial services and legal services. The prospectus outlined a range of risks facing both the company and the technology, warning that competitors could gain an edge by developing models faster and that advances in AI could outpace Anthropic’s ability to put adequate safety and security measures in place. The warnings come amid a growing number of incidents involving “rogue” AI agents that have escaped sandboxed environments and breached private company systems, alongside concerns that increasingly capable AI tools could be used by hackers to penetrate protected networks. Anthropic’s ambitions also come with enormous infrastructure costs. The company has nearly $900 billion in computing commitments with partners including Amazon and Alphabet’s Google, highlighting how its rapid growth depends on securing vast amounts of future computing capacity, some of which relies on financing beyond the company’s control. The listing move follows Elon Musk’s SpaceX raising $75 billion in the world’s largest IPO in June, at a valuation of nearly $1.75 trillion, excluding additional shares purchased by underwriters through the greenshoe option. Anthropic, locked in a fierce battle for market share with rival OpenAI, was last valued at $965 billion in a private funding round. The company’s prominent investors including Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital. Anthropic, led by CEO Dario Amodei, was founded in 2021 by a group of researchers who left OpenAI following disagreements over governance and AI safety. The shares are expected to trade on the Nasdaq under the ticker symbol “ANT” after the IPO closes, which would make Anthropic one of the few major companies to go public this fall as higher borrowing costs, geopolitical turmoil and rising bond yields weigh on the IPO market. Goldman Sachs and Morgan Stanley are leading the syndicate of investment banks underwriting the offering.Business Recorder
Cricket Australia CEO says will not open another investigation into 'Sandpapergate'MELBOURNE: Cricket Australia (CA) boss Todd Greenberg has ruled out another investigation into the ’Sandpapergate’ scandal despite Usman Khawaja and David Warner’s remarks that knowledge of the 2018 ball-tampering plot was widespread throughout the team. Greenberg told local radio station SEN on Tuesday that players had “very different views” to Khawaja’s version of events of the 2018 tour of South Africa as described in his new autobiography, which was released on Tuesday. “There are specific details in his book that contradict the versions that have been provided by others,” Greenberg said. “But we have said we’re comfortable with the outcome of the investigation based on the information we’ve received. “That includes what we’ve seen from Usman, and our position hasn’t changed on that. We don’t see any compelling reason to open the investigation or revisit this again, I don’t think there’s anything that can be gained from that.” CA imposed bans and other penalties on Warner, Steve Smith and former Test opener Cameron Bancroft four days after the incident came to light during the Cape Town Test. Khawaja, in extracts from his autobiography published in Australian media, said “open, lighthearted discussions” were held during the South Africa series about ways to scuff up the ball, including by using sandpaper. He said discussion of tampering was not confined to batters, bowlers or staff but extended throughout the team. “It was all of us,” Khawaja said in the book, according to Australian media. Warner, who retired from international cricket more than two years ago, broke his silence about the incident on Monday to throw his support behind Khawaja. In a video posted on social media, Warner described his former teammate’s account as 100% accurate and the CA investigation as “botched” and “rushed”. Former CA CEO James Sutherland, who was in charge of the governing body during the incident, declined to comment on Tuesday. Bancroft, who played his last international in 2019, declined to comment to Australian media on Monday. He said in a 2021 interview with The Guardian that it was “self-explanatory” that teammates apart from Smith and Warner were aware of the ball-tampering plan. The four Australia bowlers who played at Cape Town in 2018 and continue to represent the nation – Pat Cummins, Josh Hazlewood, Mitchell Starc and Nathan Lyon – issued a joint statement in 2021 denying any knowledge of the plot. Captain Cummins said in South Africa last month that he had spoken to Khawaja about his autobiography and was not concerned about any potential fallout. “Answered every question a million times. So, yeah, it was dealt with then,” he said. Some commentators have questioned why Khawaja waited eight years to speak out and accused him of trying to boost sales of his book “Sabr”. Khawaja responded on social media on Tuesday, saying he had no commercial motives. “I’m very fortunate, I don’t need the money,” he said.Business Recorder
Rock collapse at Tarbela T5 sends water into tunnel, work stoppedConstruction work at the Tarbela Fifth Extension (T5) Hydropower Project was suspended on Monday after water entered Tunnel No. 5. All Pakistani and foreign staff were moved to safety. Aaj News reported that a crack in the project’s protective embankment let a large volume of water flow into the tunnel. Haripur Deputy Commissioner Wasim Ahmed visited the site with rescue and administrative teams and confirmed that water had entered the tunnel. One Pakistani worker was swept away by the current as the tunnel filled, but rescue teams saved him. No casualties have been reported. The Water and Power Development Authority (WAPDA) rejected reports that Tunnel 5 had collapsed. A WAPDA spokesperson said a weak section of rock fell while workers were excavating the second bench of the connecting tunnel. This let water into the tunnel and the powerhouse area. WAPDA said the intake pit has been fully drained and water is still being pumped out of the under-construction powerhouse. No more water is entering the construction sites. The authority said the main tunnel, powerhouse, tailrace culvert and switchyard were not damaged. Senior WAPDA officials, project consultants and contractors are at the site reviewing safety measures and deciding on next steps. Officials have opened an inquiry into what caused the incident. A high-level committee will look at whether structural weakness or a technical fault was to blame. Work will resume based on the committee’s findings. The T5 project will add 1,530MW through three 510MW units. This will raise Tarbela’s installed capacity from 4,888MW to 6,418MW. It is expected to generate an average of 1.347 billion units of electricity a year. The project’s approved cost is $807 million. The World Bank is providing $390 million and the Asian Infrastructure Investment Bank (AIIB) $300 million. In May 2021, WAPDA awarded the $354.6 million civil works contract to Power Construction Corporation of China. The project has already faced delays, and its completion deadline has been pushed to September 2027. In 2024 there were difficulties getting a No Objection Certificate from the Indus River System Authority (IRSA) to close the tunnel. Work was also halted for a time in August 2025 when the res ervoir level rose.Business Recorder
Trump to meet Iran war mediator Qatar, no imminent deal seen to end the warCAIRO/ABU DHABI: US President Donald Trump will meet the prime minister of key mediator Qatar on Monday as efforts to end the Iran war ramp up following last week’s midterm elections, though senior US and Gulf officials cast doubt on the chances of an imminent deal. With no victory in sight more than eight months into the conflict he launched alongside Israel on February 28, Trump has played down the likelihood of major warfare restarting soon, but remains unwilling to accept an existing Iranian truce plan. Mutual attacks continue, with the US striking Iran’s Qeshm island overnight, according to Iranian state media, and Iran attacking tankers in the Gulf and Strait of Hormuz this month while its Yemeni Houthi allies have hit Saudi Arabia. Diplomatic moves Sheikh Mohammed bin Abdulrahman Al-Thani, who is both prime minister and foreign minister of Qatar, will meet Trump and Vice President JD Vance in Washington later on Monday after having visited Tehran last week. Iran’s proposal to end the war involves an end to the US blockade of its ports, the lifting of some sanctions and a halt to bombing in return for Tehran stopping its own blockade of the Strait of Hormuz , with talks on its nuclear programme and other sanctions to follow. The US has repeatedly rejected that plan, which Iran has said could be condensed to a two-day timeframe, with Secretary of State Marco Rubio on Sunday describing Tehran’s conditions as “outrageous and ridiculous and really not realistic”. Iran’s Foreign Ministry spokesperson Esmaeil Baghaei defended the plan on Monday as the most reasonable offer on the table. Senior US Republicans including Vance have blamed their party’s dire showing in last week’s elections on the Iran war, but despite growing domestic political pressure to end the conflict, Rubio said he did not believe a diplomatic breakthrough was imminent. A senior United Arab Emirates official, Anwar Gargash , echoed that view on Monday, saying a comprehensive political settlement between the US and Iran appeared difficult. “We should… prepare for a long period of uncertainty in which neither a decisive resolution nor stable regional order can be taken for granted,” he said. Vance, who led the negotiations for a short-lived truce in June, will also meet Al-Thani, whose country has been a prime mediator since early in the war, conveying messages between the sides and proposing ways to bridge their differences. Military action Sunday night’s strikes on Qeshm island did not impact vital infrastructure or services, a provincial official told Iran’s semi-official Fars news agency on Monday. The US has not commented on the Iranian media reports. Attacks on tankers in the Gulf and Strait of Hormuz ramped up sharply in October and have continued at the highest rate since the start of the war, figures from international maritime agencies showed last week. On Sunday Iran, which typically does not acknowledge striking vessels that report being hit by projectiles, said a tanker had hit a mine east of the Strait of Hormuz. The war has triggered a global energy shortage, prompted Iranian strikes on Gulf Arab countries, spilled over into a major Israeli offensive in Lebanon during the spring and summer, and has reignited Yemen’s long-frozen civil war. On Sunday Yemen’s Houthi group said it had struck an office building of Saudi state oil company Aramco in Riyadh. The Saudi energy ministry said an attack had blown out windows across several floors of a building in the city’s financial district, without assigning responsibility.Business Recorder
Two terrorist hideouts in mosques cleared during North Waziristan operation: ISPRSecurity forces recovered a large quantity of explosives, weapons and ammunition from two alleged terrorist hideouts located inside mosques during an intelligence-based operation in North Waziristan, the military’s media wing said on Monday. According to a statement issued by the Inter-Services Public Relations (ISPR), the operation was conducted on November 8 in Muzak village, on the southern outskirts of Mir Ali, hideouts belonging to the Indian-backed Fitna al-Khawarij. During the operation, security forces cleared two hideouts established in mosques and recovered a large cache of prepared improvised explosive devices (IEDs), materials used to prepare explosives, weapons and ammunition. The ISPR said the terrorists had deliberately used the mosques to store explosives and operate torture cells. It said the use of places of worship for such activities was a desecration of religious sites. The terrorists had no connection with Islam, it added. Prime Minister Shehbaz Sharif praised security forces for what he described as a successful intelligence-based operation and commended their professionalism. In a statement issued by the Prime Minister’s Office, he said the use of mosques to store explosives and operate torture centres was a clear desecration of Islam and sacred places. The prime minister said the use of mosques for terrorist activities by Fitna al-Khawarij, which he described as operating under Indian patronage, reflected the group’s deviation from the fundamental teachings of Islam. He said operations by security forces and law enforcement agencies would continue with full force to eliminate terrorism. The ISPR said a sanitisation operation was under way in the area to eliminate any remaining terrorist hideouts. It added that the counterterrorism campaign under the vision of Azm-e-Istehkam, approved by the Federal Apex Committee under the National Action Plan, would continue at full pace to eliminate what it described as foreign-sponsored terrorism from the country.Business Recorder
