finance

Arab News | 100 games, 80 goals is the scale of Ivan Toney’s impact at Al-Ahli

RIYADH: “Ivan Toney is an exceptional striker, in every sense of the word,” said Faisal Zaid, director of the Al-Ahli media center. “He is a player that loves to win, is not fazed by challenges, and has a strong personality on the pitch.”

Zaid’s words came after Al-Ahli’s 3-2 defeat to Al-Qadsiah this week, which saw Toney reach a new milestone at the club: 80 goals in his first 100 games.

After Al-Ahli fell 3-0 behind in the first half, Toney rallied his teammates and scored a brace to bring them within a whisker of completing a remarkable comeback in Dammam — but Brendan Rodgers’ side ultimately held on.

Toney’s impact at Al-Ahli has been unmatched since his arrival in the summer of 2024.

In his first season, he finished among the top scorers in the Saudi Pro League, netting 23 in 30 league fixtures, in addition to a goal in the King Cup and six more on the way to Al-Ahli’s first-ever AFC Champions League Elite triumph.

He followed that with an even better campaign in 2025/26.

He scored 32 in 32 league fixtures to finish just one goal behind top scorer Julian Quinones — with 10 more across all competitions, bringing his season tally to 42 — as another AFC Champions League Elite title was added to his trophy cabinet.

He has shown no signs of slowing down in the current season, sitting at the top of the scoring charts six weeks in with eight goals already. That takes his overall tally to 80 goals in 100 games for Al-Ahli, with 17 assists taking his total contributions to almost one per game.

Perhaps the most striking statistic is just how much Toney has contributed to Al-Ahli’s attacking output since his arrival in 2024. Al-Ahli have scored 229 goals in that time, with Toney’s 80 accounting for 35 percent of that total.

“I remember when he signed in 2024 — his transfer was a huge shock for the English media,” Zaid told Arab News. “There were many questions surrounding whether he would return to the England squad.”

Initially, that seemed likely. Toney played just two minutes of international football between his move to Al-Ahli and the summer of 2026, with no indication he would be called up to Thomas Tuchel’s side.

The battle for a starting striker berth was fierce between Toney and recent Al-Hilal signing Ollie Watkins in the presence of Harry Kane — but Toney ultimately made his way back into the England squad after his stellar campaign at Al-Ahli.

“Toney proved that playing in the Saudi Pro League would not derail his path back to the England squad,” Zaid said.

The former Brentford striker is more than just a prolific goalscorer. He has consistently been a voice for Al-Ahli in the media, supporting his teammates and connecting with the fans at a level few other foreign players in Saudi Arabia enjoy.

“His value is not just in his goals,” Zaid explained. “He has a powerful presence in the dressing room, and he commands the love and respect of his teammates — foreign and Saudi alike.”

Toney’s character and leadership face their biggest test this season — his first at the club without Matthias Jaissle, now head coach at Newcastle.

Al-Ahli have had a rocky start, with their dreams of winning the Saudi Pro League title for the first time since 2016 dented by three defeats in their first six games. Life under Marino Pusic may have fans anxious, but if there is any player to rely on in difficult times, it is Toney.

He has already shown that this season.

In Al-Ahli’s 5-0 victory over Al-Riyadh, new signing Artem Bondarenko was booed by fans at halftime. Toney — alongside Roger Ibanez — stepped forward to shield the new signing from the crowd’s hostility.

Toney may have been a central figure in Al-Ahli’s stellar back-to-back campaigns, but the biggest challenge lies ahead.

Can he help drive Al-Ahli’s resurgence in a season where they look to compete for the FIFA Intercontinental Cup, the King Cup, the Saudi Pro League and the AFC Champions League Elite?



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GameStop CEO Ryan Cohen buys $20.3M in company stock (GME:NYSE)

Stock Of Video Game Retailer Gamestop Skyrocketing, Due To Reddit Message Board Traders

Michael M. Santiago/Getty Images News

  • GameStop (GME) president, CEO, and chairman Ryan Cohen acquired 1M shares of Class A common stock on the open market for around $20.38M, boosting his direct ownership to 39.3M shares.
  • These shares were purchased in multiple transactions at prices ranging from $20.0199 to $20.4699. The weighted average price was $20.3759.
  • GME shares rose 3.5% premarket.

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Arab News | IMF says global growth on track to reach 3% in 2026, but risks remain high

WASHINGTON: The IMF said the global economy had weathered the energy shock caused by the war in the Middle East better than feared and global economic output was still expected to expand by about 3 percent in 2026, but it cautioned that risks remained high.

Julie Kozack, spokesperson for the International Monetary Fund, said oil and gas prices remained elevated and the energy shock from the war was not over.

Global debt pressures were also mounting and the disinflation process over the 2022 cost-of-living crisis had stalled.

Global inflationary expectations have risen but remain well-anchored ‌over the longer ‌run, Kozack told a regular IMF briefing.

“So far, despite six months of ‌war in the Middle East, the global economy has been resilient,” Kozack said, adding that the use of oil and gas reserves had allowed some countries to cope with energy shocks caused by the war, while others had shifted to new energy sources or acted to curb demand.

“We remain on track for world growth of around 3 percent but uncertainty, as we’ve been saying for quite some time, continues to remain high,” she said.

The IMF in July forecast 2026 global growth at a sluggish 3 percent, compared with an average of 3.5 percent seen in 2024 and 2025, and its April forecast of 3.1 percent.

At the time, it said that forecast assumed ‌the war would wind down in mid-July, but Iran and ‌the US have both escalated their attacks and the war has widened with increased military activity in Yemen.

The ‌global lender will release an updated forecast during the annual meetings of the IMF and the ‌World Bank in Bangkok from Oct. 12 to 18.

Pulled in opposite directions

Kozack said the global economy was being pulled in opposite directions by the negative energy supply shock that was driving prices of energy, fertilizers, food and other commodities sharply higher, while the AI-led technology cycle was providing a positive demand shock.

Risks remain high, with many countries needing to ‌restock their oil and gas reserves, and energy demands set to rise as winter approaches in the Northern Hemisphere, she said.

Pressures are also mounting on global public debt, which is already at nearly 100 percent of gross domestic product — the highest level since World War Two — and is set to rise further, Kozack said. Many advanced economies have particularly high public-debt-to-GDP ratios.

Liquidity problems are also building in developing countries, including in Africa, partly due to a reduction in bilateral assistance, Kozack said.

The IMF is urging central bankers to stick to their price stability mandates, while encouraging fiscal policymakers to develop medium-term consolidation plans, she said.

“We’re not in a situation where fiscal consolidation needs to take place overnight, but having a clear, laid-out plan and strategy for how deficits and debt are going to come down is very important for fiscal authorities,” Kozack said.

The IMF was also urging authorities to focus on lifting growth prospects through structural reforms and removing “self-inflicted” barriers to growth, she said.

Kozack said the IMF would look closely at the impact of new US sanctions against Iran, including secondary sanctions aimed at firms in third countries that support Tehran.

A fuller report was expected in the upcoming global outlook, she said.



