Business and Economy

America’s war on Iran has already cost the US nearly $110 billion. Now, the Trump administration wants another $67 billion, even after declaring victory. Al Jazeera’s Emma Withrow breaks down the growing price tag.

The consortium is led by British-Indian investor Amit Bhatia, the son-in-law of Indian steel billionaire Lakshmi Mittal.

Liverpool are in talks with British-Indian investor Amit Bhatia over a potential deal for a minority stake in the Premier League football club.

Fenway Sports Group (FSG), Liverpool’s United States-based owner, confirmed the approach from Bhatia’s group on Tuesday.

“An investment consortium led, managed, and represented by Amit Bhatia has expressed interest in making a strategic minority investment in Liverpool Football Club,” an FSG spokesperson told the AFP news agency.

Bhatia, the son-in-law of Indian steel billionaire Lakshmi Mittal, is heading a consortium interested in buying into the 20-time English champions.

The Financial Times reported that Bhatia has hired advisers to work on the offer, which the newspaper said could value Liverpool at more than $6bn.

Just hours after Bhatia’s interest in Liverpool emerged, the London-born 46-year-old stepped down from his role as a director and co-owner of English Championship side Queens Park Rangers (QPR).

Bhatia, who spent 18 seasons with the west Londoners, will transfer his ownership of the club to majority owner Ruben Gnanalingam.

“I step back from my formal responsibilities with pride, gratitude and affection. I want to thank the players, managers, staff, the community trust, my fellow board members and, above all, the fans, who have made me and my family feel part of the QPR family for so many years,” Bhatia said.

Bhatia’s discussions with FSG – who bought Liverpool for 300 million British pounds ($400m) in 2010 – are believed to be at an early stage, with no deal struck yet.

Any investment from Bhatia would be made to further position Liverpool for success, following FSG’s move in 2023 to sell a minority stake in the club to global sports investment firm Dynasty.

Reports at the time valued that transaction between $100m and $200m.

For the ninth consecutive night, the United States mounted attacks on Iran’s defence facilities and maritime capabilities into the early hours of Monday, with Tehran hitting back in tit-for-tat strikes as warning sirens blared in neighbouring Gulf countries and Jordan, home to US military bases.

Both sides have accused each other of violating the memorandum of understanding (MoU) they had signed in Islamabad, Pakistan, on June 17. US President Donald Trump has said he views the truce as over, while Iran has said it no longer intends to adhere to the MoU.

Meanwhile, the Strait of Hormuz — through which 20 percent of the world’s oil and gas passed during peacetime — is shut again, sending crude prices shooting up yet again. On Sunday, the US military said another American service member had been killed late last week, bringing the total number of deaths to 17.

So, what has changed in the last two months for the US, Iran and the Gulf countries as the MoU has unravelled in terms of economic impact, widening of military targets, and how they view the war?

Economy

The Strait of Hormuz — the kill switch of the global economy — has been closed down by Iranian authorities, warning that not even a drop of oil shall pass through the waterway amid US attacks and a naval blockade against Iran’s ports.

The MoU had paved a path for the reopening of the strait. And that had briefly pulled oil prices to par with pre-war levels.

The GCC

The strait is of critical importance, especially for Gulf Cooperation Council (GCC) states, which saw their economic security and energy strategy severely affected by export curbs. The war on Iran has brought about the largest disruption to global oil and liquefied natural gas (LNG) supplies in modern history.

The costs go beyond just energy revenue losses, noted Mohammad Reza Farzanegan, an economist at Germany’s Marburg University.

“The conflict also threatens the GCC countries’ diversification strategies. Tourism, aviation, logistics, construction, real estate and foreign investment all depend on perceptions of regional stability,” he told Al Jazeera. “Continued war increases insurance and transport costs and encourages investors and tourists to reconsider their exposure to the region.”

Iran

For Iran, the MoU lifted the naval blockade against Iranian ports and offered oil and banking sanctions waivers, and Tehran rushed to export tens of millions of barrels of crude oil.

The earlier US blockade had curbed Iranian exports, with Iran’s parliament speaker and chief negotiator, Mohammad Bagher Ghalibaf, telling Iranian state TV in an interview last month that “we did not export even one barrel” during the blockade.

However, as fighting resumed, the US disabled a vessel in the Strait of Hormuz, reported to be carrying Iranian crude. Tehran has also hit commercial vessels in the waterway, and the US has been bombing Iran’s coastal areas since then.

“[The renewed US naval blockade] is more damaging than conventional sanctions because the restrictions are now enforced physically,” said Farzanegan. “Iran therefore has much less room to use intermediaries, alternative flags and informal shipping arrangements to maintain oil exports.”

“The immediate consequences are lower foreign-exchange revenues, further depreciation of the rial and stronger inflationary pressure,” the economist told Al Jazeera.

Iran’s economy has been suffering from one of the world’s highest inflation rates. The rial touched nearly 1.9 million against the US dollar this week, a new all-time low. The Tehran Stock Exchange’s main index lost another 120,000 points or 2.4 percent on Saturday to stand at 4.77 million.

The US

Trump’s war has been widely unpopular in the US. The president recorded a 60 percent disapproval rating on the economy, as per the latest CNBC polling, with a net approval rating of -22, reported to be the lowest of his political career.

As per the poll, 61 percent of respondents said they are pessimistic about the state of the economy, the highest percentage since December 2023.

“The effects are most visible in energy prices and consumer purchasing power. This increases household costs and complicates the political position of President Trump and Republican candidates ahead of the November 2026 congressional elections,” said Farzanegan.

Military

The US

The US military has had 17 personnel killed in the war with Iran so far. Three of them have been killed since the resumption of the war about 10 days ago.

“We hit them very hard again tonight,” Trump said on Sunday, adding, “We did that in honour of the – probably three – it’s probably three great patriots.”

Two US personnel were killed in an Iranian attack on an airbase in Jordan on Friday, and a third is missing. Another soldier was killed last week in Iraq while defusing unexploded ordnance from an Iranian drone.

Tehran has claimed to have hit several US military facilities in Kuwait, Bahrain, and Jordan, including an aircraft at Aqaba airport.

Al Jazeera could not immediately verify the extent of damage to any facilities.

The Gulf

The renewed attacks from Iran on most Gulf countries, as well as Jordan, have forced them to deploy their interceptors. GCC countries had already used hundreds of expensive interceptors during the first phase of the US-Israel war on Iran in March and April.

But the Iranian military’s attacks have also hit civilian infrastructure in Gulf countries. The bombing of power and desalination plants in Kuwait has drawn widespread regional condemnation.

“What is happening is a severe shock to the GCC countries,” Nader Habibi, an Iranian-American economist, told Al Jazeera. “Now, after the disruptions of the past seven months, even as they have tried to avoid getting involved, the civilian population is indirectly impacted.”

Iran

The US insists that it has focused its attacks on Iran’s military infrastructure, especially on the country’s southern islands — some of which act as forward military or surveillance posts, and others that are believed to host missile bunkers.

But Tehran has accused the US of targeting civilian infrastructure as well in recent days, including bridges and tunnels, ports and dock facilities, power stations and water plants. Iranian officials have said more than 50 people have been killed and about 500 wounded in US attacks in the past three weeks.

Narrative

More than the war itself, a significant part of the messaging from the US and Iran has been over the control of the Strait of Hormuz.

The US

Washington says its renewed attacks are aimed at degrading Iranian capabilities to disrupt maritime traffic in the waterway, with Trump saying last week that “the US controls the Strait”.

Iran

Tehran has pushed back on Trump’s claim.

Farzanegan said Iran’s “ability to influence shipping through the Strait of Hormuz remains a unique source of bargaining power”. “Tehran is therefore prepared to bear considerable costs to preserve this leverage.”

He added that Iran may also calculate that extending part of the economic costs to neighbouring oil-exporting countries will encourage these governments to use their political influence in Washington and push the US towards negotiations.

“This appears to be one reason why Iran is prepared to maintain pressure in the Strait despite the considerable costs to its own economy,” the analyst added.

Aniseh Tabrizi, an associate fellow on the Middle East and North Africa Programme at think tank Chatham House in London, said the significant change since the MoU unravelled “is that there is less optimism than before about diplomacy being feasible”.

“For all the sides,
it is difficult to foresee a scenario in which another deal is not only reached, but also implemented successfully,” she told Al Jazeera. “And that makes it particularly concerning for all the parties involved.”

Tabrizi noted that there appears to be “no imminent drive” from the Iranian side to sign a deal. “They are still maintaining escalatory attacks, but also reciprocating the kind of attacks that are conducted against the country,” she said.

The Gulf

GCC countries have continued to condemn Iran’s attacks on the regional countries, while calling for diplomacy to dial down the escalation. They have made it clear that Iran’s unilateral control over the Strait of Hormuz would not be acceptable to them.

Tabrizi added that, like the weeks before the Islamabad MoU, regional countries, especially Qatar, are still batting for talks.

If anything, Farzanegan said, the economic losses can bring all the sides to the table again for talks.

“Higher economic losses increase the incentives for negotiations,” he said. “A return to negotiations becomes more likely when both sides conclude that continued escalation cannot improve their bargaining position.”

Economist Habibi agreed that if an agreement is reached again, “it would be primarily because of the stability of the economic pressures on both sides”. However, he added that the probability of escalation in the next couple of weeks is higher than the probability of negotiation.

The deals include rebuilding the long-defunct Iraq-Syria crude oil pipeline, which could bypass the Strait of Hormuz.

Iraq has struck dozens of agreements and partnerships with American companies, many in the oil sector, during a visit to the United States by Prime Minister Ali al-Zaidi.

“A total of 48 agreements, memoranda of understanding, cooperation agreements and partnership declarations were signed between public and private sector entities in Iraq and the United States,” the Iraqi leader’s media office said on Saturday.

They include “cooperation and partnerships involving the ministries of oil and electricity … with ExxonMobil, KBR, GE Vernova, Shell and Halliburton”, as well as several deals related to the construction of a major crude oil pipeline between Iraq and Syria.

Iraq also signed a deal with Starlink, which dominates the global satellite communications sector, to introduce services to the country.

The preliminary deals, signed at a US-Iraq business summit at the US Chamber of Commerce in Washington on Friday, come as Baghdad seeks to move away from dependence on the Strait of Hormuz, where shipping and oil exports have been heavily disrupted due to the US-Israel war against Iran.

Iraq and Syria signed a cooperation agreement to reconstruct the long-defunct Iraq-Syria oil pipeline, which runs from the oil-rich Kirkuk region in northern Iraq to Syria’s Mediterranean port of Baniyas.

Iraq’s state news agency reported that major US energy company Chevron would carry out the project under the agreement.

The US Department of State said it welcomed Iraq and Syria’s plan to rehabilitate the pipeline, for which a “US-led international consortium” would “execute the technical and financial aspects”.

“Upon rehabilitation, this groundbreaking project will have an initial transport capacity of two million barrels per day of crude oil,” the department’s statement said. It described the pipeline as “a critical energy corridor linking Iraqi oil production to Mediterranean export markets and beyond”.

‘Make Hormuz an afterthought’

The US ambassador to Turkiye, Tom Barrack, said Iraq’s latest oil pipeline agreements would lead to a programme “that will make the Strait of Hormuz an afterthought”.

In addition to the Syria pipeline project, Chevron signed two other agreements with Iraq focused on boosting oil production, according to the company’s president of corporate business development, Jake Spiering.

In total, Iraq’s initial agreements with US firms, spanning the energy, healthcare and technology sectors are worth more than $60 billion, Reuters reported.

“We are using an open-door policy,” al-Zaidi ⁠⁠said at the business summit. “Everybody who has a project can come and talk to us. We will not make it difficult for anyone.”

Apple regained world’s top spot with $4.88 trillion valuation, overtaking Nvidia which saw a 3.5 percent market value drop.

Apple has surpassed chipmaker Nvidia as the world’s most valuable company as artificial intelligence-driven market pressures weigh on investors.

