BAGHDAD: Iraq ordered the closure of the Shalamcheh border crossing between Iraq and Iran as a precautionary measure after the latest drone attacks on Saudi Arabia, two security sources told Reuters on Saturday.
The sources said a wide-scale operation was underway to pursue perpetrators of the attack on Saudi Arabia.
Riyadh said on Friday its vital East-West pipeline was attacked by drones that were launched from Iraq.
WASHINGTON: An Afghan woman accused of supporting a plot to carry out a mass shooting in the United States has been sent back to Afghanistan in the first case heard by a special US terror court, the Department of Justice said Friday.
Nazira Hajji Zada, 47, a Texas resident, was removed from the United States on August 25 on the orders of the Alien Terrorist Removal Court (ATRC) in Washington, the department said in a statement.
The ATRC was established by Congress 30 years ago but had never previously been used.
The Department of Justice said that Zada, who came to the United States in 2018, “conceded that she is an alien terrorist and waived appeal of the removal order.”
“This landmark case, resulting in the prompt removal of this alien terrorist to her country of origin, is a win for national security and the rule of law,” Attorney General Todd Blanche said in a statement.
“This first-ever case before the ATRC shows how the Department will use every tool at its disposal to protect our country.”
Zada’s son, Abdullah Hajji Zada pleaded guilty — alongside a co-conspirator, Nasir Ahmad Tawhedi — to plotting an attack on US election day in 2024 on behalf of the Islamic State.
Abdullah Hajji Zada, who was 17 at the time of his arrest, was sentenced to 15 years in prison in 2025. Tawhedi is awaiting sentencing.
According to court documents, the pair purchased two AK-47 rifles and 500 rounds of ammunition from an undercover FBI employee to carry out a “mass-casualty attack.”
RIYADH: The final matchday in the opening stretch of the Saudi Pro League season before the international break kicked off in dramatic fashion with Al-Qadsiah and visiting Al-Ettifaq meeting in what is expected to be the last Eastern Derby at the Prince Mohammed bin Fahad Stadium in Dammam, as Al-Qadsiah’s new Aramco Stadium is set to open in the near future.
It turned out to be a fitting farewell derby for the stadium to host, with three goals in each half as the teams shared the spoils in a 3-3 draw.
Yet, when Al-Qadsiah took a 2-0 lead inside the first 15 minutes, few would have expected anything other than a comfortable home victory was in the cards. Recent Ballon d’Or nominee Julian Quinones returned to scoring form in the 12th minute, after latching onto a pass from right wing-back Mohammed Abu Al-Shamat, who now has six goal contributions in seven games.
Left wing-back Christopher Bonsu Baah also claimed an assist, three minutes later, after getting on the end of a line-breaking Quinones diagonal run. Mateo Retegui positioned himself inside the box to receive Baah’s pass and launched a powerful finish into the top corner to double the lead.
Al-Ettifaq responded 11 minutes later, immediately after the hydration break, when Abdoulaye Kante won possession in Al-Qadsiah’s midfield and threaded a pass through the gap behind the pressing Nacho to release Bersant Celina, who finished calmly past Koen Casteels to pull one back.
That vulnerability in behind was an ongoing problem for Al-Qadsiah, who were without the rested Julian Weigl in the defensive midfield. He was replaced by the returning Nahitan Nandez, who operated in a higher midfield role while Tijjani Reijnders, who scored a brace from that position against Al-Ahli last week, was shifted to the deepest role.
That gamble did not pay off for head coach Brendan Rodgers, whose side paid the price when opposite number Arthur Papas made a few bold calls of his own. The trio of Moussa Dembele, Alvaro Medran and Jordan Larsson started on the bench for Al-Ettifaq and were introduced at staggered intervals in the second half as their team’s grip on the game gradually tightened.
Just over an hour in, with the fans perhaps wondering why Medran had not been selected to start, Papas’ decision-making was vindicated when the Spaniard received the ball ahead of Al-Qadsiah’s midfield, turned and unleashed a wonderful curler from range that Casteels had no chance of keeping out, making it 2-2.
Al-Qadsiah’s own substitutions yielded their third goal in the 81st minute when Turki Al-Ammar slipped the ball to Mohammed Al-Qahtani in behind the Al-Ettifaq defense for his first goal of the season.
But that trio who began the match on the bench had the last laugh when, in the 85th minute, Dembele won possession in Al-Qadsiah’s half, his pass found Medran, who played a first-time through ball to the oncoming Larsson, who composed himself before slotting the ball past Casteels for the equalizer.
The draw moved Al-Qadsiah into second place in the table, at least temporarily, on 16 points, one ahead of Al-Nassr and Al-Hilal, both of whom play on Saturday. Al-Ettifaq are in eighth place on 11 points.
Al-Ittihad cruised to a 3-1 away victory against Al-Faisaly, with Steven Bergwijn opening the scoring in the 28th minute, before a brace from Youssef En-Nesyri either side of halftime confirmed the victory. The in-form George Ilenikhena did not score but provided two assists for his strike partner as Al-Ittihad moved top of the table on 17 points from seven games. Theo Bongonda grabbed the late consolation for Al-Faisaly, who remain stuck second-bottom of the table on three points and yet to record a win this season.
In Jeddah, Al-Ahli came from behind after conceding the fastest goal in their SPL history when Ahmed Al-Nakhli struck for visiting Al-Hazem after just 74 seconds. But Francisco Trincao grabbed the equalizer in the 21st minute and then Ivan Toney added a first-half brace to take his tally to 10 goals in seven league games and give the home side a 3-1 victory. Al-Ahli moved into fifth place on 12 points, while Al-Hazem are in 10th on eight points.
On Saturday, Al-Hilal look to bounce back from their 2-0 home defeat by Neom on Monday when they visit Al-Taawoun; Al-Khaleej host Al-Nassr; and Al-Shabab are at home to Al-Fayha.
RIYADH: Saudi Arabia temporarily shut down its East-West Pipeline after it was targeted in several attacks in the Riyadh and Madinah regions, the Ministry of Energy said on Friday.
Several people were injured in the attacks, which took place on Thursday morning, and medical treatment, the ministry said in a statement.