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Arab News | Court postpones arraignment of Philippine VP Duterte on grave threat charges

MANILA: Philippine Vice President Sara Duterte’s legal team on Friday secured a postponement of her arraignment on charges of making grave threats against President Ferdinand Marcos Jr, the first lady and the House Speaker, in a new legal battle that could derail her bid for the presidency in 2028.

Lawyer Paul Lim told a crowd of reporters ‌and Duterte’s supporters outside ‌the court that the defense ‌had filed a motion to postpone the arraignment, which the court granted. In a text message to Reuters, Lim said Duterte had not entered a plea in the case. “Arraignment deferred pending resolution of our motion,” he said.

Last Saturday, Duterte had posted bail after a court had ordered ‌her arrest over the ‌charges.

The case against Duterte, an ally and ‌running mate of Marcos before the two had ‌a bitter fallout, stems from her remarks at an online press conference in 2024, when she said she had told an assassin to kill the ‌president, his wife, and his cousin, former speaker Martin Romualdez, in the event she herself were killed.

Duterte, the 48-year-old daughter of mercurial former President Rodrigo Duterte, has denied making the threats and said her remarks were taken out of context. She faces up to six months in prison if convicted.

The allegations of grave threats are also part of an impeachment complaint against Duterte, who is currently on trial at the Senate, which is sitting as an impeachment court with its members as jurors.



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Arab News | Iran and Gulf states to meet in push for Hormuz deal, FT reports

‌Gulf foreign ministers plan to meet their Iranian counterpart in a push by Oman and Iran ‌to ‌secure buy-in for ‌a temporary deal to manage shipping through the Strait of Hormuz, the Financial Times reported on ‌Friday. The ‌gathering is ‌scheduled to ‌be held on Monday in the Omani coastal ‌city of Salalah, the report said, citing two people briefed on the matter.

Reuters could not immediately verify the report.



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Ant International’s Agentic Mobile Protocol Rolls Out Globally with Wallets and Acquirers; Initiating Collaboration on KYA Interoperability Framework with Mastercard and Visa

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  • With payment leaders accelerating adoption, the Alipay+ ecosystem — with 50+ mobile payment partners, over 10 national QR schemes and serving over 2 billion consumer accounts — is evolving into the world’s largest agentic payment network for mobile commerce.
  • During Phase I in 2026, AMP partners up with 10 leading Alipay+ digital wallets that together serve 1.5 billion user accounts, as well as 7 leading acquiring partners including Adyen, Allinpay, Checkout.com, Fiserv, Global Payments, Nuvei, and Worldline.
  • Ant International, Mastercard, and Visa have begun collaboration on a Know-Your-Agent (KYA) interoperability framework, designed to help card networks, digital wallet ecosystems, agent platforms and marketplaces streamline agent onboarding and identification across networks, based on shared principles while preserving each network’s own verification and decisioning processes.

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SHANGHAI & SINGAPORE — As Ant International builds out its Agentic Mobile Protocol (AMP) with deeper interoperability and open-source initiatives, fintech and payment leaders are deploying the protocol globally at an accelerated pace, to enable trusted agentic transactions in large-scale commercial scenarios.

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Towards building the World’s Largest Agentic Payment Network

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The AI economy is built on the ability of the financial industry to ensure AI agents interact to make decisions and execute transactions end-to-end for consumers and businesses, securely, smoothly and with full authorisation across all payment rails, especially in prevalent mobile payment scenarios through QR scans, card swipes or phone taps.

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Launched in April 2026, the AMP is an open payment protocol built by Ant International for digital wallets, super apps, smart devices, and other mobile interfaces to enable payments executed by AI agents. Today, adoption is rolling out across Ant International’s Alipay+ ecosystem, a mobile payment network serving 50+ mobile payment partners and over 10 national QR networks, connecting 150 million merchants to 2 billion consumer accounts globally.

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In Phase I, the following partners will work with AMP to advance their own agentic commerce strategies:

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Phase I Wallet partners:

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10 Alipay+ mobile wallet partners will support AMP in their own agent security architecture in Phase I. They are:

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Alipay (China), AlipayHK (Hong Kong SAR, China), DANA (Indonesia), GCash (Philippines), KakaoPay (South Korea), MPay (Macao SAR, China), TNG eWallet (Malaysia), TrueMoney (Thailand), Toss (South Korea), and Starryblu (Singapore)

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Phase I Acquiring partners:

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Adyen, Allinpay, Checkout.com, Fiserv, Global Payments, Nuvei, and Worldline

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Cross-Sector Partnership on Trust with Card Networks, Monetary Authority of Singapore

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Building a truly global, inclusive infrastructure for agentic commerce calls for cross-sector and public-private collaboration on trust and governance mechanisms.

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Ant International, Mastercard, and Visa have begun collaboration on a Know-Your-Agent (KYA) interoperability framework, designed to help card networks, digital wallet ecosystems, agent platforms and marketplaces streamline agent onboarding and identification across networks, based on shared principles while preserving each network’s own verification and decisioning processes.

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Building on the Safeguards for Agentic Finance at Runtime (SAFR) framework, Ant International, Mastercard and Visa will collaborate through BuildFin.ai to advance common approaches for AI agent verification, accountability and risk management across payment ecosystems in Singapore. BuildFin.ai is an industry platform convened by the Monetary Authority of Singapore (MAS) to bring together financial institutions, technology providers and researchers to develop and scale responsible AI solutions for financial services.

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The effort aims to support secure and scalable agentic commerce, enabling AI agents to operate safely and reliably across payment ecosystems while maintaining strong safeguards for consumers, merchants and financial institutions.

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To maximise industry co-building, AMP is now officially open-sourced on GitHub, with source code, developer SDKs, and related technical documentation available to global developers, AI platforms, wallets, acquirers, and financial institutions.

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Agents as Trusted Actors across Markets and Payment Rails

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“AMP has been created to enable agents to enter existing mobile payment systems as trusted actors. We are inspired to see how, a few months into its launch, more and more wallets and payment partners are accelerating their AI strategy by bringing this exciting capability to users in the real world,” said Jiang-Ming Yang, Chief Innovation Officer at Ant International.

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Key features

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of the Agentic Mobile Protocol include:

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  • End-to-end agentic transactions across devices: No need to switch apps or change payment habits across mobile interfaces like smartphones and AR glasses.
  • Faster agent integration cuts steps required to link a payment agent to a wallet by 50%.
  • Clear boundaries of permissions for users to authorise the task, not hand over the account, with real-time visibility and control of agents.
  • Full-spectrum Know-Your-Agent (KYA) Framework establishes an agent’s digital identity and certifies its authorised capabilities, with Agent Trust Rating controlling levels of autonomy for agents.
  • AgentSafePay provides money-back guarantee for merchants against agentic-specific risks.
  • A high-frequency nano-grade agent-to-agent (A2A) settlement mechanism enables automated, ultra-small transactions as tiny as $0.000001 between AI agents.

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“Meanwhile, agentic commerce will only have a real path to mass adoption when supported with a deep foundation of trust. While AMP continues to invest in our own security solutions like AgentSafePay, we are also committed more than ever to strengthening collaboration with card networks, policy leaders like MAS and other stakeholders on new accountability mechanisms, to ensure all agentic transactions are protected by our collaborative agent identity and authorisation capabilities across markets and rails,” said Yang.