Apple is now worth $4.88 trillion compared with Nvidia’s $4.86 trillion, following a 3.5 percent decline in Nvidia’s market value. The milestone marks the first time the Cupertino, California-based iPhone maker has held the top spot in more than a year.

Nvidia was previously the world’s most valuable company after surpassing the $5 trillion market valuation mark in October.

Last month, Apple unveiled a revamped version of its assistant, Siri AI, which enables the personal assistant to better understand the personal context of users’ questions, access real-time information from the Web, and perform more complex tasks on behalf of users.

“Market sentiment has shifted from rewarding model makers, then to semis, and now on to those companies that can turn compute into experiences and outcomes the customer will pay for, thus driving corporate earnings,” Michael Monaghan, founder of Founder ETFs, told Al Jazeera.

“Apple investors first questioned Apple’s lower AI spend, but now have treated Apple’s lower AI capital expenditure as an advantage, with the bull case being that Apple benefits from consumer AI without spending at cloud-infrastructure scale.”

The surge comes in advance of the company’s third-quarter earnings, which are scheduled for release on July 30. Last quarter, Apple executives forecast sales growth of 14 percent to 17 percent.

Apple has long trailed competitors in the AI space and only publicly debuted its enhanced Siri last week. However, analysts believe the trove of personal data stored on the typical iPhone could become a major advantage for the company’s AI ambitions.

“This is a natural extension of Apple Founder Steve Jobs’ thinking of starting with the customer experience and working backwards to the technology needed to deliver the experience,” Monaghan added.

It comes as CEO Tim Cook is set to hand over the reins of the tech giant to John Ternus in September. Ternus has served as Apple’s head of hardware engineering since 2021.

Pressure on Nvidia comes amid increased competition in the semiconductor industry, with competitors such as Micron crossing the $1 trillion market valuation in May and South Korea’s SK Hynix joining the Nasdaq in May.

“The new entrants to the market could spread out the focus away from the pure Magnificent Seven names into a wider number of names,” Benjamin Hall, vice president of alpha research at Segal Marco Advisors, told the Reuters news agency.

Despite Apple’s surge, the broader market trended downward. The tech-heavy Nasdaq was down 1.6 percent in midday trading, while the S&P 500 fell 0.9 percent and the Dow Jones Industrial Average dropped 0.25 percent from Friday’s market open.

Nothing much stays with me from the first days of Twitter, which was publicly launched 20 years ago, on July 15, 2006.

I had discovered the internet back in 1995 and early on, I started thinking about how to get my voice heard by the world. I created a couple of websites through Angelfire and 8m, but there was no real ecosystem to nurture the idea. It’s like opening a shop to sell a certain product in a remote area – somewhere nobody really knows, at a time when there’s no interest – compared with opening that same shop in a mall, or on a street full of other vendors.

MySpace was another opening, but the idea was not yet ripe. Facebook came with a spark – and then we got Twitter.

“It’s like having your own breaking news platform, you’ll set your own agenda,” I remember one of my colleagues at the BBC, where I used to work, saying at the time.

It didn’t take me long to sign up. I cannot recall whether I tweeted immediately or not, yet what happened afterwards helped frame my future as an international journalist.

Twitter’s first defining moment for me was 2009’s Green Revolution in Iran, when I and others followed how the platform shaped the discourse in a way that differed completely from traditional media. We were not new to citizen journalism; a few years earlier, Salam Pax emerged as the first ever famous war blogger, presenting his distinctive view of the US-led invasion of Iraq through his individual blog. A few years later, tens of thousands of Salams have appeared – and I’m one of them.

Going through my early timeline, I see that I was tweeting randomly – an earthquake in Japan, an election in Lebanon, an explosion in Somalia, and so on. Then came the Arab Spring. Just as with many in the world, this was the moment that shaped my Twitter presence, and as I got involved in the coverage, I became well-positioned to post and attract followers.

My coverage of the Libyan revolution in March 2011 introduced me to many people and gave me a better understanding of what was happening. I was based in Sallum, a village on the Egyptian side of the Libyan border, without a connection of my own. I fed a colleague back in Cairo a sentence at a time over a crackling Thuraya satellite phone, and he typed my words into the account that I could not reach. Its password lived on my friend’s head until days later, when I finally got my hands on a satellite dish.

Trips to Libya, Egypt, Syria, Somalia – all of it made Twitter part and parcel of my journalistic journey, and it also helped me build a parallel path writing for international outlets including Al-Monitor and The Sunday Times.

Yet still, there was something else that changed my direction. Until 2013, I was a journalist covering stories without specialisation – I used to report from Iran, like I do today, yet it was not my career the way it currently is. But then I became a bureau chief in Tehran and my knowledge began growing – and here, Twitter gave me another layer, widening my network day after day.

Personally, that specialisation gave the platform its finest hour for me. I broke developments out of Iran’s nuclear talks with world powers before the news agencies had finished their first draft, filing in Arabic and English within minutes of each other and announcing the agreement itself while other newsrooms were still working on their bulletins.

The war against ISIL (ISIS) followed, then a January 2020 morning near Baghdad airport when my sources told me the commander of the Islamic Revolutionary Guard Corps’s Quds Force, Qassem Soleimani, and the deputy chief of Iraq’s Popular Mobilisation Forces, Abu Mahdi al-Muhandis, were in a convoy hit by a US air strike – and I was among the first to say so.

Twitter was never only a wire service for other people’s wars. I’ve “met” heads of state and celebrities on this platform – and for a moment we felt equals. I have made my scoops there, and I have made my hugest gaffes there, too. You act and you interact and you see the result immediately, backlash or praise. It’s like a daily journal, one that outlives you. I know of many, some friends, some colleagues, some people I only happened to follow, who left our world while their accounts are still there – for us, and for me – to return to for the memory or to get a piece of information.

It was also where, on the 100th anniversary of World War I, that I told the story of my great-grandfather, Ali Hashem, who went to the war and never returned; and of my grandfather Hussein, who was three when his father was summoned to the Ottoman army and never saw him again.

It was where colleagues at Al Jazeera, stationed in the north of Palestine, went looking for my family’s village on my behalf, for a cemetery nearly in ruins, for a great-grandmother’s grave that has never been found.

It became, eventually, the subject of my own academic work too, a master’s thesis on Twiplomacy, examining how a platform built for gossip and jokes quietly rewired the choreography of nations, with Iran’s nuclear diplomacy as my case study.

In the summer of 2023 – sensing where things were headed, as new owner Elon Musk decided to change Twitter’s name to X, and to tragically, if I may so, kill the famous and lovely blue bird that accompanied the journey many made with the platform, including myself – I posted five words.

“Someone buy Twitter and save the bird.” Alas, nobody did, and the bird disappeared from the icon, and the name went with it, replaced by a single letter that still sits wrong in my mouth. In Arabic or in English, the word that comes out of me, though, is still Twitter.

The United States carried out attacks against Iran for a third consecutive night late on Monday.

Iran has continued to hit targets in the Gulf in several waves of retaliatory strikes on Tuesday, including UAE‑flagged oil tankers in the Strait of Hormuz and US military facilities in Bahrain and Kuwait.

Here is a recap of what has happened on Monday night and Tuesday, and what each side has said.

Where did the US attack Iran?

US Central Command, the military’s regional command known as CENTCOM, said its latest strikes began at 4:45pm ET (20:45 GMT) on Monday and were aimed at degrading Iran’s capacity to attack “innocent civilians and commercial shipping” in the strait.

CENTCOM later announced the conclusion of its strikes and said the latest round of attacks on Iran lasted five hours. It added that US forces “successfully struck military targets across Iran including Bushehr, Chah Bahar, Jask, Konarak, Abu Musa, and Bandar Abbas”.

Iranian state television and semi-official news agencies reported explosions throughout the night across the country’s southern coast, including the port city of Bandar Abbas, and on Kish and Qeshm islands, as well as the town of Jam in Bushehr province.

A projectile that struck western Bandar Abbas caused no casualties, the Fars news agency reported, citing the regional governor’s office.

What areas did Iran target?

For its part, Iran’s Islamic Revolutionary Guard Corps (IRGC) said it had launched a wider retaliatory campaign against US allies and interests across the Gulf.

Iran’s Tasnim news agency reported that Iranian forces had struck several “violating” vessels in the strait, and that a US-made drone had been shot down near Bandar Abbas.

The UAE: The UAE said two of its oil tankers had been hit by Iranian cruise missiles in Omani waters in the Strait of Hormuz. The UAE added that one Indian national crew member had been killed on one of the tankers, and eight other people were wounded.

Iran’s Tasnim news agency said the IRGC hit two “offending” oil supertankers, citing an IRGC statement – apparently referring to the two UAE tankers.

Kuwait: The Iranian army said on Monday that it had carried out a drone attack on US military targets in Kuwait. In a statement posted by state broadcaster IRIB, the army said it launched drones at a US Patriot missile system, fuel tanks, a watchtower, an ammunition depot and communication systems.

Bahrain: The IRGC said it targeted “several weapons storage depots, a satellite communications centre, and a building housing US forces” at al-Juffair Base in Bahrain. It also said it had hit the US Fifth Fleet in Bahrain with missiles and drones.

Air sirens have been heard four times in Bahrain on Tuesday so far.

Jordan: Jordan’s army said it shot down four missiles in Jordanian airspace that were fired from Iran, according to the official Petra news agency. After this, the IRGC said it launched ballistic missiles at US forces and key facilities at an airbase in Jordan.

In a message addressed directly to Jordanians, the IRGC insisted that the operation was aimed at the US military presence in the country rather than at Jordan or its citizens. “You know that we hold no animosity toward your country. On the contrary, we deeply love you, the noble people. You understand the pain and suffering of the Palestinian people better than any other nation, and you are aware of the crimes of the Zionist regime in the massacre of 70,000 Palestinians, including 20,000 children in Gaza, carried out with the direct involvement of the United States,” it said.

What have the US and Iran said?

US President Donald Trump formally notified Congress on July 10 that fighting with Iran had resumed on July 7, invoking his authority to keep US forces in combat for another 60 days without lawmakers’ approval.

At a news conference on Monday, Trump said Iran’s offensive capabilities were being dismantled, but he still thinks a “deal is possible” despite the return to open fighting.

Trump also repeated an earlier demand that Gulf nations help cover the cost of protecting shipping, saying Washington was “protecting a very rich portion of the world” and expected to be paid for it.

On Monday, Trump also threatened to “take out” Kuh-e Kolang Gaz La, also known as Pickaxe Mountain, a suspected nuclear site near the Natanz uranium enrichment facility in central Iran.

Meanwhile, the US blockade on Iran, confirmed by the US Navy-led Joint Maritime Information Centre (JMIC), is due to begin at 20:00 GMT on Tuesday.

The US’s blockade covers Iran’s ports and terminals along the entire southern coastline, according to JMIC.

Ebrahim Azizi, the head of the Iranian Parliament’s National Security Committee, has warned that Iran remains steadfast in defending its red lines, following the formal introduction of a bill to manage the Strait of Hormuz.

In an X post on Tuesday, Azizi wrote: “Last night, coinciding with the downing of US drones, the ‘Strategic Action for the Security and Sustainable Progress of the Strait of Hormuz and the Persian Gulf’ bill was formally introduced in Iran’s Parliament. We remain steadfast in defending our red lines, particularly regarding the management of the Strait of Hormuz.”

What is happening to shipping in Hormuz?

Oil prices rose more than 9 percent on Monday, with Brent crude climbing to about $81 a barrel, its highest level since mid-June.

Kpler, the ship-tracking firm, said crossings through the strait fell by about 52 percent between July 10 and July 12, compared with the previous week.

Madrid, Spain – Badr Tmairi, 22, from Morocco, has spent six years living in Spain without legal status. He arrived at 16, alone, without his family. He held legal residency briefly after turning 18, but lost it when he failed to renew it in time.