Oil steadies after Trump signals restraint on Iran, Hormuz risks persistNEW DELHI/PERTH: Oil prices were steady on Monday after US President Donald Trump downplayed the likelihood of new strikes on Iran, though attacks on ships near the Strait of Hormuz kept supply concerns in focus. Brent inched up 3 cents to $98.35 a barrel by 0427 GMT, while US West Texas Intermediate rose 0.5% to $91.30 a barrel. Brent fell 16% last week, the steepest weekly drop since the start of the COVID pandemic. “Despite the recent optimism surrounding a potential diplomatic breakthrough, the underlying geopolitical risks remain elevated, and the possibility of renewed military escalation cannot be ruled out,” said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm. “The market appears to be pricing in a relatively optimistic scenario of de-escalation, even though a comprehensive agreement between Washington and Tehran has yet to materialise,” she said. Iran says five tankers and tugboat caught fire in Hormuz Trump said on Sunday he was highly unlikely to order fresh attacks on Iran as long as talks to end the conflict progress, even as both countries reported that shipping had been hit in or near the Strait of Hormuz . He had hinted at renewing attacks on Iran after last week’s US midterm elections, but there has been no sign of a large-scale US military operation. Iran has said it would respond by striking US and Israeli targets. Tim Waterer, chief analyst at KCM Trade, called Trump’s comments “more measured” but said “the market is still waiting to see whether the midterms have produced a lasting shift in Trump’s approach to the conflict, or whether this is just another temporary change in tone.” Oil is headed for a glut again as recovering Middle Eastern oil flows, rising production from other countries and weak demand have pushed global supply above consumption, JPMorgan said in a report on Friday, estimating a surplus of 1.1 million barrels per day in September, widening to 1.4 million bpd in October. Separately the Houthis claimed responsibility for an attack on Saudi Aramco’s offices in the capital Riyadh on Sunday that left windows blown out but no reported casualties.Business Recorder
Gauff outruns Pegula to win thriller at WTA Finals, Noskova beats KostyukNEW YORK: Coco Gauff shredded her shoes but stayed one step ahead of Jessica Pegula to defeat her compatriot 6-4 6-7(5) 6-2 on the first day of the WTA Finals at Indian Wells on Sunday, while Czech Linda Noskova got the better of Marta Kostyuk 6-2 6-4. Gauff had beaten Pegula three months ago in Cincinnati and had the right formula once again, as the 2024 winner showed superb versatility in a round-robin clash between the top two Americans in the season-ending championship. The frequent rivals were 5-5 in their head-to-head record before Sunday and appeared perfectly matched through a tight opening set, where Gauff got the break from the baseline on the fourth set point. Pegula took back the momentum by winning the first three games of the second set before Gauff dug in her heels, saving three set points in the 10th game to level it at 5-5. Gauff then saved two break points and shouted in celebration as she clinched the 10-minute 11th game. Pegula saved match point in the 12th and found another gear in the tiebreak, taking the set with a shot down the line. Up a break in the third set, Gauff extended her lead to 5-2 when she ran up to the net and forced her opponent into an error. She capped a terrific performance with a triumphant roar as Pegula sent one past the baseline on the third match point. “Honestly, I was having a lot of fun today. I took a little break, it was my first match in a month,” said Gauff, who was last in action at the China Open in early October. “To play a tournament like this with no preparation is something I’ve never done in my career. I’m just really happy to get through today. It was a tough match.” The 22-year-old said she had to be aggressive to deal with Pegula’s game. “I also had to run a lot,” she added. “My shoes are pretty torn up now. Some of my shoes are like somewhere on the court there, so I’m going to have to change shoes tomorrow.” The eighth-ranked Noskova is keen for another accolade after her breakthrough win at Wimbledon this year and she got off to a fine start in her WTA Finals debut, applying pressure from the baseline and at the net. The pair traded early breaks before Noskova slammed her foot on the gas in the first set, where Kostyuk was unable to hold her serve until the seventh game. Kostyuk was a late addition to the competition after world number one Elena Rybakina pulled out, and the Ukrainian was never able to settle in against the Czech, who sent across 20 winners and sealed the match with a forehand to the back corner. “I definitely wanted to give this week one last push of the season,” said Noskova, who reached the semi-finals at Indian Wells earlier this year. “It’s a long year, we all are kind of drained and injured and all the things together, but it’s one of the most important tournaments of the year.”Business Recorder
Democrats plan probes of Musk, Miller, corporate AmericaWASHINGTON: Tech megabillionaire Elon Musk and President Donald Trump’s newly appointed White House chief of staff, Stephen Miller, and some large companies will likely be targets of congressional probes when Democrats take control of Congress in January, senior lawmakers said on Sunday. In television appearances, US Representative Robert Garcia of California and US Senator Elizabeth Warren of Massachusetts, set to lead the House Oversight and Senate Banking committees, vowed aggressive oversight after their party’s sweeping midterm election victory. Meanwhile, House Democratic leader Hakeem Jeffries indicated he and his fellow Democrats would back an impeachment of Defense Secretary Pete Hegseth. READ ALSO: Trump faces new reality as Democrats vow investigations Garcia, who is the ranking Democrat on the House Oversight Committee, said investigations will focus on Musk’s involvement in the Department of Government Efficiency’s firing of federal workers last year, and Miller’s role in Trump’s hardline immigration crackdown. “I think there’s a lot of interest, not just from our committee, but from committees across the Congress to speak to Mr. Musk,” Garcia told CNN’s “State of the Union.” Warren said some companies should be ready for congressional investigations. She did not name any of the companies. “If you’ve been making your profits by cheating American families and scamming your investors, you’d better get ready for some investigations, serious ones,” Warren told CBS’s “Face the Nation” program. Democrats focus on Miller, Hegseth Miller — whom Garcia called the architect of a “horrific, unjust” immigration policy — has been promoted to White House chief of staff. “Stephen Miller is at the center of the major policy decisions that are happening in the administration, and so it does deserve oversight and investigation,” Garcia told CNN. Voters delivered a historic rebuke to Republicans in Tuesday’s midterm election, but with Miller as White House chief of staff, the Trump administration is expected to continue its aggressive approach to immigration enforcement, amplify cultural conflicts and give no ground to a Democratic-controlled Congress, say officials and experts who spoke to Reuters. The crackdown on immigration, which included operations in which two people were fatally shot in Minnesota by federal agents, has proven widely unpopular. A Reuters/Ipsos poll in October found that only 37% approved of Trump’s handling of immigration, down from 50% when he took office. Jeffries, who will become speaker of the US House in January, said on Sunday that Democrats would support a measure to impeach Hegseth, a congressional process that could remove him from office. Representative Thomas Massie, a Kentucky Republican and Trump critic who leaves Congress in January after a Trump-backed primary defeat this year, has said he will reintroduce articles of impeachment against Hegseth soon. Jeffries said he is a “hard yes” on backing that measure. “Pete Hegseth has got to go,” Jeffries told ABC’s “This Week,” citing the defense secretary’s oversight of the unpopular Iran war launched by Trump in February, which has led to a spike in gas prices. “I believe there will be incredibly strong support for that resolution,” Jeffries added. Attorney General Todd Blanche signaled on Sunday that the Trump administration was prepared to battle the Democrats in Congress, calling threats by some Democrats to target administration officials and allies “not something we can tolerate in this country.” “If that’s what this new incoming leadership wants to do, we are ready,” said Blanche, a former personal lawyer for Trump. “If you work in this administration, you have a lawyer. It’s me.”Business Recorder
Israeli president picks Gadi Eisenkot, Netanyahu rival, to try to form governmentIsrael’s president on Saturday chose Gadi Eisenkot, Prime Minister Benjamin Netanyahu’s strongest rival, to try to form a new government following a deadlocked election that left neither man with a clear path to power. Netanyahu, Israel’s longest-serving leader, is fighting to stay in office after his religious-nationalist coalition lost its majority in an October 27 election but still emerged as the largest bloc in parliament. Eisenkot, a former military chief, has declined to join forces with Arab parties, with whose support he would have a majority of seats in parliament. But Arab leaders, incensed by what they view as the racist policies of Netanyahu and his far-right allies, still nominated Eisenkot to try to form a government first — giving him the most endorsements. “President Herzog has invited Gadi Eisenkot to the President’s Residence, where he will be tasked with forming the government tomorrow,” said the spokesperson of President Isaac Herzog, whose largely ceremonial role involves nominating a candidate to form a coalition after elections. Eisenkot faces long-shot bid to form government Weeks of protracted negotiations are expected to follow Eisenkot’s nomination. He has 28 days to try to forge a government, with a possible 14-day extension. His potential pathways to power include trying to form a minority government with Arab support from the outside; forming a coalition with ultra-Orthodox parties that he and his allies have shunned in the past; or forging a unity government with Netanyahu. Also read: Israeli exit polls show election deadlock, no clear path to power Analysts say that all three options are unlikely to take shape. If Eisenkot fails, another candidate can try to form a government and if that candidate fails, parliament can nominate another. There is a deadline for the process of around 100 days. If no one succeeds, another election is held. Likud won the most seats of any single party with 27 in the 120-seat Knesset, but Netanyahu’s wider religious-nationalist coalition garnered only 53 in total, short of a 61-seat majority. Eisenkot’s Yashar party emerged as the second-largest party with 21 seats, while his coalition, spanning four centre-left to right-wing Jewish-led parties, won just 48 seats. Two parties representing Israel’s Arab minority won an unprecedented 19 seats. Eisenkot critical of settler violence A son of Moroccan immigrants, Eisenkot, 66, would be the country’s first prime minister from Israel’s Mizrahi community, Jews who trace their roots to the Middle East and North Africa. Reserved and media-shy, Eisenkot only entered politics in 2022. He briefly served in Netanyahu’s wartime cabinet following Hamas’ October 7, 2023, attack on Israel before returning to the opposition. From opposition, he publicly rebuked Netanyahu over his leadership, including his management of the military campaign in Gaza, and has sworn that he would not serve in government with him. Also read: Fastest turnout for half a century as Israelis pass judgment on Netanyahu Eisenkot’s public standing is also bound up with the personal price his family has paid since 2023: a son and two nephews were killed fighting in Gaza. Eisenkot highlighted his security credentials on the campaign trail, citing his “Dahiyeh doctrine” of responding to attacks with disproportionate force, which he deployed as a commander during Israel’s 2006 war with Hezbollah in Lebanon. Eisenkot has criticised settler violence against Palestinians, which has surged since 2023, raising tensions in Israel’s ties with Western states, and he opposes Netanyahu’s far-right coalition partners Itamar Ben-Gvir and Bezalel Smotrich, who have both faced sanctions by some Western countries for inciting violence against Palestinians.Business Recorder
