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Gaza authorities slam global ‘inaction’ after mudslide kills five people | Israel-Palestine conflict News

Four children and a woman were killed after heavy rain caused a sandbank to collapse on their tent.

Palestinian authorities have criticised global “indifference and inaction” after a landslide killed five displaced people sheltering in tents in the central Gaza Strip following heavy rains.

“This is a scene that should shame the conscience of humanity and reflects the extent of the complicity and abandonment to which our […] people are subjected,” the Gaza Government Media Office said in a statement on Monday.

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Four children and a woman were killed and two people remain missing after a sandbank collapsed onto their tent in Deir el-Balah on Sunday. The landslide happened after heavy rains brought by the first winter storm of the year hit the besieged territory on Friday, causing widespread flooding.

Floodwaters have inundated displacement camps and weakened buildings already damaged by Israeli air raids.

Restrictions imposed by the Israeli military mean specialist search and rescue equipment is in short supply, and Gaza residents were forced to dig using their bare hands to try and reach survivors.

Reporting from Deir el-Balah, Al Jazeera’s Tareq Abu Azzoum said the victims were living in flimsy tents, on exposed ground, with no protection from the heavy rain.

“When the embankment collapsed, those people had no chance to escape or protect themselves, and this raises difficult conditions about what people on the ground are left to endure,” he said.

About 70,000 tents were flooded when the storm hit Gaza at the weekend. According to data from Save the Children, more than half a million children are living in “critical or catastrophic” shelter conditions.

In a statement, Save the Children said, “While the so-called ceasefire announced over a year ago stipulated the entry of caravans as a more durable alternative to tents, Israeli authorities have repeatedly blocked their entry into Gaza, leaving hundreds of thousands of children exposed to another winter of hardship.”

The Government Media Office held Israel, the United States and the international community “fully and directly responsible”, citing their “absolute silence regarding the occupation’s crimes and their complicity in preventing the entry of shelter supplies, construction materials, caravans, fuel, and spare parts required to operate municipal and Civil Defence machinery and equipment”.

“We strongly condemn and denounce the state of inaction and the complete absence of the Board of Peace and the National Committee for the Administration of Gaza, as though this catastrophe were of no concern to them. Their complete failure to act and their flagrant abdication of the responsibilities entrusted to them raise serious questions about the very purpose of these bodies, which remain passive observers in the face of the suffering of the Palestinian people.”

More than 74,600 people have been killed since Israel’s genocidal war began on October 7, 2023, in response to a Hamas-led attack on southern Israel. Since a “ceasefire” took effect in October 2025, Israel has killed more than 1,600 Palestinians.

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Photos: Diwali celebrations light up India and its global diaspora | Religion News

Diwali, the festival of lights, is being celebrated across India and among its vast diaspora, marking one of the most important days of the year for Hindus.

More than one billion people of different faiths take part in the celebrations in the world’s most populous nation, gathering for prayers, family reunions and the lighting of fireworks.

The name Diwali comes from “Deepavali”, meaning “a row of lights”, and many families place clay oil lamps outside their homes to symbolise the triumph of light over darkness and knowledge over ignorance.

The festival follows the Hindu lunar calendar and usually falls in late October or early November. This year, Diwali is marked on November 8.

While Diwali is rooted in Hindu tradition, it is also observed by Sikhs, Jains and Buddhists, with regional origin stories that share a common theme – the victory of good over evil.

Celebrations often include feasting, new clothes, rangoli floor designs, and the exchange of sweets and gifts with friends and neighbours.

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Tackling AI’s Labor Paradox | Global Finance Magazine

This time, the tech revolution is different as AI threatens to automate its own labor.

The artificial intelligence revolution is hitting the global economy much as Ernest Hemingway described bankruptcy: gradually, then suddenly. The rapid acceleration has left central bankers, CEOs, and international financial institutions concerned.

AI technology is not new, said Jack Clark, cofounder and head of policy at Anthropic, during a panel discussion at the annual International Monetary Fund and World Bank meeting in Bangkok. “By some measures, it’s about 60 or 70 years old. The world is full of computer vision systems that do very useful work today and help us make robots smarter using small-scale language models.” 

Nonetheless, the accelerating pace of technological change has affected global equity, credit, and sovereign debt markets, prompting people to ask what the ultimate benefit to society is.

“Productivity is the fundamental source of rising living standards for all our citizens,” said panelist Tiff Macklem, Governor of the Bank of Canada. “We want to see adoption. We want to see diffusion, but we need to manage the risks, or we won’t reap the benefit.”

Where Are the Jobs?

Every wave of new technology has created more jobs than it has destroyed, Macklem said. “I’m not saying there hasn’t been creative destruction, a simple economic term for something getting destroyed. As other things get created, resources have to transfer from one place to another.”

Just as the 18th-century spinning jenny displaced many textile workers, AI will replace jobs involving repetitive tasks and should create demand for new positions.

Unlike previous technologies, AI is the only one that could automate away the new jobs it creates, he said. “So far, the data show it happening to certain professions in most countries, but you cannot see it at an aggregate level.”