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Arab News | Ronaldo takes last crack at Asian glory as Saudi teams set to dominate

HONG KONG: Cristiano Ronaldo will have a last crack at winning the Asian Champions League when the continent’s top club competition begins on Monday, with big-spending Saudi teams set to dominate.

The 41-year-old former Manchester United, Real Madrid and Juventus superstar said in August that it was “probably my last year in football.”

The Portuguese attacker has nearly won it all during his club career, including five UEFA Champions League crowns.

But the Asian Champions League has so far eluded the five-time Ballon d’Or winner.

His Al Nassr side go into the latest continental campaign under a new coach in former Tottenham manager Ange Postecoglou, who was sacked by Spurs in June 2025 despite taking them to Europa League glory.

Along with Ronaldo, the Riyadh-based outfit have proven international attacking quality in Kingsley Coman, Sadio Mane and Ronaldo’s Portugal team-mate Joao Felix.

Al Nassr are second in the Saudi Pro League after six matches, behind Al Hilal only on goal difference.

The skipper Ronaldo has been in good form, scoring three times in five league games.

Simone Inzaghi’s Al Hilal present a major obstacle in Ronaldo’s bid to win the AFC Champions League for the first time.

Al Hilal were major spenders in the recent transfer window, snapping up Aston Villa’s England striker Ollie Watkins and Brazil winger Gabriel Martinelli from Arsenal for a combined $150 million.

Japan threat

The format of the Asian Champions League is heavily skewed in favor of teams from Saudi Arabia, which is spending vast fortunes on football and will host the 2034 World Cup.

Since the 2024-2025 season the competition was rebranded as the Champions League Elite and the quarter-finals, semis and final are held in a centralized location in Saudi Arabia.

Al Ahli made the most of home advantage by winning the title in 2025 and 2026.

An Al Ahli side with England’s Ivan Toney in attack beat Japan’s Machida Zelvia 1-0 in extra time in April’s final on home turf in Jeddah.

Al Nassr, Al Ahli and Al Hilal will be joined in this year’s competition by Al Ittihad and Al Qadsiah, making it a bumper five Saudi sides among the 32 teams.

As in recent years, the competition is divided equally into two leagues of East and West.

Each side will play four matches at home and four away.

The biggest threat to the Saudi stranglehold will likely come from Japan — teams from Asia’s strongest footballing nation have reached the final in each of the last four editions.

There are also five J. League teams, prime among them reigning domestic champions Kashima Antlers.

Former Kashima star Yasushi Endo admitted the Saudi teams would be hard to beat.

“It’s difficult for Japanese teams to be champions these days given the financial strength of teams in the West who can invest heavily in players that traditionally play in strong European leagues,” he said.

“With the tournament being played in a centralized format in the West, it also makes things extra difficult.

“We cannot underplay the importance of having large fan support.”



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High-Yield Reality: CFOs Rethink Corporate Debt Strategies

With high rates here to stay, CFOs rely on internal cash and working capital for stability.

In August, U.S. Treasury yields reached multi-decade highs. Treasury Secretary Scott Bessent responded by doubling the size of buyback operations for 10- to 20-year and 20- to 30-year securities to a floor of $4 billion each, effective Sept. 9 — a stopgap lasting through November 4, when the Treasury releases its next official policy statement.

Yet while Washington intervenes to stabilize government debt, finance chiefs must reckon with higher costs of capital.

“Higher rates have changed the math and, more importantly, reduced the margin for error,” Thomas DeFabrizio, CFO, Americas at Impellam Group, said in an email. “The hurdle rate should move when the cost of capital moves. Otherwise, you are pretending the financing environment has not changed.”

This reality is forcing companies to look inward, turning operational efficiency into a primary source of funding. “Every dollar released from receivables or inventory is a dollar you do not have to borrow at today’s rate,” DeFabrizio said — a meaningful gap when investment-grade credit is yielding around 5.5% and broad high-yield debt is near 7%, with lower-rated credit running considerably higher.

“That makes working capital much more than a finance housekeeping exercise,” DeFabrizio added. “It becomes a capital-allocation decision.”

Era of Cheap Capital Ends

Elevated borrowing costs directly filter down into corporate balance sheets and consumer demand, sparking broader concerns over whether public and private debt issuance has reached a tipping point. Rather than waiting for a rate relief cycle that may never materialize, finance leaders are taking direct defensive action.

Duncan Young, principal at San Francisco-based consulting firm Saorsa Growth Partners, specializes in providing fractional CFO services to companies. Businesses, he told Global Finance via email, are now prioritizing balance sheet durability over aggressive expansion.

To hedge against benchmark rate risks, companies are restructuring their short-term obligations and shifting benchmark exposure.

Portrait photo of Duncan Young,
Saorsa Growth Partners
Duncan Young,
Saorsa Growth Partners

“This is likely a function of risk-off bondholders and bank balance sheets, shifting away from Treasuries towards corporates. We’re pricing off SOFR when possible, to avoid the Treasury rate risk,” he said.

Instead of speculating on interest rate cuts, companies with near-term debt maturities are moving quickly to lock in fixed terms to insulate themselves from further upside volatility in yields.

“Our ‘current debt’ revolvers are being paid back [or] termed out to give us more resilience, heading into uncertainty. We aren’t expecting yields to ease,” Young said.

That posture is showing up across the broader CFO community.

Companies Are ‘Stretched Thin’

Middle-market companies, firms that typically generate less than $1 billion in annual revenue, have even less room to maneuver. Nick Araco, CEO of CFO Alliance, hears that many CFOs “are stretched thinner on what their current options are.”

As a result, they’re watching the Federal Reserve more closely, he added. “They don’t have the same flexibility to just refinance on their own timeline.”

“The ones sitting on debt maturing in the next 12 to 24 months are largely not betting on yields easing meaningfully,” Araco said, describing conversations across the group’s roughly 9,000 members.

This conservative stance is fundamentally altering capital allocation strategies. Rather than relying on leverage to fuel aggressive top-line targets, firms are relying on internal cash generation. They’re scaling back capital expenditures and holding cash as a strategic buffer.

“Return on cash gives us some benefit — for example, it softens the opportunity cost of us paying off debt. Terming out on a fixed rate and sitting on the cash so we can stay liquid in the next liquidity crisis is insurance worth paying,” Young added. “Given the AI outlook and the consequences of a bubble pop, we’re prioritizing resilience over growth rate, and this means less leverage and a more liquid balance sheet.”

Preparing for Double Shock

Government debt continues to test the limits of market capacity. An August 30-year Treasury auction drew below-average demand and record dealer absorption as yields hit 5.2% — the highest since 2001. Meanwhile, foreign investors’ share of U.S. debt has slid to about 30% from a 2008 peak of 49%, according to the Committee for a Responsible Federal Budget and the Bipartisan Policy Center.

That combination — elevated base yields sitting alongside historically tight credit spreads — is unsettling CFOs more than the headline numbers suggest.

“Tight spreads feel almost like a false sense of calm,” Araco said. CFOs aren’t treating today’s all-in cost of debt as the new normal, he added. They’re stress-testing what happens if spreads normalize on top of already-elevated base rates.

“It’s less about action today and more about scenario planning,” Araco said, “and making sure that their capital structure isn’t fragile if that spread compression reverses.”