Rubio warns top staff against conflicts of interest as Republicans look to 2028WASHINGTON: US Secretary of State Marco Rubio has moved to tighten control over the State Department, telling senior officials that staff must stay in their lanes and avoid actions that present conflicts of interest, four people familiar with the matter said. Rubio’s message, delivered in a meeting last week before the Republican Party’s electoral losses on Tuesday, comes as its leading figures attempt to put distance between themselves and an increasingly unpopular Trump administration. The meeting followed the high-profile resignation of US Ambassador to Greece Kimberly Guilfoyle in mid-October after news reports raised concerns that she sold access to Trump administration officials in exchange for money, gifts and favors. Guilfoyle has called the reports false and in a post on social media said she would defend her reputation. Rubio told the meeting, which included many of the roughly two dozen assistant secretaries of state, that unethical behavior would result in a firing, regardless of how well-connected an official might be, said one of the people. He added that too many officials were making decisions or pushing policy agendas without coordinating and that significant decisions required his signoff or that of Deputy Secretary of State Christopher Landau, according to the people, who spoke on the condition of anonymity. Details of the meeting have not previously been reported. The State Department declined to comment on the meeting. Soon after the meeting, three of the people said, the State Department’s policy chief, Jeremy Lewin, was forced out of his job in part due to concerns that he was working on matters outside his area without proper coordination. The exact details of those concerns remain unclear. None of the people who spoke to Reuters suggested Lewin’s departure was linked to any incidents of ethical misconduct. Lewin joined the government as part of Elon Musk’s Department of Government Efficiency and helped dismantle the US Agency for International Development, which oversaw US foreign assistance. Rubio and others within the State Department leadership were frustrated with his “freelancing” and going against “certain directives from the Secretary,” one of the people said, without providing specific examples. Lewin, who was appointed to his senior role just over two months ago, said on social media last month that he had stepped down from his role to return to the private sector. Asked for comment, a State Department official said: “It was mutually agreed it was time (for Lewin) to move on.” Lewin said in a statement to Reuters that his departure was planned several weeks before it was announced and he denied he was fired. “The suggestion that I was fired is false. As planned for weeks with the Secretary and his team, after staying longer than expected to finish key projects, I resigned my position prior to the midterms to assume a private sector role and plan my wedding,” he said. “It had nothing to do with any meeting or policy regarding the management of the department.” Rubio’s frustrations also included excessive overseas travel by political staff, which has led to a requirement that Rubio’s office approve all political travel, according to another one of the people. Republicans look beyond midterm losses The 2028 presidential race began shifting into gear almost immediately after Tuesday’s midterm elections delivered control of Congress to the Democrats. Vice President JD Vance and Republican Senator Ted Cruz offered post-mortems on X that many strategists saw as political vision statements as the campaign season begins. Rubio himself has sought to play down reports that he is considering a run, but he has also not publicly ruled it out. If he does, his management of the State Department could emerge as a topic of conversation on the campaign trail. President Donald Trump’s administration has faced consistent accusations of self-dealing and Democrats have said they will put dealings between Trump aides and foreign officials under the microscope when they take control of Congress in January and begin launching official investigations. The Trump administration has denied allegations of self-dealing. Shortly after Guilfoyle left the administration in October, Rubio sent a department-wide memo reminding diplomats to “avoid conflicts of interest,” according to multiple media outlets. He subsequently denied that the memo was sent as a result of Guilfoyle’s departure, telling reporters that he had in fact meant to send it weeks earlier, but that it had been held up for bureaucratic reasons. Like other parts of the Trump administration, Rubio’s department has lost officials recently. In October, US Special Representative for Global Partnerships Paolo Zampolli was fired after Politico reported an email thread between him and Landau, in which Landau accused Zampolli of working outside his “lane” of cultural diplomacy, saying Zampolli kept wanting to work on issues outside his remit in contravention of Landau’s orders. Reuters could not determine what those issues were. Shortly after his departure, Zampolli wrote on X that special envoy appointments last one year by statute and that Trump had extended his appointment by more than six months.Business Recorder
Heavy rain floods tents housing Gaza displaced people, aid shortages hamper responseGAZA/CAIRO: Heavy rains have flooded tens of thousands of tents housing displaced Palestinians crammed into encampments across the Gaza Strip, washing away shelters and soaking blankets and mattresses, local authorities said on Saturday. The Gaza government media office said at least 70,000 tents had been flooded in the past 12 hours, affecting tens of thousands of displaced people and causing injuries although no fatalities had been reported. The territory’s civil defence service said it had received 1,500 distress calls from displaced residents. Three abandoned houses collapsed without causing injuries, it added. At a tent encampment in Gaza City, some people tried to repair their tents, while others used sand to reinforce them and prevent water from entering. Some were busy getting their children out of flooded tents. Olfat Magdoub, a Gaza resident, tried in vain to sweep water away from her tent. “This is the first day of rain, and of course we are already flooded. What will happen if it rains again the next day? This is only the first day and we’re already overwhelmed,” said the woman. “Two weeks ago when it rained, I swear to God, I spent four days sleeping on blankets spread on the floor because the rainwater had flooded the bedding. Same now, the mattresses are wet so we sleep on the ground.” Municipal and civil defence officials said they were unable to cope with the storm because of fuel shortages and damage to equipment. They said Israel had destroyed hundreds of vehicles, including bulldozers and others used to pump water, during its war against Hamas, which had displaced most of the territory’s more than 2 million residents and left much of Gaza in ruins. Most of the population now lives in tent camps. Hamas blamed Israel for not allowing shelters and construction materials into Gaza. COGAT, the Israeli military agency that coordinates aid, did not immediately comment on the accusations by Hamas. It said in a statement on Friday that it had stepped up efforts to improve sanitary conditions across Gaza before the heavy rain, which had been expected, in coordination with international organisations. Little progress on reconstruction The agency said four additional vacuum trucks entered Gaza this week through the International Committee of the Red Cross (ICRC), joining eight others brought in over the past month to support sewage pumping, weekly waste removal and repairs to water and sewage infrastructure. A US-brokered ceasefire last year called for the eventual reconstruction of Gaza, but little progress has been made. Negotiators have failed to agree on terms for Hamas to disarm or for Israel to withdraw its troops, which control about two-thirds of the territory and from which residents have been ordered to leave. “We have no resources, no tarpaulins, no tents and no one is checking on us,” said displaced Gaza resident Rafiq Ghattas, standing barefoot in the middle of a large pool of rainwater.Business Recorder
Newsroom bomb threats follow escalating European flight hoaxesBUDAPEST/DUBLIN/PRAGUS: Newsrooms in Ireland and Bulgaria received emailed bomb threats on Friday from a purported “Mikhail Andropov”, claiming responsibility for a widening wave of hoax threats disrupting passenger flights across Europe. The messages, sent to Bulgaria’s Nova TV and the Irish public broadcaster RTE, which evacuated its offices, were headlined “Message to the West” and portrayed the threats as the prelude to a series of attacks on means of transport across Europe. The British broadcaster Sky also said it had received a security threat. Reuters was not able to establish the identity of the sender, the origin of the emails, or whether they had in fact come from the same source as the threats to any or all of the dozens of flights affected since Tuesday. No explosive devices have been found and all planes have landed safely. On Thursday, airlines and airports in Italy received threatening emails purporting to be from a banned Russian campaign group, although their origin could not be verified. Spain’s foreign minister said the continent appeared to be facing “hybrid aggression and a form of psychological warfare”. Around half a dozen flights were disrupted in some way on Tuesday and more than two dozen on Thursday, some of them making unplanned landings or being escorted to their destinations by fighter jets. On Friday, jets escorted airliners flying from Brussels to Sofia and from Prague to Bucharest and Cyprus through Hungarian airspace due to bomb threats, Hungarian Defence Minister Romulusz Ruszin-Szendi said. He also said NATO had ordered an air patrol near the Hungarian-Romanian border, the first report that the Western defence alliance had become involved. Danish police said threats had been directed at traffic at Copenhagen airport but that there appeared to be no danger to passengers. The airport said it was “operating normally”. Czech police registered bomb threats to nine flights departing from or arriving in Prague. An airport spokesperson said no flights had been cancelled as a result. However, an Italian airport authority source said a Wizz Air flight from Prague to Rome had been diverted to Venice. France said four new bomb threats had been made to aircraft flying over French territory, and that all had landed safely. A Ryanair flight from Rome landed as scheduled in Lisbon, CNN Portugal reported. Security experts said on Thursday that the threats had the hallmarks of a coordinated “hybrid attack”, although it was always possible that individuals were issuing copycat threats or acting on personal grievances. WAVE OF SABOTAGE ACROSS EUROPE While no country has attributed blame for the threats, they come after a wave of sabotage attacks and attempts on targets across Europe ranging from German electricity substations to defence-related facilities in the Baltic region, supermarket refrigerators in France and elsewhere and Leipzig airport in Germany. Many officials have linked the campaign to Europe’s support for Ukraine in its war against invading Russian forces, accusing Moscow of a campaign of “hybrid” disruptions that are essentially cheap to execute, easy to deny and not expected to trigger an armed response. Moscow has strongly denied involvement. Spanish Foreign Minister José Manuel Albares told the national broadcaster TVE that, while it would take time to determine exactly what happened, “it cannot be mere coincidence that so many incidents with exactly the same modus operandi are happening across Europe”. “The most reasonable assumption is that we are facing an attempt at hybrid aggression and a form of psychological warfare,” he said, adding that Europe must be prepared for more such challenges. On Thursday, an airport source in Italy said bomb threats had been sent to several airlines and airport operators in Rome and Milan claiming to be from “fighters of the Male State”, a far-right anti-feminist movement banned in Russia. Reuters could not confirm who had sent the email. Vladislav Pozdnyakov, a Russian blogger who set up Male State in 2016, said it no longer existed and was not involved in any way.Business Recorder