“What I want is to get my papers back so I can work as a hairdresser and travel to visit my family in Morocco,” he said.

Tmairi is one of more than a million people who have now applied for regularisation under a new scheme that contrasts with a growing European trend against irregular immigration.

He has been homeless for the past year. Without documents, finding work and decent housing in Spain is difficult.

“It’s very encouraging to know that so many people submitted an application and are trying to regularise their situation, but that huge number is also proof that the state has failed in its duty to protect the most vulnerable,” Edith Espinola, president of the Active Domestic Workers’ Service Association (SEDOAC) and spokesperson for the Regularizacion Ya (Regularisation Now), told Al Jazeera.

Regularizacion Ya, a collective made up of migrants, has led the push for regularisation since 2020. The measure grew out of a broad social consensus and has been backed by civil society organisations, the Catholic Church, trade unions and business associations.

Living without legal status, Espinola said, condemns people to social exclusion, as it has for Tmairi. Without rights or protection from abuse, they are unaligned with most of the rest of the population.

The new initiative, Spain’s first regularisation process since 2005, began in April and closed on June 30. The government now has three months to resolve the vast majority of the applications submitted.

Of the 1,174,978 applications, according to the Ministry of Inclusion, Social Security and Migration, only 11,000 have received a favourable resolution so far. About 608,000 have been accepted for processing, granting provisional residency and work permits until a final resolution.

‘All I want is to work’

Rocio Neciosupe, 54, is a Peruvian migrant who has spent two years without legal status in Spain. “Regularisation isn’t a handout; all I want is to work. To work without fear and with rights, so that if I fall and I’m sick, I don’t have to go to work that day and can still get paid, like anyone else,” she said.

Neciosupe, a cleaner in private homes, is busy across six different buildings around Madrid. But she is currently recovering from a back injury sustained in a fall at work. Without documents or a contract, she has no right to sick leave.

Unable to afford to lose her income while she recovers, her husband accompanies her to work each day and helps her with tasks she cannot manage alone.

Rocio, her husband and their two daughters, aged 22 and 17, have all had their regularisation applications accepted for processing and are now awaiting a favourable resolution.

“I want to support the country I live in, and if the country grows, we grow too,” Neciosupe added.

It is precisely in the contribution and growth potential of people like her that the Spanish government has framed its case for the measure.

“By 2050, Spain’s GDP would be 19 percent lower, 90,000 bars would close, 50,000 classrooms would shut and 220,000 farms would disappear,” Prime Minister Pedro Sanchez said recently in a public address.

Gonzalo Fanjul, director of ISGlobal’s policy and development team and head of Research at the porCausa Foundation, said: “If you look at what’s happening in the United States, there are already estimates of the impact of the government’s violent, hostile anti-migration policies. Whole economic sectors are struggling to keep functioning.”

One of those sectors is care work. With an ageing population, Spain needs trained workers to fill positions in that sector, among others.

Josselyn Aguirre, 32, is one of those workers. A nursing assistant, she migrated from Ecuador to Spain in 2024. Her original plan had been to move to the United States, but her visa application was rejected.

“My goal is to stay and help older people. I really enjoy working with them,” she said.

“Here, in my country and in other countries around the world, this sector is collapsing due to a shortage of staff. That’s why I believe that being able to regularise your status and contribute as a professional benefits everyone,” she told Al Jazeera.

Migrants and refugees who applied for regularisation had already been living in Spain, working in the informal economy for years; 57 percent are men, most come from Latin American countries, and six out of 10 are below the age of 34.

So far, 159,097 additional people have registered with the Social Security system as a result of the regularisation process.

With this measure, “Spain has made a bet on growth. We’re going to be a country of 50 million people,” Fanjul said. “But it’s not enough.”

Amid a European political climate in which anti-migration rhetoric appears to be gaining ground, Spain’s approach shows another path is possible, though “regularisation is only the beginning”, Fanjul said.

“The system has been reset, but none of the underlying reasons that brought us to this point have been resolved.

“For the state to open up legal, safe and orderly channels for labour mobility is simply common sense,” he concluded.

Espinola is in no doubt.

Despite criticism from those opposed to the regularisation, she stressed, “We have come out stronger. The migrant community has once again shown its capacity for mutual support in difficult situations.”

The regularisation process is not yet over, she added: “We will remain vigilant to make sure the more than a million applications submitted are processed properly.”

The jailing of one of Indonesia’s most influential entrepreneurs in a controversial corruption case has raised fears of damage to investor confidence in Southeast Asia’s largest economy.

Nadiem Makarim, the cofounder of the popular super-app Gojek, was last month sentenced to 10 years in prison for allegedly abusing his authority while serving as the country’s education minister.

Makarim was found guilty of giving favourable treatment to Google, an early investor in Gojek, when procuring Chromebook laptops for schoolchildren during the COVID-19 pandemic.

Prosecutors argued that Makarim, who served as former Indonesian President Joko Widodo’s education minister from 2019 to 2024, inflicted state losses of $120m, alleging that he should have been aware the laptops would not work in remote areas with poor internet access.

Critics of the prosecution have argued that the case against Makarim lacks evidence and that the startup founder-turned-politician is the latest victim of a campaign of political retribution being waged by the administration of Indonesian President Prabowo Subianto.

Nicky Fahrizal, a researcher of politics and social change at the Centre for Strategic and International Studies (CSIS) in Jakarta, said foreign investors will inevitably think twice before committing capital to Indonesia following the verdict.

“The Nadiem case, along with a string of similar incidents, has served as a warning signal to investors,” Fahrizal told Al Jazeera.

“For them, non-economic factors, such as legal certainty and the quality of the judicial system, are absolute prerequisites.”

Makarim was found guilty by a panel of five judges on June 30, following charges related to the procurement of more than 1 million laptops intended for use in schools in remote and impoverished areas.

At the trial held at the Indonesian Court for Corruption Crimes in Jakarta, prosecutors alleged that Makarim deliberately tailored the tender specifications to favour Google, which invested in Aplikasi Karya Anak Bangsa (AKAB), Gojek’s then-parent company.

Scrutiny of the tender process first arose among the public after it emerged that the Chromebooks often did not work in remote areas, raising questions about how Google was chosen in the first place.

“Choosing a device that relies on an internet connection amid uneven infrastructure… demonstrates a mismatch with needs…” Judge Sunoto said during the sentencing.

Following the verdict, prosecutor Corneles Geeb Paulus hailed the outcome as a victory for “the schoolchildren whose rights were taken away and who were deprived of equitable access to digital education across Indonesia”.

Google has denied providing or offering authorities any inducements to win the tender.

The California-based tech giant, which has a market value of more than $4 trillion, was not indicted in the case.

“From a legal standpoint, authorities seem to have hit a wall in their efforts to secure sufficient evidence and establish the necessary criminal nexus to prosecute the corporation,” the CSIS’s Fahrizal said.

“From a political perspective, Google is a tech giant with immense business influence.”

Taking action against Google could have jeopardised the government’s ongoing digitalisation efforts, Fahrizal added, describing the company as “too big to fail” within the digital sector.

Trissia Wijaya, an Indonesian-born research fellow at the University of Melbourne’s Asia Institute, said Nadiem’s prosecution, coupled with the uncertainty of the business environment under Prabowo, would inevitably erode market confidence.

“Regardless of whether Nadiem is actually guilty or not, he is a symbol of startups and market optimism in Indonesia, especially in the mid-2010s,” Wijaya told Al Jazeera.

“When Gojek started booming and gaining traction, Indonesia was one of the main target countries for global investors, both from the US and China, to invest in the fintech industry,” Wijaya added, describing Indonesia’s business environment as being at a “critical juncture.”

Since taking office in 2024, Prabowo has faced criticism over his handling of the economy, including high levels of spending on public initiatives, such as his signature free lunch programme, which is expected to cost about $15bn this year.

In June, the Indonesian rupiah hit an all-time low against the US dollar, a nadir economic analysts partly attributed to investors’ scepticism about Prabowo’s populist economic policies.

For his part, Prabowo has denied that he is anti-business, while emphasising that Indonesia must uphold the rule of law.

“Some have claimed that I dislike foreign investors and will drive them away, but that is not the case. I have met many investors who are planning to enter the market,” Prabowo told a conference for young entrepreneurs in the city of Lampung last month.

“The government must create a favorable environment for entrepreneurs, including the enforcement of the law. If the law is not enforced, what ensues is the law of the jungle… law based on power, and in the end, that is not good for any of us.”

‘Credibility’ of government policies

Siwage Dharma Negara, a co-coordinator of the Indonesia studies programme at the ISEAS-Yusof Ishak Institute in Singapore, said Indonesia’s reputation as an investment destination had already been in decline before the Makarim verdict.

“Investors are unsure about the credibility of government policies, and they are unsure about the credibility of institutions, whether executive, legislative, or judicial in Indonesia,” Negara told Al Jazeera.

“Nadiem’s case is only one factor that has damaged foreign investor confidence. But there are many other factors that contribute, including government policies that are increasingly less pro-market.”

Teguh Yudo Wicaksono, an economics lecturer at Universitas Islam Indonesia in Yogyakarta, said that although he does not expect the case to have much of an impact on foreign investment, it could deter Indonesian talent based overseas from returning home.

“This could result in a brain drain and Indonesia losing talent,” Wicaksono told Al Jazeera.

Makarim attended Harvard Business School and Brown University in the United States before returning to Indonesia in 2006 and cofounding Gojek four years later.

In 2019, Gojek, which began as a ride-hailing business before evolving into a super-app that also offers food delivery and digital payment services, became the first Indonesian tech company to achieve a valuation of more than $10bn.

Not all observers see the Makarim case as a negative for investor sentiment.

I Gusti Ngurah Bayu Pradana, an expert in business law at the Bali-based Malekat Hukum International Law Firm, said the enforcement of corruption law should be seen as a “positive signal for legal certainty and governance quality in a country, rather than a negative one”.

“Experienced foreign investors generally understand that the greatest risk in investing is not the existence of law enforcement, but rather, legal uncertainty, or a situation in which the rules of the game are unclear, legal processes lack transparency, or enforcement is selective and unpredictable,” Pradana told Al Jazeera.

While Makarim was found guilty of abusing authority and causing state losses, he was acquitted of an additional charge of directly seeking to enrich himself, and he was handed a lower sentence than the 18 years sought by the prosecution.

While reading the verdict, Judge Andi Saputra also presented a dissenting opinion, saying that he found “no evidence of malicious intent or malicious acts” and scant “causal connection or indication between the conflict of interest and the corporate crime”.

The Malekat Hukum law firm’s Pradana pointed to the judge’s dissenting view as evidence of the Indonesian judiciary’s independence and rigorous fact-finding.

“For foreign investors considering Indonesia as an investment destination, the takeaway from this case should not be alarm, but rather confidence that Indonesia’s legal system functions and can hold anyone accountable equally before the law,” Pradana said.

“So long as investment contracts are clearly drafted, business processes are conducted transparently, and implementation complies fully with applicable laws and regulations, investment in Indonesia remains a safe and promising choice.”

Iraqi Prime Minister Ali al-Zaidi is travelling to the United States for talks with President Donald Trump, in what will be his first foreign trip since taking office in May.

During this week’s meetings, al-Zaidi is expected to sign agreements in energy and trade while also boosting investment with US companies.

Iraqi government spokesman Haider al-Aboudi told reporters on Sunday the visit to Washington, DC, will mark a shift in the countries’ relations “from a framework of crisis management to a strategic economic partnership”.

The focus, he said, would not be about striking a “temporary” agreement but about establishing “a durable, long-term partnership that serves the shared interests of both countries”.

Al-Aboudi said oil would be “a top priority” during the visit as the Iraqi government seeks to increase production and find alternative export hubs to lessen the consequences of any future closure of the Strait of Hormuz.