Corporate leaders are taking matters into their own hands. By prioritizing liquidity, extending duration, and managing leverage, CFOs are ensuring their organizations remain resilient regardless of where government bond yields head next.

“If Treasury yields remain elevated and spreads widen at the same time, the all-in borrowing cost can change quickly. I would model that combined shock now,” DeFabrizio warns. “Once you need the capital, your negotiating position has already changed.”

Anthony Noto covers corporate finance and private credit. Contact him at anoto@gfmag.com

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Arab News | Saudi entrepreneur brings live shopping, auctions to Saudi Arabia

JEDDAH: While the COVID-19 pandemic forced millions of people around the world to move their lives online, one young Saudi technology entrepreneur was watching more closely.

He was not just looking at how people were adapting to a new digital reality, he was watching what was happening elsewhere — particularly in China, where livestream shopping was rapidly becoming a mainstream way to buy.

For Taher Alblowe, the idea was simple but powerful — and he decided to build a live Saudi social shopping and auction marketplace.

“It is called Rwaj; we built it so a seller can go live, sell at a fixed price or by auction, get paid and ship without leaving the app, and a buyer can purchase or bid knowing their money is protected until the item is in their hands,” he explained to Arab News. “This lets us reach many more sellers and buyers in the region and beyond.”

Before founding Rwaj, Alblowe founded and served as CEO of Geeks Valley, an education and digital fabrication company that grew to more than SAR23 million in cumulative revenue and worked with government entities, leading universities, and international companies.

“Live selling in our region did not need to be invented. It needed to be made safe, and made native,” he said.

He sees Rwaj as being more than another shopping application; it is an attempt to anticipate how commerce could evolve and to build that future.

“When I saw the same model start to take hold in the US and then in Europe, I was convinced the timing was right to build it for the Middle East, from the ground up and in Arabic,” he said.

Today, through Rwaj, Alblowe is focused on building a new generation of commerce for Saudi Arabia and the wider Gulf Cooperation Council, combining livestream shopping, real-time auctions, entertainment, and direct interaction between buyers and sellers into a more engaging and trusted shopping experience.

A technologist at heart, he and his team had to build not only the technology that allows sellers to broadcast live, but also the systems behind every transaction — from seller verification and payments to escrow and logistics.

On Rwaj, sellers must go through a verification process before they can sell, while payments are held in escrow and released only after the buyer receives an item and confirms it is as described. For Alblowe, building that layer of trust from the beginning was part of the promise he wanted to make to users.

Asked what makes Rwaj different from existing e-commerce and social-commerce platforms, he replied: “Three things. First, trust and safety are built into the product, not bolted on — every seller is verified and every purchase, fixed price or auction, runs through escrow. Second, the format itself — a seller can sell instantly at a fixed price and run timed live auctions in the same stream, so buyers get both convenience and the excitement of bidding. Third, it is built for this region — Arabic-first and fully bilingual.”

The journey has gone through many challenges, but he kept going. “Every startup faces challenges, especially in the early days,” he said, pointing to logistics and the complexity of building a reliable trust system before reaching significant scale.

Yet none of those issues changed his conviction that live commerce has a future in Saudi Arabia and the wider region.

Alblowe, who has been recognized by Forbes Middle East, believes Saudi Arabia has many of the ingredients needed for that future — a young and digitally connected population, widespread use of smartphones and social media, fast mobile networks and increasingly sophisticated digital payments.

But perhaps his biggest ambition is to make live selling accessible beyond major brands and influencers.

Rwaj, founded in 2025, recently closed a $1.2 million (SR4.5 million) pre-seed funding round, which the company plans to use to accelerate growth and product development across the region.

For the founder, however, the funding appears to be less an end point and more another step in a much longer journey. He already sees Rwaj beyond Saudi Arabia and the Gulf: “I want Rwaj to be serving the world,” he said.

The ambition may sound big for a company still in its early stages, but it reflects the same mindset that led him to start the business in the first place: looking at where people’s behavior is heading and trying to build for tomorrow rather than today.

His vision is of a future in which livestream selling becomes as normal as walking into a store, where every shopping district could have people whose job is to sell live to customers who may never physically enter.

“Rwaj is building the infrastructure for that: the streaming, the payments, the trust layer, and the logistics,” he said.



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Arab News | Italian team Como welcome older fans to the stadium for their UCL debut

COMO, Italy: Como marked their Champions League debut with a gesture of respect by inviting their older fans to the game against Leipzig on Thursday.

President Mirwan Suwarso and some directors made the magnanimous decision of giving away their own seats, allowing supporters born in 1950 or earlier to attend the sold-out game.

“We will be honored to give up our seat for them,” Suwarso had posted on Instagram.

Capacity was reduced to around 10,000 because the delightful Stadio Giuseppe Sinigaglia stadium on the shores of Lake Como underwent modifications for the Champions League.

The 119-year-old club reached the competition under coach Cesc Fabregas, a standout goal-scoring midfielder during a stellar club career with Arsenal, Chelsea and Barcelona. He played for the Spain team that won the 2010 World Cup.

Fabregas guided Como to fourth place last season ahead of Juventus and AC Milan to claim Serie A’s final Champions League spot with a high-pressing brand of soccer.

Goals have been coming from 22-year-old playmaker Nico Paz, who has stayed on loan from Real Madrid and burly Greece center forward Anastasios Douvikas.



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Arab News | Coach crash in Switzerland leaves several dead

GENEVA: A road accident involving a tourist coach in eastern Switzerland has left several people dead and others injured, police said on Thursday.

The accident happened between the communes of Susch and Zernez in the far-eastern canton of Graubunden.

“Several people died in the coach crash in Susch. Several others were also injured,” the cantonal police said on X, without giving details on the circumstances of the accident or the victims’ identities.

Footage broadcast by Swiss media showed many rescue workers rushing about around the coach, which has overturned onto its side below the road, and helicopters stationed nearby.

According to the Swiss press, the bus belonged to the Dutch Oad tour operator, which offers trips across Europe.

Zernez is the entry point for visitors to the Swiss national park, a vast Alpine reserve stretching more than 100 square kilometers (40 square miles) across the mountainous Engadine valley.



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Arab News | UN sanctions committee paralyzed as nuclear watchdog refers Iran to Security Council for first time in 20 years

NEW YORK CITY: A UN Security Council committee tasked with overseeing sanctions on Iran remained blocked for a fourth consecutive quarter on Thursday.

Council members traded accusations over the panel’s inertia, against a backdrop of intensifying US-Iran hostilities and a landmark decision by the UN’s nuclear watchdog to refer Tehran back to the council for the first time in 20 years.

The 1737 Sanctions Committee has not met in the year since it was reestablished with the backing of most council members, and no report on its activities was presented during Thursday’s session after China and Russia once again blocked it.

The impasse has also stalled the appointment of experts to a panel, the mandate for which is due to expire on Sept. 27, that is intended to support the sanctions-monitoring work of the committee.

The dispute dates back to August 2025 when France, Germany and the UK triggered a so-called “snapback” mechanism under the 2015 Joint Comprehensive Plan of Action, commonly known as the Iran nuclear deal, to reimpose pre-2015 UN sanctions on Tehran.