Syria aids Saudi Arabia with military advice and training amid Houthi attacks, sources sayRIYADH: Syria is aiding Riyadh with military advice and training as Saudi Arabia comes under attack by Yemen’s Houthis, and has sent a limited number of military personnel to the kingdom, two Syrian military sources and a senior US official said. Saudi Arabia has been locked in worsening hostilities with the Houthis since July, when the Yemen war was reignited by the wider conflict in the Middle East, leading Riyadh to seek both defensive and offensive support from a range of allies. The senior US official said advisers and training teams from Syria - where fighters became battle-hardened in years of war - were travelling to Saudi Arabia to help train Saudi and Yemeni units inside the kingdom to improve their combat effectiveness. The two Syrian sources, who have direct knowledge of the matter, said scores of military personnel had gone from Syria to Saudi Arabia in recent weeks. They said advisory and training work was involved, but that their mandate could be broader. In response to a request for comment, a senior Syrian diplomat said “any suggestion of military deployments at this stage is premature”, and that Syria’s focus remained on internal security, protecting its borders and reconstruction. The diplomat said a Syrian-Saudi defense cooperation deal signed on Wednesday “specifically includes advisory support, training and exchange of expertise”. Iran’s foreign minister says talks with Saudi Arabia are ongoing; Yemen fighting intensifies A senior Saudi official told Reuters that ongoing expertise sharing with Syria was “mainly to restructure the Syrian forces … but that doesn’t mean also our Syrian partners don’t help us in their combat experience regarding fighting militias”. Joint training exercises were under way and more were planned in both security and defence, the Saudi official added in response to a request for comment. Saudi Arabia and Syria signed the defense pact on Wednesday during a visit to Riyadh by Syrian President Ahmed al-Sharaa, his second meeting with Crown Prince Mohammed bin Salman in less than a month. No details were announced. Washington has urged Damascus to move cautiously, the senior US official said, adding that any Syrian deployment to help in the Yemen war risked embroiling the country in the wider war in the region — something it has avoided. The Saudi government did not respond to a request for comment, nor did the Syrian Defence Ministry, the US State Department, Yemen’s government or the Houthis. Yemen’s Houthis say they launched drones towards Saudi Arabia’s Dammam airport Makkah pact Syria has emerged as a close ally of Saudi Arabia and the United States since rebels led by Sharaa toppled Bashar al-Assad, an ally of Iran, in 2024. Syria’s reconstituted military is made up of former rebels who fought for years against Assad and Houthis that went to help him against the insurgents. Turkiye, a close ally of Damascus, on Thursday ratified a defence pact signed in Makkah in August between Pakistan, Saudi Arabia and Turkiye, clearing the way for Ankara to send military support to Riyadh. The senior Syrian diplomat said the Saudi-Syrian “agreement may evolve to include broader defence cooperation in the future, such as” the Makkah pact. The deal signed on Wednesday was a “broad framework for military cooperation”, among a number of other deals and memorandums of understanding related to other sectors including finance and agriculture, the senior Syrian diplomat said. Houthis repeat threats against Saudi oil giant, aviation The Saudi Fund for Development signed six agreements with Syria’s Finance Ministry on Wednesday for the provision of concessional development loans worth over $403 million to support development and service sectors in Syria. They provide a critical lifeline for a country that has struggled to revive its economy and faces a reconstruction bill in the hundreds of billions of dollars. Since the Yemen war restarted, the Houthis have seized territory from Yemeni government control in some areas while the government has made small gains in others. The Houthis have fired missiles at Saudi airports and oil facilities, while Saudi Arabia has launched airstrikes in support of its Yemeni allies. Reuters reported in October that Syria was considering providing military assistance to Saudi Arabia and that options being considered included defensive aid to protect the kingdom from attacks, or deployment of forces in an offensive capacity to help Yemeni troops fight the Houthis. Yemen’s Houthis deny launching drones towards Saudi Arabia’s Medina Syrian Foreign Minister Asaad al-Shaibani, speaking at a recent conference in Bahrain, said discussions were under way to study Syria’s entry into the Makkah pact. “Syria considers the security of the Arab Gulf part of regional security … Syria stands by the people and the governments of the Gulf in the face of challenges and militias operating across borders,” he said.Business Recorder
Fed seen sticking to December rate hike after jobs dataA stronger-than-expected October jobs report bolsters the case for further Federal Reserve interest-rate hikes that had lost some of its moxie amid the post-election swoon in US stocks and a mounting sense that AI-driven demand could screech to a halt. US employers added 165,000 jobs last month, more than twice what economists had expected, Bureau of Labor Statistics data showed on Friday, and the unemployment rate ticked down to 4.1%. Fed Chairman Kevin Warsh last month said that policymakers would be watching for “the accumulation of data” to help decide if more monetary policy tightening would be needed, and the latest labor market report provided a definitive tick in the “yes” column. “This is a very strong labor-market report on the heels of solid GDP and consumer-spending data last week, reinforcing the economy’s positive momentum,” wrote Fitch Ratings’ analyst Olu Sonola after the report. Recent concern over AI poses a risk to that outlook, Sonola said, “but for now the economy remains on firm footing. The labor market’s resilience keeps the Fed focused on inflation and pushes the policy debate further toward a December rate hike.” Gold muted as Fed policy tightening prospects weigh In comments at a St. Louis civic event on Friday, St. Louis Fed President Alberto Musalem said that in conversations with businesses in his Midwestern district inflation remained the top concern. “Inflation is a regressive tax, a distortionary tax,” said Musalem, who has advocated further rate increases. “The best thing we can do for growth and employment is bring inflation back down on a timely basis.” He did not address the recent swoon in stock markets driven lower by new doubts about the pace and sustainability of the AI boom, but said that for now he feels the emerging industry is feeding higher inflation through demand for commodities like copper and other resources. Even if that pays off in future profit and productivity, “we need to make monetary policy for the economy of the day, not what it may be five years from now,” Musalem said, and on that basis, for now at least, AI investment “will continue to contribute to inflation.” His comments follow Tuesday’s election, when wins by a clutch of Democratic governors and a hefty Democratic majority in Congress raised fears of a clampdown on AI data center projects. The Nasdaq Composite Index fell by the most in 19 months on Thursday as the extent of the political shift sank in. Several of the new governors ran on promises to rein in data center construction, and Democratic congressional leaders are planning a raft of new AI legislation. The jitters over AI also prompted traders to back away from what had been big bets on a Fed December rate hike, figuring that a slowdown in AI-related demand could cool economic growth and ease inflationary pressures, making further monetary policy tightening a less-urgent matter. Friday’s employment report, however, put a Fed rate-hike back in focus. Markets were pricing about a 78% chance of a quarter-point policy rate increase at the Fed’s December 8-9 meeting, down from 85% shortly after the jobs data were released and up from about 67% on Thursday. Traders now also see an earlier next-and-final interest-rate increase, in April instead of June, as the Fed battles inflation that has been running above the Fed’s 2% target for more than five years. “For the Federal Reserve, this should allow them to concentrate on the inflation side of their mandate,” wrote Raymond James analysts. “We expect the Fed to increase the federal funds rate by 25 basis points in December.”Business Recorder
Bomb threats warning 'the clock is ticking' disrupt TV channels across EuropeDUBLIN/LONDON: Bomb threats warning “the clock is ticking” were sent to TV stations across Europe on Friday, prompting evacuations and programming to be suspended. Warnings were sent to Irish broadcaster RTE, Britain’s Sky, Bulgarian private station Nova TV and others, the companies said. No bombs were found at any affected site. RTE programmes were replaced by music and a pre-recorded message, some for as long as three hours. The alerts follow a string of hoax bomb threats that has disrupted passenger flights from Serbia to Finland to Spain and beyond in recent days, forcing diversions, emergency landings and security sweeps, though no explosives have been found so far. They also come amid a growing sense of unease about hacking scams in recent weeks, including cyberattacks on supermarkets. “We want the whole world to know about us, which is why one of our operatives has planted an explosive device in your building,” read one email received by Nova and RTE on Friday. “It will detonate in 45 minutes. The clock is ticking.” Bomb alerts force flights to land in France, Bulgaria, Belgium Emails titled ‘message to the west’ It is unclear who was behind Friday’s hoaxes. The emails to RTE and Nova were signed off with the name Mikhail Andropov, with a message saying the author was one of the leaders of a group responsible for this week’s plane hoaxes. “But this is only the beginning. What happened this week is just a small part of what awaits Europe in the near future,” the message added. The purported author shared a surname with Yuri Andropov, a former General Secretary of the Communist Party of the Soviet Union. The title of the email “MESSAGE TO THE WEST,” echoed the title of a biography of Andropov called “New Challenge to the West”. It was unclear if this was a sign of Russian involvement, or an attempt to point the finger at Moscow. Police came to the Nova newsroom in Sofia, which was evacuated, checked and deemed safe. Broadcasting was not interrupted and employees returned to their desks, broadcasters said. Staff returned to RTE’s campus after police completed a more than three-hour sweep of the buildings. Irish Prime Minister Micheal Martin said security agencies in Europe had not yet determined whether the threats to air travel and media organisations were being made by individuals or as part of a coordinated attack. “It just illustrates how relatively simple it can be to cause disruption and to undermine the normal operation of society through unconventional activities of this kind, which are designed to cause disruption, designed to cause fear and anxiety,” Martin told RTE radio shortly after news programming went back on air from an outside broadcasting unit. “We have to remain calm,” he added.Business Recorder
EU charges TikTok over harmful algorithmic 'rabbit hole' effectsBRUSSELS: EU tech regulators charged social media platform TikTok on Friday with breaching the bloc’s online content rules due to the so-called “rabbit hole” effect of its recommender system, which attracts users’ attention to a constant stream of similar videos. TikTok’s Chinese owner ByteDance risks a fine next year of up to 6% of its global annual turnover unless it can resolve the issue. Social media companies are under pressure to modify their algorithms amid growing concerns worldwide that their platforms are contributing to a mental health crisis among children, prompting some governments to impose or consider bans for underage users. The European Commission, which acts as the EU tech regulator, said it issued charges known as preliminary findings to TikTok after the company failed to implement proportionate, reasonable and effective mitigation measures to address the risks. It said endless and repeated exposure to content about sadness, isolation or body image can have a detrimental impact on users’ mental health. “Every time a user scrolls or likes a video on TikTok, the algorithm serves more of the same leading users down rabbit holes they cannot easily escape from,” EU tech chief Henna Virkkunen said in a statement. PTA dismisses fake notification about TikTok ban in Pakistan “Today’s preliminary findings show again that TikTok needs to step up its efforts to protect users’ well-being, including those of minors,” she said. The Commission said TikTok needs to change the design of its ‘For You’ feed algorithm and should rely more on users’ explicit preferences, increase the accessibility and usability of user controls and regularly test its algorithm, among other changes. Broader investigation into TikTok The charges are under the EU’s Digital Services Act which requires big online platforms to do more to tackle harmful and illegal content on their platforms. The latest charges are part of a broader EU investigation into TikTok. EU regulators charged TikTok in February over what regulators said were the platform’s addictive designs, inadequate efforts to protect children and making it difficult for researchers to request access public data. TikTok agrees to $400 million US children’s privacy settlement TikTok said at the time that those preliminary findings were “categorically false” and it would take steps to challenge them. The Commission is separately investigating so-called rabbit hole effects caused by Meta Platforms’ Facebook and Instagram recommendation systems.Business Recorder
