Page 27 - Middle East

Putin blames US for Middle East crisis, advocates two-State solution

Putin also expressed concern about Washington's pressure on both sides, suggesting it was an attempt to impose "unilateral solutions" without considering the core interests of the Palestinian people

Indian IT companies turn cautious as tensions escalate in West Asia

In Israel, Bengaluru-based firm Wipro has about 80 employees, all of whom are nationals of that country

IMF's world economy outlook worsens, Middle East war poses new uncertainty

The world economy has lost momentum from the impact of higher interest rates, the invasion of Ukraine and widening geopolitical rifts, and it now faces new uncertainty from the war between Israel and Hamas militants, International Monetary Fund warned Tuesday. The IMF said it expects global economic growth to slow to 2.9 per cent in 2024 from an expected 3 per cent this year. The forecast for next year is down a notch from the 3per cent it predicted back in July. The deceleration comes at a time when the world has yet to fully mend from a devastating but short-lived COVID-19 recession in 2020 and now could see fallout from the Middle East conflict particularly to oil prices. A series of previous shocks, including the pandemic and Russia's war in Ukraine, has slashed worldwide economic output by about USD 3.7 trillion over the past three years compared with pre-COVID trends. The global economy is limping along, not sprinting," IMF chief economist Pierre-Olivier Gourinchas said at a

Oil prices surges more than 2% as Middle East turmoil roils markets

Brent crude was up $2.28, or 2.7%, to $86.86 a barrel by 0859 GMT, while U.S. West Texas Intermediate crude was at $85.23 a barrel, up $2.44 or nearly 3%

Gold rises more than 1% as Middle East conflict spurs safe-haven demand

Israel pounded the Palestinian enclave of Gaza on Sunday, killing hundreds of people in retaliation for one of the bloodiest attacks in its history when gunmen from Hamas rampaged through Israeli town

China challenging US superpower status is 'not inevitable': Xi Jinping

Chinese President Xi Jinping on Monday told a delegation of influential American senators that the Thucydides Trap is not inevitable as he played down the concerns in Washington that China is out to challenge the superpower status of the US. Thucydides Trap is a term to describe an emerging power threatening to displace the existing great power. Competition and confrontation are not consistent with the trend of the times. Still less can it fix one's own problems and address the challenges facing the world, Xi told a US Senate delegation headed by Senate Majority Leader Chuck Schumer during a meeting. China maintains that the common interests of the two countries far outweigh their differences, and the respective success of China and the US is an opportunity, rather than a challenge, to each other, Xi told the six-member delegation of top American legislators. "The Thucydides Trap is not inevitable, and Planet Earth is vast enough to accommodate the respective development and common

India watching military conflict in Middle East closely, says Hardeep Puri

"The place where action is taking place is in many respects the centre of global energy... as we go along we will navigate through this," Puri told reporters at an industry event in New Delhi

Oil prices soar as Hamas' attack on Israel fans Middle East tensions

West Texas Intermediate rose above $86 a barrel as a war-risk premium returned to markets. The combined death toll topped 1,100 as fighting headed into a third day

Jindal SAW-Hunting Energy JV eyes M East, Africa to supply OCTG from India

Jindal Hunting Energy Services Ltd (JHESL) is looking to export oil country tubular goods from its plant located at Nashik in Maharashtra. Piping products used in oil and gas production are referred as oil country tubular goods (OCTG). JHESL is a 51:49 per cent joint venture (JV) company between US-based Hunting Energy Services and domestic pipes maker Jindal SAW. On September 18, the JV inaugurated a plant with an annual capacity of 70,000 metric tonnes, which has been set up at a cost of USD 25 million to manufacture and supply pipes and tubes with premium connections to OCTG market in oil and gas sector. JHESL will first cater to the domestic market and continue to explore markets like Middle East and Africa, Neeraj Kumar, Group Chief Executive Officer and Whole-Time Director, Jindal SAW Ltd, told PTI in an interaction. When asked about the timeline for the exports, Kumar said there are certain approvals that need to be received for supplying OCTG. JHESL already has approvals

India-Middle East corridor to be basis of world trade: PM in Mann Ki Baat

Prime Minister Narendra Modi asserted on Sunday that the India-Middle East-Europe corridor will become a basis of world trade for the coming centuries and history will remember that it was envisioned in India. In his monthly Mann ki Baat broadcast, Modi recalled the "Silk route", an ancient trade corridor used by India when it was a prosperous and great trading power, and said the country suggested the India-Middle East-Europe economic corridor at the recent G20 Summit. The successful summit after the success of India's Chandrayaan-3 mission doubled every citizen's happiness, he said while noting that the two accomplishments have figured most in the messages he has received from people. India's leadership was acknowledged by the world as it succeeded in making the African Union a member of the G20, he said. Bharat Mandapam, the venue which hosted the G20 Summit, has become a "celebrity", the prime minister said, noting that people have been clicking selfies with the state-of-the-ar

Blinken congratulates Saudi, Emirati partners on new economic corridor

US State Secretary Antony Blinken on Tuesday congratulated Saudi, Emirati partners on the finalization of the India-Middle East-Europe Economic Corridor

The storytellers' bazaar

The enduring legacy of trade routes lies in shared stories and religious diversity. Can the India-Middle East-Europe Economic corridor harness this legacy to empower nations?