China and Russia dispute the legality of that move, arguing that all sanctions lapsed on Oct. 19, 2025, with the scheduled expiration of the deal, and so the council’s consideration of the Iranian nuclear file was effectively ended.

Against this backdrop of an unresolved procedural fight, the Security Council session on Thursday was dominated by more recent developments: the International Atomic Energy Agency’s formal referral of Iran to the Security Council and the General Assembly this week; and the continuing military exchanges between Iran and the US.

The agency’s board of governors voted 23-3 on Wednesday to refer Iran over its noncompliance with international nuclear safeguards, the first such referral in two decades. China, Niger and Russia voted no and eight countries abstained.

Ambassador Jennifer Locetta, the US alternate representative for special political affairs, told the council that the IAEA “has not received information from Iran regarding the status of its declared nuclear materials or facilities” and has been denied access to carry out verification procedures.

The agency’s director general, Rafael Mariano Grossi, has again urged Tehran to engage constructively with the process, she added. Locetta dismissed Iranian claims that inspections were being blocked as a result of security concerns, noting that “Ukraine has been a worse and more constant war zone” and yet IAEA inspectors had still been able to work there throughout the conflict.

Washington, she said, would “look to partners in the coming days to weigh options” for strengthening the sanctions regime.

China’s deputy permanent representative, Sun Lei, voted against the meeting’s agenda and placed the blame for the deteriorating situation squarely on Washington. He said the US strikes and campaign of “maximum pressure” on Iran were the “primary causes” of the crisis.

A memorandum of understanding between the US and Iran in June was “undermined shortly after it took effect” by renewed military clashes, he added, and Washington had since “intensified unilateral sanctions” and “launched a new round of military strikes” against Tehran.

Beijing, he said, opposed further use of force and called for a return to efforts to reach a political and diplomatic settlement based on “equality and mutual respect.”

France’s ambassador to the UN, Jerome Bonnafont, said Iran’s stockpile of more than 440 kilograms of uranium enriched to 60 percent had “no credible civilian justification” and was sufficient for about 10 nuclear devices.

He cited the latest report by Grossi as saying the situation “raises an issue of proliferation and should be addressed with the greatest urgency.”

France backed a US-drafted resolution for the renewal of the expert panel’s mandate, Bonnafont added. He called for the full reopening to international shipping of the Strait of Hormuz, and offered a French naval presence there, alongside the UK, to help secure freedom of navigation.

Pakistan’s permanent representative, Asim Iftikhar Ahmad, told the council that the “upsurge of violence in the Middle East in the last few days” was “unsettling for the prospects of peace,” and said Islamabad was engaged in back-channel diplomacy to encourage de-escalation.

He urged “all sides to exercise restraint” and voiced concern over the continuing divisions within the council.

A memorandum of understanding between Washington and Tehran in June, which paused hostilities and set a 60-day window for a final nuclear agreement, expired on Aug. 17 without any deal.

The Strait of Hormuz remains effectively closed to international shipping, attacks on vessels have continued, and the US has revoked sanctions waivers on Iranian oil exports. A Security Council vote on renewal of the Iran sanctions expert panel’s mandate is scheduled for Sept. 17.



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Arab News | Leclerc and Hamilton clear the air but no written rules of engagement

MADRID: Charles Leclerc and Ferrari teammate Lewis Hamilton said they had cleared the air face-to-face after a clash at last weekend’s Italian Grand Prix but there were still no written rules of engagement between the pair.

Seven-times Formula One world champion Hamilton had called for written rules after being forced off onto the gravel by Leclerc on the opening lap and dropping from fourth to 10th.

The Briton eventually finished sixth while Leclerc crashed out. Asked at the Spanish Grand Prix on Thursday whether ‌anything had been ‌put in writing, Hamilton replied, “There was not.

“I’m sure ‌at some stage we’ll discuss how we can be better but we’ve not had a lot of time to turn around. You can’t change things in two days.”

Hamilton said there had been no shying away between the two drivers when they came to discuss what had happened.

“We sat face to face, just him and I, and talked about it,” he said. “We were just both open and honest and we squashed it. And ‌we can move on… I think ‌it’s healthy. It’s a relationship we have built over time.”

“Of course there’s going ‌to be frustrations… I’m sure there will be more times (where) we ‌are close (on track) because we are very close on pace. We both want to win just as much as each other and we both want to do well for the team as well.”

Ferrari are second in the championship ‌after 13 rounds, 122 points behind Mercedes. Hamilton is third overall, 76 points behind Mercedes’ leader Kimi Antonelli.

Leclerc told reporters he had reviewed footage after the race and recognised he had gone too far.

“I said it to Lewis and I think it’s very clear what we should do or should avoid going forward but I won’t go into much more details of what we’ve said,” added the Monegasque.

“The only thing I can say is it definitely did not affect the good relationship that we have and it will not affect anything going forward and that is the most important for me really.”

Leclerc said his crash at Monza at the end of the second lap had felt like a big one and he had suffered a tight neck for a couple of days after but was now fine.



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Arab News | Lebanese army reinforces presence in Nabatiyeh amid fears of Israeli incursion

BEIRUT: The Lebanese army and other security agencies reinforced their presence in the southern city of Nabatiyeh Thursday amid continued Israeli military escalation. An official Lebanese source told Arab News that Beirut had received no guarantees that the city would be spared an Israeli incursion following Israel’s takeover of the Ali Al-Taher ridge.

The Lebanese source said the enhanced army deployment was intended to “remove Israeli pretexts” for advancing into and occupying the city. “No foreign party, including the Americans, has provided Lebanon with guarantees that Israel will be restrained from pursuing its ambitions,” the source said.

Concerns are mounting over the city’s fate since Israel announced taking control of Ali Al-Taher, amid silence from Hezbollah, raising fears that Nabatiyeh could become vulnerable militarily. Nabatiyeh is approximately 12-15 km from the Israeli border.

Any slide toward widespread destruction would mark a major escalation in the conflict. Recent Israeli attacks have struck government and public facilities in Nabatiyeh, prompting President Joseph Aoun to condemn the targeting of a Finance Ministry building and the destruction of Ghandour Hospital.

In a statement, Lebanese Army Command stressed that the reinforcements did not constitute a new deployment, as army units were already present in Nabatiyeh and other areas not occupied by Israeli forces. It said the military had instead intensified its duties to reassure residents.

Interior Minister Ahmad Al-Hajjar said reinforcing the military and security presence was “an essential step to reassure residents,” adding that the state would continue strengthening its presence in the south to create conditions for people to return safely.

Prime Minister Nawaf Salam told Nabatiyeh Mayor Abbas Fakhruddin that supporting the resilience of residents was a priority. He said he was following up with security chiefs on increasing the presence of official state agencies alongside the army in Nabatiyeh. Lebanon is seeking to consolidate its authority inside the city and turn it into a broader model of state administration in areas exposed to Israeli military pressure.

The developments at Ali Al-Taher have made those efforts more urgent, with concerns that any area not quickly brought under effective state authority could, under the current balance of power, become the target of further Israeli military pressure.