China, Hong Kong stocks tumble as global tech selloff deepensHONG KONG: China and Hong Kong stocks fell on Friday as a Nasdaq-led tech rout rippled across Asia and fuelled fears the AI boom is losing steam, although bargain hunting helped pare losses in mainland markets buoyed by Beijing’s market-supporting measures. China’s blue-chip CSI300 Index dropped 1.5% by the midday break, but remained on track to snap a 12-week-long losing streak. The Shanghai Composite Index fell 1.1%. The tech-heavy selloff was initially more severe. Both the tech-focused Star 50 Index and the AI Index slumped as much as 5% before recouping some losses. In Hong Kong, the benchmark Hang Seng Index was down 1%, while the Hang Seng Artificial Intelligence Index tumbled 4%. Overnight, the Nasdaq posted its steepest one-day drop since April 2025, wiping trillions of dollars off market value as investors fretted that a Democratic sweep in the US midterm elections could bring tighter scrutiny of the AI sector. The risk-off mood spilled over to Asia in early hours, with South Korea’s KOSPI plunging more than 8% at one point and Japan’s Nikkei falling 5%. Dong Baozhen, chairman of asset manager Lingtong Shengtai, said the overnight slump in US tech stocks meant the logic behind the AI-driven rally had crumbled. “The US stock market has been the standard-bearer and backbone of the global AI bull run. Now that backbone has snapped. Can AI bull markets elsewhere hold up on their own?“ he said. Chinese AI hardware stocks with significant exposure to the US market were among the hardest hit. Zhongji Innolight , which makes optical transceivers for data centres and generates most of its revenue in America, slumped 8% to a one-year low. Rival Eoptolink Technology tanked 7%. AI software firms also came under pressure, with Zhipu sinking as much as 15.4% amid concerns that a broader AI backlash could threaten the timing of Anthropic’s IPO. Jason Hsu, founder and chairman of Rayliant Global Advisors, said China’s sentiment-driven stock market was heavily influenced by AI stock performance in the United States. Technology stocks carry significant weight in China’s stock market and “what people are really watching closely is whether AI in the United States is a bubble,” he said, adding that any signs of a bubble bursting in the US “obviously will affect the Chinese market.” Still, early panic selling drew in bargain hunters, helping trim losses in a market that remains on course for weekly gains after Beijing rolled out support measures and reiterated its commitment to preventing systemic risks. “I don’t think China can completely escape the fallout from Wall Street, especially with selling this aggressive,” said Pepperstone strategist Dilin Wu. “But I’d be careful about treating China’s entire AI supply chain as one trade,” she said, adding growth in AI chip players like Huawei and Cambricon are mainly driven by China’s push for technological self-reliance. “When investors rush to cut risk, even good companies get sold.”Business Recorder
Singapore Airlines to splash $1.6 billion on luxury long-haul cabins as rivals up their gameSINGAPORE: Singapore Airlines, long a benchmark for premium travel, is spending more than S$2 billion ($1.6 billion) to upgrade long-haul seats and provide larger double-bed suites to compete with rivals that are pouring money into high-end cabins. The airline on Friday unveiled new cabins in all four travel classes in the biggest and most comprehensive overhaul in its history, with the new seats due from the second half of 2027. In first class, centre seats convert into what Singapore Airlines calls the largest double bed in commercial aviation. Business class gets sliding privacy doors for the first time on the airline, alongside a fully flat bed. The launch comes as carriers globally such as Air France, British Airways and United Airlines pour billions into premium travel despite industry-wide delays in production and certification of new seats. Surging fuel costs have squeezed margins and pushed up fares, deterring some more cost-conscious economy passengers, although premium travel has remained relatively resilient. Singapore defends flag carrier’s Air India bet, cites need to expand overseas The investment “underpins our long-standing commitment to continually raise the bar of premium air travel,” Yeoh Phee Teik, Singapore Airlines’ senior vice president customer experience, said at a briefing on Wednesday. The Singapore Airlines programme covers 72 aircraft, a mix of Airbus A350-900s being retrofitted and Boeing 777-9 jets on order that together will comprise the majority of its long-haul fleet. The cabins were originally designed for the 777-9, which is expected to become Singapore Airlines’ new long-haul flagship as the A380, which offers smaller double beds, eventually retires. But the 777-9’s entry into service has slipped for years, which Singapore Airlines Chief Commercial Officer Lee Lik Hsin told Reuters had led the carrier to widen the programme to its A350s. He said the S$2 billion-plus investment included a S$1.1 billion A350 refurbishment plan announced in 2024 and was funded from the airline’s strong cash balance, which stood at S$9.1 billion as of end-June. Most of the investment goes to premium cabins because business and first-class seats cost far more per unit than economy seats, Lee said, with the carrier setting no spending ceiling and planning to keep investing when appropriate to maintain its market leadership. “Our competitive advantage doesn’t derive from aircraft cabin product alone,” he said. “It is the hard product, the soft service, the operational excellence. And…it is our people.” David Flynn, editor-in-chief of industry publication Executive Traveller, said the new first class with a unique curved cabin design that borrowed space from the aisles to add personal space to each suite ranked among the world’s best. “Business class represent a solid and much-needed catch up to the competition, rather than a mighty leap ahead,” he said. “It’s hard to top Qatar’s business class Qsuite, let alone the next-gen version coming in 2027, but in features and usability, Singapore Airlines looks to have Emirates and arguably Cathay beat here.” Delays and certification The unveiling arrives against a backdrop of persistent delays. Boeing first targeted 777-9 deliveries around 2020 but repeated certification setbacks, engine issues, the pandemic and tighter oversight by the US Federal Aviation Administration have pushed that to 2027, with Lufthansa expected to be the launch operator. Lee said slippage on its A350 refurbishment plan and the 777-9 seating were both driven by certification issues. “The seats are certified on the 777-9, but the 777-9 aeroplane itself is not certified, and the seats have not yet been certified on the A350,” he said. The A350 certification delay had pushed back their introduction by about half a year, he added. As airlines design more premium offerings with bespoke features that regulators need to ensure meet stringent crash-safety standards, seat certification has become a bottleneck across the industry. Boeing CEO Kelly Ortberg last week told investors that deliveries of its 787 Dreamliners had been affected by seat certification challenges.Business Recorder
Trump says he met Putin envoy, sees Ukraine deal soonWASHINGTON: US President Donald Trump said he met privately on Thursday with Russian President Vladimir Putin’s envoy after the Russian official appeared with representatives from Ukraine at a White House event organized by US first lady Melania Trump . Trump would not disclose what he discussed with Putin envoy Kirill Dmitriev but predicted a deal could emerge soon aimed at resolving the Russian war in Ukraine. A US delegation is scheduled to mediate talks in Abu Dhabi November 10 to 11 between representatives from Russia and Ukraine. Trump, speaking to reporters at the White House, said the war was close to being settled and that ending it might involve all of Europe. “It’s going to be a big agreement, and it’s going to involve more than Ukraine … I could even say it might involve all of Europe. It’s going to be a big, beautiful agreement, and everyone’s going to be thrilled,” Trump said. Trump has frequently predicted an agreement to end Europe’s deadliest conflict since World War Two was close. However, negotiations have picked up in recent weeks. Trump said he did not meet with the Ukrainian delegation on Thursday. Trump envoy Jared Kushner said US officials meeting in Brussels on Thursday held “productive and substantive discussions” with Ukraine, NATO and European partners on security guarantees for Ukraine and a broader European security architecture. “We are working intensively with all parties to find practical solutions that can bring this war to an end and establish the foundations for lasting peace,” he said in a social media post. First lady brings two sides together Dmitriev was among the officials at the rare face-to-face event with Ukrainian representatives at the White House to mark a six-day ceasefire that Melania Trump helped broker in the Russian-controlled city of Oleshky. The deal expired on Sunday. “We have chosen humanity over war,” the first lady said at the event. “We must use the courage we brought to Oleshky to find common ground through a shared concern for the suffering of innocent people.” Melania Trump said she was “involved in every stage of the planning” of the temporary ceasefire, including reviewing aerial images and assessing roadways and hospital access. President Trump, who did not attend the event, has lauded his wife’s role in the Oleshky ceasefire, telling reporters in October that “she does better than our professionals.” Ukrainian lawmaker David Arakhamia and Dmytro Lubinets, the country’s human rights ombudsman, also attended the event. They urged Slovenian-born Melania Trump to keep up her peace efforts. Both sides presented the first lady with thank-you gifts. Melania Trump to host Ukraine, Russia ‘representatives’ at White House Russia’s Dmitriev gave her a drawing of pink hearts from an Oleshky girl and said the child “chose to live with her family in Russia,” nodding to the fight over displaced Ukrainian children in Russia. “I love Melania,” the drawing read. The Ukrainians presented the first lady with a state award “for your brave heart, for saving our people, and for returning back Ukrainian children.” She handed the visiting delegations letters addressed to Putin and Ukrainian President Volodymyr Zelenskiy. Democrats take majority in congress The visit marked the first in-person contact between Russian and US officials since Tuesday’s midterm elections, when Democrats ousted Republicans from control of Congress in a blow to President Trump. The Democratic majority in Congress starting in January is widely expected to push for more aid for Ukraine and to question the Republican president’s decisions to strike a diesel deal with Russia and ease some sanctions on Moscow. Trump has increased his criticism of Zelenskiy in recent weeks. The Kremlin has said it hopes Trump will continue his peacemaking efforts despite the Republican Party’s defeat. It has also said preparations were under way for a meeting of Putin, Trump and Chinese President Xi Jinping during the Asia-Pacific Economic Cooperation summit in Shenzhen, China this month. Melania Trump to host Ukraine, Russia ‘representatives’ at White House Dmitriev previously met with Trump’s special envoy, Steve Witkoff, in the White House in 2025. Trump’s predecessor, Joe Biden, did not invite any Russian officials to the White House. Dmitriev has been involved in facilitating the release of American detainees in Russia, the reunification of Ukrainian children with their families, and the humanitarian operation in Oleshky.Business Recorder