Aditya Birla launches Louis Philippe in UAE to expand presence in ME region

Louis Philippe, a premium menswear brand owned by the Aditya Birla Group, has forayed into the Middle East region with the opening of the brand's newest outlet in the UAE. Besides, Aditya Birla Fashion and Retail Ltd (ABFRL) plans to increase its retail footprint by launching several additional Exclusive Brand Outlets (EBOs) of its brands throughout the Middle East in the near future, Jacob John, company's President - Premium Brands, said. Its 2,000-square-feet store EBO offers a wide range of formal and semi-formal apparel and accessories that encapsulate the essence of elegant wear. John said it is a significant milestone for the company. "We are convinced that the brand will create an equally powerful impression in the UAE as the state boasts numerous promising shopping destinations, and we are excited about our growth prospects here. "In the near future, we plan to increase our retail footprint by launching several additional Exclusive Brand Outlets of our brands throughout th

India-Middle East-Europe Economic Corridor will benefit Russia: Putin

Russian President Vladimir Putin on Tuesday said he sees nothing in the India-Middle East-Europe Economic Corridor (IMEC) that can hinder Russia

US praises India for G20, hails 'India-Middle East Europe Corridor'

The US lauded India for hosting the G20 summit, calling it a big "success" and hailing the landmark 'India-Middle East-Europe Economic Corridor' which will usher in a new era of connectivity from Europe to Asia and will stimulate economic growth across the two continents. The G20 Leaders' two-day summit, held under India's presidency, wrapped up on Sunday. On Saturday, the ambitious India-Middle East-Europe Economic Corridor (IMEC) was jointly announced by the leaders of the US, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy and the European Union on the sidelines of the summit in New Delhi. The new economic corridor is seen as an alternative to China's controversial Belt and Road Initiative (BRI). During a regular press briefing on Monday, the US State Department spokesperson Matthew Miller told reporters," It was a landmark India-Middle East-Europe Economic Corridor (IMEC) that we believe will usher in a new era of connectivity from Europe to Asia that will

China welcomes India-Middle East-Europe Corridor if not a geopolitical tool

China said on Monday that it welcomes the India-Middle East-Europe Economic Corridor announced on the sidelines of the G20 summit so long it doesn't become a "geopolitical tool", even as it downplayed Italy's plan to pull out of its Belt and Road Initiative (BRI). China welcomes all initiatives that truly help developing countries build infrastructure and sincere efforts to promote connectivity and common development, the Chinese Foreign Ministry said. "At the same time, we advocate that various connectivity initiatives should be open, inclusive, and form synergy, and should not become geopolitical tools," the ministry said in a written response to PTI to a question on China's reaction to the new corridor. On Saturday, Prime Minister Narendra Modi announced plans to launch the India-Middle East-Europe Economic Corridor which includes India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany and the US. "Today we all have reached an important and historic partnership.

A new corridor

Geopolitics and next-generation trade explain the case for IMEC

India-Middle East-Europe corridor to make supply chain more resilient: EEPC

The proposed 'India-Middle East-Europe Economic Corridor' announced during the just-concluded G20 Leaders' Summit in Delhi will prove to be a game-changer project and provide huge impetus to global trade, Engineering Exports Promotion Council India (EEPC India) said on Monday. The corridor will also make the "global supply chain more resilient", EEPC India chairman Arun Kumar Garodia said. The project seeks to connect India with Europe via the Middle East by sea and port. This will redefine the movement of goods and services across the continents as it will bring down logistics costs and ensure quicker delivery of shipments, Garodia said in a statement. For India's engineering exports sector, both the Middle East and Europe are key markets, and having transport infrastructure of this scale will greatly enhance its competitiveness globally, he said. Garodia also said the investment in the transformative project will greatly boost economic activities, create jobs, and most important

'India-Europe-Middle East corridor largest cooperation project in history'

Welcoming the announcement of the ambitious India-Middle East-Europe Economic Corridor (IMEC), Israeli Prime Minister Benjamin Netanyahu has described it as the "largest cooperation project in our history" that will "change the face of the Middle East, Israel, and will affect the entire world". The new economic corridor, which many see as an alternative to China's Belt and Road Initiative, was jointly announced on Saturday by the leaders of the US, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy and the European Union on the sidelines of the G20 summit in New Delhi. In a video message released late Saturday evening, Netanyahu said that Israel is at the focus of an unprecedented international project that will link infrastructure from Asia to Europe. "I welcome the statement that was released today by the United States, India, Saudi Arabia, the UAE and the European Union, as well as France, Italy and Germany," Netanyahu said. "A good week to you, citizens of ..

G20: India-Middle East-Europe mega connectivity corridor deal announced

A connectivity corridor through India, the Middle East and Europe will soon be launched, sources said on Saturday. They said it will be a historic and first of its kind initiative for cooperation on connectivity and infrastructure involving India, the UAE, Saudi Arabia, the Europian Union, France, Italy, Germany and the US. The development comes amid the ongoing G20 summit which, in a major diplomatic breakthrough for India, agreed on a join declaration.