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U.S. cruise ship suspends a global voyage in Asia due to fuel costs, stranding 200 passengers

A U.S. cruise ship on an around-the-world voyage that touted its cabins as floating homes suspended its three-year voyage in Cambodia due to fuel costs, forcing hundreds of passengers to disembark.

The MV Odyssey set sail two years ago on a voyage to the seven continents marketed as combining long-term living at sea with global travel. Its operator had offered to “make the Odyssey your permanent home,” with the purchase price of a suite for the lifetime of the vessel starting around $230,000.

For now, it is docked at the Cambodian port of Sihanoukville on the Gulf of Thailand, with no certain departure date.

The ship has been carrying 203 passengers, mostly Americans, along with 156 crew members, according to Cambodian officials. It has a 650-passenger capacity.

Its Florida-based operator, Villa Vie Residences, said monthly fuel expenses per cabin that historically averaged $1,800 have reached an estimated $6,000 to $8,000 in parts of Asia due to the war in Iran. The company said it sought to reduce fuel consumption by slowing the itinerary and spending more time in port, but was unable to offset the surging costs.

Traffic has been curtailed in the Strait of Hormuz since the war in Iran began, squeezing supplies of all kinds of petroleum-based fuels, especially in Southeast Asia, and sharply increasing prices.

“We have been unable to continue carrying the resulting operating losses,” Villa Vie Residences said in a statement issued Tuesday. “Passing the full increase on to residents is not a realistic solution. Our focus now is on supporting residents, crew, and employees” while it tries to restructure.

“The company is working with residents to coordinate disembarkation and identify temporary living arrangements,” it said.

Those on the ship had hoped to sail for years to come

Passengers, however, said they received no support and had to make their own arrangements after being given seven hours notice on Tuesday to disembark. Some were devastated and expressed hope a new company could rescue the venture so life at sea can continue.

Paul and Lynn Montoya, a retired couple from Wyoming, said they bought a window cabin and had expected to sail for years. They boarded the ship 17 months ago in Panama.

Paul praised the concept of residential cruising but said the shipowner lacked the expertise to make the business financially sustainable. While rising fuel costs had been cited publicly as the reason for the suspension, he said the company had already been struggling. Changes to itinerary, unreliable internet access and declining food quality had pushed many residents to leave the ship in recent months, he said.

Lynn said residents were repeatedly asked to contribute additional money for fuel and other expenses, including a fresh call to raise funds for fuel to get out of Cambodia. She said the crew members were also not paid.

“We were tired of every two to four weeks being asked for money for fuel, money for everything,” she said. “We had hopes but they just kept sinking further and further into the hole through mismanagement.”

The company could not immediately be contacted for comment.

For some, the venture was a risk worth taking

Yet for some, even the financial and logistical turmoil couldn’t outweigh the extraordinary experience of traveling the world and living at sea.

Carol Larson, 69, and her sister Crystal Lavering, 72, occupied separate cabins aboard the ship for 18 months. The siblings, from California, described the suspension as heartbreaking, and hoped the cruise would be resuscitated.

“I hope there is a movement for the residents to buy the ship and I am hoping that goes through because it’s a dream to live on the ship and I don’t want it to end,” Larson said.

Lavering said her health improved during her time on the ship, and that she didn’t need to use a cane to walk anymore. “You come to this ship to live … it’s just sad that it’s all over.”

Larson bought her cabin for $120,000, paid in installments, in addition to monthly maintenance fees, under a plan that had promised the possibility of living aboard for up to 15 years. She said she blamed U.S. President Donald Trump for the ship’s woes as fuel costs spiked due to the Iran war, in addition to poor management. But she said she didn’t regret her investment.

“Because it was a startup company, I believe that it was a risk. From the very first day, I said to myself that if it lasts a year, I can walk away and feel like I got my money’s worth … I still feel that way. I feel blessed to have been part of the experiment of residential cruising,” she said.

The cruise began in Northern Ireland in 2024

The ship arrived in Sihanoukville last Friday and was scheduled to depart Wednesday, according to a statement from Long Dimanche, the deputy governor of Preah Sihanouk province. He said it was now expected to refuel and depart Cambodia on Saturday, but the ship’s operator has not yet publicly confirmed any date.

Built in 1993 and operated under different names by several cruise lines over the years before being becalmed by the coronavirus pandemic in 2020, the Odyssey was bought by Villa Vie Residences in 2023.

Its current cruise, originally intended to last 3 1/2 years, began in October 2024 in Belfast, Northern Ireland, where the ship had been refitted. A second cruise had been tentatively scheduled to end in August 2030.

The Odyssey is not the first cruise ship Sihanoukville has hosted in crisis.

In February 2020, the MS Westerdam was allowed to dock in Cambodia after being turned away at five ports in other nations because of fears of COVID-19, which just a month earlier had started to spread from China. It carried 1,455 passengers, more than 600 of them American citizens.

After being stranded at sea for two weeks, Cambodia’s then-Prime Minister Hun Sen allowed it to dock for what he said were humanitarian reasons. Cambodia won plaudits as passengers were welcomed ashore and arrangements were made for them to fly home.

Cheang writes for the Associated Press. AP writers Eileen Ng in Kuala Lumpur, Malaysia, and Grant Peck in Bangkok contributed to this report.

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Global stock markets rise as investors continue to bet on AI | Financial Markets News

Global stock markets have climbed as investors continue to bet on bright prospects for the tech giants driving the AI boom.

In the United States, all three major stock indexes rose on Tuesday, led by the tech-heavy Nasdaq Composite, which gained 1.18 percent.

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The benchmark S&P 500 rose 0.6 percent, while the narrower Dow Jones Industrial Average edged up 0.03 percent.

Five of the “Magnificent Seven” tech stocks rose, led by Tesla, up 4.04 percent.

Amazon gained 1.61 percent, while Apple and Alphabet gained 0.93 percent and 0.9 percent, respectively.

Nvidia, the world’s most valuable public company, rose almost 1 percent after announcing a $3bn investment in Meta’s equity offering.

Meta fell 1.64 percent, while Microsoft fell 0.24 percent.

Other big movers in tech included Advanced Micro Devices, Broadcom and Intel, which gained 5.45 percent, 4 percent and 3.61 percent, respectively.

Asia Pacific markets rally

Gains continued in the Asia Pacific on Wednesday, with stock markets in Japan, South Korea, Taiwan and Australia climbing.

The KOSPI in Seoul led the gains, with the benchmark index up 5.84 percent as of 03:00 GMT.

The surge came as South Korea’s SK Hynix, one of the world’s top three memory chip makers, announced blockbuster third-quarter results on Wednesday, with operating profit soaring about 630 percent year-on-year to 83.33 trillion won ($62.8bn).

SK Hynix shares listed in South Korea surged more than 8 percent following the results.

In Tokyo, the benchmark Nikkei 225 was up 1.26 percent, while the TAIEX in Taipei was up 1.32 percent.

The S&P/ASX 200 in Sydney was up 0.11 percent.

Investors are keenly anticipating upcoming earnings reports from major tech players as they try to gauge whether their massive investments in AI will pay dividends.

Microsoft and Alphabet report their latest results on Wednesday, followed by Amazon on Thursday and Apple on Monday.

On Monday, AI giant Anthropic filed paperwork for its hotly anticipated IPO, reporting a net loss of $80.7bn in the first half of 2026 on $16.3bn in revenue.

Tech firms have poured hundreds of billions of dollars each into AI infrastructure, fuelling debate over whether a speculative market bubble could be forming similar to the one that preceded the 2000 dot-com crash.

Global AI investment is forecast to hit $2.7 trillion in 2026 and $3.6 trillion in 2027, according to Gartner, a technology insights company.

Oil prices, which have been elevated since the start of the US-Israel war on Iran, rose about 1 percent as Asian markets opened on Wednesday amid the ongoing conflict in the Middle East, including hostilities between Saudi Arabia and Yemen’s Iran-aligned Houthis.

Futures for Brent crude, the global benchmark, stood at about $115 a barrel, up 59 percent from before the war began.

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Whatever Happened to Romania? | Global Finance Magazine

Romania has great tech and is the region’s top energy producer, yet it’s mired in an economic slump.

This article appears in the November issue of Global Finance Magazine.

For investors, southeastern Europe’s largest and most diversified country remains a mystery. 

Renowned for its potential, Romania boasts a thriving information, communications, and technology sector; unicorn start-ups such as automation software company UiPath; and regional stars like OMV Petrom, the region’s largest energy producer; renewables producer Hidroelectrica; and Automobile Dacia. But development has gone badly off track, making Romania an outlier to the region’s upbeat picture.

Romania recorded negative growth of 0.8% in the first half of 2026, down from just 0.7% for all of last year, according to the latest Regional Economics Survey from the European Bank for Reconstruction and Development. The fiscal deficit, the current account deficit, and inflation remain either the highest or among the highest in the EU. 

A dramatic drop in foreign direct investment inflows, from €3.4 billion ($3.82 billion) in the first half of 2025 to just €527 million in the first half of this year, suggests difficulty in covering a predicted 2026 current deficit of €14.2 billion, leaving Romania heavily dependent on EU fund inflows, which have increased 32.5% year-over-year to €5.16 billion. 

What Went Wrong?

Romanians are being hit by steep hikes in energy and food prices and persistently high inflation. But much of the blame for the country’s failure to address these problems lies with its fractured, ineffectual political class, which has blocked attempts by successive coalition governments to control spending and carry out structural reforms. 

Romania has been without a government since May 5, when one of Prime Minister Ilie Bolojan’s coalition partners, the Social Democrats, sided with the far-right Alliance for the Union of Romanians to block a package of spending cuts intended to address a rising budget deficit. Since then, Bolojan has been unable to pass a budget or form a new government, causing the Romanian leu to depreciate and dramatically boosting inflation and borrowing costs. 

“Romania’s political class is doing what Italy’s did in the late 20th century, ramping up spending and debt to unsustainable levels,” said Charles Robertson, head of Macro Strategy at consultancy FIM Partners. “Bond markets now price Romania as a junk bond country, although the rating agencies have it just inside investment grade, all with a negative outlook.” 

In its last review, on July 31, Fitch Ratings affirmed Romania at BBB- Negative, citing “deteriorating public finances due to large, albeit declining, fiscal deficits and rising government debt/GDP.” 

Malgorzata Krzywicka, director on Fitch Ratings’ Emerging Europe Sovereign team, expects Romania’s economy to contract by 0.6% this year, bringing average real GDP growth to just 0.3% in 2024-26, compared with 4.7% in 2015-19. Potential growth has fallen from about 3.5% before the pandemic to closer to 2%. 

“The key challenge,” she said, “is whether private investment and recent structural reforms can offset these trends as EU funding gradually normalizes from recent peaks and public investment becomes a less powerful growth driver.”

Can Confidence Be Restored? 

Yes, but Romania’s political class must get its act together, said Radu Cracan, regional, policy & strategy economist at the EBRD.

“We strongly advocate for better and more reliable governance, more targeted and private sector-facing economic policymaking, more innovation, and better skills and human capital,” he said. “Ensuring a predictable regulatory and fiscal environment will be critical for foreign investor confidence.”

That’s a tall order for a country that has long puzzled investors by failing to make progress on these fronts. 

Nic Wirtz is a contributing writer based in Guatemala.

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Are global oil reserves sufficient to withstand renewed US-Iran war? | US-Israel war on Iran News

Oil prices have climbed towards their highest levels in five months as attacks on tankers in and around the Strait of Hormuz mount and efforts to end the United States-Israel war on Iran are deadlocked.