Asia stocks crumble after AI rout rocks US marketsSINGAPORE: Asia’s tech-heavy markets crumbled on Friday as fear of increased regulatory scrutiny and a slowdown in AI build-out unleashed the steepest decline in US stocks since the tariff-triggered “Liberation Day” rout in April 2025. South Korea’s KOSPI fell more than 8% to trigger a circuit breaker and was last down 7% after trading resumed. Japan’s Nikkei slumped 6% while Taiwan was last down more than 8%. Wall Street’s volatility “fear gauge” soared, the Nasdaq sank 5.5% and $3 trillion was wiped off S&P 500 companies, with investors worried Democrats, who dominated the midterm elections this week, will apply the brakes to the AI boom. The political jitters are hitting an AI trade already on shaky footing due to worries about the return on investment for the enormous sums of money being poured into the technology. “There is also clearly an element of panic in the selling, and positioning is making the adjustment much more violent,” said Charu Chanana, chief investment strategist at Saxo. “When investors begin unwinding these positions simultaneously, the selling can become self-reinforcing, particularly if leverage and forced liquidations are involved.” Market participants see Asia’s chipmakers and data centre equipment suppliers in South Korea, Taiwan and Japan as especially vulnerable and they had already tumbled on Wednesday and Thursday. AI chipmakers Samsung Electronics fell nearly 10% while SK Hynix slid 11.7%. Kioxia plunged 14% while TSMC was down 8.5%. AI investor SoftBank Group slid 11%, while the cost of insuring against a default for SoftBank jumped to its highest point in four years on Friday. European stock futures fell 1%, indicating that the selloff was likely to spread across to Europe. Real-time sentiment shift Investor fear also centred on whether a stalling AI infrastructure expansion could hurt smaller firms whose capacity to raise funds has already been limited by higher interest rates and tighter financial conditions. Neocloud company CoreWeave, which has become a barometer of investor anxiety over heavy AI spending and borrowing, slumped 10%. Its 5-year credit default swap spreads , which measure market expectations of a potential default, widened to a record level. “It’s pretty clear there’s been a real shift in sentiment,” said Michael McCarthy, chief executive for Australia and New Zealand at online brokerage Moomoo. “Market turning points are often accompanied by strong disagreement, and that shows up in the market by huge swings in either direction,” he said. “That’s what we appear to have had — and last night’s emphatic sell-down suggests that is the direction that we’re now headed in.” The selling indicates investors are starting to factor in increased local opposition to building data centres, with analysts saying markets have yet to fully consider the cost such building has imposed on communities. The Philadelphia Semiconductor Index slumped 12.2% overnight and the Nasdaq, which reversed an initial swing higher after the midterms before dropping, has now shed 12% from its record high close a month ago. Bonds were poised to gain in Asia, while the US dollar slipped against haven currencies such as the yen and Swiss franc . “Treasuries can probably rally a lot further,” said Nick Ferres, chief investment officer at Vantage Point Asset Management in Singapore. “And I suspect it will be an ugly day for semiconductor and memory (stocks).” The yield on the benchmark US 10-year Treasury note was at 4.838%, hovering near the lowest level since September 9.Business Recorder
Developing states debt hit record USD9.4trn in 2025: World BankWASHINGTON: Low- and middle-income countries are borrowing more and paying more for new debt, with external debt surging 5.5 percent to a record USD 9.4 trillion in 2025, the World Bank said on Thursday. The Washington-based lender said borrowing through international bond markets had continued in 2026, raising critical questions about “whether the terms are sustainable and whether the capital raised is reaching the people and places that need it most.” In its annual International Debt Report, the Bank said the jump in external debt in 2025 — the largest annual increase since 2021, just after the COVID pandemic — threatened to crowd out essential investments in education, infrastructure, health and jobs. It said access to international finance had improved, but the poorest developing countries were paying a steep 8.2 percent on new private-creditor commitments on average, the highest rate since 1989, and 9.4 percent on new bonds. By contrast, countries that were not eligible for low- and zero-interest loans under the International Development Association paid an average of 5.5 percent on new bonds, down from 5.8 percent in 2024, the bank said. Officials from the World Bank and other international financial institutions have been sounding the alarm in recent months about high debt levels and the adverse impact of higher interest rates on developing countries. The report said developing countries’ borrowing from private creditors and bond issuance from public entities rose nearly 35 percent to USD 251 billion, the highest level in five years. External debt grew fastest among IDA-eligible countries, rising 8.1 percent to USD 1.3 trillion in 2025. “The return of private lending to low- and middle-income countries is welcome, but these countries are borrowing more, paying more, and in many cases leaving less for long-term development,” said Haishan Fu, the World Bank’s chief statistician. “Managing debt responsibly means giving everyone—including future generations—a chance to thrive.” The report showed that many governments issued new bonds to buy back maturing debt, extending their repayment profiles, often at higher interest rates and without significantly reducing debt stocks. Demand was continuing to rise this year despite the high costs. By mid-August, more than 10 countries had exceeded their full-year 2025 issuance, while several others returned to international markets, it said. Low- and middle-income countries paid USD 1.4 trillion in principal and interest in 2025, the fifth consecutive annual increase. That was fueled by a 13.7 percent increase in payments to private creditors to USD 363 billion, it said. Developing countries paid USD 436 billion more in debt service than they received in new financing form 2022 to 2025, but the dynamics changed in 2025, with the report citing a net inflow of USD 45 billion. The dollar’s dramatic depreciation was another huge factor that hit developing countries hard, raising the dollar value of debt denominated in other currencies. The lower dollar accounted for over 28 percent of the increase in developing countries’ debt, and several of the largest borrowers from reduced-interest facilities saw higher debt stock balances at the end of 2025 despite continued debt service payments. The report warned that higher debt service costs could result in weaker investment, fewer opportunities and greater vulnerability to shocks in developing countries, adding that countries with heavier debt burdens tended to see more people unable to afford a healthy diet when external shocks hit. The bank also pushed for continued efforts to increase transparency about debt arrangements, strengthen standards and close data gaps, noting that new creditors, instruments, guarantees and financing arrangements could make it difficult to understand a country’s full debt exposure.Business Recorder
Melania Trump brings together officials from Ukraine, RussiaWASHINGTON: Melania Trump, President Donald Trump’s wife, will bring together representatives from Russia and Ukraine on Thursday for a White House event to recognize a recent six-day ceasefire she helped broker in the Russian-controlled city of Oleshky. The event comes as US officials ramp up efforts to secure a deal to end the conflict between Russia and Ukraine, which began when Russian forces invaded Ukraine in early 2022. A trilateral meeting with officials from the US, Ukraine and Russia is planned for November 10-11 in Abu Dhabi. The White House said Melania Trump will make remarks about the Oleshky ceasefire at 11 a.m. ET (1600 GMT). “This achievement marks an unprecedented diplomatic initiative by an American first lady,” the White House said. Melania Trump to host Ukraine, Russia ‘representatives’ at White House Russian President Vladimir Putin’s special envoy Kirill Dmitriev will attend the event and meet with US officials, two people familiar with his plans said. The visit will mark the first in-person contact between Russian and US officials since midterm elections in which Democrats ousted Republicans from control of the US Senate and the House of Representatives in a blow to President Trump. The Democratic majority in Congress starting in January is widely expected to push for more aid for Ukraine and to question several of the Republican Trump administration’s decisions, such as a diesel deal with Russia and the easing of some sanctions. The Kremlin has said that it hopes Trump will continue his peacemaking efforts despite the Republican Party’s defeat. Melania Trump secures Oleshky ceasefire between Russia, Ukraine, White House says The Kremlin added that work was under way to prepare a meeting between Putin, Trump and Chinese President Xi Jinping during the Asia-Pacific Economic Cooperation summit on November 18 to 19 in Shenzhen, China. Dmitriev previously met with Trump’s special envoy, Steve Witkoff, in the White House in 2025. Trump’s predecessor, Joe Biden, did not invite any Russian officials to the White House. Dmitriev has been involved in facilitating the release of American detainees in Russia, the reunification of Ukrainian children with their families, and the humanitarian operation in Oleshky.Business Recorder
Ballon d'Or winner Kane signs Bayern extension until 2029Ballon d’Or winner Harry Kane has signed a contract extension with Bayern Munich until June 30, 2029, the Bundesliga club said on Thursday. The England captain joined Bayern from Tottenham Hotspur in 2023 and has since helped the German side win two Bundesliga titles, the German Cup and two German Super Cups. The 33-year-old striker has scored 156 goals in 161 appearances in all competitions for Bayern and capped his prolific spell in Munich by winning the Ballon d’Or last week. He was the first Englishman to win the prestigious award since Michael Owen in 2001. “I feel right at home at FC Bayern,” Kane said in a statement. “I love the club, the fans and the city of Munich. We have a fantastic team and, in Vincent Kompany, a fantastic manager. “It makes me very proud to be part of this club. My whole family is very happy here. I was keen to stay. I’m now looking forward to the future and I want to win many more titles with this great club.” Kane has frequently been linked with a move back to England, where he remains 47 goals shy of Alan Shearer’s Premier League record of 260 goals. However, the striker said in August that the Premier League no longer holds the same appeal for him as he is focused on his career in Germany. “Since joining us in 2023, he has achieved extraordinary things with his goals, his influence on the game and as a role model both on and off the pitch,” Bayern CEO Jan-Christian Dreesen said. “His contract extension is a commitment to FC Bayern and to a story that is far from over.” Bayern did not disclose financial details of the agreement. However, German media reported that the extension is the most lucrative contract in the club’s history and part of a long-term commitment to the England captain. Kane has finished as the Bundesliga’s top scorer in each of his seasons with Bayern and was named Germany’s Footballer of the Year in 2026. He has also won the European Golden Shoe twice, awarded to Europe’s leading league goalscorer, and captained England to a third-place finish at this year’s World Cup.Business Recorder
Como equal Champions League record with stunning 9-1 win at LensLENS: Como stormed into the Champions League record books with a stunning 9-1 demolition of Lens on Wednesday, equalling the biggest victory in the competition’s history. The Italian side matched the eight-goal winning margins achieved by Liverpool and Real Madrid in 8-0 home victories over Besiktas and Malmo respectively. Como also became the first team since 1971 to score nine goals away from home in the European Cup and only the second after Bayern Munich to score nine in a Champions League match. Their third victory in four matches lifted them to fourth in the standings on nine points and continued a remarkable debut campaign in which they have scored 19 goals. “It’s an incredible night,” Como captain Lucas Da Cunha said. “We started with a lot of desire, we wanted to take the three points, like we always do, and this evening we were able to do that. Holders Spain drawn with Norway, Ireland and Switzerland in Women’s Nations League “It’s a crazy night and a crazy result, but we can’t get ahead of ourselves.” They led 3-0 at halftime, with Anastasios Douvikas scoring twice, before striking another five goals in a 22-minute spell after the break. Douvikas completed his hat-trick during that surge, while Ruben Aguilar pulled one back for Lens before Matteo Papaccioli rounded off the rout in stoppage time. Como’s first Champions League campaign is already a resounding success, featuring dazzling 4–1 victories over both RB Leipzig and Manchester United. Their tally of 19 goals equals Queens Park Rangers’ 1976 record for the most scored by a club in its first four matches in major European competition. Cesc Fabregas’ side will next face AEK Athens and Real Betis before ending the league phase with more daunting tests against Paris St Germain and Barcelona. ‘Humiliation’ Lens, 33rd in the standings with three points, suffered the heaviest Champions League defeat by a French club. They also became the first team from Europe’s top five leagues to concede nine goals at home in European competition. “The only word that comes to mind is a feeling of humiliation,” Lens coach Yannick Cahuzac told Canal+. “We were dominated in every aspect of the game. It’s hard to explain. “To concede a score like that, it goes beyond the game plan.”Business Recorder