Emergency and specialized technical teams were deployed immediately following the attacks to secure the pipeline and assess its safety in coordination with the relevant authorities, the ministry added.
The shutdown was carried out as a precaution and any further developments would be announced as they arise, according to the statement.
The Iran-backed Houthis earlier this week targeted civilian and energy infrastructure targets in Saudi Arabia’s Abha, Khamis Mushait, Jazan and Najran. The attacks caused several fires at oil facilities in the southern region that led to a temporary halt in some operations, the Energy Ministry said.
The Coalition to Support Legitimacy in Yemen condemned the attacks on Saudi Arabia, which wounded 73 civilians, including women and children, vowing to take measures to neutralize the threat.
Lately a hotspot for sustainable finance, MENA states could face lower demand in the wake of the Gulf conflict.
This article appears in the September 2026 issue of Global Finance Magazine.
Investors abhor uncertainty but are not afraid of risks. That dictum is being tested in the Middle East and North Africa (MENA), which has emerged as a hotspot for sustainable finance in recent years, driven by economies transitioning toward renewable energy, low-carbon infrastructure, and water efficiency, among other goals.
Sustainable bond issuance in the region has expanded sevenfold since 2020 and reached $35.1 billion in 2025, according to Bloomberg Intelligence.
Last year, MENA issuance rose despite global markets recording a 21% decline.
But the buzz is cooling. The Gulf conflict that has dragged on since the U.S. and Israel attacked Iran in February, accompanied by higher energy prices, rising bond yields, weaker growth, and tighter financial conditions, saw sustainable bond offerings decline by 24% in the first half of this year, according to S&P Global.
Sustainable issues started the year on a high, with deals worth $5 billion in the first quarter and $4 billion logged in January alone. The effect of the U.S.-Iran war has been flat growth in volumes, however, while values plunged to $7 billion in the first half of 2026 compared to $10 billion in the same period last year.
That reality has prompted S&P Global to cut its 2026 forecast, projecting issuances of $15 billion to $20 billion, down from its earlier projection of $20 billion to $25 billion. Also cooling is sustainable sukuk issuance, which totaled $2.1 billion in the first half, down from $5.1 billion in the same period last year.
Critically, a large chunk of MENA sustainable bond issuance is denominated in local currencies, an indication of both the competitiveness of the region’s capital markets and its rising status as a haven for value-driven dealmaking.
Patrice Cochelin, S&P Global
Despite the decline, investor confidence has not been dampened, said Patrice Cochelin, managing director, Sustainability Methodology and Research at S&P Global: “Medium-term demand-drivers remain positive and are fueled by energy-transition strategies and a significant pipeline of upcoming maturities.”
That investors are hanging on is evident. Early last month, the International Finance Corp. said it was among the principal investors in Jordan Kuwait Bank’s (JKB) second green bond issuance with a $100 million investment.
Notably, banks are spearheading the expansion of sustainable finance in the Middle East. In 2025, they were involved in some of the largest regional issuances and accounted for 80% of total value; in the first half of this year, they accounted for 87% by volume. Saudi Arabia and the United Arab Emirates remain the epicenter, accounting for 98% by value and 73% by volume.
John Njiraini is a contributing writer based in Kenya.
JERUSALEM: The Israeli military on Friday said it “categorically rejects” allegations made in a new documentary about Israel’s AI-powered mass killing of civilians in Gaza, which received a 25-minute ovation at its premiere in Venice the day before.
The Israeli-made film “NAZA” uses conversations with 24 different Israeli military or intelligence whistleblowers who spoke on condition that their identities be protected, with interviewees describing how they felt like they worked in a killing “factory” or a lethal video game.
The Israeli military criticized the use of anonymous testimonies in the film which it said “cannot be verified”, saying in a statement that it “makes unprecedented efforts to minimize harm to civilians” during its offensive in Gaza.
The last major data point before the Fed meets has arrived, and it arrived while Americans were paying record prices at the pump.
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The US Bureau of Labor Statistics reported on Friday afternoon that the annual rate held steady, with core inflation, which strips out food and energy, easing to 2.4% from 2.5%.
Every figure matched the consensus of economists and the monthly number is where the pressure shows.
Prices rose 0.4% in August against 0.1% in July, a fourfold acceleration and the fastest pace in three months. The annual rate stayed flat only because it is measured against the strong summer of 2025.
What it means for the Fed meeting
Markets had largely made up their minds before the figures landed.
CME’s FedWatch tool put the probability of a quarter-point increase at the 16 September meeting at 67.4%, up sharply from around 40% before Chairman Warsh’s Jackson Hole address in late August.
Following the inflation data release, those odds moved to 91.6%.
Warsh’s first keynote as chair was the turning point as he argued the American economy had strengthened rather than weakened, that the labour market was consistent with full employment, and that he “would be hard pressed to describe broad financial conditions as restrictive.”
On inflation Warsh was blunt by stating that “we must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do.”
By that test, Friday’s numbers are ambiguous.
Core inflation has now fallen for a second month and sits within half a point of the 2% target, which is underlying inflation moving in the right direction. The monthly acceleration points the other way.
Warsh also refused to say what would trigger a move, rejecting forward guidance as a practice that “has overstayed its welcome”. The Fed has held its benchmark rate at 3.50% to 3.75% since December, though three regional presidents dissented in July in favour of an increase, the most in one direction since 2016.
A fuel shock with no obvious end
The pressure is coming from energy, and it is intensifying.
US crude futures topped $100 a barrel this week as fighting between American and Iranian forces escalated around the Strait of Hormuz, with Washington striking five Iranian tankers after attempted missile attacks on a US Navy warship.
Diesel is where it bites hardest.
The US national average crossed $6 a gallon on Friday for the first time in the country’s history, at least in nominal terms, according to the American Automobile Association, and leaving truckers and farmers paying around 63% more than a year ago.
In California the average is close to $8. As for petrol, it is averaging $4.22 nationwide, against $2.98 before the war began.
Ukraine’s strikes on Russian refineries prompted Moscow to ban diesel exports, removing roughly 800,000 barrels a day, while disruption around Hormuz has cost another 1.2 million.
Refineries representing about 5 million barrels a day of capacity have been shut by the two wars, and close to 8% of global diesel supply is currently disrupted.