Brent crude, the international benchmark, rose by more than $2 to $110.85 a barrel on Wednesday, close to a five-month peak.

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A day earlier, Iran’s Islamic Revolutionary Guard Corps (IRGC) said two tankers were “set ablaze” after hitting mines at what it called an illegal crossing point in the strait. Then, on Thursday, the IRGC said it hit seven more tankers although Washington dismissed the claim. In a statement, the IRGC said four of the vessels were transferring oil when they were targeted and caught fire overnight.

In September, the Houthis, an armed group also known as Ansar Allah (Arabic for Supporters of God), seized territory in Yemen close to the Bab al-Mandeb strait, a critical chokepoint into and out of the Red Sea and a gateway to Egypt’s Suez Canal.

The escalation came as the world’s emergency oil stocks, already tapped heavily since the Iran war began on February 28, sit at their lowest levels in decades.

Al Jazeera put a question to analysts: If fighting resumes in full, the Strait of Hormuz is shut off completely and Houthi attacks choke off Bab al-Mandeb, how long could the world’s reserves last?

Here’s what you need to know:

What emergency oil reserves are there?

Strategic oil reserves are stockpiles of crude oil and fuel held by governments or by companies on their behalf for use in a supply emergency.

The International Energy Agency (IEA), which was established in 1974 after the Arab oil embargo, coordinates most of them. Its importing members must hold at least 90 days of net imports. China and India are not members.

How much of the reserves has already been released this year?

A record amount.

On March 11, days after the start of the US-Israel war on Iran, the IEA’s 32 members agreed to make 400 million barrels available from emergency supplies, more than double the volume released after Russia’s full-scale invasion of Ukraine in 2022.

The US pledged 172.2 million barrels from its Strategic Petroleum Reserve (SPR) and Japan 79.8 million, according to IEA figures.

The SPR has since fallen to 283 million barrels, its lowest level since October 1982, according to the US Department of Energy.

Much of that oil was lent rather than sold and must be returned with extra barrels, according to the US Energy Information Administration.

How much oil is left?

Far less than before the war began in February, and not all of it can be used.

Aaron Kildow, a senior crude oil analyst at Sparta Commodities, told Al Jazeera that global strategic stocks excluding China and Iran have fallen by nearly 327 million barrels since the end of December 2025 with the US, Europe and Japan accounting for about 95 percent of the draw.

He estimated that leaves only about 400 million barrels of usable reserves worldwide, excluding China’s stockpile, which is unlikely to be exported, and Gulf stocks, which could be cut off by a total closure of Hormuz.

Nearly half of these available stocks are in Japan.

Europe has about 76 million barrels uncommitted, but members such as Germany are holding some back for a local emergency, Kildow said.

“Europe is the real wildcard, both on timing and willingness,” Kildow said.

Meanwhile, China’s onshore crude stocks stand at 1.13 billion barrels, down from 1.23 billion in late February but still enough for about 80 days of refinery intake, Muyu Xu, a senior crude oil analyst at the analytics firm Kpler, told Al Jazeera.

India’s reserves cover just eight days of its imports, the Reuters news agency reported.

What would a full closure of Hormuz and Bab al-Mandeb mean?

Before the war, about one-fifth of the world’s oil and liquefied natural gas supplies, or roughly 20 million barrels of oil a day, passed through the Strait of Hormuz.

Saudi Arabia has increased the amount of crude it transports from its oilfields in the east to its Red Sea port of Yanbu in the west via the East-West Pipeline, thereby bypassing Hormuz.

But there have been strikes on that pipeline, and tankers heading south from Yanbu must pass through Bab a-Mandeb, where the Iran-backed Houthis declared a blockade on Saudi shipping in July.

Only a confirmed 373,000 barrels a day of Saudi crude have transited Bab al-Mandeb so far this month, the lowest level since February, Xu said, with most Yanbu cargoes now heading north via Egypt instead.

If Hormuz were shut and the Houthis blocked all Saudi tankers, Gulf producers could export only through a few pipelines and Yanbu’s northbound route, Xu said.

That would leave about 7.5 million barrels a day of Middle Eastern crude, against 16.8 million now, a shortfall of about 9.3 million barrels a day, she estimated.

“If such attacks occur, the supply disruption could be even more severe and prolonged,” Xu said, referring to strikes on oilfields, terminals and pipelines.

[Al Jazeera]
[Al Jazeera]

So how long would reserves last?

Not for long – possibly just weeks, according to experts.

If Kpler’s estimated shortfall had to be covered entirely from the roughly 400 million usable barrels that Kildow identified, they could not, in practice, be released that fast. Japanese and South Korean reserves can move quickly, Kildow said, but US barrels are staged over three months, and Europe’s contribution is uncertain.

Chris Beauchamp, chief market analyst at IG Group, said the world was fortunate after the first closure. “The salient feature of March and beyond was how a crisis didn’t actually develop. We got away with it,” he said.

“I don’t think the global economy will be as lucky next time if there is a protracted conflict,” Beauchamp said. “A month or two is all we have.”

The world would not literally run out of oil. Instead, prices would rise until enough demand disappeared. “One hundred fifty dollars [per barrel] becomes a very distinct possibility, which then sees significant demand destruction,” Beauchamp said.

The sharpest squeeze would be on diesel, which is already nearly double the price of crude, the IEA said.

Refiners would compete for crude grades rich in diesel, “a cost that ultimately lands on consumers,” Kildow said.

Who would feel it first?

Asian importers with thin reserves.

Most Gulf exports in September and October went to Asian buyers, and India and Pakistan are among the most exposed, Kildow said, adding that their nearest alternative supply, from West Africa, is 25 to 28 days away by sea, compared with two days from Fujairah in the United Arab Emirates.

“The squeeze won’t hit uniformly. It lands fastest and hardest where reserves are thinnest and substitute supply is farthest away,” Kildow said.

Who would gain?

Oil producers far from the Gulf.

In the second quarter of this year, as the US-Iran war was under way, ExxonMobil reported earnings of $14.5bn, its highest in four years while Chevron posted $12bn, its best in six years and Shell more than doubled its earnings to nearly $10bn. Their profits are largely down to the high oil prices.

A second shock would send refiners scrambling for supplies from the US, Latin America, West Africa and Russia, Xu said.

“This would allow non-Middle Eastern producers to benefit from higher crude prices, potentially alongside lower transportation costs,” she said.

In August, US President Donald Trump said companies such as ExxonMobil and Chevron were “making too much money based on a shortage”.

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Trump budget cuts threaten global soccer refugee program

Mohammed Annour spent much of his youth living in a flimsy shelter in a dusty, overcrowded refugee camp in east Africa, where the days were long, the food was poor and the future nonexistent.

“Go to the army and fight. That’s one option,” said Annour, who fled war in Sudan for the refugee camp in Chad when he was 9. “The other one is you stay there. But you don’t have a future.”

If he had stayed, Annour, now 33, has little doubt how his story would have ended.

“Probably,” he said, “I’m dead.”

Mohammed Annour, a former refugee soccer player, and Alan Barker, The Mighty Cosmos chairman, look across a field.

Mohammed Annour, a refugee soccer player who became a coach, and Alan Barker, chairman of the Mighty Cosmos, look across a field in Sweden.

(Courtesy of Darren Hamlin)

Instead, he’s in Sweden, raising two boys, working as a quality control inspector for a textile company and playing amateur soccer for a team in the country’s fifth division. And the only thing that separates his experience from the tens of thousands of desperate people he left behind in the camp is the fact someone believed in him enough to give him a chance.

“Everybody needs a chance,” Annour said. “Don’t throw people out. People just need a chance in life.”

“And we got that chance,” he continued, “because of Katie-Jay and Gabriel.”

That would be Katie-Jay Scott and Gabriel Stauring, a pair of South Bay activists who showed up at Annour’s camp on a blazing hot day in 2011, rolled a battered soccer ball across a barren field and transformed an untold number of lives.

Scott and Stauring founded the humanitarian group iACT largely to respond to the crisis in Darfur, a semi-desert plateau in western Sudan that has known nothing but war this century. But unlike many of the dozens of other similarly minded people and groups working in Africa, Scott and Stauring came not to preach, but to listen. They came with questions, not answers.

And what they were told was that the children in the camps needed more than food and shelter. They needed a routine, they needed recreation, they needed joy and they needed hope.

iACT founders Gabriel Stauring, left, and Katie-Jay Scott hold up gifts they received in the Central African Republic.

Founders of iACT Gabriel Stauring, left, and Katie-Jay Scott hold up gifts they received after a training session in the Central African Republic. Stauring and Scott were killed in a car crash in 2021, but their nonprofit continues to support refugees.

(Courtesy of iACT)

In other words, they needed soccer.

“Many organizations came into the camps. They just came around and took some pictures and then they leave,” said Annour, a slight man with a serious countenance. “I think [Scott and Stauring] understood us as humans, not just these kids or these people who need food or shelter.

“They saw another side. They saw these people that can make something in life.”

Stauring and Scott were killed in a car accident in Manhattan Beach five years ago, but their legacy lives on in the unique advocacy and aid program they created, one that uses soccer to teach skills and provide structure to refugees stranded in camps, shelters and intolerable poverty in four countries on two continents.

“They were so kind, careful,” Annour said. “Listening to everyone. It didn’t matter where you came from, which color you are. They were open and gave time to everyone they met.”

“Honestly, I didn’t know they were going to change my life or anything,” added Moubarak Abdallah, another refugee introduced to soccer by Scott and Stauring. “I saw them as other people who just come and go. But they were quite special people.

Grace Tanda, of "The Mighty Cosmos," strikes the ball during a soccer match. The team in Sweden is comprised of refugees

Grace Tanda, of the Mighty Cosmos, strikes the ball during a match. The soccer team in Sweden is comprised of refugees.

(Courtesy of Darren Hamlin)

“They wanted to help our ideas shine, to [give] other people hope. They were listening to what I needed.”

Today, there are more than 5,000 children participating in iACT soccer academies in Chad, the Central African Republic, Cameroon and Mexico. Another 1,800 children are enrolled in the group’s Little Ripples preschool program, which also served 475,000 meals to students and staff last year.

But the organization, like many similarly focused humanitarian groups, is fighting for its survival amid a global backlash against refugees and migrants.

The hostility has been especially strong in the U.S., where the second Trump administration has sharply restricted immigration and asylum access and drastically cut congressionally approved spending for life-sustaining programs previously funded through USAID. Many European countries have followed that lead, adopting a stauncher approach to border enforcement and deportations and slashing support for development assistance by 13.8% in 2025, the largest cut in a decade.

This summer, violent anti-immigrant protests in South Africa forced more than 178,000 people to flee to Zimbabwe, Malawi, Nigeria and other countries, reversing a trend that has seen the region’s richest country welcome migrants to work on farms, in construction and other low-paid jobs. Public sentiment toward refugees and migrants has also hardened elsewhere, creating a crisis for nonprofit aid groups.

The Office of the United Nations High Commissioner for Refugees, or UNHCR, this month warned the gap between humanitarian needs and donor contributions is widening, leading to deep cuts and forcing aid groups to fight one another for the shrinking dollars that remain — all at a time when conflicts in Syria, Gaza and Ukraine have swelled the number of refugees worldwide to nearly 42 million; another 69 million people are displaced.

That’s more than 1 out of every 70 people on Earth, according to the UNHCR.