Iraq was one of the countries badly hit by the shutting down of the critical waterway in recent months due to the US-Israel war on Iran, as about 90 percent of its 3.4 million barrels per day (bpd) of exports passes through it.

Al-Aboudi said Iraq’s proposal to establish an energy and development fund with the US would be on the table to finance any projects that would be agreed upon, especially in the energy sector.

Al-Zaidi had previously said the fund would initially be structured in oil exports of 500,000 bpd with the goal of increasing to as much as two million bpd.

The prime minister has also said Iraq seeks to increase oil production to seven million bpd over the next three years, up from its current output of about 4.5 million bpd.

“Iraq is in need of such kind of cooperation, especially with a partner like the United States to enhance and strengthen its capacity, particularly in the energy, oil, gas, electricity, and petrochemicals sectors,” said Abdulrahman Almashhadani, an Iraqi economic expert and professor.

“However, the critical question remains whether Iraq can provide a safe and stable environment that would encourage US companies to come to Iraq,” he said. “This issue is sensitive and unresolved; it largely depends on the government’s ability to deliver on its commitments to restrict weapons to state control.”

Large delegation

Sources told Al Jazeera the Iraqi delegation to the US comprises more than 70 people, including key ministers, the head of the central bank, the national security adviser, lawmakers and businessmen.

A well-informed source said meetings with US administration officials and the International Monetary Fund (IMF) have also been planned. According to the source, who asked not to be named, Iraq is seeking to secure an IMF loan of up to $8bn.

A separate well-informed source told Al Jazeera that the disarming of pro-Iran Iraqi armed factions and restricting weapons under state authority, as well as Baghdad’s relationship with Tehran, are expected to be among the issues the US side will raise during the visit.

In his first speech in parliament as prime minister, al-Zaidi had promised that the state would have control over weapons in a country where paramilitary groups, including many supported by Iran, have been powerful since the 2003 US-led war on Iraq.

Some armed factions said they would abide by the prime minister’s declaration, but others – particularly the powerful ones that launched missiles and drones at US facilities during the war on Iran – rejected it.

In a statement released hours before al-Zaidi’s trip to Washington, the Islamic Resistance in Iraq, an umbrella group of Iran-backed armed groups in the region, including Iraq, rejected the prime minister’s visit and its outcomes.

“We will not give a blank cheque for all government policies. We warn against replacing military occupation with an economic occupation that is even more dangerous,” the statement said.

“The option of defending Iraq and its legitimate interests will remain on the table,” it added.

Al-Zaidi has said his government is eager to implement a 2024 deal made with the US-led coalition’s military mission in Iraq to end its presence as combat forces by the end of September.

Some of the factions that rejected the prime minister’s disarmament statement said they would wait to see what happens on September 30 and then act accordingly.

Ehsan al-Shammary, a professor of international studies at Baghdad University, said the economic initiatives and the backing that al-Zaidi is seeking from Trump during Monday’s talks would inevitably be overshadowed by the issue of Iran’s influence in Iraq.

Ultimately, he added, it is the issue that will determine the success or failure of a “very important” visit that could “redefine” bilateral relations and “give it a push”.

“Al-Zaidi has little room for manoeuvre. He should choose either to align with the United States or move closer to Iran,” said al-Shammary. “I do not believe Washington is willing to accept a divided sphere of influence in Iraq alongside Tehran. That is why the prime minister’s task appears to be almost impossible.”

Qatar’s Father Emir Sheikh Hamad Bin Khalifa Al Thani has died at the age of 74.

During his 18-year rule, Sheikh Hamad reshaped the energy-rich country’s domestic and global footprint.

When he assumed power in 1995, Qatar’s economy was limited in size and relied mainly on oil, while the vast gas wealth of the North Field site was still in the early stages of development.

In less than two decades, Qatar became the world’s largest exporter of liquefied natural gas (LNG), the owner of one of the largest sovereign wealth funds and one of the countries with the highest per capita incomes.

This transformation was not just an oil or gas boom fuelled by rising energy prices, but an overhaul of the country’s economic model that was underpinned by a strategy of investing natural resource wealth in building productive assets, financial institutions, infrastructure and human capital.

The economic shift did not begin with Sheikh Hamad’s assumption of power. It was preceded by his appointment in 1989 as chairman of the Supreme Council for Planning, the body then responsible for formulating Qatar’s economic and social policies, which allowed him to oversee the preparation of development programmes before he came to power.

Here, we take a look at Sheikh Hamad’s economic legacy that helped transform Qatar from a small Gulf economy to a major and influential player in global energy and investment markets.

How gas changed Qatar’s economy

The development of the North Field, the world’s largest natural gas field, marked the true starting point of Qatar’s economic transformation.

The decision to accelerate investment and expand gas liquefaction projects during the second half of the 1990s changed the country’s position in the energy market and propelled it towards global leadership.

Qatar went from exporting its first LNG shipment in 1996 to becoming the world’s largest exporter of the commodity in fewer than 15 years.

By 2010, production capacity had risen to 77 million tons per year, according to data from QatarEnergy and the International Energy Agency.

The impact of this boom was not limited to increasing revenues; it also cemented Qatar’s position as a strategic partner in global energy security, especially for the economies of Asia and Europe.

Data from Qatar’s Amiri Diwan reflect the scale of the transformation witnessed by the energy sector, as the added value of the hydrocarbons sector rose from 11 billion Qatari riyals (about $3bn) to 403 billion riyals (about $110.4bn) during Sheikh Hamad’s rule.

Unprecedented economic growth

The gas boom was directly reflected in the performance of Qatar’s economy, which became one of the fastest-growing in the world during the first decade of the millennium.

World Bank data cited by Bloomberg showed Qatar’s economy grew more than twentyfold during Sheikh Hamad’s reign, with gross domestic product (GDP) rising from about $8bn in 1995 to about $199 billion in 2013.

According to the International Monetary Fund (IMF), the economy also recorded the highest growth rates in the world during that period, with real growth reaching 18 percent in 2006 before rising to 26.2 percent in 2011, as LNG production projects came onstream.

From gas boom to capital export

The economic transformation did not stop at increased production or revenues, but it also extended to the way wealth was managed.

As part of building a system to manage financial surpluses, Qatar in 2001 established the Supreme Council for Economic Affairs and Investment under the chairmanship of Sheikh Hamad.

The council was tasked with diversifying domestic and foreign investments “with the aim of developing Qatar’s financial reserves and diversifying sources of income”, according to the Qatari Amiri Diwan.

Four years later, the Qatar Investment Authority (QIA) was established to manage the financial surpluses generated from oil and gas exports.

Sheikh Hamad implemented a policy based on allocating part of the energy revenues to long-term investment, with the aim of building sustainable sources of income beyond natural resources.

QIA quickly became one of the world’s largest sovereign wealth funds, acquiring stakes in companies such as Barclays and Volkswagen, as well as the United Kingdom-based Harrods department store in 2010.

Qatar’s investment policies expanded to cover almost every continent – from investments in football clubs, to global economic institutions, to London’s Shard skyscraper, among others.

The authority’s assets are now estimated at more than $500bn, according to the Sovereign Wealth Fund Institute, making it one of the world’s largest government investors.

Qatari citizens’ rising living standards

The economic growth was reflected in welfare indicators.

According to the World Bank and the IMF, Qatar during Sheikh Hamad’s reign became one of the countries with the highest GDP per capita in the world.

It exceeded $90,000 in terms of purchasing power parity, as it expanded spending on housing, education and health and recorded a steep decline in unemployment rates to very low levels.

Experts believe the rise in income was not solely the result of higher energy prices, but also stemmed from expanded government investment and the creation of jobs linked to energy and infrastructure projects.

Investment in people

In parallel with energy investments, Qatar also moved towards building a knowledge-based economy.

One of the first development decisions after Sheikh Hamad assumed power was the establishment of the Qatar Foundation for Education, Science and Community Development in August 1995 to serve as the main arm for investment in education, scientific research and innovation.

The country later attracted international universities including Georgetown, Texas A&M and Carnegie Mellon, in a move seen as part of a strategy to prepare for the post-oil and gas phase.

The health sector also saw significant expansion through the development of Hamad Medical Corporation and the establishment of new hospitals and specialised centres as part of efforts to improve the quality of public services and keep pace with population growth.

At the same time, the country’s economic openness, coupled with a policy of strengthening its position as a financial and commercial hub in the region, turned the expanding capital of Doha into an increasingly important centre for international economic and investment conferences.

The World Cup and the economy of the future

Gas revenues during Sheikh Hamad’s rule were not limited to financing Qatar’s budget, but were also used for massive infrastructure investments.

That period saw the launch of projects such as Hamad International Airport, Hamad Port, Lusail City and modern road networks, alongside projects that later formed the foundation of the Doha Metro.

These works helped transform Doha from a small Gulf city into a global urban hub, providing the foundation that enabled Qatar to become the first Arab and Middle Eastern country to host the FIFA World Cup in 2022.

After the country won the right to host the major football tournament, its infrastructure and construction sector witnessed a major boom as the government approved huge spending plans exceeding $200bn in infrastructure, including roads, stadiums, railway lines and the construction of a new airport and port.

An ongoing economic legacy

In 2008, the state launched Qatar National Vision 2030, a strategic plan aimed at building a knowledge-based economy with the goal of ensuring continued prosperity for future generations.

This vision, which continues to serve as the governing framework for economic policies, reflects a direction that began under Sheikh Hamad based on transforming natural wealth into a foundation for sustainable development.

And if the development of the gas industry was the starting point for Qatar’s economic transformation, the most prominent legacy of Sheikh Hamad lies in transforming exceptional energy revenues into long-term development tools.

Through the establishment of institutions such as the Supreme Council for Economic Affairs and Investment and QIA, the launch of Qatar National Vision 2030 and investments in education and infrastructure, Qatar moved from an economy dependent on oil exports to a model that combines energy strength with global investment influence.

This blueprint still forms the basis of the state’s economic policies that are being pursued to this day by Sheikh Hamad’s son and successor, Emir Sheikh Tamim bin Hamad Al Thani.

Tokyo, Japan – While walking his toy poodle in the park near his home in Ikeda, Gifu Prefecture, Shin Ohta had an idea.

“My dog often stops walking during our strolls. I would carry him every time, but his weight of nearly 5kg [11lbs] started to become a real burden,” Ohta told Al Jazeera.

“I knew there had to be a better way.

Ohta works in sales for Japan’s oldest baby carrier manufacturer, Lucky Industries, which has produced more than 40 million baby carriers since its founding in 1934.

He has spent his career making baby carriers, but after that walk, he wondered if the same expertise could be applied to pets.

After consulting a veterinarian to ensure the design was viable for dogs, Ohta helped Lucky Industries launch its first line of dog hip carriers in 2022: Nu-i.

Earlier this year, the company joined dozens of other brands at Tokyo’s annual Interpets conference, a showcase of Japan’s rapidly growing pet care market.

During the first weekend of April, stalls lined the walls of the Big Sight convention centre, selling everything from walk-in pet dryers to the latest organic cat treats.

Few of the pet owners attending the event had their four-legged friend on a leash, instead ferrying them to and fro in well-decorated pet strollers, or the doggy equivalent of baby slings.

Many pets were decked out in colourful outfits, fur clips, and diapers.

Pets in Japan now outnumber children under 15 by more than 2 million.

According to market intelligence company Euromonitor, the country’s pet care market was worth 880 billion yen ($5.4bn) in 2025, up from 689.6 billion yen ($4.2bn) in 2020.

As Japan’s birthrate continues to fall and the population of children shrinks, companies that once built their businesses on babies, selling nappies, slings, and strollers, are increasingly turning their attention to pets.

Betting on pets at the Interpets conference, Unicharm’s expansive stall was lined with dog and cat nappies from its latest “Mannerware’” line.

The Tokyo-based company has been one of the great cross-market successes of the pet care boom.

After making its name selling feminine hygiene products and disposable diapers, Unicharm expanded into pet diapers in 2001.