Some retailers have already added delivery surcharges, and the effect on grocery prices tends to arrive with a lag, which means the energy shock in Friday’s numbers may not yet be the whole of it.
Russian President Vladimir Putin met with US envoys Steve Witkoff and Jared Kushner at the Kremlin on Saturday, before they headed to Kyiv for talks with Ukrainian President Volodymyr Velensky. Both sides agreed to pause all strikes on the other’s capital while the Americans were in town. Why now? Have we finally reached the point in the conflict where all parties are left without cards to play?
In August 2025, Donald Trump met Putin at a US military base in Anchorage. No Ukraine ceasefire occurred in the aftermath. After discussing the two states’ long history and their efforts in the Second World War, Putin mentioned there was an “agreement” but failed to offer more details. He stressed that the situation in Ukraine was associated with “fundamental threats to our national security.”
Declassified documents from the US National Security Archive noted discussions on NATO expansion during the administration of President Bill Clinton. They show that, in 1993, American officials led Russian President Boris Yeltsin to believe that the Partnership for Peace offered an alternative to NATO expansion, rather than being a precursor to it. By the fall of 1993, discussions between supporters of the expansion of the alliance and those who proposed a more cautious approach and cooperation with Russia and Ukraine led to the formation of a “double track” approach in Washington.
Kyiv has recently been striking more deeply inside Russian territory, bringing the conflict home to ordinary citizens
Dr. Diana Galeeva
On June 22, 1994, Russia joined the program. But on Dec. 1, NATO announced that it would begin considering the admission of new members. Yeltsin later accused the US and NATO of provoking a post-Cold War “cold peace.” Clinton met Putin in the summer of 2000 at the Kremlin. Putin said that Clinton called the idea of Russia joining NATO “interesting.” However, after a conversation with his team, the US leader apparently said that “it’s not possible now.”
Since 2022, the Russian president has repeatedly criticized the expansion of NATO, calling it a threat to his country’s security. In 2024, Putin announced Moscow’s conditions for a ceasefire, including the withdrawal of Ukrainian troops from the Donbas, Zaporizhzhia and Kherson regions and the recognition of these regions as being part of Russia, along with Crimea.
Zelensky appears open to returning to negotiations after CIA Director John Ratcliffe last month “secretly” visited Moscow and proposed a trilateral Trump-Putin-Zelensky meeting. Zelensky said any ceasefire is set to involve the US proposal for a free economic zone in Ukraine’s eastern Donbas region — to be administered by a third party. Earlier, Zelensky was pressured by Trump, who told him “you don’t have the cards.” But is it only Ukraine and Zelensky that ended up with no cards to play, or is it all sides involved?
Kyiv has recently been striking more deeply inside Russian territory, bringing the conflict home to ordinary citizens. It has been using Starlink-guided drones and hastily developed missiles, hitting bombers, oil refineries, air defenses and even retail warehouses.
The Ukraine war, just like the Second World War, has revealed that no party to conflict receives any benefits
Dr. Diana Galeeva
Europe was the first side to lose the Ukraine war. The war revealed a critical weakness at the heart of Europe’s energy system. Reuters reported that the energy shock Europe suffered in the early weeks of the war “revealed a hard truth,” with the crisis reaching the heart of all European capitals. The Iran war and the closure of the Strait of Hormuz contributed further to this dynamic, with prices climbing 13 percent at the start of July.
Putin suggested in November 2025 that Russia was ready to fight “until the last Ukrainian dies” if Zelensky does not surrender. But the Iran war has changed the game, with the Kiel Institute publishing a report in June titled “Endgame” that highlighted how Russia’s war economy had “hit its limits.” Russia last week downgraded its oil output forecast for this year to a 17-year low. In June, Putin announced that Russia was ready to discuss a settlement with Ukraine based on the agreements reached in Anchorage and in Istanbul in 2022.
Meanwhile, the US, which committed about $68.2 billion in defense support of Ukraine between February 2022 and June 2026, is unlikely to continue such spending as a result of the Iran war. Washington and Iran have been exchanging strikes since Feb. 28 and, as of June, Iranian attacks had damaged 20 US military sites in the region.
Domestic factors are also pressuring the White House to prioritize peace, as Trump’s approval rate was last month stuck at 33 percent, while some 71 percent of poll respondents disapproved of Trump’s handling of the cost of living.
Is all this surprising? No. The end of the conflict is inevitable, as all sides have ended up with no cards to play. The Ukraine war, just like the Second World War, has revealed that no party to conflict receives any benefits, only military and economic damage. Most importantly, nearly 2 million casualties have occurred since 2022. This war has again demonstrated that a wise government’s approach is always about prioritizing the success of its own nation. A peaceful future for Europe would be a win-win approach for all.
Dr. Diana Galeeva, a former visiting scholar to the Centre of Islamic Studies at the University of Cambridge, is the author of four books, most recently “Islam in Russia: Formations of Tolerance” (Routledge, 2024).
RIYADH: “Ivan Toney is an exceptional striker, in every sense of the word,” said Faisal Zaid, director of the Al-Ahli media center. “He is a player that loves to win, is not fazed by challenges, and has a strong personality on the pitch.”
Zaid’s words came after Al-Ahli’s 3-2 defeat to Al-Qadsiah this week, which saw Toney reach a new milestone at the club: 80 goals in his first 100 games.
After Al-Ahli fell 3-0 behind in the first half, Toney rallied his teammates and scored a brace to bring them within a whisker of completing a remarkable comeback in Dammam — but Brendan Rodgers’ side ultimately held on.
Toney’s impact at Al-Ahli has been unmatched since his arrival in the summer of 2024.
In his first season, he finished among the top scorers in the Saudi Pro League, netting 23 in 30 league fixtures, in addition to a goal in the King Cup and six more on the way to Al-Ahli’s first-ever AFC Champions League Elite triumph.
He followed that with an even better campaign in 2025/26.
He scored 32 in 32 league fixtures to finish just one goal behind top scorer Julian Quinones — with 10 more across all competitions, bringing his season tally to 42 — as another AFC Champions League Elite title was added to his trophy cabinet.