A recent labor-market study by the IMF found that demand for higher-paying skilled jobs that didn’t exist before is rising, with about 10% of jobs falling into this category. In turn, these new jobs typically increase spending on services, which in turn generates more service-based jobs.

“The problem is that service jobs do not pay a lot,” said fellow panelist Kristalina Georgieva, IMF’s Managing Director. “You get young people who normally would have gone into professional routine jobs serving coffee at Starbucks.”]

It’s easy to see which jobs are being destroyed, said Macklem. “It’s not easy to identify which new jobs will be created.”

Preparing the Post-AI Workforce

Policymakers will need to be proactive in determining what these new jobs will be, where they will be, and what they will require, since only a handful of economies benefit most from the AI value chain, said Georgieva. “In Africa, 50% of the people do not have Internet access, and there is a tremendous problem with just access to electricity.”

Singapore has already begun providing subsidized skills training, said panelist Ayesha Kahnna, co-founder and CEO of Addo AI. “They’re giving hundreds of millions of dollars to businesses to transform so they can absorb these newly skilled workers.”

Inside Anthropic, the company has hired experienced workers because it needs managers, Clark added. “You want to hire people with experience in management to manage these virtual workers.”

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

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How Ireland became Hollywood’s latest hub for global filming

Limerick, first settled by Vikings nearly 1,100 years ago, is a verdant sprawl of lush forests, rolling hills and liminal bogs.

But this region in midwest Ireland, steeped in folklore, where the River Shannon meets the estuary’s tidal waters before emptying into the Atlantic Ocean, is also the unlikely site of bustling production activity.

In a technology park, not far from 13th century castles, medieval ruins and picturesque villages, stands Troy Studios. Opened nine years ago in a former Dell Computer factory that shut down when it shifted manufacturing to Poland, Troy is Ireland’s biggest and newest soundstage complex.

It is here that Apple TV’s science fiction series “Foundation,” based on the Isaac Asimov masterpiece, was filmed, as was the SyFy horror series “Nightflyers,” adapted from the works of George R. R. Martin. It’s also where four prime-time American game shows are produced.

“It’s cheaper to bring 100 American people to Ireland than to walk across the lot at Fox,” actor Rob Lowe cracked on his podcast last year. Lowe is also the host of the trivia face-off show “The Floor,“ which relocated to Troy for its sixth and upcoming seventh seasons, after previously shooting at a studio south of Dublin.

Film activity in Los Angeles has plummeted to historic lows, with devastating consequences for crews and vendors. This series examines how L.A. lost its dominant perch as a film and TV destination and what can be done to bring Hollywood back home.

While some in Ireland’s fiercely proud film industry bristled at Lowe’s comments, they were, in fact, a razor-sharp distillation of the pent-up frustration runaway production has engendered across the industry in Los Angeles.

Last year, 45% of all U.S. films and scripted television shows were shot internationally, up from about 33% in 2022.

As Hollywood productions have turned away from L.A., spanning the globe chasing tax credits and rebates, Ireland increasingly has become a destination for American movies, television series and the once-quintessentially L.A. creation: the game show.

Ireland’s mix of dramatic landscapes, diverse architecture and modern and historic scenery has long been a draw for international filmmakers. “Star Wars: The Force Awakens” and “The Last Jedi” turned the UNESCO World Heritage site Skellig Michael, a rocky island once occupied by a 6th century monastery, into the fictional planet Ahch-To. It was Ballinesker Beach’s soft sand dunes in County Wexford that stood in for Omaha Beach in “Saving Private Ryan’s” epic opening scene.

Now, the country is increasingly a magnet for a diverse slate of American productions. In the last year alone, the USA Network’s series “The Rainmaker” wrapped its second season in Dublin; the Netflix hit series “Wednesday” shot its third season around Dublin and Wicklow; and the A24 film “The Riders” starring Brad Pitt filmed across the country over the summer. L.A.-based Blumhouse Productions has shot a slew of movies and TV shows here, including the newly released American suburban nightmare flick “Other Mommy” and the upcoming Amazon MGM Studios horror movie “Seasons,” which is set in Idaho and filming in County Wicklow.

A young woman with dark hair dancing in a black dress among a crowd

The hit Netflix series “Wednesday” starring Jenna Ortega shot its third season around Dublin and Wicklow in Ireland.

(Netflix)

While filming in the L.A. region remains at historic lows, production spending in Ireland has soared, hitting a record $632.7 million last year, up 26% from the previous year, according to Screen Ireland, the national agency for film and television. In a survey conducted by ProdPro this year, Ireland was ranked in the top five preferred filming spots globally behind New York, the United Kingdom, California and Georgia.

With outsize interest in this small country, its sound stages are frequently full, and filmmakers say there is often a run on everything from lenses to edit bays to left-driving cars.

“Definitely post-COVID, it’s gone absolutely crazy in terms of the number of productions happening here,” said Ruth Treacy, producer and co-founder of Dublin-based production company Tailored Films, which served as co-producer on the 2024 biographical drama “The Apprentice.” Treacy and others in the industry call it a “green wave.”

“Obviously these projects are not necessarily shooting as if they’re supposed to be in Ireland,” Treacy told The Times. “It’s shooting the U.S. in Ireland, and that’s working quite well.”