Since then, pet care products have become one of the company’s main growth engines.

While the personal care market for people is larger, the pet care sector has higher profit margins.

According to Unicharm’s financial results for 2025, the company’s pet care division had a profit margin of 15.4 percent that year, compared with personal care’s margin of 10.7 percent.

Isshu Uehara, a Unicharm spokesperson, said that as of 2025, the pet care business accounted for 17 percent of the company’s total sales, with plans to increase that share to 20 percent by 2030.

“Japan’s birthrate is declining,” Uehara told Al Jazeera.

“Lifestyle changes, such as remaining single, marrying late, and the growth of childless, dual-income households, have led to a greater number of people seeking emotional connections through pets.

“As a result, we’re seeing the growth of ‘pet humanisation’, or treating pets like family members or children rather than just animals.

“Customers want to buy premium products to extend pets’ lifetimes, and share experiences with them, like dining together or going out to cafes and friends’ houses,” Uehara added.

Unicharm is not alone.

Across Japan, stroller brands like AirBuggy and clothing companies like Sweet Mommy have made similar leaps, applying expertise built around infants to a growing market of pet owners.

Lucky Industries CEO Hiroyuki Higuchi pointed to the company’s origins to explain the shift towards pets.

“When the company started, Japanese families had many children, and mothers needed carriers to be able to work around the house,” Higuchi told Al Jazeera.

But now, Japanese families are shrinking. While there has been a rise in single-person households and childless dual-income households, families with only one child have become more common as well.

A national survey of fertility trends found that between 2002 and 2021, the proportion of households with only one child increased from 10 percent to nearly 20 percent.

“With fewer babies around, it has been harder to come up with new ideas for baby products,” Ohta said.

“Now, my life is centred around my dogs, as are the lives of many of my friends. When we meet up, we talk about our pets.”

“Compared to the baby goods market, the pet sector is doing better,” said Higuchi.

“Companies see it as a reliable sector… In Japan, dogs are seen as babies, as part of the family. Just like many Japanese carry their babies in slings or carriers, so can dog owners,” Higuchi added.

Barbara Holthus, a sociologist and director of the German Institute of Japan Studies, said pet humanisation has been a growing trend in recent years.

“Before, a dog or cat might have just been an additional family member, but with fewer other family members and fewer children in the house, the focus becomes very concentrated on this animal,” Holthus told Al Jazeera.

“But it’s more diverse than just replacing children. Animals take on many different roles,” Holthus added. “A pet can also replace a partner. After a divorce, people sometimes get pets.

After someone gets widowed, they get a pet. Sometimes, a pet is seen as a play partner for an only child.”

Holthus sees Japan as a prime example of changing family structures, including the emergence of the “multi-species family”.

Holthus said decreasing birth rates, as well as factors such as loneliness and rising urbanisation, help explain why the trend of humanising pets has been particularly pronounced in Japan.

As for why infant brands are turning to pets, Holthus offered a simple explanation.

“It’s understandable,” she said.

“Of course, companies want to make money, and due to demographic change, their market is getting lost.”

Damascus, Syria – For many Syrians, the decades of rule by the al-Assad family – Hafez al-Assad from 1971 to 2000, then his son Bashar from 2000 to 2024 – were filled with oppression from the state and eventually more than a decade of civil war.

But one of the most important legacies has been an economic one – the result of the sanctions imposed by a number of countries, led by the United States, that effectively froze Syria out of the international economic system.

Despite the fall of Bashar al-Assad after rebel groups defeated him in December 2024, many of the sanctions, including a “state sponsor of terrorism” designation, have remained.

The designation has impeded Syria’s rejoining of the international community, while sanctions have impacted Syrians. Sending money back home from abroad often requires routing transfers through neighbouring countries, such as Lebanon or Turkiye, while access to some websites and online services, including Netflix and Slack, may require a virtual private network.

But there has been a positive reaction to the announcement on Wednesday by US President Donald Trump that his administration will remove Syria from the state sponsor of terrorism list.

The lifting of previous US sanctions, such as those related to the Caesar Act, has not transformed the Syrian economy, but it is hoped that those linked to the “state sponsor of terrorism” listing will allow the country to finally flourish.

“God willing, it will improve things,” said Ihab, a pastry shop owner in central Damascus.

Reintegration

US sanctions are thought to have been a huge barrier to foreign investors since the rule of Bashar al-Assad.

The World Bank said that since 2011, sanctions have led to a major collapse in exports and an increase in the trade deficit.

After the fall of the al-Assad government, interim President Ahmed al-Sharaa’s administration has identified the removal of all international and US sanctions as the key to reinvigorating the economy.

Al-Sharaa, the former head of the al-Qaeda-aligned Nusra Front, was himself sanctioned by the United Nations and was wanted as a “terrorist” by the US. But he has made efforts to shed those associations and build trust internationally, including by pledging to play a role in the fight against ISIL (ISIS).

His efforts have largely been successful, with the European Union and the US removing many of the sanctions on Syria and on al-Sharaa himself. The sanctions linked to the US’s “state sponsor of terrorism” list are among the few to remain.

The first “state sponsor of terrorism” designation on Syria was during Hafez al-Assad’s rule in 1979, due to the government’s support for Palestinian armed groups.

Additional sanctions were imposed on the state and individuals associated with the al-Assad regime, due to their systematic use of torture and chemical weapons.

Some rebel groups were also sanctioned due to their links to al-Qaeda and other banned organisations.

Al-Sharaa ended al-Nusra Front’s affiliation with al-Qaeda in 2016 and effectively eschewed the group’s ideology.

He also moved to establish a broader, national armed coalition dedicated to fighting the Assad government, later becoming Hayat Tahrir al-Sham.

In May 2025, around the time Trump met al-Sharaa in Riyadh, the US president promised to remove many of the sanctions on the Syrian government. But the expected removal from the “state sponsor of terrorism” list will be particularly welcome as it gets rid of one of the main barriers for international banks and companies.

“This is extremely significant because it’s the last major impediment to international economic and political engagement with Syria and with the al-Sharaa administration, and in terms of reintegrating Syria back into the international order and indeed the international economic and political system,” Rob Geist Pinfold, a lecturer on security studies at King’s College London, told Al Jazeera.

Struggling economy

However, he is careful to add that the removal of the designation does not mean a flood of investment will instantly start pouring into Syria.

“This is a big hurdle that’s been overcome, but it doesn’t mean that there’s no more hurdles to investment or engagement with Syria.”

He added that international actors may be concerned about the government’s control and ability to confront remnants from the al-Assad regime, a potential ISIL (ISIS) comeback, bureaucratic impediments and corruption.

Some Syrians were also sceptical that the designation change would lead to instant results.

“This needs a long breath,” said a minimarket owner in Damascus, who refused to give his name. “You can’t sleep and wake up and expect change.”

He referred to ongoing economic problems and rising costs, as well as a recent fuel shortage.

“There’s no economy, and there’s no investment.”

Other Syrians were more hopeful that the economy, and other aspects of daily life, would improve. Still, there is a recognition that a little more patience is needed.

For some, that patience has worn out, such as the minimarket owner. Others, however, are biding their time.

At a juice stall in central Damascus, Zaher counted money received from a customer.

“I’m on the street with my cart and nobody is bothering me,” he said. “Electricity is getting better, but nothing gets better after just one day.”

“It took God Almighty six days to create Earth,” the 50-year-old said. “These things take time.”

The housing legislation will become US law at midnight with or without President Donald Trump’s signature.

United States President Donald Trump says he will not sign a bipartisan housing affordability bill in protest at the Senate not passing the controversial SAVE America Act voting legislation.

In a post on Truth Social on Friday, Trump said he would not support signing the unrelated housing bill, which would speed up environmental reviews for construction projects, expedite development, and limit the number of single-family homes institutional investors can buy.

The bill will become law with or without the president’s signature. Once a bill reaches the president’s desk, the officeholder has 10 days to either sign it into law or veto the legislation. If he does neither, it becomes law at midnight.

House Speaker Mike Johnson said the president is unlikely to issue a last-minute veto.

The housing legislation, known as the 21st Century ROAD to Housing Act, which Trump called a “yawn” on June 29, was a rare moment of bipartisan agreement in a starkly divided US Congress. It passed the Senate by a vote of 85-5 and the House by a vote of 358-2.

The provisions included in the legislation are popular. A Bipartisan Policy Center poll suggested that 70 percent of Americans support banning institutional investors that own more than 350 homes from buying additional single-family homes.

The legislation would also establish incentive programmes for communities to build more housing and encourage the development of modular homes. It also includes provisions that would make it easier for communities to convert underutilised land into residential housing.

Housing remains a major pressure on Americans, with 79 percent saying the cost of housing is either “an extremely important” or “very important” issue, according to the Bipartisan Policy Center.

The US median home price hit a record $440,600 in June, while mortgage rates remain elevated. The average 30-year fixed mortgage rate is currently at 6.49 percent.

Voting act pressures

Trump cancelled the original signing ceremony for the housing legislation on June 24 in an effort to pressure Republicans to pass the SAVE America Act. Among its provisions, the bill would require proof of citizenship to register to vote and create a national voter database using state records.

It would also impose new limitations on mail-in voting, even though roughly one-quarter of Republicans voted by mail in the 2024 presidential election, according to an MIT survey.

A version of the voting legislation passed the House but failed to clear the Senate’s 60-vote filibuster threshold.

Under current election law, states administer elections, not the federal government.

The White House did not respond to Al Jazeera’s request for comment.

Tehran, Iran – Three weeks after Iran and the United States signed a memorandum of understanding to extend their ceasefire, their truce remains fragile.

Three tankers have been hit in the Strait of Hormuz over the past two days, even as Iran and the US are expected to restart mediated negotiations to end the war next week, after the funeral of Iran’s Supreme Leader Ayatollah Ali Khamenei.

The US military on Wednesday launched large air attacks on Iran’s southern provinces, which prompted the Islamic Revolutionary Guard Corps (IRGC) and Iran’s regular army to fire missiles and drones on US interests in Bahrain and Kuwait. Both sides accused each other of violating the understanding signed last month.

But even if a long-term resolution is eventually reached and Western sanctions on Iran are lifted, analysts say that it will take time for the country’s economy to recover.

The economy has been strained by years of local mismanagement and corruption; stringent Western and United Nations sanctions; and, more recently, damage sustained from two wars in a year with the US and Israel, deadly nationwide protests in January, and internet shutdowns.

When numbers tell a story

A falling purchasing power has pushed millions into poverty. Inflation has recently climbed to levels not seen since World War II, when Allied forces occupied Iran, took over railways and food supplies, and contributed to a deadly famine.

The latest report by the Statistical Center of Iran for Khordad, the third month of the Persian calendar that ended on June 21, showed inflation increasing by 88.6 percent compared to the same month of the year before. Inflation was up by nearly 6 percent compared to the second month of the current year.

Food inflation was skyrocketing at almost 134 percent in Khordad compared to the corresponding month a year earlier, with oils and fats surging by more than 278 percent, red meat and poultry by over 178 percent, and bread and cereals by nearly 139 percent.

Unemployment is at 7.5 percent during the current calendar year, according to the latest report by the statistical centre released at the end of June. But labour participation is at just 40 percent, meaning that most working-age people are operating outside the official labour force – including students, retirees, those engaged in irregular informal work, and those not seeking paid work.

The job-quality picture is also grim, as salaries are perennially falling behind expenses, as over 38 percent of officially employed people work more than 49 hours a week, and as youth unemployment is at over 20 percent, the centre reports.

The base monthly minimum wage equals only about $95 using the current open market exchange rate of the US dollar in Tehran. The rate has climbed to 1.75 million rials per greenback over recent days, not far from its all-time low of 1.9 million in May.

The damage — and the road to recovery

Due to a heavy budget crunch, the only relief the government is able to offer amounts to a few dollars’ worth of monthly cash subsidy and electronic coupons for purchasing essential goods.