He has shown no signs of slowing down in the current season, sitting at the top of the scoring charts six weeks in with eight goals already. That takes his overall tally to 80 goals in 100 games for Al-Ahli, with 17 assists taking his total contributions to almost one per game.
Perhaps the most striking statistic is just how much Toney has contributed to Al-Ahli’s attacking output since his arrival in 2024. Al-Ahli have scored 229 goals in that time, with Toney’s 80 accounting for 35 percent of that total.
“I remember when he signed in 2024 — his transfer was a huge shock for the English media,” Zaid told Arab News. “There were many questions surrounding whether he would return to the England squad.”
Initially, that seemed likely. Toney played just two minutes of international football between his move to Al-Ahli and the summer of 2026, with no indication he would be called up to Thomas Tuchel’s side.
The battle for a starting striker berth was fierce between Toney and recent Al-Hilal signing Ollie Watkins in the presence of Harry Kane — but Toney ultimately made his way back into the England squad after his stellar campaign at Al-Ahli.
“Toney proved that playing in the Saudi Pro League would not derail his path back to the England squad,” Zaid said.
The former Brentford striker is more than just a prolific goalscorer. He has consistently been a voice for Al-Ahli in the media, supporting his teammates and connecting with the fans at a level few other foreign players in Saudi Arabia enjoy.
“His value is not just in his goals,” Zaid explained. “He has a powerful presence in the dressing room, and he commands the love and respect of his teammates — foreign and Saudi alike.”
Toney’s character and leadership face their biggest test this season — his first at the club without Matthias Jaissle, now head coach at Newcastle.
Al-Ahli have had a rocky start, with their dreams of winning the Saudi Pro League title for the first time since 2016 dented by three defeats in their first six games. Life under Marino Pusic may have fans anxious, but if there is any player to rely on in difficult times, it is Toney.
He has already shown that this season.
In Al-Ahli’s 5-0 victory over Al-Riyadh, new signing Artem Bondarenko was booed by fans at halftime. Toney — alongside Roger Ibanez — stepped forward to shield the new signing from the crowd’s hostility.
Toney may have been a central figure in Al-Ahli’s stellar back-to-back campaigns, but the biggest challenge lies ahead.
Can he help drive Al-Ahli’s resurgence in a season where they look to compete for the FIFA Intercontinental Cup, the King Cup, the Saudi Pro League and the AFC Champions League Elite?
GameStop (GME) president, CEO, and chairman Ryan Cohen acquired 1M shares of Class A common stock on the open market for around $20.38M, boosting his direct ownership to 39.3M shares.
These shares were purchased in multiple transactions at prices ranging from $20.0199 to $20.4699. The weighted average price was $20.3759.
WASHINGTON: The IMF said the global economy had weathered the energy shock caused by the war in the Middle East better than feared and global economic output was still expected to expand by about 3 percent in 2026, but it cautioned that risks remained high.
Julie Kozack, spokesperson for the International Monetary Fund, said oil and gas prices remained elevated and the energy shock from the war was not over.
Global debt pressures were also mounting and the disinflation process over the 2022 cost-of-living crisis had stalled.
Global inflationary expectations have risen but remain well-anchored over the longer run, Kozack told a regular IMF briefing.
“So far, despite six months of war in the Middle East, the global economy has been resilient,” Kozack said, adding that the use of oil and gas reserves had allowed some countries to cope with energy shocks caused by the war, while others had shifted to new energy sources or acted to curb demand.
“We remain on track for world growth of around 3 percent but uncertainty, as we’ve been saying for quite some time, continues to remain high,” she said.
At the time, it said that forecast assumed the war would wind down in mid-July, but Iran and the US have both escalated their attacks and the war has widened with increased military activity in Yemen.
The global lender will release an updated forecast during the annual meetings of the IMF and the World Bank in Bangkok from Oct. 12 to 18.
Pulled in opposite directions
Kozack said the global economy was being pulled in opposite directions by the negative energy supply shock that was driving prices of energy, fertilizers, food and other commodities sharply higher, while the AI-led technology cycle was providing a positive demand shock.
Risks remain high, with many countries needing to restock their oil and gas reserves, and energy demands set to rise as winter approaches in the Northern Hemisphere, she said.
Pressures are also mounting on global public debt, which is already at nearly 100 percent of gross domestic product — the highest level since World War Two — and is set to rise further, Kozack said. Many advanced economies have particularly high public-debt-to-GDP ratios.
Liquidity problems are also building in developing countries, including in Africa, partly due to a reduction in bilateral assistance, Kozack said.
The IMF is urging central bankers to stick to their price stability mandates, while encouraging fiscal policymakers to develop medium-term consolidation plans, she said.
“We’re not in a situation where fiscal consolidation needs to take place overnight, but having a clear, laid-out plan and strategy for how deficits and debt are going to come down is very important for fiscal authorities,” Kozack said.
The IMF was also urging authorities to focus on lifting growth prospects through structural reforms and removing “self-inflicted” barriers to growth, she said.
Kozack said the IMF would look closely at the impact of new US sanctions against Iran, including secondary sanctions aimed at firms in third countries that support Tehran.
A fuller report was expected in the upcoming global outlook, she said.
MANILA: Philippine Vice President Sara Duterte’s legal team on Friday secured a postponement of her arraignment on charges of making grave threats against President Ferdinand Marcos Jr, the first lady and the House Speaker, in a new legal battle that could derail her bid for the presidency in 2028.
Lawyer Paul Lim told a crowd of reporters and Duterte’s supporters outside the court that the defense had filed a motion to postpone the arraignment, which the court granted. In a text message to Reuters, Lim said Duterte had not entered a plea in the case. “Arraignment deferred pending resolution of our motion,” he said.
Last Saturday, Duterte had posted bail after a court had ordered her arrest over the charges.
The case against Duterte, an ally and running mate of Marcos before the two had a bitter fallout, stems from her remarks at an online press conference in 2024, when she said she had told an assassin to kill the president, his wife, and his cousin, former speaker Martin Romualdez, in the event she herself were killed.
Duterte, the 48-year-old daughter of mercurial former President Rodrigo Duterte, has denied making the threats and said her remarks were taken out of context. She faces up to six months in prison if convicted.