The push coincided with a statement from the US Embassy on Thursday, as public calls grew in southern Lebanon against Hezbollah’s weapons. Residents of Tyre and Nabatiyeh have urged the Lebanese army to deploy and for weapons to be restricted exclusively to state institutions, while backing the government’s efforts to secure an Israeli withdrawal.

The US Embassy in Lebanon said Thursday that “the Lebanese people are making clearer every day their preference for Lebanese state institutions over Hezbollah’s weapons.” It added that “southern Lebanon does not belong to regional actors or militias.”

The embassy reaffirmed US support for the government’s declared objective of asserting sovereignty, with the Lebanese army responsible for enforcing it and decisions of war and peace remaining exclusively in the hands of the Lebanese state. The Lebanese army, meanwhile, issued a detailed statement outlining its activities since the signing of the US-sponsored framework agreement between Lebanon and Israel.

The statement came in response to what the army described as continued Israeli efforts to undermine existing arrangements, obstruct the army’s field operations and continue attacks on civilians that killed and wounded dozens of people a week ago. Lebanese Army Command said the escalation in Israeli strikes, alongside demolition and explosive operations in the south, “leaves no room for doubt regarding the aggressive intentions of the Israeli occupation.”

It said the Israeli escalation threatened implementation of the framework agreement between Lebanon and Israel, while continued attacks endangered existing understandings and arrangements and obstructed the army’s efforts to establish stability in the south. The army also warned that Israeli attacks and violations demonstrated an effort to undermine its credibility both inside Lebanon and before the international community.

The continuation and escalation of these attacks, alongside brutal demolition and explosive operations in the south, left no doubt about Israel’s aggressive intentions and contradicts international law, the statement added. Lebanese Army Command said specialist units had seized about 1,818 weapons and ammunition items during their operations.

The seized material included 10 rocket-launching platforms, seven rockets, seven drones, 51 projectiles, 10 aerial bombs and 1,560 pieces of light ammunition, in addition to large numbers of mines and explosive devices.

The army said units had also searched some homes in accordance with Lebanese law and with owner consent. It said residents had cooperated with the measures, particularly those related to removing unexploded ordnance and other dangers left behind by the war. Military units also opened roads totaling about 12 km in length as part of efforts to rehabilitate damaged areas, facilitate the movement of residents and troops and consolidate the army’s presence.

The measures included controlling movement in and out of operational areas, giving deployed units greater ability to monitor the area and prevent unauthorized armed activity. Lebanese Army Command said there had been no corresponding Israeli compliance.

According to army monitoring, Israel has committed about 7,700 violations since the framework agreement was signed on June 26. These include multiple attacks, as well as incidents in which Israeli forces opened fire near Lebanese army personnel and patrols.



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Arab News | Kingdom’s modernization is not Westernization, says executive coach

RIYADH: After more than 20 years in the legal and investment sectors, Khadija Grabinski transitioned into executive coaching, where she helps leaders navigate change through meaningful conversations.

Having lived in Saudi Arabia for the past year, she also shares her experience of the Kingdom on social media, offering an authentic perspective on its culture, people, and transformation.

Grabinski and her husband moved to the Kingdom from the US and she felt this new period of her life was an opportunity to make some changes.

 The daily routine she and her husband experienced during their time in the US during the COVID-19 pandemic inspired them to explore opportunities and make changes.

 “I spent 20 years in my field (as a litigator), so I guess it was enough … it was the right moment for me to change and to be more connected to people. This is why I chose to transition,” she said.

 Grabinski added that her new work life allows her to have meaningful conversations with people, providing them the space to talk about how they want to grow in professionally.

 

“I mean, for me, meaningful conversation gives more clarity. You think better. I mean, when you talk to people, even friends, and when you are in the deep conversation, it becomes like something more clear. You know where you are going. So this is why.”

 When Saudi Arabia launched Vision 2030 in 2016, much of the world’s attention focused on its bold plans for economic diversification and landmark development projects.

 Yet, nearly a decade later, the social transformation unfolding across Saudi Arabia has proven every bit as significant. Anchored in Vision 2030’s vibrant society pillar, this transformation is reshaping daily life in the Kingdom.

 

“As a coach, what I see is the other side of the transformation. It’s like people are excited for the future, but at the same time, they feel the pressure. So, they are wondering if their job will be the same in five or 10 years.”

 Grabinski added that leaders in today’s environment leaders have to acquire more skills, reinvent themselves, or simply adapt because there is both excitement and uncertainty.

 “For a country that grew that fast, which is totally normal to be honest, there is what I call growing pains. You know, like (when a) teenager (grows) too fast, it’s the same for a company. For people and for countries. So, there were some growing pains,” she said.

 

She added that today’s successful leaders need to possess interpersonal communication skills, which machines and artificial intelligence cannot easily replicate.

 “Leaders will need to communicate better. Listen more. And help their teams to navigate uncertainty and lead by example. Always and where do you see emotional intelligence being basically a huge factor of that, like, how is that going to turn into a valuable skill set for a leader?

 “I mean, by learning, the need to learn, it’s like a muscle, leadership,” she said.

 Grabinski shares her experiences and opinions about living in Saudi Arabia through her accounts titled Simone Executive Coach|Common Ground on TikTok and Instagram.



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ECB hikes rates to 2.5% as energy shock pushes eurozone inflation higher

Frankfurt has tightened again.


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The European Central Bank’s governing council lifted the deposit facility rate from 2.25% to 2.5% on Thursday. It is the second hike since 11 June, when the ECB moved for the first time in three years.

The ECB sets monetary policy for the eurozone through three key interest rates, with the deposit facility rate serving as its main policy benchmark.

The main refinancing rate was lifted to 2.65% and the marginal lending facility to 2.9%.

In its statement, the central bank noted that “the conflict in the Middle East continues to generate inflation pressures, and inflation is set to remain well above target for an extended period,” while ensuring that “with today’s decision, the Governing Council remains well positioned to navigate the uncertainty caused by the conflict.”

The ECB staff projections continue to estimate that headline inflation will average 3% this year. However, it has revised up the expectations for 2027 and 2028 to 2.5% and 2.1% respectively, compared with June.

An energy problem, not a demand problem

The decision follows an August inflation reading of 3.3%, up from 2.9% in July and the highest since September 2023.

Energy costs did nearly all the work, with energy inflation jumping to 14.3% from 10.3%, as fighting around the Strait of Hormuz kept crude supply constrained. The problem persists as Brent crude crossed $100 a barrel again on Wednesday due to renewed exchanges of fire between the US and Iran.

Underneath, the picture is calmer.

Core inflation, which strips out energy, food, alcohol and tobacco, actually fell to 2.4% from 2.5% in August, while services inflation, the component most sensitive to wages, dropped to 3% from 3.3%. There is still little sign that expensive energy is spreading into the rest of the economy.

That distinction has been central to the ECB’s own thinking.

In a paper published earlier this month, its economists found that adverse energy supply factors accounted for around 90% of the rise in energy inflation between January and May of this year.

“This time the energy supply shock dominates, while demand and public policy stimulus have minor roles,” the economists wrote, contrasting it with the 2021-22 surge that prompted a far more aggressive response.

A single rate for very different economies

The eurozone inflation average conceals a wide spread.

August inflation ran at 4.5% in Spain, 2.9% in Germany and 2.7% in France, three economies facing the same energy shock with markedly different outcomes.