Annour and his family were once part of that wave, fleeing their home in Sudan in 2003, stepping around dead bodies and witnessing unimaginable horror, to escape one in a series of continuing civil wars that have given way to genocide. More than 15 million people have been displaced in the 23 years of fighting, with more than 1.3 million still stranded in teeming refugee camps in eastern Chad.

Annour said he would have perished there if not for Stauring and Scott, who introduced soccer to their camp. Three years after the pair arrived, an international tournament for stateless players, the CONIFA World Football Cup, was held and iACT entered a 20-man team comprised of players from 12 camps. Annour, a left back, made the cut as did Abdallah, a physical midfielder with a perpetual smile who would become the team captain.

“No one is thinking this [is] going to be life-changing,” Abdallah remembers thinking. “You know, there was like a small chance but it became big dreams for us.”

The team, Darfur United, was outscored 39-0 in its two games in Ostersund, Sweden, but most of the players chose to stay in Ostersund rather than return to their camps and were welcomed by the Swedish government. They received asylum and eventually formed an integration team, the Mighty Cosmos, that advanced as high as the fifth division of Swedish soccer.

Abdallah is a natural leader, said Alan Barker, chairman of the Mighty Cosmos, and the kind of person who receives total respect from the other players.

Mugenyi Ngabu, left, cheers during the Mighty Cosmos' match in Sweden. The team is comprised entirely of refugees.

Mugenyi Ngabu, left, cheers during the Mighty Cosmos’ match in Sweden. The team is comprised entirely of refugees.

(Courtesy of Darren Hamlin)

“He is a sort of guy you can rely on 100%,” Barker said. “Personally, I would trust him with my life. He is a doer, not a talker. A problem solver not a problem creator. And he always wants the best for everybody.”

Annour, he added, has been troubled by knee injuries on the field but remains “a strong and quiet yet forceful personality of the group.”

“He is a passionate believer in fair play and honesty and has no room for dishonesty or deception in any aspect of life,” Barker continued. “Maybe that’s a reflection of his childhood in the refugee camps and Chad, where there was no time for such things. He’s a sort of guy whose name would be first on the team sheet. The team sheet of football and life.”

More important is the fact that the players, teenagers or young adults when they arrived in Sweden, have married, had children of their own, become citizens and integrated into the local community, where their civic work was this year recognized with one of Sweden’s most prestigious awards.

“I never dreamed to be in this position when I was a kid. I was trying to survive, to live day by day,” said Annour, who is working three jobs to support his sons, aged 1 ½ and 4.

“I’m here. I can provide for my family. Moubarak provides for his family. It’s like saving a generation, not just me and Moubarak.”

“It’s about the chances,” agreed Abdallah, 35, who also lives in Sweden where he coaches the Mighty Cosmos while raising a 5-year-old son.

“The door has to open. That’s all.”

iACT offered a way to open those doors when it first rolled that battered soccer ball onto a dirt lot. Without that, “these guys wouldn’t be here, wouldn‘t have the lives they have,” said Darren Hamlin, a British filmmaker who has started a Kickstarter campaign to fund a documentary on the refugee players.

By focusing on single players and their game and not the vastness of the sprawling global refugee crisis, Hamlin says the film has the power to redefine these former refugees not as obscure numbers but as flesh-and-blood people with dreams and talents and aspirations. That was what inspired Scott and Stauring when they founded iACT.

“Football has this power to transcend sports. It becomes an emotional thing,” said Hamlin, who is behind on his goal of raising $66,000 by the end of the month to expand work on the documentary. “It doesn’t matter how many stats or things we put in front of people; they don’t really pay attention.

“But football kind of goes deeper sometimes. Football is kind of the vehicle that delivers the message.”

Getting that message out, however, is becoming increasingly difficult. As government funding for refugee programs around the world has dried up, groups like iACT have found themselves fighting for the same slice of a much smaller funding pie.

“Fundraising at all levels has become more difficult with the gutting of USAID, especially with the increase in larger NGOs [non-government organizations] applying for foundation grants,” said Merri Weir, a retired teacher and iACT board member since 2016. “It is becoming harder and harder because we’re competing with larger NGOs. The funding stream has become tighter.”

At the same time, the need has swelled.

“The refugee camps in Chad are still very unstable,” said Weir, who has visited the camps multiple times. “The current war has not ended and shows no sign of ending. Refugees are still coming across the border, which has more than doubled the number of Sudanese refugees.

“It is critical that we are able to sustain our current refugee-led programs.”

In response, Weir’s group, which will hold its annual fundraising event in Manhattan Beach next month, has considered everything short of a corner lemonade stand and selling chocolate door to door to make up for the lost financial backing it needs to continue what Scott and Stauring started.

“In the past, it is our uniqueness and our innovation and our refugee-led action [that] set us apart,” said Weir. “It was very appealing.”

The Trump administration complicated things even further in June 2025 when it instituted a travel ban and entry restriction list on Chad, leading the Chadian government to retaliate by revoking visas for American citizens, including aid workers. That means fewer children playing soccer and attending preschool, fewer meals being served — and fewer success stories like the ones told by Abdallah and Annour.

“I spent 12 years in a refugee camp,” Abdallah said. “People just hope to get a meal for the day. [iACT] brought the footballs and then just brought the idea. A chance to change our lives. Opportunity.

“There’s a lot of people in the refugee camps [that] could be pilots, doctors, better football players. Maybe there is the next Lionel Messi, Cristiano [Ronaldo], Lamine Yamal in the camp. But they don’t have any opportunity to get out.”

“The world is crazy. It’s just war everywhere,” added Annour, who is about to begin a college course on sports science. “Those people who don’t like refugees, who don’t want the United Nations to bring more refugees, they need to put themselves in our shoes.

“People are so naive to think they can just ignore what’s going on. It’s getting bigger every day.“

Abdallah and Annour may have left the camps, but the camps have not left them. The work they have done in Sweden includes the construction of a community sports and culture center, addressing crime prevention and mental health, refugee resettlement, and fundraising efforts that support the work of iACT and other groups working with the people they left behind.

“My mom is still in the same camp, so I’ve been back three times now with a lot of footballs, football boots and football equipment,” Abdallah said.

Scott and Stauring, who lived in Redondo Beach before the fatal car crash, thought they were bringing soccer to the camps in Africa, but what they really brought was hope and proof that if someone just opens the door, you might be surprised what you find on the other side.

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Why Rubio is visiting Reliance’s oil refinery in India, the world’s largest | Global Energy Crisis News

New Delhi, India — United States Secretary of State Marco Rubio has arrived in India for a two-day visit, during which he is set to tour the Jamnagar refinery complex in Gujarat, owned by billionaire Mukesh Ambani’s Reliance Industries, a major player in global oil markets.

Reliance’s crude refinery in Prime Minister Narendra Modi’s home state is the world’s largest single-site refinery. In many ways, Reliance Industries’ businesses sit at the crossroads of the ongoing global energy crisis.

The conglomerate is central to Washington’s efforts to punish Russian energy buyers, while also trying to contain oil prices amid the war on Iran, on top of rising diesel costs in the US, where a crucial midterm election looms. Reliance has also only recently committed to a major investment in the US, which President Donald Trump’s administration has cited as an example of its successes in luring global capital.

Rubio is skipping the capital, New Delhi, at a time when the US-India bilateral relationship has been rocky, strained by a string of friction points — and an elusive trade deal.

So why is the top US diplomat visiting the world’s largest single-site oil refinery?

Secretary of State Marco Rubio shakes hands with US Consul-General in Mumbai Yuriy Fedkiw as he disembarks from a plane after arriving at Mumbai airport in India, October 20, 2026
Secretary of State Marco Rubio shakes hands with US Consul-General in Mumbai Yuriy Fedkiw as he disembarks from a plane after arriving at Mumbai airport in India, October 20, 2026 [Kylie Cooper/Reuters]

Where is Rubio visiting?

After meetings in Mumbai, India’s financial hub in the western state of Maharashtra, Rubio will fly to Jamnagar in neighbouring Gujarat, near the Gulf of Kutch. Jamnagar opens into the Arabian Sea and is home to Reliance Industries’ refining complex, a major hub for crude processing and fuel exports, which processes 1.4 million barrels per day (bpd).

Rubio had visited India earlier this year too, but this trip “is a little more business-focused”, the US ambassador to India, Sergio Gor, told reporters last week. A readout from Rubio’s office noted that he would “meet with business leaders to promote opportunities for commercial investment and economic cooperation”.

“[At Jamnagar] he will meet some of the folks at Reliance,” Gor said.

A motorcyclist drives past the Reliance Industries Ltd. oil refinery in Jamnagar, Gujarat, India
The Reliance Industries oil refinery in Jamnagar, Gujarat, India, on July 31, 2021 [Bloomberg]

What’s in Jamnagar?

The world’s largest single-site oil-refining complex has a combined crude-processing capacity of 1.4 million bpd. That is nearly 1.5 percent of global refining capacity, according to the company.

The complex comprises two refineries: the original facility, commissioned in 1999 with a capacity of 660,000bpd, and a second, export-oriented refinery commissioned in 2008, adding 580,000bpd, which operates in a special economic zone.

Jamnagar imports crude from international suppliers and exports refined products to global markets. The refinery can process heavy, sulphur-rich crude that many facilities cannot handle efficiently, converting oil into higher-value products.

Reliance said last month that the complex has processed more than 216 crude grades, claiming to be “perhaps the only refinery to achieve this feat”.

The Jamnagar refinery’s capacity is also driving a sharp revival in imports of Venezuelan crude — taken over by the US earlier this year after abducting then-President Nicolas Maduro — as Washington seeks to reshape global oil trade.

Reliance is expected to account for roughly 350,000bpd to 370,000bpd of the October intake, according to estimates from analytics firm Kpler. “We will talk with Reliance about refining more Venezuelan crude,” Rubio told reporters in brief remarks on Tuesday.

Secretary of State Marco Rubio, right, with US Ambassador to India Sergio Gor, in Mumbai, October 20, 2026
Secretary of State Marco Rubio, right, with US Ambassador to India Sergio Gor, in Mumbai, October 20, 2026 [Kylie Cooper/Reuters]

Why is the refinery significant for global energy supplies?

Reliance is a central player in keeping global oil markets stable, as one of the world’s biggest suppliers of refined petroleum products. In September, for instance, six of the seven large cargo ships that docked at European Union ports carrying oil products were bearing Reliance goods.

Reliance’s biggest export is diesel, which Trump has been particularly worried about, with prices reaching historic highs in the US ahead of midterm elections early next month.

Though the data on exports by category is not public, an analysis by the Reuters news agency from trade sources noted that Reliance Industries exported 21.66 million tonnes of refined petroleum products in the first half of 2025 from Jamnagar. Diesel accounted for the largest share at 9.81 million tonnes, followed by petrol at 6.14 million tonnes and jet fuel at 2.06 million tonnes.

Europe accounted for the biggest share of the company’s exports, making up 28 percent of Reliance’s refined products during the period. Buyers include BP, ExxonMobil, Glencore, Vitol and Trafigura.

The Jamnagar refinery also shipped about $143m worth of oil products to the US last month, according to data cited by the Centre for Research on Energy and Clean Air (CREA), a think tank in Finland.

CREA noted in its report that the EU’s ban on importing petroleum products made from Russian crude from January 2026 does not adequately prevent products from refineries in third countries from entering Europe when those refineries also process Russian crude. The Jamnagar refinery is a prime example of that loophole.

Rubio’s visit to the refinery also comes as Trump faces his worst approval ratings amid inflation and rising fuel prices ahead of the midterm election in November. Just about 31 percent of Americans are happy with Trump’s performance – the lowest-ever number in his two terms, according to a Reuters/Ipsos survey.