The allegations of grave threats are also part of an impeachment complaint against Duterte, who is currently on trial at the Senate, which is sitting as an impeachment court with its members as jurors.
Gulf foreign ministers plan to meet their Iranian counterpart in a push by Oman and Iran to secure buy-in for a temporary deal to manage shipping through the Strait of Hormuz, the Financial Times reported on Friday. The gathering is scheduled to be held on Monday in the Omani coastal city of Salalah, the report said, citing two people briefed on the matter.
Ant International’s Agentic Mobile Protocol is rolling out across the global mobile payment ecosystemBusiness Wire
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With payment leaders accelerating adoption, the Alipay+ ecosystem — with 50+ mobile payment partners, over 10 national QR schemes and serving over 2 billion consumer accounts — is evolving into the world’s largest agentic payment network for mobile commerce.
During Phase I in 2026, AMP partners up with 10 leading Alipay+ digital wallets that together serve 1.5 billion user accounts, as well as 7 leading acquiring partners including Adyen, Allinpay, Checkout.com, Fiserv, Global Payments, Nuvei, and Worldline.
Ant International, Mastercard, and Visa have begun collaboration on a Know-Your-Agent (KYA) interoperability framework, designed to help card networks, digital wallet ecosystems, agent platforms and marketplaces streamline agent onboarding and identification across networks, based on shared principles while preserving each network’s own verification and decisioning processes.
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SHANGHAI & SINGAPORE — As Ant International builds out its Agentic Mobile Protocol (AMP) with deeper interoperability and open-source initiatives, fintech and payment leaders are deploying the protocol globally at an accelerated pace, to enable trusted agentic transactions in large-scale commercial scenarios.
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Towards building the World’s Largest Agentic Payment Network
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The AI economy is built on the ability of the financial industry to ensure AI agents interact to make decisions and execute transactions end-to-end for consumers and businesses, securely, smoothly and with full authorisation across all payment rails, especially in prevalent mobile payment scenarios through QR scans, card swipes or phone taps.
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Launched in April 2026, the AMP is an open payment protocol built by Ant International for digital wallets, super apps, smart devices, and other mobile interfaces to enable payments executed by AI agents. Today, adoption is rolling out across Ant International’s Alipay+ ecosystem, a mobile payment network serving 50+ mobile payment partners and over 10 national QR networks, connecting 150 million merchants to 2 billion consumer accounts globally.
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In Phase I, the following partners will work with AMP to advance their own agentic commerce strategies:
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Phase I Wallet partners:
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10 Alipay+ mobile wallet partners will support AMP in their own agent security architecture in Phase I. They are:
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Alipay (China), AlipayHK (Hong Kong SAR, China), DANA (Indonesia), GCash (Philippines), KakaoPay (South Korea), MPay (Macao SAR, China), TNG eWallet (Malaysia), TrueMoney (Thailand), Toss (South Korea), and Starryblu (Singapore)
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Phase I Acquiring partners:
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Adyen, Allinpay, Checkout.com, Fiserv, Global Payments, Nuvei, and Worldline
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Cross-Sector Partnership on Trust with Card Networks, Monetary Authority of Singapore
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Building a truly global, inclusive infrastructure for agentic commerce calls for cross-sector and public-private collaboration on trust and governance mechanisms.
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Ant International, Mastercard, and Visa have begun collaboration on a Know-Your-Agent (KYA) interoperability framework, designed to help card networks, digital wallet ecosystems, agent platforms and marketplaces streamline agent onboarding and identification across networks, based on shared principles while preserving each network’s own verification and decisioning processes.
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Building on the Safeguards for Agentic Finance at Runtime (SAFR) framework, Ant International, Mastercard and Visa will collaborate through BuildFin.ai to advance common approaches for AI agent verification, accountability and risk management across payment ecosystems in Singapore. BuildFin.ai is an industry platform convened by the Monetary Authority of Singapore (MAS) to bring together financial institutions, technology providers and researchers to develop and scale responsible AI solutions for financial services.
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The effort aims to support secure and scalable agentic commerce, enabling AI agents to operate safely and reliably across payment ecosystems while maintaining strong safeguards for consumers, merchants and financial institutions.
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To maximise industry co-building, AMP is now officially open-sourced on GitHub, with source code, developer SDKs, and related technical documentation available to global developers, AI platforms, wallets, acquirers, and financial institutions.
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Agents as Trusted Actors across Markets and Payment Rails
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“AMP has been created to enable agents to enter existing mobile payment systems as trusted actors. We are inspired to see how, a few months into its launch, more and more wallets and payment partners are accelerating their AI strategy by bringing this exciting capability to users in the real world,” said Jiang-Ming Yang, Chief Innovation Officer at Ant International.
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Key features
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of the Agentic Mobile Protocol include:
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End-to-end agentic transactions across devices: No need to switch apps or change payment habits across mobile interfaces like smartphones and AR glasses.
Faster agent integration cuts steps required to link a payment agent to a wallet by 50%.
Clear boundaries of permissions for users to authorise the task, not hand over the account, with real-time visibility and control of agents.
Full-spectrum Know-Your-Agent (KYA) Framework establishes an agent’s digital identity and certifies its authorised capabilities, with Agent Trust Rating controlling levels of autonomy for agents.
AgentSafePay provides money-back guarantee for merchants against agentic-specific risks.
A high-frequency nano-grade agent-to-agent (A2A) settlement mechanism enables automated, ultra-small transactions as tiny as $0.000001 between AI agents.
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“Meanwhile, agentic commerce will only have a real path to mass adoption when supported with a deep foundation of trust. While AMP continues to invest in our own security solutions like AgentSafePay, we are also committed more than ever to strengthening collaboration with card networks, policy leaders like MAS and other stakeholders on new accountability mechanisms, to ensure all agentic transactions are protected by our collaborative agent identity and authorisation capabilities across markets and rails,” said Yang.
HONG KONG: Cristiano Ronaldo will have a last crack at winning the Asian Champions League when the continent’s top club competition begins on Monday, with big-spending Saudi teams set to dominate.
The 41-year-old former Manchester United, Real Madrid and Juventus superstar said in August that it was “probably my last year in football.”