The green wave grows

The seeds of the green wave were sown decades ago.

Ireland is a nation of storytellers. Over generations, it has maintained its ancient oral traditions, preserving its history, language and mythology, memorializing them on the page and eventually the screen.

Towering literary figure James Joyce helped to open the country’s first cinema, the Volta Electric Theatre, in a former metals shop in Dublin in 1909. Today, the country is said to have the highest per capita rate of moviegoers in Europe.

Ireland’s current course was set in 1980, when the government established the Irish Film Board to champion and fund domestic movies. Tax credits were introduced in 1987 to spur economic growth, but the prime minister suspended the program that same year.

Still, a small but influential group of Irish filmmakers came of age. Acclaimed movies such as “My Left Foot” and “In the Name of the Father,” directed by Jim Sheridan, and Neil Jordan’s “The Crying Game” found outside funding and became international hits. Their success and lobbying efforts prompted Michael D. Higgins, the country’s culture minister at the time, to relaunch the film board in 1993, now called Screen Ireland.

Since then, Screen Ireland has embarked on a dual strategy: to create a destination for international filmmaking and foster Irish culture on screen.

The effort has spurred a creative renaissance. In recent years, the country’s global profile has grown with a surge in homegrown talent featuring a range of actors, from Cillian Murphy to Jessie Buckley, along with projects such as “The Banshees of Inisherin” and “Normal People.” In 2023, the Irish-language film “The Quiet Girl” earned the country’s first international feature Oscar nomination. Co-production partnerships with the U.S., U.K. and other countries have flourished.

A man walks on a hilly Irish road with his donkey: Colin Farrell in "The Banshees of Inisherin"

A surge of Irish films, like “The Banshees of Inisherin,” in 2022, starring Colin Farrell, has raised the profile of Irish talent internationally.

(Jonathan Hession/Searchlight Pictures)

“Across Ireland, you see a real value put on arts and culture,” said Désirée Finnegan, chief executive of Screen Ireland. “For us, the investment in talent is a strategic priority. We are filmmaker-driven, artist-led.”

In the last five years, Screen Ireland has invested nearly $170 million across film, television, animation, documentaries and game design, as well as training and early talent development, Finnegan said.

In 2021, the agency established an office in the same building as Ireland’s Los Angeles consulate to further build relationships with the U.S. entertainment industry.

Ireland’s tax incentives program has evolved into one of Europe’s most stable. It provides a 32% refundable tax credit on eligible expenditures, including salaries of cast and crew (Irish feature films qualify for more), and the per project cap has increased from $81 million to $145 million.

This year, Ireland sweetened the pot, adding VFX and post-production uplifts to the incentive program. It also became the first European country to support dedicated unscripted content, for which it offers a refundable credit of 20% on eligible Irish production expenditures, capped at $16.8 million per project.

Jake Walshe, president and CEO of Screen Scene Post Production Group and chair of the trade association VFX Ireland, helped spearhead efforts for the new post-production enhancement.

(L-R) - Daisy Ridley as 'Rey' and Mark Hamill as 'Luke Skywalker' in a scene from the movie "Star Wars: The Last Jedi."

Daisy Ridley and Mark Hamill in “Star Wars: The Last Jedi.” The fictional planet of Ahch-to was shot on Skellig Michael, an UNESCO World Heritage site off the Irish coast.

(Jonathan Olley / Lucasfilm Ltd.)

“You’re going to see more growth in this area with this tax credit,” he said.

Another catalyst was the global success of HBO’s series “Game of Thrones,” which filmed its first season in Northern Ireland in 2010.

“We didn’t know how big ‘Game of Thrones’ was going to be,” laughed Walshe, whose Dublin company did post-production work on the project.

Since then, the visual effects studio has worked on “Shōgun,” “The Penguin,” “The Irishman” and Marvel’s “Black Widow.”

“A lot of high-level Irish crews today got their start on big productions like ‘Game of Thrones’ or ‘Penny Dreadful,’” said Michael Byrne, a former location manager here, now a Screen Ireland executive.

The green wave triggered a homegrown cottage film industry.

Model and prop maker Mark Maher returned to Ireland in 2012 after working in New Zealand.

“I did notice there was a gap there with the prop and prosthetics and no company to feed into the film studios here,” said Maher, who worked on the Showtime series “Penny Dreadful.”

AppleTV's science fiction series "Foundation" was filmed at Troy Studios in Limerick.

AppleTV’s science fiction series “Foundation” was filmed at Troy Studios in Limerick.

(Apple TV)

In 2017, he opened Odyssey Studios in Limerick and has supplied miniatures and props to such projects as “Foundation” and “Wednesday” and also operates a training academy.

“There is a surge here in Ireland,” he said. “We were very lucky.”

An animation boom

The expanded credits have been a boon to Ireland’s once-fledgling animation industry, which now has nearly 50 studios employing about 2,500 staffers. Many partner with Disney, Netflix and Nickelodeon.

Cartoon Saloon, one of the country’s first animation studios, founded in 1999, got its start in Kilkenny, a medieval city in southeast Ireland. Its founders, Tomm Moore, Paul Young and Nora Twomey, met while studying animation at Ballyfermot College, a vocational school in a working-class Dublin suburb.