Growth complicates matters further.

The bloc has held up better than expected, but resilience is not overheating, and even at 2.5% the deposit rate remains within the range the ECB considers neutral. Going further would mean deciding that policy must actively restrain the economy.

Christine Lagarde had signalled this move in July, when the council held rates but instructed staff to model oil and gas scenarios ahead of September.

“The burden of proof is on data,” Lagarde said then, adding that “the full inflationary impact of the energy shock has yet to play out.”

Thursday’s decision comes alongside fresh staff projections, though their cut-off date falls roughly two weeks before the meeting, meaning neither the latest leg higher in oil nor the surge in European government bond yields to 15-year highs will be reflected.

Attention now turns to Frankfurt’s peers.

The Federal Reserve will announce on 16 September and the Bank of Japan on the 18, with both expected to consider hikes of their own.

Meanwhile, the Bank of England will decide on 17 September and is expected to hold rates as it currently maintains a much higher benchmark than the rest at 3.75%.

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Arab News | Why Bab Al-Mandab matters as Yemen fighting intensifies

DUBAI: Renewed fighting along Yemen’s Red Sea coast has put the strategic Bab Al-Mandab Strait back in focus, raising concerns over a key maritime route linking Europe and Asia.

The strait is a narrow passage between Yemen and the Horn of Africa that connects the Red Sea with the Gulf of Aden and the wider Indian Ocean.

For ships travelling between Asia and Europe, it forms part of the route linking the Indian Ocean to the Red Sea and the Suez Canal, making it one of the world’s most important maritime chokepoints.

Why is it so important?

Bab Al-Mandab is the southern gateway to the Red Sea. Ships travelling through the Suez Canal between Europe and Asia generally pass through the Red Sea and then Bab Al-Mandab before entering the Gulf of Aden.

The route has ships carrying oil, fuel and other commercial goods.

Oil flows through the strait fell sharply after Houthi attacks on shipping began disrupting Red Sea traffic.

The US Energy Information Administration said oil trade through Bab Al-Mandab averaged about 4 million barrels per day in the first eight months of 2024, compared with 8.7 million barrels per day in 2023.

Why does the latest fighting matter?

Yemen’s western coastline runs alongside the strait, making control of nearby territory strategically important.

The port city of Mokha lies north of Bab Al-Mandab, while Dhubab is close to its entrance. Any expansion of Houthi control along this stretch of coast could increase the group’s ability to threaten or monitor shipping through the waterway.

Reuters reported on Thursday that Houthi forces were moving toward Mokha and Dhubab as they sought greater control of Yemen’s Red Sea coast. Yemeni government military sources said this could give the Houthis significant leverage over Bab Al-Mandab.

The reports have not been independently verified, and they do not mean the Houthis control the strait. But any further Houthi advance toward the coast could increase the risk to commercial shipping.

The Houthis have previously targeted commercial vessels in and around the Red Sea, forcing many ships to avoid the route.

What happens if shipping is disrupted?

Ships can avoid Bab Al-Mandab and the Red Sea by sailing around the Cape of Good Hope in South Africa.

But that can add thousands of kilometers to some journeys, increasing sailing times, fuel consumption, insurance costs and freight rates.

The consequences can therefore extend well beyond Yemen, affecting the movement and cost of energy, manufactured goods and other products travelling between Asia, the Middle East and Europe.



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Arab News | Prominent Israelis welcome UK settlement sanctions

LONDON: Prominent Israeli figures have welcomed British sanctions against illegal settlements in the occupied West Bank, The Guardian reported.

In a joint statement, they described the move as an “inevitable consequence” of their government’s actions.

Sanctions are being imposed “against Jewish terrorists, and not against the legitimacy of the state of Israel,” they said.

“There is no basis to the government’s response that the decision to impose sanctions against Jewish terrorists is an expression of antisemitism.”

Prof. David Harel, British-born president of the Israel Academy of Sciences and Humanities and a signatory to the statement, said the measures delivered urgently needed support for liberal Israelis who are trying to stop attacks on Palestinians and end the occupation.

“I personally would fight until my last breath against antisemitism and against anti-Israelism,” he told The Guardian. “But what is justified, and I do support, is being anti things that Israel is doing, and these days in particular what it is doing in the West Bank.

“Getting out of there (occupied Palestine), or, at least for the present, stopping these things from happening and starting to really talk about a two-state solution is not only good for the Palestinians. It’s not that we’re doing these poor people a favour. We’re doing a favour to ourselves, no less, maybe even more.”

Signatories to the statement include former Prime Minister Ehud Olmert; former commander of the Israeli military Dan Halutz; former ministers Yuli Tamir and Roni Bar-On; and former Ambassador to Germany Yoram Ben Zeev.

They wrote: “This decision is precisely what the state of Israel should have received in order to remove the disgrace of Jewish terrorism from the face of the country.”

Former diplomat Nadav Tamir also said the sanctions are good for Israel. “Any move to prevent annexation and ethnic cleansing of the Palestinians in the West Bank (and Gaza) is serving the long-term interests of the Zionist vision of Israel as the democratic homeland of the Jewish people,” he added. “It will help us to be more secure and moral.”

Avraham Burg, a former parliament speaker, said “like many Israelis and Palestinians, I am grateful for the courageous moral leadership” of UK Foreign Secretary Ed Miliband. “It’s a good beginning. Do not stop.”

Fourteen Israeli human rights organizations — including B’Tselem, Physicians for Human Rights Israel and Breaking the Silence — welcomed the sanctions.

“This is an important and necessary first step to meet states’ legal obligation,” they said in a statement. “We urge the international community to take further concrete measures to ensure that its relations with Israel no longer enable Israel’s settlement enterprise, forced displacement and ethnic cleansing in the occupied West Bank, or its broader assault on Palestinian human rights across all territories under its control.”



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European Commission proposes EU preference in public procurement, excluding Chinese firms

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The European Commission unveiled on Wednesday a legislative proposal allowing EU public authorities to favour European companies in public procurement for key public services such as energy, water, railways, ports, airports and postal services.


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The move comes as European policymakers seek to shield the bloc’s market from China amid heated trade negotiations, as the EU grapples with a trade deficit with Beijing of roughly €1 billion a day.

Public procurement markets in Europe represent €2 trillion every year — 15% of Europe’s GDP.

“Public money must serve our collective interests,” Commission Vice-President Stéphane Séjourné said on Wednesday. “A public buyer will be able to organise his European preference and to exclude operators coming from countries with which we do not agree on public markets, both on the basis of the nationality of the company or on the base of the origin of the products.”

Under the Commission’s proposal, EU public authorities will be able to exclude non-European companies from public contracts when they come from countries that do not allow Europeans access to their own public procurement markets.

“A municipality will be very clearly able to exclude a Chinese company or a European company that offers Chinese products,” Séjourné added. “It will also be able to give more points and more visibility in his offer to European offers compared to competition offers.”

Swift reaction from China

The Commission proposes that at least 30% of the evaluation of supplies for public procurement rely on quality criteria and not only on price, which will also hit low-cost Chinese products.

“The new standard is the best quality-price ratio, and not just the price,” Séjourné said. “Our choices must also be able to meet social and environmental demands, but also sovereignty.”