Emirates Group says first-half profit drops 66%DUBAI: The UAE’s Emirates Group on Thursday said its profits in the first half of the financial year fell 66 percent year-on-year, as the regional war and high fuel costs hit aviation. Half-year profit after tax stood at 3.6 billion AED ($1 billion), the group said in a statement. The Dubai-based group, which owns the largest airline in the Middle East, said its Emirates airline saw half-year profit before tax fall 68 percent to AED 3.7 billion, eroded by high fuel prices. Since the Middle East war began in late February, energy prices have soared as Iran’s blockade on ships in the vital Strait of Hormuz disrupted supply. But the wider group’s revenues were less affected, down 12 percent to 66.2 billion AED, it said, buoyed by a strong performance in its cargo business. During the early months of the war, the United Arab Emirates bore the brunt of Iranian drone and missile attacks, disrupting flights and putting off visitors to Dubai, which has become a tourist hub in recent decades. Passenger traffic between April and September was down by 22 percent compared with the same period last year, at 21.8 million passengers. Emirates will not cut flights despite Middle East war pressures “The first six months of 2026-27 brought significant challenges to Emirates’ operations as intermittent airspace restrictions and closures across the region tested the airline’s operational agility, while government travel advisories reshaped consumer choices and travel flows,” the group said. The airline, one of the world’s largest by international passenger traffic, said its performance was “remarkable” in light of the war. The group was able to tap strong cash reserves to support its business needs, including pre-delivery payments for aircraft and servicing debt obligations, it said. “It has been a demanding six months, and once again our business model and our people stood up to the test,” said Chairman and Chief Executive Sheikh Ahmed bin Saeed Al Maktoum. He called the challenges of the period “unprecedented” and said the group had not paused investments despite the headwinds. The group said Emirates airline had launched initiatives to boost customer confidence following the outbreak of war, including an industry-first comprehensive travel insurance that is unrestricted by government travel advisories, free date changes on booked tickets, and generous refund policies. It also broke ground in May on a $5.1 billion engineering and maintenance facility at Al Maktoum International Airport in Dubai, with completion expected in the mid-2030s.Business Recorder
Oil falls for a fourth day on expectations for lower risk of Iran war escalationSINGAPORE: Oil prices fell for a fourth day on Thursday on expectations the losses US President Donald Trump’s Republican Party suffered in Congressional elections this week may reduce the risk of further escalation of the US-Israeli war on Iran. Brent futures fell 80 cents, or 0.85% to $93.82 a barrel as of 0426 GMT, while US West Texas Intermediate crude futures were down $1.2, or 1.36%, to $86.92. Both benchmarks tumbled by more than 8% in the previous session to settle at their lowest since August 31. A weakened Trump, facing a Democratic Congress able to constrain his military options, has greater incentive to seek a deal, two sources close to Gulf government circles said on Wednesday. US VP Vance says Iran war is ‘the reason we lost’ midterms A full-scale assault on Iran now looks less likely, they said. A resolution to the conflict could restore oil flows from the Middle East impacted by the war, though analysts caution the way forward remains uncertain. “Markets are assessing the impact of the midterm elections on Donald Trump’s next steps with the Iran war, pricing in more likelihood for the war to end,” said June Goh, senior oil analyst at Sparta Commodities. “However, there will be more volatility ahead as the path to full diplomacy to end the war is still wrought with many unknowns while the global strategic reserves have drawn very thin.” Crude shipments through the Strait of Hormuz — the key waterway for most Gulf oil supplies — have recovered to close to pre-war levels, according to analysts, though at a higher cost. The resumption of Gulf supply has pushed the global oil market back into surplus after months of disruption caused by the war, JPMorgan said in a note on Wednesday. JPMorgan estimates the market returned to a surplus of 1.1 million barrels per day in September, widening to 1.4 million bpd in October, nearly matching last year’s average of 1.3 million bpd. However, uncertainty remains before the Democratic-controlled Congress takes office in January, analysts said. Citi said in a note on Thursday there were concerns that with the midterms over the White House could focus on its executive powers in foreign policy and potentially escalate conflict with Iran. Eurasia Group lowered its estimate for the chance of renewed US strikes on Iran to 60% from 65%, but also cut the probability of a deal to 10% from 20%, as Iran has held firm on its demands and Trump was unlikely to accept terms seen as a defeat. It raised the likelihood of a continued standoff to 30% from 15%. Despite the recent drop in oil prices, escalation is likely to produce a sharper increase into a band of $110 to $125 per barrel for Brent, Eurasia Group said in a note. Iran warns new war could last longer after Trump threatens strikes Commercial oil inventories in major consuming countries are near their lowest in 15 years and Iran could emerge from the US election outcome with greater resolve, said Mukesh Sahdev, CEO of energy consultancy XAnalysts. US crude, gasoline and distillate inventories all fell last week as demand hit its highest in a year, the Energy Information Administration said on Wednesday.Business Recorder
How Democrats expanded the map and won rural AmericaA Democratic Party fundraiser in Warren County, Iowa in October 2025 was so crowded that local party chair Jim Culbert found himself ordering pizza after the food ran out. “If we don’t have enough food, that’s a good problem,” he recalled telling volunteers. The big turnout offered an early glimpse of the mounting Democratic enthusiasm in rural America – traditionally a stronghold of US President Donald Trump’s Republican party. A year later, it would help propel Democrats to sweeping victories in Tuesday’s midterm elections. Democrats flipped House, Senate and gubernatorial seats in rural Republican strongholds including in Iowa, Kansas, Texas and Wisconsin, where farmers have been hard hit by Trump’s global tariff campaign and high fuel prices caused by the Iran war. Hispanic voters, who surveys identified as particularly critical of Trump’s deportation campaign and the rising cost of living, swung roughly 40 points towards Democrats, in the Kansas and Texas Senate races compared to the 2024 presidential election, according to exit polls. The victories followed a years-long Democratic effort to compete more aggressively in rural communities, where the party had steadily ceded ground to Republicans, according to interviews with 16 Democratic candidates, campaign staff and political experts and strategists. US VP Vance says Iran war is ‘the reason we lost’ midterms Democratic strategists said that push was part of a broader Democratic National Committee effort to compete in places the party had long neglected. Rather than concentrating resources on a handful of battleground states, the DNC invested in every state party and pushed to field candidates in every race, they said. “A lot of folks in rural America feel left behind because (Democrats) haven’t been showing up to talk to people,” said Democrat Rebecca Cooke, who unseated the Republican incumbent to win Wisconsin’s third congressional district on Tuesday. Now, she told Reuters, “there’s no community too small” to visit. The question now is whether Democrats can hold on to their gains through the 2028 presidential election cycle. Tuesday’s election was widely seen as a rebuke of Trump rather than an embrace of the Democratic Party. Republicans still won races on Tuesday in rural states including Arkansas, Oklahoma and Nebraska. And history shows that so-called wave elections dominated by one party do not necessarily translate into a presidential victory for the same party two years later. To make their gains durable, Democrats will need to stick with their expansive electoral strategy, continuing to invest time and money in rural communities and other areas where they have made inroads, three Democratic strategists told Reuters. “This was a rejection in essence of the way the party had worked in recent years, which was this focus on six or seven states,” said Simon Rosenberg, a Democratic strategist. “We had been operating on a very narrow map – too narrow.” Rural Americans have steadily moved towards the Republican party over the past 25 years, according to Pew Research Center, driven by splits with Democrats on cultural issues and economic policies. At the White House, Trump acknowledged that the Iran war had contributed to his party’s midterm losses but said he still felt it was worth it. The Republican National Committee did not immediately respond to requests for comment. Showing up Every week for 11 months, on what she dubbed “Small Town Tuesday,” Iowa Democratic House candidate Christina Bohannan, focused on canvassing rural towns. Her team regularly heard from residents that no political campaign had ever contacted them before, campaign manager Dan Driscoll said in an email. Bohannan flipped the state’s first congressional district. For her campaign in Wisconsin, Cooke said she hired four regional field organizers and knocked on 54,000 doors, many in rural areas, in addition to those knocked on by the statewide Democratic Party. The Democratic Congressional Campaign Committee said it implemented a program for engaging rural voters for the first time this year. Trump’s midterm drubbing could give trade partners room to resist Cooke, Bohannan and other Democratic candidates in rural districts aimed to capitalize on declining support for Trump. Approval of the president in rural areas fell to a new low in October of 45%, down from 60% at the start of his term, according to Reuters/Ipsos polling. Across more than 1,500 rural counties where nearly all ballots had been counted on Wednesday, Republican candidates were collectively underperforming Trump’s 2024 share of the vote by 8 percentage points, according vote totals compiled by Reuters and USA Today, which are partnering this year to collect live election results for US Senate and House races. Stronger coordination In Iowa, Democratic candidates united for the state’s first coordinated campaign since 2018, said Frances Patano, who ran the effort for the Iowa Democratic Party. That meant candidates could chip into a joint organizing effort that saved on costs and boosted lower-profile campaigns. “By coordinating, you can run a far more efficient field program because you’re not competing” for the same group of organizers, Patano said. In the first two weekends of October, the statewide campaign nearly doubled its door knock attempts from the 2018 midterms, Patano said. In rural Warren County, the coordinated program paid for a staffer who led six canvassing shifts every weekend out of the county’s party office. The added capacity boosted volunteer turnout. After years of organizing the same local Democrats to volunteer, Culbert said he would glance at a list of doorknockers and think: “Well, I don’t know half these names.” Years of preparation In Kansas, efforts to elect Adam Hamilton, the first Democratic senator elected from the state in nearly a century, began four years ago. When Jeanna Repass became chair of the Kansas Democratic Party in 2022, she knew the party would need to make inroads in a heavily rural state that Trump won by double digits in 2016 and 2020. She hired a year-round organizer and grew the number of county party chapters from 57 to 68. US House Speaker Johnson will not seek minority leadership post The effort “helped us to stir people’s passions and get them organized,” Repass said. This year, the party knocked about 50% more doors than they did in the 2022 midterms, Repass said. That strategy paid dividends for Hamilton on Tuesday, particularly in Seward County, where about half of eligible voters are Hispanic. Hamilton won by 13 points in Seward, a dramatic shift from 2024 when Trump won the county by 39 points. “We are not flyover country,” Hamilton said in his victory speech late on Tuesday night, to huge cheers. “We are the heart of America.”Business Recorder