The Trump administration has also reportedly been pushing Ukraine’s President Volodymyr Zelenskyy to stop strikes on Russian energy facilities, which have rattled the global fuel markets.

Why the refinery is important for the Russia-Ukraine war

Reliance is also a critical actor in US efforts to influence how much oil Russia sells.

Since the start of Russia’s full-fledged war on Ukraine in February 2022, India has emerged as the second-largest buyer of Russian oil after China. And Reliance is driving that surge in imports. While only 3 percent of its oil was sourced from Russia before 2022, that share rose to 50 percent by 2025.

So when Trump imposed an additional 25 percent tariff on Indian goods in August 2025 to punish New Delhi for the purchase of Russian oil, Reliance was directly affected. It cut back on Russian crude imports significantly in subsequent months, but it still made up a third of the oil processed by Jamnagar’s refinery during the July-September 2026 quarter.

That was under threat when the Trump administration appeared poised to impose a 100 percent tariff on Indian goods because of continued Russian oil imports, under a new law passed last month.

But Trump has since suspended those proposed tariffs, easing concerns for India and Reliance.

Rubio has said India has been diversifying its import mix away from Russian crude, even as it still buys millions of barrels of Russian oil every day. “You’ve got countries like India, for example, that have voluntarily diversified their energy portfolio, but are still getting a substantial amount of energy from Russia because it’s hard to pivot from one day to the next,” Rubio said on Sunday.

“But they’re also an important ally and partner of the United States.”

Is Reliance also investing in the US?

Yes, India’s richest man, Mukesh Ambani, the chairman and managing director of Reliance Industries, is investing in the US, primarily through energy-related projects.

It is backing America First Refining’s planned oil refinery at the Port of Brownsville in Texas, also the first major US refinery in about 50 years, announced by Trump in March.

The refinery is expected to cost $3bn to $4bn and process about 60 million barrels of US crude annually. Reliance has signed a 20-year agreement to buy a large share of the facility’s output, with operations expected to start around 2029.

In November 2024, Reliance’s US subsidiary also acquired a 21 percent stake in helium explorer Wavetech Helium for $12m as part of its low-carbon energy strategy.

Last month, Trump announced that India’s Essar Group — an oil major with knee-deep ties to Russia — is planning an $18bn integrated steel investment in the US through its subsidiary, Mesabi Metallics.

Didn’t Trump’s ally just lock horns with Ambani?

Despite Reliance’s investments in the US and Rubio’s upcoming visit to the Jamnagar facility, Elon Musk, the world’s richest man who is also a key Trump ally, recently hit out at Ambani.

His Starlink space telecommunications firm has struggled for years to secure a licence to operate in India.

In ⁠a series of X posts recently, Musk accused Prime Minister Narendra Modi’s government of stalling Starlink’s entry to ⁠favour market leader Ambani’s telecom firm, Jio. Musk taunted Ambani directly, addressing ‌him as “Prime ‌Minister Ambani” and asking whether he would “consider allowing Starlink to compete”. Starlink, Musk wrote, was being blocked by “oligarchs” protecting their “monopolistic chokehold” on Indians.

In a statement issued on X, Reliance said it has “never feared competition” and has “grown in an India that welcomes investment and innovation, homegrown or international”.

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Global Salon: Building the Rails for a $3.5 Trillion Empire

Apex Group’s Peter Hughes on AI hype, tokenization, private credit and what Jeff Bezos got wrong.

Peter Hughes founded Apex Group Ltd. in Bermuda in 2003. Today, it manages more than $3.5 trillion in assets across 52 countries, with 100-plus offices, 13,000 employees, and 90 regulatory licenses—growth built on more than 50 acquisitions over eight years and a bet Hughes made roughly five years ago that traditional finance and decentralized finance, or DeFi, were headed for convergence, not collision.

In this conversation with Global Finance, Hughes—who spent time at KPMG and Hemisphere Management before founding Apex—traces that bet from BlackRock Inc.’s decision to add bitcoin to its balance sheet to Apex’s enabling the development of the compliance-focused Layer 2 blockchain initiative, T-Rex. He pushes back on Jeff Bezos’s prediction of an artificial intelligence-driven labor shortage, defends private credit against claims that it’s a broken asset class, and argues that traditional exchanges and crypto-native platforms are racing toward the same end state.

Global Finance: Was there a critical moment or aha moment that sparked a major change in your firm?

Peter Hughes: Absolutely. Bridging traditional finance and DeFi has been my focus for five years. Before that, we serviced crypto funds investing in bitcoin, working strictly with regulated partners to manage risk. I wasn’t sure if crypto would go mainstream, but seeing BlackRock put bitcoin on its balance sheet five years ago proved it was here to stay. That was the turning point.

We later ran a project with a client, lowering a fund’s subscription minimum in Luxembourg from 1 million Swiss francs to 1,000 so more people could access it. That was great, but our real value proposition lay in our scale—we operate across 50 countries under 35 regulators.

So you take something that’s high risk, like crypto, and then you say, “Well, actually, if it’s regulated and you’ve got clean AML around it, it’s a digital asset, and then it becomes accessible for everyone.” From there, I focused on building the distribution rails. We are now approved in 20 jurisdictions for on-chain transfer agency, enabling seamless settlement of digital securities. Our target by next year is a platform giving funds access to 50 new distribution channels across wealth, retirement, retail, and crypto-native channels. As tokenized money market funds transition to a 24/7/365 operational model, the broader asset world will inevitably follow. Building these locked-in distribution rails today ensures a highly valuable position for the future.

GF: Has blockchain changed the way your business operates, and do you see it likely becoming more integral in the future?

Hughes: Blockchain is the end state for how everything ends up; crypto is just a small piece of what we service. We focus on the regulated side—digital assets backed by clean AML.

My view is that everything will move on-chain, creating cheaper fund structures and frictionless finance. But that only works in a regulated environment. We favor public, permissioned chains because you know where the money is coming from, where it’s going, and that it’s clean. We supported the launch of the Layer 2 compliance initiative, T-Rex, which is operated by an independent foundation, to validate that every transaction moving across chains is fully verified.

I’m looking toward a world where custody, administration, transfer agency, and distribution all sit on-chain and interlink seamlessly—yielding faster speeds, higher volumes, and lower costs. So we’re all-in on blockchain. Crypto is part of it, but the core focus is digital assets: regulated securities that trade 24/7/365 like crypto, but with the institutional guardrails built in.

GF: Do you expect any relaxation for crypto in China?

Hughes: It’s difficult to tell, but stablecoins will eventually replace fiat on corporate balance sheets because they function as both payment tools and yield-bearing instruments. Their growth is currently limited by regulation—like MiCA in Europe and the Genius Act and Clarity Act in the US—designed to protect traditional bank deposits. But tokenized money market funds already offer the same yield without the payment functionality. It’s only a matter of time before yield- bearing stablecoins gain widespread adoption.

GF: Will Apex pursue any more acquisitions in the near future?

Hughes: We don’t need any new acquisitions. I bought 50 businesses over an eight-year period, each designed to add a new technology, open a new geography, or add a new product set. Every one is handpicked to complement what’s already there, so you can cross-sell both ways. People look at that from the out- side and say we just buy businesses—but for the last three years, it’s really been distribution businesses and technology businesses, aimed at building the technology rails to be the distribution leg for asset managers globally. That’s the direction I’ve always been moving in not just being good infrastructure and doing a good job for clients like other asset servicers but layering in and distributing their products to help them get bigger. That’s when you go from being a vendor to a real partner—when you’re shifting their P&L upwards. In September, I announced we’ve brought in a head of product from Revolut, because I want us building products and releasing them in eight-week sprints. If you’re not moving that fast in a tech evolution like this, you get left behind. So now it’s about building the technology of the future ourselves, rather than buying it in. We’re already servicing tokenized money market funds that run 24/7/365, fully on our own tech stack—and we want to keep enhancing that.

GF: Will there be fewer workers in the future due to AI or tech innovation?

Hughes: I hosted a conference for our clients in London and told them people are running an AI race that ends in a trap—you embed AI across everything, decide you don’t need people any- more, and suddenly your AI costs go up tenfold. That kills businesses. I’m not rushing into that trap. I’m adding AI thoughtfully, so data flows seamlessly end to end instead of being pushed and pulled by people, and I’m using it to build incremental products that add value for clients. I don’t think we’ll have fewer people, and I don’t think our salary costs go down—I think the same people will service more revenue. What it does change is who we hire. Instead of people doing manual work in Excel, we can bring in people who add real thought leadership, PhDs who help us think about how to value funds for the future. It doesn’t get cheaper for us. We just get better talent.

GF: Jeff Bezos insists AI will cause a labor shortage.

Hughes: I don’t see how it leads to a shortage. In places like India, where 18 million people enter the workforce every month, it’s exactly those keying-into-dashboards, keying-into-keyboards jobs that a lot of that workforce would traditionally have done—and a lot of people there see AI as a real threat because of it. So no, I don’t agree. When the manual layer goes, even my son—he’s at university in the UK—asks me, well, what job is he going to do when he leaves? He’s not going to start as an accountant, not going to start as a lawyer, because the bottom rungs of the ladder are being taken out. Firms are only hiring the top 10% into those entry positions now, whether that’s investment banking or what- ever else. So I don’t see it. Bezos is obviously very successful, but I don’t see how he’s right on this.

GF: What’s your view of the turbulent private credit space?

Hughes: The turbulence comes from growth—the volume of investor capital coming in but coming into a format that doesn’t work: a mismatch in liquidity. If you want to get out, you can’t, and that’s a structuring problem, not a problem with underly- ing returns. I still think private credit is a great asset class—10% annualized returns with low volatility. The friction came from structuring it into interval funds, which isn’t the right structure for private credit. When people raised concerns, the response was “wait for the next valuation, in four months you’ll see there’s no problem”—but the technology exists for weekly or daily valuation. If that information had come through faster, people wouldn’t have panicked. Instead, redemptions piled up and it became a vicious circle. The asset class itself is as strong as it always was—it was the structure, and the slow information flow, that caused the problem. And there’s no real slow down here: Revolut recently announced that Ares and Apollo are making their private credit funds available on the platform, with a €1 minimum investment. That’s not just a headline—it shows both the confi- dence in the asset class and what’s now possible in terms of democratizing it.

GF: Can we say that there is also an element of democratization of finance in what you do?

Hughes: That’s been a theme for the last three or four years — democratization, giving more access. But I think the way access happens will get more appropriate and more sophisticated going forward. People talk about interval funds in the U.S. as democratizing private markets, but for me that’s the wrong structure — it’s exactly why you saw noise around private credit funds: they were structured for retail, but there was a mismatch in liquidity. I think democratization gets broader and more sophisticated from here. It started with high-net-worth and wealth; as regulators get more comfortable, it’ll extend into wealth, retirement and retail. Think about why a private equity fund is high risk: it’s illiquid, you’re locked in for seven to ten years, it has a big ticket size, and it’s valued infrequently. Take away those three barriers and it trades like a normal equity, with a normal equity’s risk profile — which means it should be accessible to retail. Regulators are starting to understand that, though it’ll take time.

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

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Global Economy Struggles to Achieve Balance in Divided Times

As leaders gathered in Bangkok, discussions highlighted the fractures between economic winners and losers.

The global economy appears to be on a fragile foundation, and the finance ministers of Argentina, Greece, Nigeria, and Thailand agree that all economies should get their houses in order.