A late June report by the Central Bank of Iran for the previous calendar year that ended on March 20 showed that gross domestic product (GDP) growth for the year stood at minus 0.7 percent, and gross fixed capital formation, a primary indicator of productive capacity and economic growth, was at nearly minus 12 percent. Imports were down 16.6 percent, as were exports by close to 5 percent.

The damage from nearly 40 days of heavy bombardment during the war, the longest nationwide state-imposed internet shutdown in any country, and a US naval blockade of Iran’s southern ports — the full extent of which remains undisclosed to the public — has only exacerbated Iran’s economic woes. The International Monetary Fund has projected that Iran’s real GDP will shrink by 6.1 percent in 2026.

Still, Mahdi Ghodsi, a senior economist at the Vienna Institute for International Economic Studies, said that part of the recent job losses could be recoverable if there is a credible halt to military escalation, restoration of transport and logistics links, more predictable access to energy and fuel, and functioning internet and payment systems.

“In that case, some temporary layoffs in services, retail, transport, construction and small businesses could be reversed relatively quickly, because these activities are highly sensitive to uncertainty and disruptions rather than necessarily destroyed productive capacity,” he told Al Jazeera.

Longer-term challenges

But Ghodsi cautioned that part of the damage is likely to be more persistent.

“Where factories have lost machinery, inventories, imported inputs, workers, working capital, or access to energy, reopening is not simply a matter of returning to normal,” he said, adding that in some cases, full recovery may take years and require large investments, including foreign financing.

Last week, leading satellite imaging provider Planet Labs restored access to imagery for nearly 800 sites across Iran impacted during the war, after lifting earlier restrictions it had placed in response to a US government request to delay or suspend access.

Some Iranians on social media highlighted massive damage done to Iran Electronics Industries (SAIran), a state-owned defence industry heavyweight specialising in optics, communications, semiconductors and medical equipment, among other things.

But along with numerous military-linked sites and assets, and nuclear facilities built over decades now reduced to rubble, Iran’s industrial capacity and civilian infrastructure were also extensively targeted by US and Israeli warplanes and vessels during the war.

Oil and gas facilities, petrochemical and steel giants, electricity outposts, as well as maritime ports, airports, roads, bridges and residential units were significantly damaged.

Work on rebuilding facilities and recovering lost capacities has begun during the period of reduced military hostility over recent weeks, with some airports and industrial units restarting operations.

But a full recovery still appears distant and more destruction could still lay ahead. US President Donald Trump has repeatedly threatened extensive attacks against Iran’s electricity grid and infrastructure like bridges if the war resumes.

Economist Ghodsi said the government’s limited fiscal capacity remains one of the central problems, since the state has already faced struggles in financing not only regular expenditures and salaries, but also obligations across public and semi-public sectors. “This fiscal weakness has been one of the drivers of inflation, as budgetary pressures are partly shifted onto the banking system and the central bank through monetary financing,” he said.

Domestic fissures

Speaking at a state-organised event in Tehran last month, Iran’s President Masoud Pezeshkian expressed concerns about another nationwide protest as public discontent remains high.

“Our most important strength is our unity, and the unity of our people. What I fear is that we fail to serve the people right and they are dissatisfied and come to the streets to protest. Then our might collapses,” he said.

Senior officials spearheading the mediated talks with Washington have backed the process as the viable path to delivering a better economy to the suffering Iranian population.

But hardliners within the system, who perceive Iran to have attained a major victory against superior military powers during the war, continue to vociferously reject giving any concessions.

During Khamenei’s funeral procession in Tehran on Monday, Pezeshkian was filmed getting heckled by anti-deal mourners who demanded blood vengeance for the slain supreme leader and shouted “Death to the compromiser” and “Death to the traitorous homeland-seller”.

The United States-Israel war on Iran has inflicted the greatest disruption to merchant shipping since the back-to-back shocks of the COVID-19 pandemic and Russia’s invasion of Ukraine.

Since the start of the war in late February, shipping lines have faced attacks on their vessels, lengthy delays and steep rises in operating costs.

Yet even after more than four months of turmoil for the industry, the most enduring legacy of the war for shipping may end up being just how little it ultimately changes.

While shipping firms are expected to more explicitly factor risk into their expenses and diversify supply chains where possible in the future, the indispensable nature of seaborne trade means the industry is likely to continue much as before over the long term, analysts say.

That is likely to be especially the case for the container shipping industry, which, unlike the operators of the oil and gas tankers whose dislocation has roiled energy markets, is not heavily reliant on the Strait of Hormuz to transport its cargoes, which range from agricultural produce to apparel and consumer electronics.

While there is no alternative to the strait to access oil-producing Gulf nations by sea, container shipping firms have had the option of redirecting their vessels along longer alternative routes to avoid conflict in the region, including attacks by the Iran-aligned Houthis in the Red Sea.

The global shipping industry has long stood apart for its resilience in the face of crises, bouncing back from major upheaval at remarkable speed.

In 2020, the first year of the COVID pandemic, global container shipping volumes fell by just 1.2 percent compared with the previous year, according to the Baltic and International Maritime Council (BIMCO), one of the world’s largest associations for shipowners.

By January 2021, the volume of cargo handled at ports worldwide had already surpassed pre-pandemic levels, rising 6.4 percent year-on-year, according to data from the Institute of Shipping Economics and Logistics.

By contrast, it took more than four years for global air travel to fully recover from the shock of COVID-19.

While the Iran war and Houthi attacks in the Red Sea since 2023 scrambled regional supply chains, shipping companies have been rapidly adding capacity since Washington and Tehran signed their memorandum of understanding on ending the conflict on June 17.

After plummeting from 3.2 million TEU (Twenty-foot Equivalent Unit of cargo) to 74,000 TEU as of mid-June, container capacity in the region has already rebounded to pre-war levels on some routes, according to Xeneta, an ocean and air freight rate market analytics platform.

Capacity between Asia and the United States’ West Coast last week surpassed its pre-conflict record, hitting 350,000 TEU, according to Xeneta.

On Monday, Maersk and Hapag-Lloyd, the second- and fifth-largest container shipping firms, respectively, announced that they would begin sailing through the Suez Canal again for the first time since February, following an assessment of the security situation in the Red Sea.

Shipping is indispensable to global trade, in large part because no other mode of transport comes close in terms of capacity and cost-effectiveness.

The world’s largest container ships have capacities exceeding 24,000 TEU – the equivalent of roughly 12,000 trucks, 2,240 cargo planes, or 360 freight trains.

Lacking genuine competition in the transport of goods in huge volumes, shipping facilitates about 90 percent of global trade.

Shipping will look “remarkably familiar” in five years from now because it is an industry driven by demand, said Punit Oza, the head of the consultancy Maritime NXT and the former executive director of the Singapore Chamber of Maritime Arbitration.

Even the most severe conflict cannot change the “physics or the economics” of seaborne trade, he said.

“Ships do not sail because shipowners want them to; they sail because consumers somewhere want grain, iron ore, gas, or televisions,” Oza told Al Jazeera.

“It is the consumers of shipping – the cargo interests, the economies, the households – who ultimately shape the industry, and their demand will endure long after the headlines fade.”

Judah Levine‏, head of research at freight booking company Freightos, said container shipping in the future is likely to look “quite similar” to how it did before the war, with Dubai’s Port of Jebel Ali continuing to serve as the region’s main hub for both Gulf-bound goods and cargoes destined for Asia, Europe, Africa, and the Americas.

But Levine said diversion of cargoes to smaller hubs – such as the UAE’s Port of Fujairah and Khor Fakkan Port, and Port Sultan Qaboos in Oman – during the war offers a preview of the contingencies shipping firms are likely to deploy in future crises.

“All of a sudden, they were handling much larger volumes, and then creating these land bridges, usually to go on to Jebel Ali,” Levine told Al Jazeera.

“Containers find a way,” Levine said.

“It’s kind of like water. They’ll trickle, you know, to where they need to go by other paths.”

Another lasting impact of the war could be greater international cooperation on maritime security and safety.

The International Maritime Organization, the UN body responsible for shipping and seafarers, has listed the protection of shipping lanes as one of its top agenda items for discussion at its biannual meeting taking place from Monday to Friday.

“Seafarers have tragically lost their lives in connection with this conflict, and the impact has been felt well beyond the region, with real consequences for global trade, energy and food security,” IMO Secretary-General Arsenio Dominguez said in opening remarks to the session on Monday.

Ruth Banomyong, a professor of logistics and supply chain management at Thammasat Business School in Bangkok, Thailand, said he expects to see international coordination to strengthen trade routes that integrate both land and sea even as shipping networks remain “largely the same”.

“This means ensuring that maritime transport, ports, inland logistics, customs procedures and alternative land transport options work together as an integrated system when disruptions occur,” Banomyong told Al Jazeera.

“Maritime freedom is no longer just about freedom of navigation. It is about ensuring the continuity of global trade.

“The long-term lesson is not to replace the Strait of Hormuz, but to reduce overdependence on any single transport corridor,” Banomyong added.

Oza, the head of Maritime NXT, said the ad hoc naval coalitions deployed to ensure freedom of navigation during times of conflict could ultimately be succeeded by a multilateral security framework with “regional ownership rather than purely external enforcement”.

“Freedom of navigation is too important to be left to improvisation,” Oza said.

“If there is one consistent lesson from shipping’s long history, it is that human ingenuity always finds a way – pipelines get built, reserves get repositioned, technologies emerge, and trade, like water, finds its path. It will do so again,” Oza added.

“The innovations that follow this war will be a tribute to human resilience; the tragedy is that it took a war to summon them.”

London, United Kingdom – Should Andy Burnham enter Downing Street as early as July 17, if he is confirmed unopposed as Labour leader, one of his most consequential early decisions will have nothing to do with defence spending, immigration, or the economy.

It will concern a seven-year 330-million-pound ($440m) contract between NHS England and Palantir Technologies, a leading defence and intelligence software firm in the United States that received no contracts from Burnham’s Greater Manchester administration during his nine years as mayor.

The ramifications of such a decision could extend well beyond the NHS.

Media reports surfaced last week that Burnham is minded to hold that line with Palantir across all of the UK government when he arrives in Downing Street.

When approached by Al Jazeera, an Andy Burnham spokesperson said: “We’re not going to comment on individual government procurement contracts or companies and there are legal processes that must be followed.

“However, in general, Andy’s guiding principles on procurement are that we need to be getting value for money for the taxpayer and that we need to be safeguarding people’s data and British interests.”

For a company that has spent six years embedding itself across several public sector entities – the NHS, the Ministry of Defence, the Home Office, the Financial Conduct Authority – that posture is a real shift from the outgoing Labour administration led by Keir Starmer.

Starmer’s government actively courted US-based AI companies championed by the former UK ambassador to Washington, Peter Mandelson.

According to the Financial Times, which cited people briefed on the discussions, Burnham’s advisers, including former tech minister Josh Simons, are working with researchers Antonio Weiss and Martha Dacombe on a new AI strategy prioritising British companies and workers.

The story of how we got here runs through Manchester.

The Manchester precedent

Burnham served as Mayor of Greater Manchester from 2017 until June, when he returned to Westminster via the Makerfield by-election.

Under his leadership, the Greater Manchester Combined Authority issued no contracts to Palantir. Greater Manchester Police has separately confirmed it did not have a Palantir contract in the past five years.

The more instructive precedent, though, is in the NHS – an institution Burnham has no direct mayoral authority over, but shaped politically through Greater Manchester’s landmark health devolution settlement.

Rather than adopt the NHS England-mandated Federated Data Platform, built on Palantir’s Foundry software, Greater Manchester’s NHS leaders spent six years building their own analytics infrastructure instead. That became a proof of concept, which allies now cite nationally: effective NHS data management, they argue, does not require Palantir.

In May, Al Jazeera spoke to the Good Law Project about its concerns that Palantir was a “potential security risk”.

