Page 32 - Middle East

Antony Blinken to extend Middle East tour, return to Israel on Monday

Blinken held talks with Saudi Crown Prince Mohammed bin Salman, one of the most powerful leaders of the region, a meeting the top U.S. diplomat described as "very productive"

Israel-Hamas conflict may pose hurdles to Economic Corridor timelines: GTRI

The ongoing Israel-Hamas conflict may lead to delays and complications in the India Middle East Europe Economic Corridor project, according to think tank Global Trade Research Initiative (GTRI). It said while the conflict's immediate consequences are confined to Israel and Gaza, its ripple effects throughout the Middle East cannot be underestimated. GTRI said the conflict could derail the prospect of a historic peace deal between Israel and Saudi Arabia, a crucial linchpin in the India Middle East Europe Economic Corridor (IMEEC) framework. Although Saudi Arabia and Israel have historically maintained no formal diplomatic ties, recent years have witnessed signs of a thaw, with negotiations underway for normalisation, GTRI Co-Founder Ajay Srivastava said, adding that the war may derail any progress made. "The ongoing Israel-Hamas conflict may disrupt the project's timelines and outcomes, marking a pivotal juncture in the development of this ambitious economic corridor. While the war

EAM speaks to Saudi Foreign Minister on 'grave' situation in Middle-East

External Affairs Minister S Jaishankar on Friday spoke to his Saudi counterpart Prince Faisal bin Farhan and they discussed the situation arising out of the Hamas-Israel conflict. The phone conversation came two days after Jaishankar discussed the crisis with Foreign Minister of the United Arab Emirates Sheikh Abdullah bin Zayed Al Nahyan. "Appreciated the conversation with Foreign Minister HH @FaisalbinFarhan of Saudi Arabia," the external affairs minister said on 'X'. "Discussed the grave situation in the Middle East," he said.

Middle-East conflict raises fuel price concerns, says FM Sitharaman

Sitharaman is on an official visit to Marrakech, Morocco, to attend the IMF-World Bank Annual Meetings 2023

LIVE: Middle-East conflict raises fuel price concerns, says FM Sitharaman

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Another massive earthquake strikes Afghanistan: What we know so far

A 6.3 magnitude earthquake struck Afghanistan on October 11, in an area where tremors killed over 2,400 just days ago. Watch the video to know the details.

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