“Ideally, when you put your fiscal house in order, it shouldn’t be because of experience,” said Kyriakos Pierrakakis, the Minister of Economy and Finance for Greece and President of the Eurogroup, during a panel discussion that took place at the annual International Monetary Fund (IMF) and World Bank meetings in Bangkok. “It should be because of inspiration.”

Although the IMF projects global economic growth at 3.1% throughout 2026, its composition has changed.

The global economy is increasingly split between a handful of nations with AI-driven economies and those without. The IMF has upgraded AI-driven economies while it downgraded many fuel-importing nations and those affected by war. 

However, AI may be a curse and a blessing.

“The global economy’s dependence on AI investment enthusiasm creates a vulnerability, with risks of disappointment cycles, as per Amara’s Law, and the potential loss of human control over AI systems,” said fellow panelist Kristalina Georgieva, IMF Managing Director.

Exacerbating the situation are growing excessive export-import imbalances. Developing countries struggle to compete with export-oriented countries that have built their manufacturing base over decades. At the same time, developing economies struggle to compete for capital against an economy that takes in capital for productive use but leaves little for the rest of the world.

“The biggest source of imbalance comes from the two largest economies, China and the United States: China not having enough domestic consumption, exporting a lot, and the U.S. the opposite, not saving enough, having a high level of debt and deficit,” she said. 

Achieving Resiliency

It’s best for a country to put its fiscal house in order during periods of economic calm, but human nature tends to act only amid a crisis, said Georgieva. “Nonetheless, we have excellent examples of countries that have brought back fiscal discipline. They have taken the reforms, structural reforms that promote growth.”

The formula for building a resilient economy is discipline, transparency, and consistency, which, according to Olayemi Cardoso, Governor of the Central Bank of Nigeria, build credibility, said Cardoso, who spoke on the panel.

To address a persistent currency crisis and the loss of investor confidence, Nigeria eliminated its fuel subsidy in 2023 and, in June 2024, implemented multiple foreign exchange rates.

“These should have been done a long time ago, but they were not done,” he said.

The central bank also enacted an aggressive 800-basis-point (bp) increase in 2024, including a single 400-bp increase. As a result, the central bank brought inflation down by about 20 percentage points, to about 15%, and raised foreign reserves to their highest level in 18 years.

“Painful though they were, it brought back credibility because we were consistent in saying certain things and doing them,” said Cardoso.

In Argentina, the government eliminated its fiscal deficit, which was 5% of GDP, by cutting spending by 30% and growing the economy for the third consecutive year through increased exports. These measures helped bring inflation down to approximately 30% today from 211% in 2023.

“We have a fiscal surplus, a commercial surplus, and a current account surplus,” said panelist Luis Caputo, Argentina’s Minister of Economy. “The way we will continue in the following years will be by fulfilling our goal of reducing the weight of the state in the economy.”

Thailand aims to maintain macroeconomic stability amid an energy shock and a few years of supply-chain fragmentation. Even as part of the AI value chain, it has kept sovereign bond yields low. 

“Our government 10-year yield is around 2.3%, so much lower than the U.S. and Europe, thanks to fiscal discipline,” said Ekniti Nitithanprapas, Thailand’s Deputy Prime Minister and Finance Minister.

The Thai government has also made structural changes to turn these economic shocks into opportunities for low-income small and mid-sized enterprises by helping them adapt to current shocks and prepare for future ones.

It also expects to work more closely with its ASEAN partners to expand trade and investment opportunities to establish a resilient economy.

“For example, 22% of our trade is with ASEAN countries compared to 60% for the E.U.,” he said. “So, we could do more trade together.”

In Europe, the EU is working to close gaps in its pan-European reforms, which each member state must implement.

“Fragmentation in Europe is a strategic tax,” said Greece’s Pierrakakis. “The IMF has made a calculation that the barriers that exist in services or in manufacturing are equivalent to having a 40%-44% tariff for manufacturing.”

Shocks Happen

Even if countries can build a resilient economy, Argentina’s Caputo was skeptical that it would withstand future shocks.

“It looks like these shocks are going to take longer than anyone of us would have anticipated or hoped,” he said. “If that is the case, resilience by definition will have to last longer. And we don’t want to rely that much on that because resilience is there until it is not anymore.”

Caputo also noted that the whole world wouldn’t need to collapse to create a need for resilience. “Just one important country getting into trouble could probably generate systemic risk and affect us all.”

When questioned about France’s current economic distress, Greece’s Pierrakakis responded, “Well, I would say first we’re mindful, but we’re not alert. And we’re not alert in the sense that we know the fundamentals are there and they’re strong. If there’s one key word about Europe, it’s resilience.”

Rob Daly covers the economy and fintech. He can be reached at rdaly@gfmag.com

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Qatar warns global energy shockwaves from Iran war have yet to peak | Global Energy Crisis News

Doha, Qatar — Qatar’s deputy prime minister has warned that global energy shockwaves from the US-Israel war on Iran have yet to reach their peak, raising concerns about further disruption to supplies, international trade and economic growth.

Speaking at the Global Security Forum in Doha on Monday, Sheikh Saoud bin Abdulrahman Al Thani, who also serves as Minister of State for Defence Affairs, identified several threats facing Qatar and the wider Gulf, including risks to sovereignty and disruptions to energy supplies.

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“We haven’t reached the peak with respect to energy,” he said, warning of further repercussions “in the coming days and months”.

His remarks come amid continued instability in the Strait of Hormuz – a vital waterway for global oil and liquefied natural gas (LNG) shipments – following the US-Israeli attacks on Iran on February 28, and Tehran’s retaliatory strikes across the region.

Iranian strikes on Qatar’s Ras Laffan industrial complex in March damaged facilities, with repairs expected to take several years.

“We were surprised,” Al Thani said when asked about the attack, adding that there had since been “a lot of discussion with Iran”.

He said Qatar had drawn lessons from the strikes, “to make sure that all of our assets will be protected from any unexpected attack”.

Al Thani also warned against imposing tolls on ships passing through the Strait of Hormuz.

“Transit fees should not be applied,” he said, adding that uncertainty over the waterway would ultimately affect consumers worldwide.

‘We never stop our communication’

Despite the attacks, Al Thani said Qatar continued to maintain contact with Tehran.

“We never stop our communication,” he said, adding that the two countries remained in touch at different levels despite their disagreements.

He described Qatar’s relationship with Iran before the attacks as one of trust, pointing to their shared offshore gasfield and longstanding economic interests.

Al Thani expressed hope that mediation efforts involving Qatar, Pakistan and Oman would help produce an agreement between the United States, Iran and other parties, including Israel.

He said a sustainable settlement would require broader regional dialogue involving Gulf Cooperation Council (GCC) countries, Pakistan and Turkiye, in consultation with international allies.

“We need to build this on trust,” he added.

Al Thani also suggested developing economic ties with Iran to prevent future conflicts, citing cooperation between France and Germany following decades of hostilities.

“Iran is our neighbour. We need to find ways to live with them,” he said.

US defence ties

Al Thani also highlighted Qatar’s longstanding defence partnership with Washington, saying that “more than 90 percent” of attacks had been prevented through shared expertise and military capabilities developed over the past three to four decades.

He said Qatar was continuing to develop Al Udeid airbase, which hosts US forces and military personnel from other partner countries.

The base was itself targeted by Iran during the conflict, with Qatar reporting that it had shot down two Iranian warplanes during an attack in early March.

Al Thani also announced plans for a new regional defence partnership, saying Qatar was prioritising several aspects including air defence, counter-drone measures and cybersecurity.

“I’m happy to announce today also that soon we’re going to announce a new partnership,” he said, without naming the regional partners involved.

The deputy prime minister stressed that Qatar’s mediation efforts did not diminish its commitment to defending its territory.

“Mediation doesn’t mean that we should not be ready for any defensive action from our side,” he said.

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Losing Cuba, the global trickster | Opinions

Cuba is once again in the United States’s crosshairs. Washington’s operation in Venezuela at the start of the year is largely seen to have paved the way for a similar undertaking on the Caribbean island. Recent media reports have revealed US military activity nearby while US officials have repeatedly said they want “Cuba to be free”.

When and how the US may strike is still unclear. But indications are that the Cuban Revolution may be nearing its end. That is reason enough to pause and reflect on the outsized role this nation of 10 million has played on the world stage.

When thinking of the Cuban presence on the global geopolitical scene, the figure of Eshu, the most powerful spirit in Cuban Santeria comes to mind. Derived from the beliefs of the Yoruba people, Eshu is a divine messenger, the guardian of the crossroads and mediator between the past and the future.

In stories, Eshu is often portrayed as a mischievous elder, one whose antics are used to teach humility and morality. As a character, Eshu is a classic trickster, an archetype commonplace to many traditions that functions to challenge established norms, subvert power structures and reveal hidden truths.

It’s hard to imagine a more apt analogy for Cuba than Eshu, the trickster, foil to US hegemony. At its best, trickster Cuba forced an open debate on what kind of world we might aspire to and held the empire to account, at times even pushing the US towards its better angels, however begrudgingly. At its worst, it held up an uncomfortable mirror to US power.

It is a potent formula, one struck upon from the very earliest days of the revolution. In September 1960, just a year after taking Havana, Cuban leader Fidel Castro found himself visiting New York to address the United Nations General Assembly. Wary of his anti-imperialist rhetoric, a Cold War-obsessed US government put pressure on several prominent hotels to refuse service to Castro and his entourage. But the Cubans were not to be deterred. Instead, they went uptown to Harlem and found a place at the Hotel Theresa.

Photographers and TV camera people flocked there. A media sensation ensued. And Castro used the opportunity to draw comparisons between the plight of the Cuban delegation and that of Black Americans being refused service in the segregated South.

This landed like a bomb in the middle of the burgeoning civil rights movement. It was an awkward contrast, not just because of the optics but because of the location, not in the heart of Jim Crow, but in a liberal northern city, New York, the cradle of American civilisation. This was the first, but not the last time that Cuba, the trickster, would strike.

In the following years, the revolutionary government developed its programme of Cuban Internationalism, which inevitably stood as a counter to US soft power efforts in the developing world through organisations like the Peace Corps and USAID.

Cuba would send as many as  400,000 doctors, not to mention engineers, agricultural technicians and other professionals, to 164 countries across the world. This material solidarity garnered great affection for Cuba among many countries in the Global South, countries as disparate as Venezuela, South Africa and Vietnam, where characters like Castro and Che Guevara are as recognisable as national heroes like Simon Bolivar, Nelson Mandela and Ho Chi Minh. In these same countries, American leaders are remembered too, often in far less flattering terms.

Other examples of Cuba’s trickster antics abound. Perhaps most notable is the Cuban armed forces’ sound military defeat of the Bay of Pigs invasion, which, while carried out by Cuban exiles, was supported and funded directly by the CIA.

There is also the revolution’s support for the Palestinian liberation movement and the antiapartheid struggle even as the US provided diplomatic cover and military aid to Israel and the apartheid regime in South Africa.

From 1975 to 1991, more than 300,000 Cuban soldiers fought alongside forces in Angola, eventually emerging victorious in a proxy conflict with the US. Operation Carlota, as it was called, would not only liberate Angola and neighbouring Namibia, but it would precipitate the downfall of South African apartheid as well. According to former South African President Nelson Mandela, Cuba’s intervention in Angola “destroyed the myth of the invincibility of the white oppressor”.

Castro himself has carried the spirit of Eshu. The Cuban leader reportedly survived more than 600 assassination attempts and died of natural causes at the age of 90.