The legislation, which still has to be adopted by the EU co-legislators — the European Parliament and the EU Council — prompted a swift reaction from China. In a statement released after the commission’s announcement, China’s Chamber of Commerce to the EU said that such a European preference could “distort a level playing field” for Chinese companies participating in the European public procurement market.

“Public procurement should not discriminate against suppliers or goods on the basis of the supplier’s nationality or the country of origin of the goods.”

In March, another proposal creating a European preference in EU strategic sectors such as green tech, cars and energy-intensive industries also prompted Chinese ire, with Beijing threatening to retaliate.

EU Trade Commissioner Maroš Šefčovič will travel to China in early October, hoping to reach a political deal with Beijing to rebalance the trade relationship with the EU.

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Latin American Neobanks Take the Next Step

As their customer base grows fast, fintechs across the region are looking to become banks in the full regulatory and economic sense.

This article appears in the September 2026 issue of Global Finance Magazine.

After nearly a decade of explosive growth, Brazil’s fintech industry has crossed a threshold that once looked unthinkable; a digital bank now counts more customers than any of the country’s storied private lenders.

According to recent data from the Central Bank of Brazil, nearly 60% of the nation’s adults now hold an account with Nubank, making it Brazil’s largest private financial institution by customer count, albeit still far from the largest by assets. Similarly, 55% of banked Brazilians primarily identify as customers of a digital bank or fintech, according to research organization Instituto Locomotiva.

“The fintech market has decidedly moved beyond access and into becoming the central piece of the Brazilian banking economy, also from the population’s perspective,” said Álvaro Machado Dias, associate director of Instituto Locomotiva.

The Brazilian experience reflects a broader shift across Latin America. Having secured a competitive customer base, the region’s fintechs are now seeking the licenses, deposits, and balance sheets that could allow them to become the banks they once set out to disrupt.

In Argentina, digital wallets have overtaken every other payment instrument, with 70% of consumers using them over the past six months compared with 52% for cash, according to Mastercard. Nu Mexico reaches roughly 15% of the adult population just seven years after entering the market, while Mercado Pago, the fintech arm of now-Montevideo-headquartered MercadoLibre Inc., now has 83 million monthly active users across eight countries, up 29% over the past year. 

The shift is also changing how consumers transact. Sixty-one percent of Brazilian and 47% of Mexican consumers used a mobile device for their latest retail purchase, according to PYMNTS Intelligence’s Global Digital Shopping Index.

Having crossed that threshold with customers, the fintechs are now moving to the next stage: becoming banks in the full regulatory and economic sense. Nubank agreed in July to acquire Banco Porto Real de Investimentos S/A, enabling it to obtain a Brazilian banking license, while its Mexican unit began operating as a bank last month, becoming the first Mexican popular financial society (SOFIPO) authorized to convert.

Mercado Pago is close behind, with its own application reportedly first in line at Mexico’s banking regulator and an ambition to build the country’s largest digital bank. Mexican fintech Plata secured its license in February, while Argentina’s Ualá Bank SAU already holds a full banking license at home and in Mexico and a financing company license in Colombia.

Why A Banking License?

The economics of the transition are straightforward. As fintechs scale, the limitations of lighter regulatory charters become increasingly binding. Nu Mexico’s SOFIPO status, for example, allows deposit insurance of just 25,000 UDIs (Mexico’s inflation-indexed units of accounts) per client; a full banking license raises that ceiling sixteenfold. Banks can also compete for payroll accounts, held by only about a third of Mexican adults and concentrated largely among four incumbent institutions.

Most important, a banking license gives fintechs access to the deposits that provide the cheapest funding for a growing loan book.

Nu Mexico already holds $5.9 billion in deposits, which makes the ability to gather and deploy them at scale an increasingly important side of its business.

“Once a digital bank holds the same license, follows the same rules, and funds itself the same way, it stops being essentially different from a traditional bank,” said Reginaldo Nogueira, national director of Brazil’s Ibmec business and economics school. “The difference shifts to technology, efficiency, and customer experience.”

Accompanying that strategic shift is a much larger investment commitment. Founder David Vélez paired Nubank’s Mexican license with a projected $4.2 billion investment in the country through 2030.

The fintechs’ current profile marks a striking reversal from where the industry began. A decade ago, they were outsiders challenging Latin America’s established banks to control the region’s customers, branches and balance sheets. Today, they have crossed the most important threshold on the customer side. The next step is to acquire the regulatory privileges and funding advantages that underpin the banking business itself.

Thomas Monteiro is a contributing writer based in Spain.

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Arab News | Disarmament stalemate casts shadow over Iraqi government, coordination framework

Iraq’s ruling coalition has been forced to abandon plans to create deputy prime minister posts amid disputes over bringing weapons under state control, while sources say political factions are moving to recalculate their shares of the remaining vacant ministries.

Since parliament has approved Prime Minister Ali al-Zaidi’s government on May 15, 2026, giving the green light to 14 out of 23 ministers, political disputes have prevented appointments to nine portfolios, most notably the interior and defense ministries.

A more complicated dispute involved attempts by forces within the Coordination Framework to create four deputy prime minister posts. Asa’ib Ahl al-Haq was among the leading proponents, with its leader, Qais al-Khazali, putting forward his brother Laith al-Khazali for one of the positions.

Reliable sources told Asharq Al-Awsat that Asa’ib Ahl al-Haq had sought the post after formally agreeing to the plan to bring weapons under state control, but US objections blocked the appointment.

The sources described a “test of strength” between al-Zaidi and Coordination Framework forces because of the overlap between completing the Cabinet and the weapons issue. Scrapping the deputy prime minister posts, they said, opens the door to bargaining and forces all sides to recalculate the points assigned to ministries.

Observers believe efforts to complete the Cabinet began to falter as some political forces backed away from the weapons plan.

Al-Zaidi had made bringing arms under state control a key pillar of his government program. Asa’ib Ahl al-Haq and other factions later joined the proposed settlement in hopes of easing international pressure.

Sources said the Coordination Framework’s latest meeting exposed sharp divisions between leaders opposed to creating deputy PM posts and others insisting on them, preventing the coalition from issuing a statement afterward.

Al-Zaidi has held a series of meetings with Coordination Framework leaders in recent days in an effort to reach agreement on completing his Cabinet, particularly after his government marked its first 100 days.

Figures close to the prime minister’s office said he urged ruling coalition leaders to continue supporting the government in resolving outstanding issues, including bringing weapons under state control, combating corruption and filling Cabinet vacancies, regardless of disputes over deputy prime minister posts.

Under Iraq’s informal power-sharing system, ministries are distributed among election-winning political forces according to points based on each party’s number of parliamentary seats.

Legal and legislative affairs researcher Saif al-Saadi told Asharq Al-Awsat that scrapping the deputy PM posts would increase the value of the remaining portfolios, with sovereign ministries potentially worth 15 to 20 points and service ministries 10 to 12.

Al-Saadi expected two or three ministries to be filled, while the rest could remain under acting ministers because of domestic and external factors. He said the United States opposes militia-linked figures taking senior government posts, while competition among Shiite political forces is delaying agreement on candidates for the vacant portfolios.



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