Instead of making computer animated movies like Disney/Pixar’s “Toy Story,” Cartoon Saloon decided to focus on hand-drawn Irish folklore. Its first feature, “The Secret of Kells,” released in 2009, was about manuscript-making monks. It was nominated for an Oscar, as were three other of the studio’s films, including “The Breadwinner,” executive produced by Angelina Jolie, and “Wolfwalkers,” which ran on AppleTV.

It’s cheaper to bring one hundred American people to Ireland than to walk across the lot at Fox

— Rob Lowe

“We found that through our own authentic voices, [that] not necessarily every story has to be set in Ireland, it’s just every story that we tell has to have something that really resonates with us as a company of animators,” Twomey said.

The rise of co-productions

Many of Ireland’s best-known productions got their start at Ardmore Studios, just south of Dublin in the seaside town of Bray. It’s the country’s oldest studio, opening in 1958.

From the outside, the 18-acre campus of soundstages and back lots, nestled among the forests and mountains of County Wicklow, looks like a historic village. It was here that movies such as “The Spy that Came in from the Cold” and “The Commitments” and TV series like “Penny Dreadful” and “The Tudors” were filmed.

“Angela’s Ashes,” the 1999 adaptation of Frank McCourt’s Pulitzer Prize-winning memoir, also was made at the studio. More recently, Ardmore has been one of the main locations for the hit Netflix series “Wednesday,” the dark supernatural comedy starring Jenna Ortega.

David McLoughlin, the co-CEO and producer at Metropolitan Pictures, which is “Wednesday’s” Irish co-producer, has witnessed dramatic changes firsthand.

“Compared to 25 years ago, it’s obviously just a huge difference,” said McLoughlin, whose company is based at Ardmore Studios. “But that’s not just in terms of international production. There’s been an awful lot of Irish producers developing projects, and then they’re bringing in outside production partners.”

On Dublin’s north side, where the city center is divided by the River Liffey, Element Pictures operates its award-winning production company above a busy commercial street. Its conference room is filled with BAFTA awards, Golden Globes and posters from its acclaimed films such as “The Favourite” and “Room,” which each won best actress Oscars, and “Bugonia,” which was nominated for best picture.

Founded in 2001, Element is one of Ireland’s leading production companies and owned by London-based TV producer and distributor Fremantle. Founders Ed Guiney and Andrew Lowe began as the local producer for BBC series shot here and cultivated relationships with European and American filmmakers and distributors to develop their own projects.

It’s a successful model others have adopted.

“We’ve seen that change from something that was a kind of weird, little curiosity making strange, small films to something that actually has a kind of profile on the international stage,” Guiney said.

Not far from Dublin’s Trinity College are the offices of Wild Atlantic Pictures, named after the 1,500-mile stretch of western Ireland’s rugged coastline. The company began by co-producing with various American and British studios, emerging as a force in the industry here and abroad.

Timothy Dalton as Sir Malcolm and Eva Green as Vanessa Ives in Penny Dreadful

Timothy Dalton and Eva Green in “Penny Dreadful,” the Gothic psychological drama set in Victorian London but filmed in Ireland.

(Jonathan Hession/SHOWTIME)

In recent years, Wild Atlantic served as a co-producer or the Irish production company on such films as Richard Linklater’s Oscar-nominated “Blue Moon,” “Cocaine Bear” with Universal and “The Green Knight” with A24, as well as Apple TV’s “Foundation” and the Netflix dark comedy series “Bodkin.”

“Every film I’ve made is a co-production of some description,” said Macdara Kelleher, the company’s co-CEO and founder. “It’s not an unusual thing for Irish people, for a small country. There’s just a limit to the amount that you can raise in Ireland, and U.S. films dominate our box office.”

Kelleher points to Wild Atlantic’s relationship with Santa Monica-based Blumhouse Productions.

“They’re a great partner and they give us access,” he said. The companies have a number of projects in various stages of development, including the horror film “Seasons” and the TV adaptation of John Grisham’s “The Rainmaker.”

Doubling for America

As Ireland has emerged as a major film hub, it increasingly has become a double for America.

About 15 miles south of Dublin in County Wicklow lies the Powerscourt Estate, with its 47 acres of gardens and the iconic waterfall featured in the 1981 Arthurian legend film “Excalibur.” The area also was transformed into the fictional seat of power for the “Vikings” series commissioned by the History Channel.

The iconic waterfall in Powerscourt Estate has served as the backdrop for a number of films including 1981's "Excalibur."

The iconic waterfall in Powerscourt Estate has served as the backdrop for a number of films including 1981’s “Excalibur.”

(Stacy Perman/Los Angeles Times)

More recently, the same expanse of forest and lakes masqueraded as Appalachia in the film “Cocaine Bear,” Elizabeth Banks’ dark comedy and true story about a black bear that ate a massive amount of cocaine dropped by a drug smuggler in Georgia.

Beginning in 2024, veteran Irish production director Susie Cullen worked back-to-back on four movies all set in America but filmed in Ireland, including “Abigail,” the Boston-based vampire horror-comedy, and “Blue Moon,” a movie set in 1943 Manhattan about troubled lyricist Lorenz Hart, played by Ethan Hawke.