And there are the many ways that Cuba has defied the “third world” label so often foisted upon it by beating the US in literacy rates, infant mortality and life expectancy at various points in its revolutionary history.

But beyond all of this, there is the sheer fact of the revolution’s survival. For more than 60 years, the US has imposed a severe economic embargo against the island. The embargo – the world’s longest – has been intensified at various points, specifically after the fall of the Soviet Union as Cuba reeled from a profound economic crisis.

Despite this regime of maximum pressure from the world’s largest superpower, the revolution nevertheless persevered through the crisis of the 1990s by diversifying  and liberalising the economy and by drawing upon its well-established programme of internationalism in the Global South. Not only that, but it managed a nationwide sustainable agricultural revolution in the process, a feat for any nation, but perhaps unsurprising for Cuba, given its trickster nature.

But tricksters also work in unexpected, even contradictory ways. Despite these accomplishments, the denial of political rights and the repression of the freedoms of expression and assembly have been the Cuban Revolution’s greatest failings.

Speech is not free in Cuba. Access to information and the internet is heavily restricted, and recent popular protests have been violently extinguished.

Such dynamics have long been pointed to by detractors as evidence of Cuba’s inherent authoritarian nature. But in this regard, Cuba is not the US’s opposite, but rather its peer.

The US in 2026 is a country facing its own rash of unfreedoms: comical levels of corruption; the erosion of democratic institutions; the embrace of AI and the panopticon surveillance it enables; continual attacks on free speech, voting rights and the media; extrajudicial killings of US citizens by masked agents of the state; and an increasingly monarchical presidency. All of which is to say nothing about the spectre of the infamous detention facility at Guantanamo Bay, still home to 15 detainees from the “global war on terror”, raised once more in relation to President Donald Trump’s brutal immigration crackdown.

One cannot help but be struck by the ways that the Trump administration appears to emulate countries like Cuba or Russia or Iran that it rhetorically maligns.

But in this way, Cuba carries on in its role as the foil to American power. In its repression, it reflects the creeping authoritarian inclinations that characterise the Trump administration. Tricksters, after all, are themselves morally ambiguous. And if the greatest flaw of the US has always been that it fails consistently to live up to its most laudable ideals, then in this sense, it is no different to Cuba and its revolution.

With the US poised and ready and with the conditions in Cuba deteriorating rapidly, we may be witnessing the final days of the revolution. That begs the question: When the day comes that Eshu no longer guards the crossroads, what then? What becomes of the world when there is nothing but unquestioned empires and techno-feudal overlords? Without tricksters to confound their power, will we revert to the revanchist past or tumble into some kind of dystopian future?

If and when the revolution finally falls, there will no doubt be cheering on the streets of Miami. But there will be tears elsewhere – tears not just for the revolution, but for the alternative that it represented, however flawed. Perhaps if the US had listened more or differently, they would have heard the lesson that Eshu was trying to teach.

The views expressed in this article are the author’s own and do not necessarily reflect Al Jazeera’s editorial stance.

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How Israeli firm’s ‘zero-click’ malware attack poses global security risk | Cybersecurity News

Just visiting a page or refreshing an app can be enough to fall victim to a malware attack in which your personal data is stolen from a laptop or phone, researchers have found. You are not even required to “click” on anything.

An Israeli spyware firm has been found to be behind the first-known instance of “zero-click” targeted advertising in which fraudsters or spies can steal private data and send it to external servers, with Al Jazeera journalists among the victims.

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In June 2025, 45 devices used by Al Jazeera staff – including several who reported on sensitive subjects – were targeted with spyware which installed itself without the need to open or download any files.

An investigation by the Canada-based academic research unit Citizen Lab, prompted by Al Jazeera’s initial internal probe into the issue, discovered that the Israeli company Candiru was behind the attacks.

Analysts say the findings are “incredibly concerning”, as they confirm the existence of a new global security threat. “We knew we were headed in this direction and now it is out in the public,” Remesh Srinivasan, professor of information studies at the University of California in Los Angeles, US, told Al Jazeera.

“This is the next level, because people are being microtargeted,” he said. “This is the point we’ve come to when it comes to surveillance.”

How ‘zero-click’ malware works

Al Jazeera’s in-house technology team first discovered unusual patterns on devices used by some journalists in 2024. Analysis of network logs provided to the Citizen Lab by Al Jazeera in 2025 provided a clear temporal signature of how the attack was executed.

Malicious advertisements were bought by Discover-Tech, an Israeli company presenting itself as a legitimate advertising firm, but which actually operates as a facilitator for mercenary spyware partners.

Its advertisement network identified Al Jazeera staff, then quietly redirected them to an infected server belonging to Candiru. The spyware firm was blacklisted by the US government in 2021, when Citizen Lab found it was responsible for the illegal hacking and surveillance of at least 100 activists, journalists and political activists across 10 countries.

Al Jazeera Media Network has condemned the targeting of its staff members’ devices and called for those responsible to be held accountable.

Cybersecurity analyst and author Eddy Willems said the advertisements used automatically infect devices the moment they pop up on the screen, but there is an important technical nuance. “Executing code inside the browser does not automatically give an attacker full control over the computer,” Willems told Al Jazeera.

“To escape the browser’s isolated environment – the ‘sandbox’ – the attacker may need a second vulnerability,” Willems said, adding that an advanced spyware operation can combine several vulnerabilities.

“The attacker attempts to exploit vulnerabilities to bypass security boundaries. This is precisely what makes this type of attack so dangerous,” the analyst said.

Once the device is infected, the malicious software is designed to collect a wide range of sensitive data, including files, documents, and browser data such as cookies, bookmarks, and saved credentials.

It can also capture keystrokes, take screenshots, record microphone and webcam input, and extract emails and messages from popular communication platforms. To avoid triggering security mechanisms, the spyware often uses encrypted communication channels and breaks up stolen data into smaller chunks sent over time.

Advertising: A new global security threat?

Analysts say Citizen Lab’s findings point to the escalation of an existing threat, which expands the scale and reach of traditional cyberattacks and makes them much harder to detect.

While “zero-click” attacks are not completely new, the findings outline a new technique through which online advertisements are used as a route to infection.

Stephen O’Shaughnessy, a lecturer in cybersecurity at the TU Dublin Blanchardstown campus in Ireland, explained that when a user opens a website or app, an automated auction sells the advertisement space in a fraction of a second. That auction shares data about the victim, including the device ID, IP address, rough location and the app or site they are on.

“Discover-Tech posed as an ordinary advertiser, used that data to find their target and win the auction for that person’s screen,” O’Shaughnessy told Al Jazeera. “Anyone with a phone or browser that shows ads can be reached, without the attacker needing their phone number or email.”

“Because no message or link is involved, there is almost nothing for the victim to notice,” he added.

Discover-Tech appeared on lists of “certified” and “approved” vendors maintained by Google and advertising industry association IAB Europe, and has served advertisements via major networks such as Google, Yandex and Beeswax.

In its report, Citizen Lab said this illustrates the structural flaws in the online advertising system, which essentially failed to detect or prevent the abuse.

Discover-Tech advertisements have popped up on devices used by personnel in national-security-sensitive networks around the world, including those of various ministries of defence, armed forces, national cyber agencies, intergovernmental organisations and media outlets, Citizen Lab found.

The research unit said these advertisements have also appeared on networks used by the United Nations, NATO, the European Parliament, the European Commission and the Council of the European Union’s General Secretariat.

‘Almost nobody was watching’

Government networks have also been targeted in at least 24 countries, including the United States, Italy, Denmark, Norway, Australia, Russia, Mexico and Israel itself. Networks of media organisations have also been targeted, mainly in Australia, Denmark and Sweden, according to Citizen Lab.

In a separate report, New York-based advertising security firm Confiant said its own investigations had found that some of Discover-Tech’s advertisements also appeared in critical networks used by the Pentagon, the United Nations International Atomic Energy Agency and the International Criminal Court.

O’Shaughnessy said infection has not been confirmed there – only profiling of users. “But that alone is concerning, he said. “The ad system was built to send code from strangers to billions of screens with pinpoint targeting. Almost nobody was watching it from a security angle.”

The analyst said the risk remains low for most people as these attacks are expensive and aimed at specific targets. “For individuals at high risk, like journalists and officials, the best first defence is to install an ad blocker, switch off their advertising ID through their phone’s privacy settings, keep everything updated, and turn on Lockdown Mode or Android’s Advanced Protection,” he said.

Precautions also need to be taken within the industry and at government level. “To combat this, the ad industry needs to properly vet who’s buying ads,” O’Shaughnessy said, while “regulators need to stop personal data being sprayed out to thousands of unknown bidders in every auction.”

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Ancient UK coastal city that’s home to HUGE celebrities named top global holiday destination for 2027

ONE Roman city in the UK has made its way onto the list of the best places to visit in the WORLD next year.

Chichester in West Sussex is a must-see spot in amongst places in California, Canada, Italy and even Australia.

Chichester has made it onto the list of top places to visit in the world in 2027 Credit: Getty
The city has its own harbour and is close to beaches too Credit: Getty

Expedia has revealed the trending hotspots for next year, which have seen a boom in searches.

Chichester has seen an increased interest of up to 30 per cent, the city itself dates back almost 2,000 years – and its main attraction dates back to 1075.

Chichester Cathedral sits right in the heart of the city and has done for over 900 years.

At 277 feet high, it’s the only medieval cathedral in England that can be seen from the sea.

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Other popular spots for visitors include Fishbourne Roman Palace, the biggest Roman house in the UK, and the open-air Weald and Downland Living Museum.

Hopefully visitors will bump into friendly locals too as the city was voted the happiest place to live by The Guardian last year.

The location of the city means that it’s less than half an hour away from some of Britain’s beaches.

West Wittering Beach is a mere seven miles away from Chichester city centre and still in the district of Chichester.

The pretty beach has Blue Flag status and is backed by colourful beach huts, and the village itself is home to huge celebrities including Keith Richards and Kate Winslet.

Other nearby coastal spots include Selsey Beach and Bognor Regis – both of which are home to popular holiday parks like Seal Bay Resort and Butlin’s.

Chichester Harbour has thousands of moorings and waterfront restaurants Credit: Alamy

There is waterfront nearer to the city however as Chichester has its own harbour with sailing clubs, marinas and thousands of moorings.

One popular spot for visitors to enjoy lunch is The Boathouse in the marina which has indoor and outdoor seating.

Chichester also has lots of green spaces too as the area surrounding the city is part of the South Downs National Park.

For those who want to visit, Chichester has its own railway station with direct trains to London Victoria – these take around an hour and a half.

Also in Chichester is Bosham, a tiny village compared to Venice which is home to England’s best B&B.

It is even in the famous Bayeux Tapestry, as it was where King Harold lived.

The Credit: Alamy
Chichester canal basin, West Sussex, England Credit: Getty

Other locals say it looks like an ‘old fishing village‘ found in Devon or Cornwall.

Talking about Unpack ’27, Expedia Group CEO Ariane Gorin explained: “In 2027, travellers are being more intentional in choosing their next adventure, seeking experiences that are more personal and purposeful to them.

“We’re making it easier to discover, plan, and book the right trip, so travellers can spend less time managing the details and more time enjoying the moments that matter.”

The next closest spot for Brits, and the perfect destination for a holiday is Perugia in the Umbria region of Italy.

Flights with Ryanair are direct from London Stansted and start from as little as £20.

Found on the hilltop, the Umbria capital is one for the foodies, being famous for its chocolate (and annual chocolate festival).

There are also jazz festivals, historic fortresses and beautiful architecture to explore as well.