The Portuguese attacker has nearly won it all during his club career, including five UEFA Champions League crowns.
But the Asian Champions League has so far eluded the five-time Ballon d’Or winner.
His Al Nassr side go into the latest continental campaign under a new coach in former Tottenham manager Ange Postecoglou, who was sacked by Spurs in June 2025 despite taking them to Europa League glory.
Along with Ronaldo, the Riyadh-based outfit have proven international attacking quality in Kingsley Coman, Sadio Mane and Ronaldo’s Portugal team-mate Joao Felix.
Al Nassr are second in the Saudi Pro League after six matches, behind Al Hilal only on goal difference.
The skipper Ronaldo has been in good form, scoring three times in five league games.
Simone Inzaghi’s Al Hilal present a major obstacle in Ronaldo’s bid to win the AFC Champions League for the first time.
Al Hilal were major spenders in the recent transfer window, snapping up Aston Villa’s England striker Ollie Watkins and Brazil winger Gabriel Martinelli from Arsenal for a combined $150 million.
Japan threat
The format of the Asian Champions League is heavily skewed in favor of teams from Saudi Arabia, which is spending vast fortunes on football and will host the 2034 World Cup.
Since the 2024-2025 season the competition was rebranded as the Champions League Elite and the quarter-finals, semis and final are held in a centralized location in Saudi Arabia.
Al Ahli made the most of home advantage by winning the title in 2025 and 2026.
An Al Ahli side with England’s Ivan Toney in attack beat Japan’s Machida Zelvia 1-0 in extra time in April’s final on home turf in Jeddah.
Al Nassr, Al Ahli and Al Hilal will be joined in this year’s competition by Al Ittihad and Al Qadsiah, making it a bumper five Saudi sides among the 32 teams.
As in recent years, the competition is divided equally into two leagues of East and West.
Each side will play four matches at home and four away.
The biggest threat to the Saudi stranglehold will likely come from Japan — teams from Asia’s strongest footballing nation have reached the final in each of the last four editions.
There are also five J. League teams, prime among them reigning domestic champions Kashima Antlers.
Former Kashima star Yasushi Endo admitted the Saudi teams would be hard to beat.
“It’s difficult for Japanese teams to be champions these days given the financial strength of teams in the West who can invest heavily in players that traditionally play in strong European leagues,” he said.
“With the tournament being played in a centralized format in the West, it also makes things extra difficult.
“We cannot underplay the importance of having large fan support.”
With high rates here to stay, CFOs rely on internal cash and working capital for stability.
In August, U.S. Treasury yields reached multi-decade highs. Treasury Secretary Scott Bessent responded by doubling the size of buyback operations for 10- to 20-year and 20- to 30-year securities to a floor of $4 billion each, effective Sept. 9 — a stopgap lasting through November 4, when the Treasury releases its next official policy statement.
Yet while Washington intervenes to stabilize government debt, finance chiefs must reckon with higher costs of capital.
“Higher rates have changed the math and, more importantly, reduced the margin for error,” Thomas DeFabrizio, CFO, Americas at Impellam Group, said in an email. “The hurdle rate should move when the cost of capital moves. Otherwise, you are pretending the financing environment has not changed.”
This reality is forcing companies to look inward, turning operational efficiency into a primary source of funding. “Every dollar released from receivables or inventory is a dollar you do not have to borrow at today’s rate,” DeFabrizio said — a meaningful gap when investment-grade credit is yielding around 5.5% and broad high-yield debt is near 7%, with lower-rated credit running considerably higher.
“That makes working capital much more than a finance housekeeping exercise,” DeFabrizio added. “It becomes a capital-allocation decision.”
Era of Cheap Capital Ends
Elevated borrowing costs directly filter down into corporate balance sheets and consumer demand, sparking broader concerns over whether public and private debt issuance has reached a tipping point. Rather than waiting for a rate relief cycle that may never materialize, finance leaders are taking direct defensive action.
Duncan Young, principal at San Francisco-based consulting firm Saorsa Growth Partners, specializes in providing fractional CFO services to companies. Businesses, he told Global Finance via email, are now prioritizing balance sheet durability over aggressive expansion.
To hedge against benchmark rate risks, companies are restructuring their short-term obligations and shifting benchmark exposure.
Duncan Young, Saorsa Growth Partners
“This is likely a function of risk-off bondholders and bank balance sheets, shifting away from Treasuries towards corporates. We’re pricing off SOFR when possible, to avoid the Treasury rate risk,” he said.
Instead of speculating on interest rate cuts, companies with near-term debt maturities are moving quickly to lock in fixed terms to insulate themselves from further upside volatility in yields.
“Our ‘current debt’ revolvers are being paid back [or] termed out to give us more resilience, heading into uncertainty. We aren’t expecting yields to ease,” Young said.
That posture is showing up across the broader CFO community.
Companies Are ‘Stretched Thin’
Middle-market companies, firms that typically generate less than $1 billion in annual revenue, have even less room to maneuver. Nick Araco, CEO of CFO Alliance, hears that many CFOs “are stretched thinner on what their current options are.”
As a result, they’re watching the Federal Reserve more closely, he added. “They don’t have the same flexibility to just refinance on their own timeline.”
“The ones sitting on debt maturing in the next 12 to 24 months are largely not betting on yields easing meaningfully,” Araco said, describing conversations across the group’s roughly 9,000 members.
This conservative stance is fundamentally altering capital allocation strategies. Rather than relying on leverage to fuel aggressive top-line targets, firms are relying on internal cash generation. They’re scaling back capital expenditures and holding cash as a strategic buffer.
“Return on cash gives us some benefit — for example, it softens the opportunity cost of us paying off debt. Terming out on a fixed rate and sitting on the cash so we can stay liquid in the next liquidity crisis is insurance worth paying,” Young added. “Given the AI outlook and the consequences of a bubble pop, we’re prioritizing resilience over growth rate, and this means less leverage and a more liquid balance sheet.”
Preparing for Double Shock
Government debt continues to test the limits of market capacity. An August 30-year Treasury auction drew below-average demand and record dealer absorption as yields hit 5.2% — the highest since 2001. Meanwhile, foreign investors’ share of U.S. debt has slid to about 30% from a 2008 peak of 49%, according to the Committee for a Responsible Federal Budget and the Bipartisan Policy Center.