Some campaigners have interpreted recent political signalling from Burnham’s camp as supportive of their position, although a Good Law Project spokesperson said it has had no direct contact with him or his team.

The political context

In his first major speech since returning to Westminster as an MP, Burnham said he wanted social value to weigh more heavily in government procurement decisions. The reasoning, according to those close to him, is as much political as ethical.

Reports have described concern within his camp that “unfettered tech boosterism” risks alienating voters already uneasy about how much of the state now runs on American software.

Underneath that concern sits a more specific worry: that a company built to serve defence and intelligence clients does not necessarily share the values of an institution built to treat patients.

“A defence company has inherently different values than a healthcare organisation like the NHS,” said Duncan McCann, Technology and Data Lead at the Good Law Project, which has led legal action seeking greater transparency over the contract. “That’s where I think this concern was created.”

Palantir is not unique in this respect. Its origins in US defence and intelligence contracting are shared, to varying degrees, by most of the US AI firms now supplying British government departments – a lineage that, for critics like McCann, taints the whole category rather than one company alone.

What’s next?

The NHS contract is the most visible, but it is unlikely to be the only one making headlines this year.

A parallel battle is already under way in London, where Palantir has launched a High Court challenge after Mayor Sadiq Khan blocked a 50-million pound ($67m) Metropolitan Police contract, arguing the decision amounts to stifling free speech.

Khan’s office has since approved a smaller arrangement – a partial reversal that has done little to settle the underlying tension.

For campaigners who have spent years pushing for greater scrutiny of Palantir’s role in British public life, Burnham’s ascent could be the moment the tide finally turns. The NHS break clause falls in March 2027, but a decision needs to be made by December.

Burnham is expected in Downing Street later this month. He will soon decide whether Palantir has a future in Britain’s health service – and, by extension, in the rest of the UK’s public sector.

Al Jazeera reached out to Palantir for comment but had not received a response at the time of publishing.

The high court strikes down campaign spending limits, citing First Amendment protections in a 6-3 decision

On the final day of rulings for the Supreme Court’s current term, the top US court overruled a case that would limit campaign spending by rejecting restrictions on coordinated spending efforts between political parties and their candidates on free speech grounds.

The court handed down the ruling on Tuesday in a 6-3 split, with the six conservative judges in the majority, citing free speech grounds, and the three liberal judges dissenting.

The Supreme Court ruled that a spending cap on campaign spending, with input from candidates, violates the United States Constitution’s First Amendment after a lower court upheld the limits.

The decision, stemming from a Republican-led lawsuit, strikes down a provision of a more than 50-year-old federal election law limiting coordinated party spending. Among the Republican candidates at the centre of the lawsuit is now Vice President JD Vance. Vance was running for the US Senate in Ohio when the lawsuit challenging the restrictions was filed in 2022.

The Federal Election Campaign Act of 1971 regulates fundraising and spending in US elections by limiting the amount that can be spent on a candidate, aiming to prevent corruption.

Under that law, spending by a political party to advocate for or against a candidate that is not coordinated with a candidate’s campaign is considered an “independent expenditure” – and not subject to a cap.

Spending that is coordinated between a party and a campaign, however, has been restricted.

Tuesday’s decision overruled a 2001 decision in which the Colorado Republican Federal Campaign Committee challenged the rule against the Federal Election Commission, but the high court had upheld the limits on a vote of 5-4.

In 2024, the US 6th Circuit Court of Appeals had also upheld the limits.

On appeal, the plaintiffs said that developments in campaign finance over the intervening decades, including shifts in the Supreme Court’s jurisprudence, had eroded the rationale for that 2001 ruling and urged the justices to overrule it.

Then, when Donald Trump took office, the Federal Election Commission declined to defend the provision of federal law challenged by Vance and the other plaintiffs. The Supreme Court appointed lawyer Roman Martinez to do so. It also granted a request by the Democratic National Committee, Democratic Senatorial Campaign Committee, and Democratic Congressional Campaign Committee to intervene to defend the spending limits.

These spending limits have varied by state, being lower in states with smaller populations and higher in those with larger populations. In 2025, restrictions ranged from about $127,000 to $3.9m for Senate candidates and from approximately $63,000 to $127,000 for House of Representatives candidates.

The Supreme Court issued its campaign finance ruling with the November midterm elections looming, as President Donald Trump’s fellow Republicans seek to retain control of Congress.

The three major Republican committees – the Republican National Committee, the National Republican Congressional Committee, and the National Republican Senatorial Committee — ended May with $256m in cash and no debt. That was more than double the roughly $126m held by their Democratic counterparts, who also carried more than $18m in debt.

Election implications

The Supreme Court has issued multiple rulings during its current term that have election implications.

The justices on Monday backed state laws that allow mail-in ballots received after Election Day to be counted, rejecting a Republican-led challenge to a five-day grace period in Mississippi and dealing a setback to Trump.

The court in April gutted a key provision of the 1965 Voting Rights Act, opening the door for Republican-led Southern states to dismantle Democratic-held majority-Black and majority-Latino districts ahead of the midterms. Black and Latino voters tend to support Democratic candidates.

That decision prompted several Republican-led states to pursue redrawn electoral maps ahead of the midterms in an effort to threaten US House seats long considered safely Democratic.

EXPLAINER

China and Sudan signed off on a waiver of $50m as Sudan’s military-led government seeks support amid Western sanctions.

China has waived loans worth $50m that it had given to Sudan, the two countries said over the weekend. The agreement comes three years into a war between Sudan’s army and the Rapid Support Forces (RSF) that has shrunk the country’s economy by roughly 40 percent, according to the United Nations.

The sum is small compared with what Sudan owes overall to external governments or agencies, an amount estimated at more than $56bn before the war. But the waiver lands at a moment when Khartoum has few other international lenders extending any financial support.

China’s relationship with Sudan predates the war by decades, built on oil and infrastructure interests that survived multiple changes of government in Khartoum. But the war has narrowed Sudan’s options elsewhere, as Western governments have largely held back or imposed sanctions.

Here’s why this deal is significant for Sudan and China:

What do we know about the deal?

The signed protocol in Port Sudan cancels four interest-free loans worth 344 million yuan, about $50m, with immediate effect, according to Sudan’s official news agency, SUNA.

Sudan’s Finance Minister Gibril Ibrahim welcomed the move, reportedly saying that China has continued investing in the country throughout the war while Western governments, including the United States and European Union members, have largely held back. Gibril himself was added to the US Treasury sanctions list in September 2025 for his alleged “involvement in Sudan’s brutal civil war and … connections to Iran”.

China’s charge d’affaires in Sudan, Xu Jian, reportedly said at the signing ceremony that China was ready to help rebuild what was destroyed during the war in Sudan.

What’s in it for Sudan?

Sudan’s external debt of more than $56bn before the war is expected to have ballooned since.

The $50m debt relief amounts to not even 1 percent of the total external pre-war debt. In fact, Sudan was close to a far bigger debt write-off in 2021. It was on track with the IMF and the World Bank Heavily Indebted Poor Countries initiative to have more than $50bn of its debt forgiven within three years. The 2021 military coup in October derailed that debt relief plan, and the process was formally suspended a year later.

Still, China’s waiver arrives at a moment of acute need for the country. The war is now in its third year. More than 1.5 million people have been killed, according to the UN, and the war has displaced about 14 million people – about a quarter of the Sudanese population. The World Health Organization says less than 14 percent of health facilities are still functioning. Jobs have vanished in many parts of the country, and the rising cost of living has made it difficult for households to survive.

The Sudanese pound has collapsed since the start of the war. It went from roughly 600 to the dollar before the war to more than 5000 to the dollar by June 2026.

What’s in it for China?

In many ways, Beijing’s decision to waive the $50m loan is in keeping with a broader approach it has taken in recent years, one that has helped cement China as Africa’s largest trading partner for 17 consecutive years.

China has provided interest-free loan forgiveness as a diplomatic gesture to multiple countries, and these decisions are recurrent announcements at Beijing’s frequent leader-level summits with African nations. This is especially true for smaller loans. Research from the Johns Hopkins China Africa Research Initiative found that China forgave at least $3.4bn of these kinds of debts across the African continent between 2000 and 2019.

By contrast, larger loans are usually commercial loans through state banks that come with interest, and waiving those is harder.

At a time when the West is largely trying to isolate Sudan’s leadership, a small loan waiver gives China outsized influence in a country that sits at the intersection of the Middle East and sub-Saharan Africa.

What have China-Sudan ties been like historically?

Oil has long served as a catalyst for their relationship. From the mid-1990s on, China’s National Petroleum Corporation (CNPC) poured billions of dollars into Sudanese oil fields and the pipelines carrying that crude oil to Port Sudan. This was a time when many Western companies were pushed out due to sanctions.

The relationship changed when the southern part of the country voted in favour of independence in 2011. The world’s newest country, South Sudan, left the north and took most of the country’s oil fields with it.

Chinese investment largely dried up afterwards, but Sudan still has more than $5bn of outstanding debt to China. The war has aggravated Sudan’s economic challenges. The CNPC requested a formal exit from Sudan in December 2025.

South Korean president frames the push as a race against time to secure the country’s domination in AI boom.

South Korea has laid out a sweeping industrial strategy focused on semiconductor chips and artificial intelligence projects as President Lee Jae Myung pledges to cement overwhelming industry leadership with investments of hundreds of billions of dollars over several years.

Flanked by the heads of the world’s two biggest memory chipmakers, Lee cast the initiative on Monday as a “great leap forward” centred on the “triple axis” of semiconductors, physical AI and data centres.

“We must secure the core elements of AI faster than any other country,” the president said in a televised address.

The world’s two largest memory chipmakers, Samsung Electronics and SK Hynix, will invest 800 trillion won ($518bn) with suppliers to build two new chip fabrication sites each in South Korea’s southwest, Industry Minister Kim Jung-kwan said.

Lee said the country’s southwestern city of Gwangju and South Jeolla province will also invest 5 trillion to 20 trillion won ($3.2bn to $13bn) in the projects. Kim said a further 81 trillion won ($52.5bn) is expected to be invested for a chip-packaging cluster in the Chungcheong area near Seoul.

The government also unveiled plans to build AI data centres in the region, backed by 550 trillion won ($356bn) in investments from the SK Group, GS Group and Naver.

“By 2035, an additional 10-gigawatt AI data centre will be built with a total investment exceeding 18.4 gigawatts and 1,000 trillion won,” or $648bn, Science Minister Bae Kyung-hoon announced.

The announcement marks the government’s boldest push yet to align South Korea’s AI and chip ambitions with Lee’s pledge to narrow regional disparities and revive economies beyond the Seoul metropolitan area.

The opposition has criticised the plan, arguing that his government’s decision to locate a second semiconductor cluster in Honam, the traditional electoral stronghold of his liberal Democratic Party, is driven more by regional politics than by industrial logic.

They have accused the government of pressuring memory chipmakers to invest in the region to bolster political support rather than allowing companies to choose the most commercially viable locations.

As part of the overall initiative, the southwest would be the home of new, large chip production clusters, Lee said, in part to use the rich power resources yet untapped there.

The president defended the proposed southwestern chip hub in a series of X posts over the weekend, rejecting criticism that it favours a region where 85 percent of voters backed him in last year’s presidential election.

Every morning Marisol Winfrey Herrera’s three-and-a-half-year-old daughter Jo reminds her to turn off the tap while washing her hands and brushing her teeth.

When they leave home, she reminds her mother to keep a bottle of ice with them to offer it to homeless people, who they sometimes find wilting in the Tucson heat. At first, they press the ice-filled bottles on the homeless folks to help them revive, then they offer the water to drink and hydrate. At her daycare, Jo is taught water-saving habits to combat Tucson’s soaring heat.

It is what prompted Herrera to join No Desert Data Center, a residents’ group that opposes two large data centres coming up on either side of Tucson – the $3.6bn project on the city’s southeast edge and a $5bn project on its northwest side in the town of Marana, together known as Project Blue.