“Part of being a production designer is to create something, to create a fantasy or period, and that part of the challenge is kind of great,” Cullen said.

Cullen re-created the historic Broadway haunt Sardi’s on a soundstage at Ardmore Studios. A local artist mimicked the restaurant’s famed caricatures of celebrities, using the faces of the crew.

For the scene showing the Broadway opening of “Oklahoma!” set at St. James Theatre, Cullen said they filmed at the Gaiety, a 155-year-old opera house on Dublin’s South King Street near St. Stephen’s Green. At the time, “Riverdance,” the traditional Irish step dance troupe, was performing at the theater.

“We just had a little mini-version of ‘Oklahoma!’ in the theater, on ‘Riverdance’s’ day off,” Cullen said. “We got there in the morning and put our set in front of theirs and they shot that evening and we took ours down and ‘Riverdance’ was back the next day.”

The soundstages of Ardmore Studios hosted another production, the TV adaptation of the John Grisham’s 1995 bestselling novel “The Rainmaker” for USA Network.

While the book takes place in Memphis, Tenn., the producers wanted to update the legal thriller, setting the story in present-day Charleston, S.C.

“I was thrilled,” recalled Dan Rogers, a senior project manager with the South Carolina Film Commission, and he said that “we’d love to bring it here” after a production executive told him the series was expressly written for Charleston.

But months later, Rogers was informed the studio decided to film elsewhere. Much to his surprise, the location wasn’t L.A. or even another Southern U.S. city — but Ireland.

Showrunner Michael Seitzman said it was a matter of money.

“You’re trying to maximize that budget, make the biggest show you can, make a show that looks like the one that you wrote on the page,” he said, adding, “every producer is having the same conversation right now.”

Seitzman estimates he saved about $10 million for a 10-episode season because of the tax credits and lower costs for labor and other production expenses. Another bonus: He could cast supporting local actors adept at shifting to an American accent.

The series has shot at locations around Dublin, including a former 18th century military school, St. Mary’s Hospital, that became the fictional North City Hospital. Ireland’s oldest school of law was transformed into various institutions in Charleston.

Although set in Charleston, the TV series "The Rainmaker" is filmed in Dublin, uses locations like the King's Inns.

The King’s Inns, Ireland’s oldest school of law, has doubled for various institutions in Charleston, S.C., in the TV series “The Rainmaker” and the Explorer’s Club in “Penny Dreadful.”

(Stacy Perman/Los Angeles Times)

For Season 2, which wrapped in August, Seitzman had become so familiar and enthralled with Dublin that he created a storyline in Ireland over a few episodes.

“We could really shoot Ireland for Ireland, which was fantastic,” he said. “Suddenly we could stop hiding all the beautiful things we were seeing.”

Despite taking place in the Appalachian Mountains of north Georgia, "Cocaine Bear" was filmed in County Wicklow, Ireland.

Despite taking place in the Appalachian Mountains of north Georgia, “Cocaine Bear” was filmed in County Wicklow.

(Universal Pictures)

Ethan Hawke  in "Blue Moon" stands outside the iconic Manhattan restaurant Sardi's recreated on an Irish soundstage.

Ethan Hawke as Lorenz Hart in “Blue Moon” stands outside the iconic Manhattan restaurant Sardi’s recreated on an Irish soundstage.

(Sabrina Lantos/Sony Pictures Classics)

Game show mecca

Perhaps the biggest wave to crash on Irish shores is the American game show.

In January, BiggerStage — the television production company that has co-partnered with Fox Entertainment and produces six shows in Ireland for American prime time — invested a reported $11.2 million in a deal to create a global, unscripted production hub at Troy Studios in Limerick.

“We did it because we see a real opportunity to increase the amount of work here, and that’s both work we create as much as it is work that we partner with other producers around the world,” said Sean O’Riordan, BiggerStage’s chief creative officer.

Pat Kiely, a former managing director of Virgin Media Television, launched the Dublin-based company five years ago to develop original content — particularly in the unscripted segment for the global market — and position Ireland as an international television center (hence the company name).

Meanwhile, Fox Entertainment had launched something called the international fund. The idea was to pilot an idea for a show and see how it could be produced for less money, partnering with international networks or production companies.

Rob Lowe hosts the Fox trivia game show "The Floor" from a soundstage in Ireland.

Rob Lowe hosts the Fox trivia game show “The Floor” from a soundstage in Ireland.

(Dan Smith/FOX)

The first was a singing talent show called “The Big Deal” that BiggerStage produced for an Irish audience.

Impressed by the quality and cost-effectiveness of the show, Fox quickly began discussing collaborating on other productions with BiggerStage.

“They were incredible partners creatively. And so from there we were able to know we had a trusted production partner in Ireland,” said Allison Wallach, head of unscripted programming at Fox Entertainment Studio.

In 2022, Fox relocated “Name That Tune” from Australia to Dublin. That same year, “Beat Shazam,” the game show hosted by Jamie Foxx, relocated from Television City in Los Angeles to Ireland, where Fox also launched a series of shows including “The Floor” hosted by Lowe and “Next Level Chief.” In all, BiggerStage produces about 100 hours of American prime-time shows in Ireland.