Here is Expedia’s full list of Destinations of the Year for 2027…

South Lake Tahoe, California

Hyogo, Japan

Punta del Este, Uruguay

Sedona, Arizona, USA

Busan, South Korea

Holbox, Mexico

Perugia, Italy

The Tweed, New South Wales, Australia

Niagara-on-the-Lake, Canada

Chichester, UK



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CFOs Sing the Blues | Global Finance Magazine

European CFOs face mounting economic uncertainty, shifting priorities toward cost discipline and resilience.

A Deloitte CFO survey conducted in April showed that 48% of respondents are less optimistic about their companies’ prospects than they were six months earlier. Their pessimism in autumn 2025 was limited to 25%.

Economic uncertainties explain that state of mind: 76% of respondents put energy shocks, inflation, the conflict in the Middle East, and disruption of the supply chain at the top of their risk list.

“CFOs across Europe are entering the second half of 2026 with a noticeably more cautious outlook,” said Richard Muschamp, Deloitte EMEA CFO program leader, attributing their pessimism to “a more challenging operating environment.” EY’s CEO Outlook found similar concerns, with 60% of these respondents citing geopolitical tensions as a near-term risk.

“The real question is, What are you doing about it?” said Myles Corson, EY global finance leader. “CFOs need to build resilience into their organization.” In the short term, that means localizing the supply chain, with a focus on energy security and energy pricing. “Leaders are increasingly prioritizing resilience, productivity and cost discipline over expansion and risk-taking” he said.

According to the Deloitte survey, only 26% of CFOs expect to increase capital expenditures over the next 12 months, and 36% anticipate workforce reduction. Consumer goods sectors, impacted by the slowdown of demand, are at the forefront of the workforce adjustment. Unilever PLC declared a hiring freeze that would last at least three months. In Germany, luxury car maker Porsche AG announced one in five job cuts by 2035, and Deutsche Lufthansa AG said it will eliminate 4,000 white-collar roles by 2030.

In France, executives at the industrial engineering firm Fives Group see no immediate need to downsize. Defense and aeronautic clients, warehouses in need of automatization, industries looking for decarbonization, keep Fives busy. Still “10% of our activities have been impacted,” said Suresh Abye, the finance director. “We are very vigilant about our costs structure. In that sector we stopped recruiting and transferred some employees to different activities.”

Fives has clients in a dozen countries, including France, Germany, Italy, China, Japan, and America. “Compared to America and Asia, Europe is the most impacted by inflation, unemployment, and tepid demand,” added Abye. “The regulatory framework is too laborious and there is no policy favoring local producers.”

Nevertheless, Europe also has a few tricks up its sleeve. Corson highlighted the “quality of its talent pool, the diversity of the market, and its focus on sustainability.”

To take full advantage of these strengths, the EY finance leader suggested maintaining investments in artificial intelligence. “Companies will be able to identify where opportunities are, they will adjust quicker and be able to repurpose their people” said Corson, an eager advocate of cost optimization.

Caroline Crosdale is a contributing writer to Global Finance.  

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After Bangkok Floods, IMF and World Bank Weigh Global Risks

IMF and World Bank’s annual meeting explores economic resilience amid climate risk, debt pressure, and AI.

While walking around central Bangkok, it’s easy to miss the damage that prompted IMF and World Bank officials at their annual meeting to consider postponing this week’s event. 

No evidence of the extreme flooding elsewhere in the city, which caused so much damage and loss of life just a week ago, is visible. Life goes on—scooters buzz and trucks barrel down the expressways and narrow streets where vendors hawk exotic foods and trinkets. Bangkok officials did an admirable job cleaning up to prepare for the arrival of some 15,000 attendees, and the area surrounding the convention center is as dry—and secure—as it’s probably ever been. 

Inside the meetings, though, the question was how much more disruption—climate-related or otherwise—the global economy can absorb, and who can afford to recover when the next shock arrives.

At Tuesday’s World Economic Outlook briefing, IMF Chief Economist Silvana Tenreyro described a world economy being pulled in two directions. Conflict in the Middle East has pushed energy prices higher, while investment in artificial intelligence has helped drive growth. The IMF outlook projects global growth of 3.1% this year, but that headline figure masks sharp differences among countries. Energy exporters and countries driving the AI boom are better positioned, she said, than those that must import fuel or have little stake in the massive technology surge.

“The economy has been resilient, but that resilience is reaching its limits,” Tenreyro said at the briefing.

The economy is holding up, in part, because countries and companies have navigated disruptions by rerouting supplies, drawing down inventories, improving efficiency, and finding alternatives. Without those adjustments, the IMF estimates global growth would be closer to 2.5%.

But these measures have limits. Inventories run down. Efficiency gains can only go so far. And another shock—whether geopolitical or climate-related—could arrive before economies have recovered from the last one.

G-24’s Climate and Debt Dilemmas

The Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development, or G-24, which represents emerging-market and developing economies, brought the issue closer to home. Nigeria’s finance minister and G-24 chair, Taiwo Oyedele, cited the flooding in Thailand to argue that climate commitments need to be backed by money, not just promises.

“Our appeal to world leaders is to put their money where their mouth is,” he said in a separate briefing shortly after WEO’s.

For businesses, resilience has a price. Holding extra inventory, diversifying suppliers, and keeping cash on hand can seem like unnecessary costs when markets are stable. But during a disruption, they can keep production moving and prevent higher costs from affecting the business.

Countries face a similar trade-off but lack the same resources. Developing economies need funding for infrastructure, climate preparedness, and basic services, even as debt payments consume a large share of public funds. Oyedele cited estimates that developing countries pay roughly $500 billion more in debt costs than developed economies. His broader point is clear: The countries that need to invest in resilience often face the highest financing costs.

Iyabo Masha, director and head of the Secretariat of the G-24, described the dilemma this way: “Debt is something that restrains growth.” When governments spend so much on creditors, she said, they have less left to invest in their economies.

The AI Factor

Another uncertainty in the IMF’s outlook is that AI investment may boost growth, but its benefits do not necessarily translate into jobs. Oyedele warned that countries with younger populations could see growth alongside rising unemployment if they do not plan carefully. Growth, he said, “has to be job rich; it has to be inclusive.”

That’s a broad definition of resilience—not simply keeping an economy growing, but ensuring people benefit and that governments retain the capacity to respond when circumstances change.

In Bangkok, the discussions have ranged from growth forecasts to debt and climate finance. But the underlying question is who can afford to prepare for the next disruption and who will be left to pay for recovery.

Central Bangkok shows little sign of the recent flooding, but that doesn’t mean the damage elsewhere was any less severe. The same holds for the global economy: A resilient growth forecast doesn’t mean every country is equally prepared for the next shock. The question is how much each can afford to absorb—and what it might have to give up to recover.

Paul Curcio is the editor of Global Finance Magazine. Contact him at paul.curcio@gfmag.com.

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Scientists urge tighter AI controls to prevent global cyber risks | Technology News

The call comes as polls cast doubt on political leaders’ ability to manage AI risks amid US midterm elections.

A group of more than 300 scientists from around the world is calling for urgent changes to how artificial intelligence is developed and deployed amid growing concerns about its unpredictable behaviour.

The letter, released on Tuesday and signed by researchers representing universities and research institutes in 32 countries, warned that failures to follow basic cybersecurity practices could lead to damage to critical infrastructure.

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Many recent incidents in which AI models escaped secure environments could have been prevented with stronger security systems, the scientists said.

They recommended that organisations developing and testing advanced AI systems capable of carrying out cyberattacks do so in more tightly controlled environments, including “air-gapped” systems that are not connected to the internet.

Growing concerns

The letter comes amid growing concerns about AI’s capabilities and its potential impact on everyday users. On Monday, Anthropic warned that its AI models could soon be capable of creating self-spreading malware that could affect everyday internet-connected devices, including smart TVs, security cameras and smart appliances such as ovens.

The report found that AI systems could identify unfamiliar devices without human intervention. The company, led by Dario Amodei, warned that smaller AI models could be capable of carrying out autonomous attacks by the end of the year.

The malware could also be difficult to contain because it might take days to infect a device and could spread across multiple machines rather than remain concentrated in a single, controlled location.

Taking control of internet-connected devices can have immediate consequences. In France, for example, hackers compromised cooling systems across hundreds of supermarkets, raising temperatures and causing more than $220,000 in damage.

Meanwhile, Axios news organisation reported on Friday that Anthropic, OpenAI and other major AI company executives are privately preparing for the possibility of a catastrophic AI-related incident that could disrupt access to major financial services, the internet and potentially critical infrastructure such as water and power systems. Several industry insiders believe a major incident could occur within the next six months to a year, it said.

The scientists also called for more safeguards, including the creation of an international organisation to establish a set of best practices for AI alignment and containment along with timely reporting of incidents.

One of the signatories, David Lie, a professor at the University of Toronto’s Department of Electrical and Computer Engineering, said his concerns began after OpenAI’s AI agents bypassed controls and hacked into servers at the tech company Hugging Face.

“One is that OpenAI, in setting up its test environment, didn’t appreciate how capable its agents were,” Lie said.

“These were the AI agents that they were designing. Second is that the AI agents independently found each other and chose to collaborate on this attack, and third is that they also intentionally tried to deceive and mislead their human creators.”

Political pressures

The letter underscores growing public concern about AI, including in the lead-up to the US congressional midterm elections. A recent Reuters/Ipsos poll found that 57 percent of voters said President Donald Trump’s administration was not taking AI risks seriously enough, while 54 percent said the same of Congress.

An AP-NORC poll echoed those findings, with about 80 percent of respondents saying the government should keep AI under human control. Respondents also expressed little confidence in either party’s ability to manage the technology: 39 percent said neither Republicans nor Democrats could be trusted to do a good job of reining it in, while 23 percent expressed greater confidence in Democrats and 21 percent in Republicans.

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Afghanistan’s emerald miners struggle with tools but attract global buyers | Mining News

Afghan miners endure harsh conditions, relying on basic tools to extract precious emeralds in Panjshir’s steep valleys.

Panjshir, Afghanistan — At a packed hall in the offices of the Panjshir provincial government, an auction is under way and the bidding is brisk.

The buyers, many from Kabul and some from overseas, have already closely examined the small piles of roughly cut green stones, shining their phone flashlights through them to check their quality.

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Bidding for the best stones is competitive.

“Panjshir emeralds have many buyers around the world because of their very high quality,” gem merchant Ghulam Mustafa Habibi told Al Jazeera. “This is why their price is higher compared with other emeralds around the world.”

Afghanistan's Taliban government has identified hundreds of new sites to mine gemstones [Mohsin Khan Momand/Al Jazeera]
Mining for gemstones in Afghanistan’s Panjshir valley [Mohsin Khan Momand/Al Jazeera]

By the end of the auction, nearly 3,000 carats of the precious stones were sold – the 23rd sale of its kind so far this year. The value of emeralds sold to date in Afghanistan is estimated to be nearly 400m Afghanis ($6.12m), a steep rise compared with last year.

For a country impoverished by years of war and burdened by international sanctions, the trade in precious minerals is a valuable resource, especially in the remote corner of northeastern Afghanistan.

“Thankfully, more than 15,000 people are currently employed in Panjshir’s mining sector,” says Muhammad Aman Rezaii, a mining official responsible for overseeing the operation of many small artisanal mining operations dotting the Panjshir valley.

On the valley’s steep hillsides, miners toil for hours underground to make a living. In the otherwise barren and rocky landscape, which yields little, the precious stones are a lifeline.