Dozens dead and missing after Russian strike on Ukrainian aid centre, officials sayKOMYSHUVAKHA: The death toll from a Russian bombing of an aid distribution point in Ukraine’s southeastern Zaporizhzhia region on Monday has risen to 40, with dozens still missing, officials said, in one of the deadliest strikes on civilians this year. The attack came a day after a brief US-brokered local ceasefire expired and less than a week before the United States is due to bring together Ukrainian and Russian delegations in Abu Dhabi for talks on ending the war, now in its fifth year. Reuters footage on Wednesday showed men in military fatigues loading bodies in white plastic bags into the back of a van in the village of Komyshuvakha, which was struck multiple times. Excavators were digging up earth near a huge blast crater while rescue workers searched underground for bodies. Ivan Fedorov, the co-head of the Zaporizhzhia Regional Defense Council, wrote on Telegram that 59 people were missing. Ukrainian President Volodymyr Zelenskiy has said Russian forces first dropped aerial bombs on an underground school building being used as a distribution point as people arrived to collect aid, then struck the shelter with more bombs. Russian drone strike kills 14 on Ukrainian rail platform Classes have long since been suspended at the school because of its proximity to the front — Komyshuvakha lies some 17 km (11 miles) from the nearest Russian positions — but it served as a shelter and handed out humanitarian aid every Monday, Zelenskiy said. Two members of a rescue crew and four police officers were among the dead, emergency services said. Russia’s Defence Ministry said the attack targeted Ukrainian military units around Komyshuvakha and two other settlements, and that up to 25 Ukrainian servicemen were killed. Russia and Ukraine both deny deliberately targeting civilians. Dramatic footage Bodycam footage from one of the policemen killed in the attack, which Ukrainian police posted and Reuters verified, shows rubble and badly damaged buildings in the aftermath of the initial aerial attacks. The policeman said the area was under threat from drones and appears to take shelter briefly inside the shell of a bombed-out building. Later in the footage, 15 to 20 people in civilian clothing are gathered outside the entrance to an underground shelter when a warning comes over a radio that Russian glide bombs are heading in the direction of the village. Residents rush down several flights of stairs and towards a room, while the policeman with the bodycam turns through a door into what appears to be a temporary police station. Three other men and a woman are visible in the final frames before there is a large explosion and the camera turns black. Zelenskiy says Ukraine got no warning as Russia launches major attack In a social media post accompanying the footage, the national police said several strikes hit the area, including from a 3-ton FAB bomb, which is a large bomb fitted with a glide kit that allows it to fly long distances after being dropped from a Russian warplane. According to defence intelligence websites, a 3-ton glide bomb would carry around 1.4 tons of explosives. Fighting resumes after brief local ceasefire The strike occurred a day after a six-day ceasefire to evacuate civilians from the Russian-occupied southern Ukrainian town of Oleshky expired. The truce, brokered by US first lady Melania Trump, allowed nearly 800 people to be evacuated, according to the first lady. Zelenskiy awarded Melania Trump a state honour for her role. The United States will bring together delegations from Ukraine and Russia in Abu Dhabi on November 10 to 11 to discuss ending the conflict, postwar security agreements and de-escalation, US envoy Steve Witkoff said on Monday.Business Recorder
From Iran to trade: how the US midterms impact the rest of the worldLONDON: The US Democrats’ “blue wave” of midterm election victories is already causing ripples across the rest of the world, where trade partners, strategic allies and enemies all see implications in the result. Iran and Israel It is not immediately clear how US President Donald Trump’s loss of control over Congress will shape the course of his country’s eight-month-old conflict with Iran. Voters have shown they are weary of the conflict, which many blame for painfully higher fuel prices. Some Gulf governments now believe Trump has more reason than ever to seek a peace deal and that another full-scale assault on Iran is less likely after the midterms, two sources familiar with Gulf government thinking told Reuters. But Trump’s electoral drubbing may also embolden Iran. “If Tehran recognises that Trump needs a deal, but not just any deal, a genuine opportunity could emerge to end the war,” said Ebtesam al-Ketbi of the Emirates Policy Center. However, reading the vote as weakness could instead invite “a new military escalation”, she added. For Israel, a Democrat-controlled House and Senate may intensify congressional scrutiny of Israel’s military operations in Iran as well as in Gaza and Lebanon, while threatening long-standing US support for Israel through military aid and weapons sales. Rivals seeking to unseat Prime Minister Benjamin Netanyahu seized on the Democrats’ wins to lambaste him for a loss of bipartisan American support under his watch, as they seek to forge a coalition following an inconclusive Israeli election last week. Trump’s midterm drubbing could give trade partners room to resist Fuel pump prices The Iran war has choked supplies of crude oil and liquefied natural gas from the Gulf, driving up the cost of crude oil and prices at fuel pumps around the world. The energy market wagered on Wednesday that the elections could breathe more life into US-Iran peace talks. Oil dropped for a third day, but tight stock levels prevented a larger selloff, analysts said. “The market increasingly appears to be betting that President Trump wants to put the Middle East war behind him,” said Saxo Bank analyst Ole Hansen. Iran, US still far apart on deal; Trump says ready but in no hurry for strikes Ukraine Trump has largely halted direct US financial and military aid to Ukraine as it fights a Russian invasion, despite broad support from Democratic and Republican lawmakers. He has angered members of Congress, including many Republicans, by lifting sanctions on Russian diesel and waiving sanctions on Russian energy only weeks after signing them into law. Control of both chambers of Congress will allow Democrats to propose new aid to Ukraine. If they get enough backing from Republicans and secure a two-thirds majority, a new aid package would survive a Trump veto. However, any boost to US aid is unlikely to come quickly, and it will not address Ukraine’s most pressing need — a deficit of US-made Patriot air defence interceptors to protect its energy infrastructure and cities this winter. Democrats could also target other Trump policies. US pushes to restore Russian gas sales to Europe via Ukraine, WSJ reports Democratic Representative Gregory Meeks of New York, a candidate to head the House Foreign Affairs Committee, has introduced bipartisan legislation to block Trump’s plan to bring Russian diesel back into the global market. But the midterms are unlikely to change the Trump administration’s position in trilateral peace talks with Russia, where it has pressured Ukraine to make concessions to reach a deal while it simultaneously discusses business deals with Moscow that would favour US investors. The Kremlin said it hoped the midterm results would not impact what it called Trump’s “peacemaking efforts”. Trade The elections could give some countries in Asia more reason to slow-walk investment pledges they made to stave off tariffs, and hand economic rival China a perceived upper hand in ongoing trade talks, analysts said. However, broad US-China economic relations will likely maintain a state of “fragile stability”, said Chim Lee, industrial policy analyst at the Economist Intelligence Unit in Beijing. Trump’s midterm losses could spell relief for India’s negotiations for a trade deal with the United States, which has faced delays as New Delhi strives to protect its farmers. “After the US midterm losses, President Donald Trump’s capacity to impose arbitrary tariffs will certainly face a challenge. At some point he needs the Congress’s approval for trade actions and, to that extent, he’s weakened,“ said Anup Wadhawan, a former trade secretary to India’s federal government. Congress has the right to regulate commerce and set import duties, but Trump has taken advantage of laws to impose tariffs on grounds of national security or unfair trade practices. Democratic Party efforts to limit that power would be likely to face a presidential veto. Pakistan, US pursuing revised trade pact Another question is whether Trump will follow through on more immediate threats, such as a 100% tariff on European countries that impose a digital services tax on American tech giants, or whether a €3 billion ($3.37 billion) loan to Airbus from the European Investment Bank will undermine what has been largely a transatlantic trade truce since 2025. AI and tech Exit polling revealed that many US voters were concerned about the aggressive buildout of AI data centres. That sent shivers through the shares of major Asian chip manufacturers. “A Democratic sweep of Congress would put pressure on tech and potentially bring regulatory pressure on everything AI and possibly slow down the wild, wild west growth figures that we see daily and often take for granted,” said Jake Dollarhide, chief executive of Longbow Asset Management in Oklahoma. Asian chip and AI stocks such as TSMC, Samsung Electronics, SK Hynix and Kioxia all fell on Wednesday. Asian investors’ concerns were also reflected in pre-market trade in US markets where shares in US data centre operators fell, including Applied Digital, TeraWulf, Core Scientific and Iren.Business Recorder
Govt approves Rs10 coin to replace banknote, new currency designsThe federal cabinet has approved the introduction of a Rs10 coin to replace the existing Rs10 banknote as part of a broader plan to introduce newly designed currency notes with enhanced security features. The decision was taken at a cabinet meeting chaired by Prime Minister Shehbaz Sharif on Wednesday, according to a statement issued by the Prime Minister’s Office. The cabinet also approved the designs of new currency notes on the recommendation of the Ministry of Finance. It was informed that proposals had been invited from artists and designers across the country, while a cabinet committee constituted by the prime minister had held detailed consultations with all stakeholders. The meeting was informed that the new banknotes would feature enhanced security measures to prevent counterfeiting. Modern materials would also be used to increase the notes’ durability and extend their service life. The approval to replace the Rs10 banknote with a coin comes after the State Bank of Pakistan (SBP) proposed discontinuing the denomination amid rising production costs. In August, SBP Deputy Governor Dr Inayat Hussain informed the Senate Standing Committee on Finance and Revenue that the central bank had proposed withdrawing the Rs10 banknote after the introduction of the new currency notes. The committee was also informed that approximately one year would be required to introduce the new banknotes into circulation. The printing cost of a Rs5,000 banknote was approximately Rs14, according to a Senate Secretariat statement. During the meeting, the SBP deputy governor said the existing Rs5,000 banknote had been introduced in 2005 and technological advancements had made counterfeiting easier. The central bank had initiated the process of designing and issuing a new series of banknotes covering all existing denominations in January 2024. It subsequently launched an art competition in March 2024, inviting innovative and thematic design proposals. In September 2024, the SBP announced the winners of the competition, while in March 2025, Security Papers Limited awarded a Rs3.4 billion paper machine upgrade project to German firm Giesecke+Devrient (G+D). The project was expected to be completed within 18 months. The cabinet also ratified decisions taken by the Cabinet Committee on State-Owned Enterprises at its October 26 meeting and the Cabinet Committee for Legislative Cases at meetings held between January and September 2026.Business Recorder