That combination — elevated base yields sitting alongside historically tight credit spreads — is unsettling CFOs more than the headline numbers suggest.
“Tight spreads feel almost like a false sense of calm,” Araco said. CFOs aren’t treating today’s all-in cost of debt as the new normal, he added. They’re stress-testing what happens if spreads normalize on top of already-elevated base rates.
“It’s less about action today and more about scenario planning,” Araco said, “and making sure that their capital structure isn’t fragile if that spread compression reverses.”
Corporate leaders are taking matters into their own hands. By prioritizing liquidity, extending duration, and managing leverage, CFOs are ensuring their organizations remain resilient regardless of where government bond yields head next.
“If Treasury yields remain elevated and spreads widen at the same time, the all-in borrowing cost can change quickly. I would model that combined shock now,” DeFabrizio warns. “Once you need the capital, your negotiating position has already changed.”
Anthony Noto covers corporate finance and private credit. Contact him at anoto@gfmag.com
JEDDAH: While the COVID-19 pandemic forced millions of people around the world to move their lives online, one young Saudi technology entrepreneur was watching more closely.
He was not just looking at how people were adapting to a new digital reality, he was watching what was happening elsewhere — particularly in China, where livestream shopping was rapidly becoming a mainstream way to buy.
For Taher Alblowe, the idea was simple but powerful — and he decided to build a live Saudi social shopping and auction marketplace.
“It is called Rwaj; we built it so a seller can go live, sell at a fixed price or by auction, get paid and ship without leaving the app, and a buyer can purchase or bid knowing their money is protected until the item is in their hands,” he explained to Arab News. “This lets us reach many more sellers and buyers in the region and beyond.”
Before founding Rwaj, Alblowe founded and served as CEO of Geeks Valley, an education and digital fabrication company that grew to more than SAR23 million in cumulative revenue and worked with government entities, leading universities, and international companies.
“Live selling in our region did not need to be invented. It needed to be made safe, and made native,” he said.
He sees Rwaj as being more than another shopping application; it is an attempt to anticipate how commerce could evolve and to build that future.
“When I saw the same model start to take hold in the US and then in Europe, I was convinced the timing was right to build it for the Middle East, from the ground up and in Arabic,” he said.
Today, through Rwaj, Alblowe is focused on building a new generation of commerce for Saudi Arabia and the wider Gulf Cooperation Council, combining livestream shopping, real-time auctions, entertainment, and direct interaction between buyers and sellers into a more engaging and trusted shopping experience.
A technologist at heart, he and his team had to build not only the technology that allows sellers to broadcast live, but also the systems behind every transaction — from seller verification and payments to escrow and logistics.
On Rwaj, sellers must go through a verification process before they can sell, while payments are held in escrow and released only after the buyer receives an item and confirms it is as described. For Alblowe, building that layer of trust from the beginning was part of the promise he wanted to make to users.
Asked what makes Rwaj different from existing e-commerce and social-commerce platforms, he replied: “Three things. First, trust and safety are built into the product, not bolted on — every seller is verified and every purchase, fixed price or auction, runs through escrow. Second, the format itself — a seller can sell instantly at a fixed price and run timed live auctions in the same stream, so buyers get both convenience and the excitement of bidding. Third, it is built for this region — Arabic-first and fully bilingual.”
The journey has gone through many challenges, but he kept going. “Every startup faces challenges, especially in the early days,” he said, pointing to logistics and the complexity of building a reliable trust system before reaching significant scale.
Yet none of those issues changed his conviction that live commerce has a future in Saudi Arabia and the wider region.
Alblowe, who has been recognized by Forbes Middle East, believes Saudi Arabia has many of the ingredients needed for that future — a young and digitally connected population, widespread use of smartphones and social media, fast mobile networks and increasingly sophisticated digital payments.
But perhaps his biggest ambition is to make live selling accessible beyond major brands and influencers.
Rwaj, founded in 2025, recently closed a $1.2 million (SR4.5 million) pre-seed funding round, which the company plans to use to accelerate growth and product development across the region.
For the founder, however, the funding appears to be less an end point and more another step in a much longer journey. He already sees Rwaj beyond Saudi Arabia and the Gulf: “I want Rwaj to be serving the world,” he said.
The ambition may sound big for a company still in its early stages, but it reflects the same mindset that led him to start the business in the first place: looking at where people’s behavior is heading and trying to build for tomorrow rather than today.
His vision is of a future in which livestream selling becomes as normal as walking into a store, where every shopping district could have people whose job is to sell live to customers who may never physically enter.
“Rwaj is building the infrastructure for that: the streaming, the payments, the trust layer, and the logistics,” he said.
COMO, Italy: Como marked their Champions League debut with a gesture of respect by inviting their older fans to the game against Leipzig on Thursday.
President Mirwan Suwarso and some directors made the magnanimous decision of giving away their own seats, allowing supporters born in 1950 or earlier to attend the sold-out game.
“We will be honored to give up our seat for them,” Suwarso had posted on Instagram.
Capacity was reduced to around 10,000 because the delightful Stadio Giuseppe Sinigaglia stadium on the shores of Lake Como underwent modifications for the Champions League.
The 119-year-old club reached the competition under coach Cesc Fabregas, a standout goal-scoring midfielder during a stellar club career with Arsenal, Chelsea and Barcelona. He played for the Spain team that won the 2010 World Cup.
Fabregas guided Como to fourth place last season ahead of Juventus and AC Milan to claim Serie A’s final Champions League spot with a high-pressing brand of soccer.
Goals have been coming from 22-year-old playmaker Nico Paz, who has stayed on loan from Real Madrid and burly Greece center forward Anastasios Douvikas.
GENEVA: A road accident involving a tourist coach in eastern Switzerland has left several people dead and others injured, police said on Thursday.
The accident happened between the communes of Susch and Zernez in the far-eastern canton of Graubunden.
“Several people died in the coach crash in Susch. Several others were also injured,” the cantonal police said on X, without giving details on the circumstances of the accident or the victims’ identities.