“There are hardly any companies or manufacturing factories here. The main source of employment is the mining sector,” said Rezaii, adding that they have identified more than 2,000 other mining sites which could be developed.

Afghanistan's Taliban government has identified hundreds of new sites to mine gemstones [Mohsin Khan Momand/Al Jazeera]
Afghan workers and Taliban officials near a mine [Mohsin Khan Momand/Al Jazeera]

Since taking power in 2021, the Taliban say they have signed deals with dozens of investors, mainly Chinese, Russian and Iranian, to mine gemstones and other valuable minerals.

According to the World Bank, state revenues rose 22 percent year-on-year in April and May, boosted by the auction of mines and other resources such as oil and precious minerals.

But Afghanistan’s gemstone mining sector is still lacking in international investment and expertise.

“There have been various proposals to establish an international market for Afghanistan’s precious minerals, particularly in Kabul,” Hafiz Muhammad Agha Hakim, the Governor of Panjshir province, told Al Jazeera.

“Processing machinery could be brought in so that these minerals can be processed and standardised here before being exported to markets around the world. At the moment, there is no standardised centre or proper processing facility.”

Afghanistan's Taliban government has identified hundreds of new sites to mine gemstones [Mohsin Khan Momand/Al Jazeera]
The steep valleys of Afghanistan’s Panjshir valley [Mohsin Khan Momand/Al Jazeera]

Back in the dusty confines of his mine, working in near-total darkness, miner Mahdi wields a crowbar while his friend beside him hits the surface with a hammer. He bemoans their lack of modern equipment.

“There are many challenges because we don’t have advanced equipment,” he says, taking a break from the digging. “We work only with basic tools such as shovels, pickaxes, drills and similar equipment.”

Rezaii said the miners need proper equipment that can make their work easier and safer, while also allowing the minerals to be extracted in a more professional manner. This would benefit the people of Afghanistan and particularly the miners,” he said.

“The area is vulnerable to landslides, avalanches, flooding and falling rocks. People here are working under extremely difficult and demanding conditions.”

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Is Japan Exposed to Global Private Credit Risk?

The market is just emerging, but domestic banks may already be exposed to global risk.

This article appears in the October issue of Global Finance Magazine.

Japan’s private credit market may still be small, but its exposure to private credit is not. 

That is an important distinction as the Bank of Japan warns that growing links between Japanese financial institutions and global private credit funds could have implications for financial stability. 

The BOJ’s concern is not that Japan has suddenly embraced the $2 trillion-plus private credit industry. It is that Japanese banks and institutional investors are becoming part of it, just as vulnerabilities in the asset class are attracting greater scrutiny. 

For now, regulators see no evidence of a systemic problem. According to reports, Japan’s Financial Services Agency has been examining financial institutions’ lending and investment exposure to private credit, while Finance Minister Satsuki Katayama has said Japan’s exposure is not substantial.

But Japanese banks have increased financing to global private credit funds in search of higher returns, while exploring domestic strategies in the same vein, creating potential channels through which overseas stress could spill into Japan. 

In 2020, for example, Sumitomo Mitsui Financial Group’s (SMFG) banking division took a 4.9% stake in U.S.-headquartered Ares Management Corp., making a strategic commitment to support the U.S. entity’s private credit business.

Earlier this spring, SMFG and Nippon Life Insurance were reported to be in talks to create a new private credit fund of at least 500 billion yen to finance leveraged buyouts, real estate and mezzanine transactions. 

“The market is only emerging,” said Yuuichiro Nakajima, managing director at Tokyo-based M&A advisory firm Crimson Phoenix. “It is certainly not replacing bank finance in any meaningful way.” 

Nakajima pointed out that Japan may well have less need for private credit than the U.S. or Europe because its banks remain deeply embedded in corporate finance and continue to provide relatively inexpensive funding. 

Filling the M&A Gap

Furthermore, Nakajima expects private credit to complement rather than displace traditional lenders, particularly as mergers & acquisitions in Japan become more complex and larger: Japanese M&A involving domestic companies reached a record 53 trillion yen in 2025, according to LSEG data cited by Reuters. 

Indeed, take-privates, succession deals, overseas acquisitions and infrastructure investment are generating financing requirements that can stretch conventional bank structures. 

In such an environment, private credit can fill gaps in leveraged buyouts, mezzanine finance and other transactions where flexibility, speed or longer maturities matter. 

“As the variety of M&A transactions becomes broader and more complex,” Nakajima said, “it wouldn’t be hard to imagine banks finding it difficult to keep up with the pace of financing needs.”

Global managers are betting on precisely that opportunity. According to reports, Apollo Global Management Inc., Blackstone Inc. and KKR & Co. are building private-credit capabilities in Tokyo, although industry executives expect adoption to take years rather than months.

But the domestic opportunity should not obscure the systemic risk concern: private credit globally has grown rapidly while remaining relatively opaque and illiquid. 

John Amari is a contributing writer based in Japan.

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Central America’s Trade Squeeze | Global Finance Magazine

Deeper integration could attract more nearshoring, but governments will have to step up, too.

This article appears in the October issue of Global Finance Magazine.

With Panama joining Mercosur and Costa Rica wrapping up negotiations to join the Trans-Pacific Partnership, the rest of Spanish-speaking Central America risks being left behind.

Regional integration efforts have hitherto focused on custom unions, stock market interoperability, the Central American Integration System (SICA), the Central American Parliament, and the Central American Free Trade Agreement (FAUCA). 

“Panama’s accession to Mercosur as an associate state creates competitive pressure on the rest of Central America,” said Costa Rica-based financial analyst Daniel Suchar. “This could divert foreign direct investment that traditionally viewed Central America as a gateway to the Americas, forcing the other countries in the region to accelerate their own trade agreements to avoid falling behind.”

As a Mercosur member, Panama gains access to a market of 260 million people as well as value chains in Brazil, Argentina, and Uruguay, notably in logistics, financial services, and agribusiness. This opens the door to negotiations for a Central American bloc to join Mercosur, using Panama as a bridge.

“From a business perspective, the more connected, competitive, and open to trade Central America is, the greater the possibilities for developing regional value chains and attracting investment,” said Rosmer Jurado, president of the Union of Panamanian Industrialists.

Daniel Suchar Zomer,
Financial Analyst

Since last year, talk of a renegotiation of the Dominican Republic-Central America-United States Free Trade Agreement (CAFTA-DR) has been circulating among governments in the region. Should talks begin—the Dominican Republic is pushing hard for a trade deal—they would likely include proposals for further integration and increased rules and regulations. 

“A new agreement would be expected to include chapters on the digital economy, SMEs, resilient supply chains, and more stringent labor and environmental standards,” said Suchar. “A modernized CAFTA-DR should also address trade facilitation and regional cumulation of origin so that Central America can sell as a bloc and not as six separate countries.”

Opportunities in Nearshoring

Central America remains a diverse region, however, both politically and economically, which makes further integration challenging. Nicaragua is in danger of being frozen out of US trade after effectively banning elections, and Costa Rica has historically prioritized market diversification over Central American integration. Forging closer ties with the U.K. is part of its strategy to insert itself into high-value global production chains, particularly in medical devices, services, and technology.

The future of the Northern Triangle states—Guatemala, Honduras and El Salvador—is likely to be conditioned by their capacity to attract nearshoring and reduce non-trade costs. If they improve legal security, infrastructure, and energy, Suchar said, they can position themselves as alternatives for light manufacturing and textiles for companies leaving Asia. 

Nearshoring has been hailed as the region’s magic bullet; a 2024 report by the Center for Strategic and International Studies suggested that U.S. nearshoring alone could add at least $3.3 billion a year to Central American exports. But this is where governments will have to step up, Jurado noted. “Central America can take advantage of nearshoring,” he said, “but the opportunity will not automatically arise simply because of our location. The region must transform its proximity to the U.S. and its strategic position into concrete advantages: better infrastructure, lower logistics costs, specialized talent, competitive energy, trade facilitation, and clear rules for investment.”

Trade agreements, supply chain conditions, and geopolitical risk will all play a role. “Trade agreements are no longer just about tariffs,” said Suchar. “They focus on supply chain resilience, ESG standards, and geopolitics.”

Nic Wirtz is a contributing writer based in Guatemala.

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Bank of America’s Marcelo Mousalli at the 2026 Global Finance Awards

Marcelo Mousalli, Head of Product for Latin America at Bank of America, speaks with Global Finance editor Paul Curcio at the 2026 Global Finance Transaction Banking Awards, Fontainebleau, Miami Beach.

At the 2026 Global Finance Transaction Banking Awards in Miami Beach, editor Paul Curcio sat down with Marcelo Mousalli, Head of Product for Latin America at Bank of America, which took the Best Bank for Transaction Banking global award this year. Mousalli explains how a client-first model, built around regional cash flow advisory boards, drives the bank’s product development. He also details how BofA pairs the scale of its global platform with local expertise to lead in liquidity, payments and cross-border real-time settlement.

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People on the Move: World Bank, HSBC, J.P. Morgan, IA Global

Major executive moves and leadership changes across the finance industry.

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

Michael Kremer, World Bank

The World Bank Group appointed Michael Kremer to be the organization’s chief economist and senior vice president for development economics.

Most recently, he served as director of the University of Chicago’s Development Innovation Lab, where he researched economic growth, technological change, and development economics. Kermer, Abhijit Banerjee, and Esther Duflo jointly won the Nobel Prize in Economics in 2019 for their “experimental approach to alleviating global poverty.

Kremer “has spent his career not just identifying what works in development but proving it at scale,” said Ajay Banga, President of the World Bank Group. “That is exactly the kind of thinking we need.”           —Rob Daly


Pam Kaur, HSBC

After more than a decade at HSBC, Pam Kaur will step down as Group CFO, a position she has held since January 2025, before the bank’s 2027 annual meeting.

She will assume an advisory role to support Group CEO Georges Elherdy and ensure a smooth transition for her successor.

Kaur began her career in 2013 as group head of internal audit before advancing to the head of wholesale market and credit risk, group chief risk officer, group chief risk and compliance officer, and eventually group CFO.

Brendan Nelson, HSBC Group Holding plc chairman, praised Kaur for her “strong judgment and integrity.” She will leave the Group CFO role with the firm’s “deepest thanks and best wishes,” he added. —Rob Daly


Nelle Miller,
J.P. Morgan

J.P. Morgan named Nelle Miller and William Sinclair as co-CEOs of its U.S. Private Bank in September.

The pair leads the firm’s $2.4 trillion U.S. private banking business, overseeing more than 5,500 professionals across 57 offices who serve the wealthiest individuals, family offices, and institutions nationwide.

The appointments follow the July 2025 naming of David Frame as global CEO of J.P. Morgan Private Bank. Miller and Sinclair joined in 2002 and 2007, respectively. Miller currently heads the firm’s New York market, while Sinclair leads the Financial Leaders Group.

“We have a fantastic franchise, with exceptional people and an unparalleled breadth of capabilities,” Sinclair said.      —Anthony Noto


Jules Wurlod, IA Global

IA Global Capital, a technology-focused investment bank with offices in New York and London, announced that Jules Wurlod has joined the firm as managing director.

Wurlod has served as M&A director for circular businesses at Houlihan Lokey since 2020, focusing on circular technology services such as device-as-a-service, IT asset management, IT asset disposition, recommerce, and trade-in. He previously worked as a project leader at Boston Consulting Group, advising Fortune 500 companies and government officials across Europe and the Middle East on corporate strategy and sustainability. —Anthony Noto

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