BiggerStage leveraged its success with Fox to lobby the Irish government for the unscripted tax credit to attract even more growth.

“Hubs are going to be more crucial than ever to make things work at a price point,” Wallach said. “And I think that BiggerStage and actually Ireland is really well suited to be that hub for Europe and for the U.S.”

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EU and Canada seek deeper ties amid worsening global uncertainty | International Trade News

Both sides signed a digital trade deal, as Trump’s trade threats push Washington’s allies to seek closer ties elsewhere.

The European Union and Canada have launched what they described as an Alliance for the Future, as Ottawa prepares to become the bloc’s first so-called “associate member”.

Prime Minister Mark Carney hosted the Canada-EU summit in Montreal and signed a digital trade deal, alongside other agreements. Also at the Friday summit were European Commission President Ursula von der Leyen and European Council President Antonio Costa.

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The term “associate member” has no legal basis and is contested by some EU states. However, its use underscores the desire of Canada and the EU to forge closer relations, as United States President Donald Trump continues to threaten Washington’s traditional allies with trade tariffs if they do not play by his rules.

“Canada and the EU are working to establish the closest possible partnership, which will be far from full membership, but which will make Canada the first associate member of the European Union,” Carney posted on X.

“Today in Montreal, we have taken a major step forward by establishing more than twenty measures that will increase affordability, create opportunities and ensure our sovereignty on both sides of the Atlantic.”

In a joint statement following the summit, the two sides announced an agreement under which the European Investment Bank will invest in critical Canadian resources, particularly raw minerals. They also said they would advance cooperation on artificial intelligence security and safety.

“A more dangerous and divided world has fundamentally changed the requirements of sovereignty. It is no longer enough for nations to feed, fuel and defend ourselves,” the statement said.

It added that “true sovereignty” requires secure access to critical minerals, semiconductors, payment systems, energy, vaccines, space-based communications and AI.

Ukraine was also on the meeting agenda, with Carney announcing Canada’s participation in the EU’s 90 billion euro ($103bn) support loan for Kyiv. Carney said Canada would make an initial contribution of 500 million euros ($558m).

Opportunities for students in Canada and the EU were also discussed. Both sides said they would launch negotiations aimed at deepening Ottawa’s participation in Erasmus+, the EU’s flagship student exchange programme.

Carney and Trump are currently engaged in a trade dispute, with talks under way to reach a deal between the two countries.

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Anger as Cas overturns ban on Russia by ice hockey’s global governing body

Ukraine’s ice hockey federation has expressed “deep outrage” at Russia being allowed to compete in international events again.

The Court of Arbitration for Sport (Cas) overturned the ban placed on Russia by the sport’s global governing body, the International Ice Hockey Federation (IIHF).

Russia have been suspended from competing in IIHF events since the country invaded Ukraine in February 2022 and earlier this year the IIHF ruled they would remain excluded.

The Russian Ice Hockey Federation (RIHF) appealed that decision to Cas, which has upheld it following an in-person hearing at its headquarters in Lausanne, Switzerland.

In a statement, the Hockey Federation of Ukraine said it “respected the authority and status of Cas”.

“At the same time, we express our deep outrage at this decision,” it added.

It said the threats, which had formed the basis of the ban, had not disappeared, adding “against this background, the decision to allow Russian teams to international hockey competitions causes special outrage”.

A statement from Cas, external said that arguments made by the IIHF “citing safety, security and other concerns” were “not supported by sufficient evidence”.

Russia are now set to be part of IIHF events in the 2026-27 season, including the men’s and women’s world championships.

Ukraine’s men have qualified for the top flight world championships for the first time in 20 years after winning promotion at this year’s Division 1 tournament in Poland.

The IIHF would not confirm whose place Russia could potentially take but pointed to its statement which said: “The ruling also has significant practical implications for competitions already at an advanced stage of preparation.

“These decisions made by Cas do not consider the practical elements which cannot be implemented immediately.”

Individual athletes from Russia were allowed to compete at the 2026 Winter Olympics in Italy under a neutral flag, although not in ice hockey.

The IIHF expressed “disappointment”, external with the ruling.

“The IIHF disagrees with this aspect of the ruling and maintains that its decisions were necessary to protect the safety and security of all participants and safeguard the integrity of its competitions,” they said in a statement.

“While the IIHF respects the authority of Cas and will act in accordance with its ruling, the outcome does not remove the concerns that informed its assessments.”

Germany will host the men’s world championships in May and Frank Lutz, chairman of the German ice hockey federation, said: “We reject the return of Russian national teams to international ice hockey tournaments.

“Allowing Russia to participate entails significant security-related, political, and economic consequences for us as hosts. We are now evaluating the ruling together with the IIHF and will provide information regarding the next steps.”

The United Kingdom, Finnish and Czech federations also condemned the decision to allow Russia to enter teams.

Jan Cerny, secretary general of Czech Ice Hockey said he “very unpleasantly surprised” by the decision adding: “The current stance of Czech ice hockey does not change with the CAS decision. We do not agree with Russia’s participation in IIHF tournaments during the war of aggression in Ukraine.”