The group believes these would consume more water and power than the city set in the Sonoran Desert can afford.

“We are in the middle of a 30-year drought, which is now an extreme drought,” says Lisa Shipek, co-executive director of the Watershed Management Group, a Tucson-based nonprofit.

“Water was a unifying theme in our campaign. The Colorado River cuts are looming, and this project would take water away,” Herrera told Al Jazeera.

Water flows in the Colorado River, which provides much of Tucson’s water through the Central Arizona Project canal system, have dropped by 20 percent since the year 2000 compared with water flows in the 20th century due to climate change, melting snow caps and warmer weather, making water cuts to Tucson imminent as the state could face as much as 77 percent water cuts.

“We say Not One Drop for data centres,” says Herrera, speaking of the campaign’s particularly emotive appeal for residents as water cuts get deeper and temperatures rise, with Tucson recording the warmest weather in 125 years last July and August.

Beale Infrastructure, a San Francisco-based company that is owned by investment management company Blue Owl in New York, had asked the city of Tucson to acquire 290 acres that were outside city limits for Project Blue. That would make it the city’s largest water consumer and among its largest power consumers. Beale did not respond to an emailed request for comment.

But at city council meetings, City Councillor Kevin Dahl began seeing hundreds of residents turn up to express their opposition to the project.

“Not for many issues do we get so much response,” he said. Herrera was among those who went.

Pitting environment against unions

At council meetings, Beale executives proposed that Project Blue could be the economic engine the city needed. It would create a few thousand jobs for construction workers, ironmongers, plumbers and other such workers during the construction of the project and a few hundred after that.

“Sometimes people travel as far as Phoenix for work,” Dahl said about Arizona’s largest city, which is nearly a two-hour drive from Tucson.

The project could bring jobs closer. Beale also expected the project to generate nearly $250m in taxes for the city, county and state in the first 10 years.

This left councillors with a difficult decision to make, weighing the project’s economic benefits against allocating it a share of the city’s increasingly scarce water and power.

Activists also raised concerns about whether Tucson Electric Power (TEP), the power utility, would raise rates for consumers so it could expand capacity to provide power for Project Blue. After raising rates by 10 percent in 2023, TEP proposed a 14 percent rate hike in June 2025 for grid upgrades made in the previous year.

Lee Ziesche, an activist from the Democratic Socialists of America who is campaigning to make TEP a public utility, said Project Blue could “lead to higher temperatures and higher rates” because of the heat island effect of the air conditioners and higher rates for power.

She often hears from residents that a rate hike would make it hard to pay bills or put on air conditioning, even as the number of 100-degree Fahrenheit (37.8 degree-Celsius) days has increased in Tucson, which is among the hottest cities in the United States.

The same concerns of needing ramped-up air conditioning would plague data centres too, experts say.

“The viability of data centres in Arizona will always be subject to climate change and heat risks,” says Kate Gordon, chief executive of California Forward, a think tank that works on a sustainable economy.

“The heat in Arizona makes energy less efficient, and servers heat up, so projects will need higher amounts of water and cooling, which developers have to balance against a possibly lower real estate and labour cost,” she said. “I am always amazed at how climate does not figure in business plans.”

Dahl and Andres Cano, a supervisor in Pima County, in which Tucson is located, had discussions with Beale representatives.

“We thought they would go elsewhere if the city did not acquire the land” for the project, Dahl said. Cano also came away with the same impression.

In August 2025, Tucson councillors voted unanimously not to acquire the land for the project or provide it with water and power. In December, Cano became one of only two supervisors in Pima County to oppose the project, and it was approved for construction in an unincorporated part of the county.

“It will create short-term construction jobs for what will ultimately be a project with few wins,” Cano said. “This pitted the environment and unions, but industry is not for unions. This will have just about 100 jobs when it is done.”

With no access to Tucson’s water supply, Beale decided to cool its servers with air conditioners rather than water and use a closed-loop water system, so it would recycle and reuse water.

But Vivek Bharathan, a spokesperson for the No Desert Data Center, said using air conditioners would increase power usage.

Nearly half of TEP’s power comes from fracking, he says. Data centre demand will only mean “more fracking somewhere else, climate and health consequences all along the way”.

The state’s largest data centre

Even as Project Blue was making its way through a fraught approval process, Beale announced another data centre project in the neighbouring farming town of Marana. It was to be spread over 600 acres (242 hectares), twice the size of Project Blue. The area was spread over two farm plots, one owned by the Mormon church and the other by a family trust of city council member, Herb Kai.

This project, too, is slated to bring thousands of construction jobs to a farming town as well as tax revenues.

But when Jackie McGuire, a mother of three and former Wall Street banker, heard about it, she and other residents launched a campaign to stop the land from being rezoned for a data centre. Residents wanted Marana to stay a farming town.

McGuire, who works as a research analyst, said the data centres’ servers and large air conditioners that would be installed to keep them running would raise the project’s cost and make Marana unbearably hot.

Temperatures rose by up to 2.2F (1.22C) downwind from data centres in the Phoenix area, a study published in May had found.

“The heat generated will be like one to two million space heaters,” McGuire says. “It can go up to 112 degrees [44.4C] here already. The heat island effect could make Marana uninhabitable.”

The Marana data centre will be provided power by TEP and Trico, which announced a 7.23 percent rate hike in January.

McGuire and other residents campaigned to have a referendum on whether the land could be rezoned for a data centre. Their plea was not successful, and the city council approved the rezoning of the land.

But the experience of the campaign had invigorated McGuire, and she decided to run for city council herself. The central issue of her campaign is to bring transparency to the data centre’s functioning.

Even as the campaigns in Pima County and Marana raged on, La Osa, the state’s largest data centre project, took shape in Tucson’s neighbouring Pinal County. The 3,300-acre project by the Vermaland real estate group was expected to house 59 data centres and two of its own natural gas facilities, as well as a utility-scale battery storage system.

But residents worried about noise pollution from protracted project construction and a possible increase in power costs.

“I’m worried about the constituents in that area, about the power bills going up, even though you’re saying that they’re going to pay for it,” Pinal County Supervisor Rich Vitiello said in a board of supervisors meeting on May 27.

In the face of such opposition, a La Osa lawyer spoke at the meeting to say the project had been scaled down and would now house 11 data centres from the 59 planned earlier.

‘A straw to the aquifer’

Sharing limited water has long been an emotive issue in the state, and the looming Colorado River cuts and data centre projects have brought such concerns to a head.

Arizona fought one of the longest-running cases, stretching more than three decades, in the US Supreme Court over the sharing of Colorado River water with California. Eventually, Congress adjudicated to provide California with a greater share of the water, which turbocharged its economic growth.

“No water can flow into Tucson and Phoenix unless California gets its full share,” says Jason Robison, co-director of the Gina Guy Center for Land and Water Law at the University of Wyoming College of Law.  “Arizona has always been in a tough spot.”

It strengthened the state’s long-held tradition of conservation.

“Arizona communities have been preparing for the drought conditions we see today since 1980,” a spokesperson for the Arizona Department of Water Resources said in an emailed response.

Authorities have curtailed lawns in Tucson, he said, and educational campaigns of the kind Herrera’s daughter underwent are the norm.

It has meant that groundwater reserves go deep, and homeowners are assured of a water supply before it is given to data centres or farms.

“The use by data centres is low compared to farm use, especially alfalfa and hay,” says Eric Kuhn, retired general manager of the Colorado River Water Conservation District and co-author of Science Be Dammed: How Ignoring Inconvenient Science Drained the Colorado River.

However, “data centres are not under the same rules to replenish water” as other industries, says Sharon Medgal, director of the Water Resources Research Center at the University of Arizona. “So it adds a straw to the aquifer.”

Arizona’s governor, Katie Hobbs, who is up for re-election in November, has represented to the Bureau of Reclamation that the state is home to essential industry, including semiconductors, space and data centres, and so needs a higher share of water from the Colorado River. Water, as well as its use for data centres, has been an important issue in primary races across the state.

Construction began for Project Blue at the end of April. No Desert Data Centers’ activists arrived just after dawn to protest. Within days, they found subcontractors bringing in water to control dust on site from construction. County authorities cited Beale.

Then Beale began digging wells on site after reportedly receiving permits allowing that from the Arizona Department of Water Resources. This is likely for 31,000 gallons  (more than 117,000 litres) a year, which is just enough for toilets and kitchens and will likely be recycled for reuse after.

“This may not yet be a winning story,” Bharathan, the spokesperson for the No Desert Data Center, said. “But it is a continuing story.”

The advertisements all start the same way. It could be a barber, an aunt or a family member in discussion with others about the FIFA World Cup, but in each case, they assume Egypt will be heading home after the group stage.

Then an Egyptian footballer pushes back: “To all the doubters, this time we’re staying longer.”

It’s a line that’s resonating like never before in the nation of 120 million people, as Egyptian football fans wait with bated breath for the final round of group stage matches that could send The Pharaohs, as the national team are known, into uncharted territory: the knockout stages.

Here’s why these commercials have captured the zeitgeist in Egypt:

Egypt’s poor World Cup track record

Egypt was the first African and Arab nation ever to play in a World Cup, back in 1934. It has won the Africa Cup of Nations a record seven times. Football in Egypt isn’t just a sport, it’s a national identity, and The Pharaohs have long been a source of genuine pride and belief.

But the World Cup has always told a different story. Before this tournament, Egypt had qualified just three times — in 1934, 1990 and 2018.

It had never won a single match. Fans still carry the painful memories of a penalty shootout loss to Senegal that kept Egypt out of the Qatar World Cup 2022 entirely.

What’s different this time?

Everything — at least, so it seems.

After two games at the World Cup, Egypt sits at the top of Group G, above Iran, Belgium and New Zealand.

The 26th ranked Egypt drew 1-1 with Belgium — ranked 10 in the world — in its first match. Then, it beat lower-ranked New Zealand 3-1.

Its four points are the most Egypt has ever earned at a World Cup. Its four goals are the most Egypt has ever scored at a World Cup.

Now, on Friday night in Seattle — early Saturday morning in Egypt — the team faces Iran in their final group game. A win or a draw would guarantee that Egypt’s national team goes into the knockout stages for the first time.

If Egypt loses to Iran, they might still make it to the round of 32, but their fate will depend on what happens in the Belgium-New Zealand match that will be held at the same time, and potentially, on the outcomes of matches in other groups. Eight of the 12 teams places third in their groups will also move into the next round.

So in a nutshell, Egypt is on the cusp of going where it never has before — and only a rare set of permutations can deny it that chance.

But it isn’t just the performances. Part of what makes this year feel different, to many fans, is the identity of the main man standing outside the pitch, next to the Egyptian dugout.

Hossam Hassan is Egypt’s all-time top scorer and one of the most iconic figures in the country’s football history. In 1990, he scored the goal that ended a 56-year wait and sent Egypt to the World Cup in Italy. Now, more than three decades later, he is the national team’s coach, making him the first Egyptian ever to reach the World Cup as both player and manager.

For older fans, his presence carries the memory of a time when Egypt genuinely believed it could make its mark on the world stage.

So what are the advertisements really about?

They aren’t really making fun of the team. They’re making fun of the deeply ingrained expectation that Egypt won’t go very far. And that expectation, many argue, goes beyond football. Years of economic hardship and political uncertainty have made expecting the worst feel like common sense for many Egyptians. They protect themselves from disappointment. They assume it won’t work out before it doesn’t.

That’s what has also made the campaigns somewhat divisive. For some viewers, the humour felt honest — a reflection of a habit fans know they have. It prompted real questions about why low expectations have become so normal. Others argued the advertisements risked making those same low expectations feel permanent, even acceptable.

Either way, they underscore how the 2026 World Cup has reignited faith among Egyptian fans, as they wait for the Iran match. An advertisement campaign challenging doubters has come to reflect the broader hopes, doubts and debates surrounding The Pharaohs.