Footage broadcast by Swiss media showed many rescue workers rushing about around the coach, which has overturned onto its side below the road, and helicopters stationed nearby.
According to the Swiss press, the bus belonged to the Dutch Oad tour operator, which offers trips across Europe.
Zernez is the entry point for visitors to the Swiss national park, a vast Alpine reserve stretching more than 100 square kilometers (40 square miles) across the mountainous Engadine valley.
NEW YORK CITY: A UN Security Council committee tasked with overseeing sanctions on Iran remained blocked for a fourth consecutive quarter on Thursday.
Council members traded accusations over the panel’s inertia, against a backdrop of intensifying US-Iran hostilities and a landmark decision by the UN’s nuclear watchdog to refer Tehran back to the council for the first time in 20 years.
The 1737 Sanctions Committee has not met in the year since it was reestablished with the backing of most council members, and no report on its activities was presented during Thursday’s session after China and Russia once again blocked it.
The impasse has also stalled the appointment of experts to a panel, the mandate for which is due to expire on Sept. 27, that is intended to support the sanctions-monitoring work of the committee.
The dispute dates back to August 2025 when France, Germany and the UK triggered a so-called “snapback” mechanism under the 2015 Joint Comprehensive Plan of Action, commonly known as the Iran nuclear deal, to reimpose pre-2015 UN sanctions on Tehran.
China and Russia dispute the legality of that move, arguing that all sanctions lapsed on Oct. 19, 2025, with the scheduled expiration of the deal, and so the council’s consideration of the Iranian nuclear file was effectively ended.
Against this backdrop of an unresolved procedural fight, the Security Council session on Thursday was dominated by more recent developments: the International Atomic Energy Agency’s formal referral of Iran to the Security Council and the General Assembly this week; and the continuing military exchanges between Iran and the US.
The agency’s board of governors voted 23-3 on Wednesday to refer Iran over its noncompliance with international nuclear safeguards, the first such referral in two decades. China, Niger and Russia voted no and eight countries abstained.
Ambassador Jennifer Locetta, the US alternate representative for special political affairs, told the council that the IAEA “has not received information from Iran regarding the status of its declared nuclear materials or facilities” and has been denied access to carry out verification procedures.
The agency’s director general, Rafael Mariano Grossi, has again urged Tehran to engage constructively with the process, she added. Locetta dismissed Iranian claims that inspections were being blocked as a result of security concerns, noting that “Ukraine has been a worse and more constant war zone” and yet IAEA inspectors had still been able to work there throughout the conflict.
Washington, she said, would “look to partners in the coming days to weigh options” for strengthening the sanctions regime.
China’s deputy permanent representative, Sun Lei, voted against the meeting’s agenda and placed the blame for the deteriorating situation squarely on Washington. He said the US strikes and campaign of “maximum pressure” on Iran were the “primary causes” of the crisis.
A memorandum of understanding between the US and Iran in June was “undermined shortly after it took effect” by renewed military clashes, he added, and Washington had since “intensified unilateral sanctions” and “launched a new round of military strikes” against Tehran.
Beijing, he said, opposed further use of force and called for a return to efforts to reach a political and diplomatic settlement based on “equality and mutual respect.”
France’s ambassador to the UN, Jerome Bonnafont, said Iran’s stockpile of more than 440 kilograms of uranium enriched to 60 percent had “no credible civilian justification” and was sufficient for about 10 nuclear devices.
He cited the latest report by Grossi as saying the situation “raises an issue of proliferation and should be addressed with the greatest urgency.”
France backed a US-drafted resolution for the renewal of the expert panel’s mandate, Bonnafont added. He called for the full reopening to international shipping of the Strait of Hormuz, and offered a French naval presence there, alongside the UK, to help secure freedom of navigation.
Pakistan’s permanent representative, Asim Iftikhar Ahmad, told the council that the “upsurge of violence in the Middle East in the last few days” was “unsettling for the prospects of peace,” and said Islamabad was engaged in back-channel diplomacy to encourage de-escalation.
He urged “all sides to exercise restraint” and voiced concern over the continuing divisions within the council.
A memorandum of understanding between Washington and Tehran in June, which paused hostilities and set a 60-day window for a final nuclear agreement, expired on Aug. 17 without any deal.
The Strait of Hormuz remains effectively closed to international shipping, attacks on vessels have continued, and the US has revoked sanctions waivers on Iranian oil exports. A Security Council vote on renewal of the Iran sanctions expert panel’s mandate is scheduled for Sept. 17.
MADRID: Charles Leclerc and Ferrari teammate Lewis Hamilton said they had cleared the air face-to-face after a clash at last weekend’s Italian Grand Prix but there were still no written rules of engagement between the pair.
Seven-times Formula One world champion Hamilton had called for written rules after being forced off onto the gravel by Leclerc on the opening lap and dropping from fourth to 10th.
The Briton eventually finished sixth while Leclerc crashed out. Asked at the Spanish Grand Prix on Thursday whether anything had been put in writing, Hamilton replied, “There was not.
“I’m sure at some stage we’ll discuss how we can be better but we’ve not had a lot of time to turn around. You can’t change things in two days.”
Hamilton said there had been no shying away between the two drivers when they came to discuss what had happened.
“We sat face to face, just him and I, and talked about it,” he said. “We were just both open and honest and we squashed it. And we can move on… I think it’s healthy. It’s a relationship we have built over time.”
“Of course there’s going to be frustrations… I’m sure there will be more times (where) we are close (on track) because we are very close on pace. We both want to win just as much as each other and we both want to do well for the team as well.”
Ferrari are second in the championship after 13 rounds, 122 points behind Mercedes. Hamilton is third overall, 76 points behind Mercedes’ leader Kimi Antonelli.
Leclerc told reporters he had reviewed footage after the race and recognised he had gone too far.
“I said it to Lewis and I think it’s very clear what we should do or should avoid going forward but I won’t go into much more details of what we’ve said,” added the Monegasque.
“The only thing I can say is it definitely did not affect the good relationship that we have and it will not affect anything going forward and that is the most important for me really.”
Leclerc said his crash at Monza at the end of the second lap had felt like a big one and he had suffered a tight neck for a couple of days after but was now fine.