The chairman of the Finnish Ice Hockey Federation, Heikki Hietanen, called the ruling “in it’s entirety, incomprehensible”.

Ice Hockey UK said: “While disappointed, we respect the authority of Cas, and will analyse the decision and its potential implications for Great Britain’s national teams.”

A statement from the RIHF said it “welcomes the decision” from Cas and stated it will work with the IIHF to “facilitate the return of Russian teams to competitions”.

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Wales aim to cap 2026 revival with WXV Global Series double over Japan

Japan: Imakugi; Tsunokawa, Langford, Kataoka, Havili Kagawa; Harada, Tsukui; Komaki, Nagaoka, Kitano, Kawamura, Sato, Asari, Jennifer, Bodman,

Replacements: Kuge, Mine, Fuji, M Nishimura, Korai, Seo, Ito, S Nishimura

Wales: Neumann; N Metcalfe, Cox, Keight, A Williams; George, Lockwood, Pyrs, K Jones, Tuipulotu, B Metcalfe, Crabb, K Williams (co-capt), Lewis, Callender (co-capt).

Replacements: Reardon, Davies, E Jones, Aiono, Evans, King, Bevan, De Vera.

Referee: Julianne Zussman (RC)

Assistants: Sunny Lee (HKCR), Hibiki Ikeda (JRFU)

TMO: Matt Rodden (HKCR)

FPRO: Koki Yamauchi (JRFU)

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What can a global strike of dockworkers achieve for Gaza? | Explainer News

Dock and port workers have long had a tradition of solidarity with the oppressed, upheld by strong labour unions and workers’ rights.

In February 2025, nearly a year and a half into Israel’s genocidal war on Gaza, dockworkers’ unions from Mediterranean countries came together to disrupt weapons shipments to Israel and Western countries’ military support of the onslaught.

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“Weapons need transport, infrastructure, and workers’ hands to reach their destination,” Markos Bekris, leader of Greece’s dockworkers’ union, ENEDEP, at the Port of Piraeus in Athens, told Al Jazeera. “That is where our power lies.”

Now, dock and port workers in 22 countries across five continents are holding a strike on Friday, which workers and researchers told Al Jazeera is expected to be “historic” in scale. The International Day of Action of Dockworkers and Port Workers – also called “Dockworkers do not work for war” – involves 110 ports and 25 trade unions.

“Every union will do what they choose, but be connected to the same principles and struggle,” Francesco Staccioli, the national secretary of transport and ports in Italy’s USB trade union, told Al Jazeera.

The unions’ main demand is “an immediate end to the genocide of the Palestinian people and all imperialist wars”.

Mohammed al-Attar, a dockworker who left Gaza in 2015 and is now based in Hamburg, Germany, said the workers “are the power”.

“We can save thousands of lives if we stop working just for two days,” he said.

Al-Attar feels hopeful about the global strike, but is “deeply disappointed” in his trade union Ver.di in Germany, which he accused of “incomprehensible silence” over Gaza.

What is the International Day of Action of Dockworkers and Port Workers?

In early 2025, dockworkers in the Mediterranean area came together to discuss how to concretely act “against privatisation, and against the genocide in Palestine”.

The original meeting included five unions organising in 20 ports across five countries, but continued to grow. The unions met several times, first in Athens, then in Genoa, and later in Istanbul. That was where unions from more than 35 ports published the Istanbul Declaration in May this year, and declared October 30 as their day of action.

In a statement, the unions called for the “recognition of an independent Palestinian state, recognised by the international community, within the 1967 borders and with East Jerusalem as its capital”, and “an end to the US-Israeli wars of aggression in the Middle East and against Iran, and full solidarity with the peoples of Cuba, Venezuela and Sudan”.

“Refusing the war is giving humanity a chance to live better. This is what I’m really convinced about,” the USB’s Staccioli told Al Jazeera.

How many ports and unions are taking part?

More than 25 dockworkers’ trade unions, representing more than 110 ports in 22 countries and regions across five continents, are taking part. Most of the strikes will happen at regular working hours, but in France, Italy, India, Greece and Turkiye, 24-hour strikes have been called.

Strikes of up to two hours have also been announced in Morocco, Cyprus and other ports.

Organisers told Al Jazeera that workers and trade unions from other sectors have been called on to join with port workers, notably in Greece, while in Italy the USB has called for a general strike.

“It’s bigger than we thought,” Staccioli said. “This has spread all over the world.”

No Harbour for Genocide (NHG), a campaigning collective that researches weapon supply chains, supports the action. A spokesperson told Al Jazeera that maritime infrastructure was important in “facilitating military trade within the context of the genocide in Palestine”.

Dockworker unions in India, Sweden, Denmark, Australia, Brazil, Mexico, Uruguay and the west coast of the United States have all pledged to take part, the spokesperson added.

The Palestinian labour movement endorsed the strike and called on more to join, urging unions to “escalate Boycott, Divest, Sanctions (BDS) pressure to end all state, corporate and institutional complicity in Israel’s illegal occupation, apartheid and genocide.”

How are these ports involved in wars?

Of the ports participating, Genoa, Livorno and Gioia Tauro in Italy, Marseille in France, Piraeus in Greece, and Tangier in Morocco all have proven links to weapons shipments to Israel, according to No Harbour for Genocide.

The group said that between August 2025 and September 2026 it tracked 315 shipments of components for Elbit Systems, Israel’s largest arms manufacturer, moving through 56 commercial ports in 29 countries. All these 56 ports are expected to be on strike on October 30 , representing a major disruption, even if only for a day.

NHG said it expects that more than $2bn worth of cargo will sit idle on October 30 .

“Up to 95 percent of Israel’s imports and exports travel by sea, relying on port infrastructure across the Mediterranean,” the campaign’s spokesperson said. “Tangier, Piraeus, Gioia Tauro and Genoa, where the largest vessels unload containers onto smaller ships for the rest of the sea, are a few of the Mediterranean’s most frequently used transshipment hubs. All four are taking part on Friday.”

“The participating Mediterranean ports handle 63 percent of all container activity in the sea,” the spokesperson added, noting that “between southern France and Piraeus, the striking ports hold 74 percent of container activity. Worldwide, the ports taking part [in the strike] handle 13.5 percent of global shipping.”

Linda Maggiore, an Italian journalist and activist, said that she has discovered several examples of increasing weapons shipments from Italy’s major ports to Israel since the start of the war on Gaza.

“In Europe, a regulation on military mobility is about to be approved, which will make it even easier for arms to be transferred without scrutiny,” Maggiore told Al Jazeera. “Blockades are essential actions, because they make it clear that civil society does not wish to be complicit.”

From the Vietnam war to Iraq, the USB’s Staccioli said that “dockworkers have a long tradition of rallying against any imperialist war or aggression in the world.”

Are protest actions prosecuted?

In Greece, union leader Bekris is facing prosecution for a protest in which he and other workers blocked the loading of a container holding 21 tonnes of ammunition destined for Israel in October 2024.

“We carry forward the tradition of workers who refuse to load weapons against other people,” Bekris told Al Jazeera on the eve of the global strike. “Our hands get covered in grease and sweat every day. We refuse to let them be stained with the blood of other people.”

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Reining in AI Agents | Global Finance Magazine

Verifying AI agents’ identities may separate the rogues from the reliable.

Reported incidents of rogue artificial intelligence agents gaining unauthorized access to customer bank accounts have raised questions about their use in corporate payments.

Banking giants, JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Wells Fargo & Co., and Morgan Stanley & Co. have either restricted access of third-party AI agents or blocked their access completely, citing the difficulty in knowing whether they have difficulty detecting which activity is authorized by the customer or a result of a rogue AI agent.

Without verifiable digital credentials to identify AI agents and their mandates, limiting or eliminating their access to bank systems is the right call, said Andrew Shikiar, CEO of the authentication standards organization FIDO Alliance.

“It’s going to be tough to address these issues that have already played out in ecommerce and fintech around trust, liability, and authorization,” he said. “With humans, it’s hard. With agents, it’s even harder.”

Digital Identities

Verifiable digital identities have been in operation for several years, but their implementation is fragmented. Sweden and Norway issue BankIDs, which provide digital credentials for banking and access to social services. Separately, the European Union has mandated that all member states issue citizens an EU Digital Identity Wallet by the year’s end, with acceptance by banks and other large platform providers by 2027. The EU Commission, however, has reported doubts that every member will meet the deadlines.

Meanwhile, in the Asia-Pacific region, Singapore offers its Singpass, which lets residents access online government and business services using biometric or two-factor authentication.

For the U.S., the federal government has left digital identity regulation to the states. Arizona, California, Colorado, Georgia, Maryland and Utah offer mobile digital licenses that can be stored on a person’s cellphone.

“Most people don’t know what to do with them,” said Shikiar. “It is not super well-coordinated.”

The FIDO Alliance has been working with the International Standards Organization, the OpenID Foundation and the World Wide Web Consortium to create a trusted and interoperable identity ecosystem that will let individuals store, manage, and share digital versions of their credentials like a driver’s license or passport.

“Once I have that, my agent can point to this signed, highly verifiable individual that authorized the agent to do X, Y, and Z with certain parameters and be audited, tracked, and verified,” said Shikiar.

Agent Control

Maintaining up-to-date controls around AI agents is of critical importance to the corporate treasury, and the company in general.

“Control testing examines individual steps, such as transaction approval, user access, or checks that a payment matches an authorization,” said Chris Dimitriadis, global strategy officer at ISACA, a professional association focused on IT governance, cybersecurity, risk management and auditing. “With AI agents, auditors must also test the integrity of the end-to-end sequence, the agent’s authority, and the transition between actions. The key difference is testing the full execution path, including the unexpected paths.”

Any time a company updates an AI model, deploys a new tool connection, changes an AI prompt, or gives an AI agent a broader mandate, it should reassess its control functions, he added. “I would establish a risk-based AI-agent change trigger rather than treating every update equally. Additionally, I would also establish an AI maturity and capability assessment framework like CMMI AIM to gain more confidence and reduce uncertainty.”

For now, Wall Street’s decision to halt agentic access to client accounts is a temporary, effective response until agent management catches up with the technology.

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

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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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