Saudi Arabia and France sign economic MoUs worth over $18 billion

(L-R) Panel moderator Eric Chaney of the Institut Montaigne, Saudi Arabia's Minister of Commerce and Investment Dr Majed Al-Qasabi, Saudi Arabia's Minister of Energy, Industry and Mineral Resources Khalid Al-Falih, CEO of French oil giant Total Patrick Pouyanne and BNP Paribas Chairman Jean Lemierre attend the during the Saudi-France CEO Forum in Paris on April 10, 2018. (AFP)
Updated 11 April 2018
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Saudi Arabia and France sign economic MoUs worth over $18 billion

DUBAI: Twenty memorandum's of understanding (MoUs) in energy and transportation sectors worth over $18 billion were signed between France and Saudi Arabia on Monday, Saudi state-news channel Al-Ekhbariya reported.
The companies involved in the MoUs were Saudi Arabia’s SABIC and France’s Schneider Electric and Orange, as well as Saudi Arabia’s Nas Air and France’s Safran.
(Developing)


Military-linked Fauji Fertilizer to bid for stake in Pakistan’s PIA

Updated 3 min 28 sec ago
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Military-linked Fauji Fertilizer to bid for stake in Pakistan’s PIA

  • Islamabad is trying to offload 51-100 percent stakes in PIA under $7 billion IMF program to overhaul state-owned firms
  • 2024 auction drew only one offer of $36 million, far below government’s $305-million floor price, and was rejected

ISLAMABAD: Fauji Fertilizer Company Ltd. (FFC), a unit of the Pakistan army-run Fauji Foundation, said on Monday its board had approved submitting an expression of interest to acquire a stake in loss-making national carrier PIA, according to a filing with the Pakistan Stock Exchange (PSX).

Islamabad is trying to offload a controlling stake of 51-100 percent in PIA under a $7 billion International Monetary Fund program aimed at overhauling state-owned firms. Authorities last month pushed back the deadline for expressions of interest to June 19. 

“The board … has approved submission of an expression of interest and pre-qualification documents to the Privatization Commission … and undertaking a comprehensive due-diligence exercise,” FFC said in the filing. 

FFC is Pakistan’s biggest fertilizer maker and has diversified interests in energy, food and finance. Any deal on PIA would expand the military group’s footprint into aviation, though final terms will hinge on the government’s privatization process and regulatory approvals.

FFC’s move marks Pakistan’s second attempt to sell PIA. 

A 2024 auction drew only one offer – Rs10 billion ($36 million) for 60 percent of the airline from real-estate developer Blue World City – far below the government’s Rs85 billion ($305 million) floor price and was rejected. 

Pakistan had offloaded nearly 80 percent of the airline’s legacy debt and shifted it to government books ahead of the privatization attempt. The rest of the debt was also cleaned out of the airline’s accounts after the failed sale attempt to make it more attractive to potential buyers, according to the country’s privatization ministry.

In April, PIA posted an operating profit of Rs9.3 billion ($33.1 million) for 2024, its first in 21 years.

The airline has for years survived on government bailouts as its operational earnings were eaten up by debt servicing costs.

Officials say offloading the debt burden and recent reforms like shedding staff, exiting unprofitable routes and other cost-cutting measures led to the profitable year.

Ahead of the attempt to sell the airline last year, PIA had faced threats of being shut down, with planes impounded at international airports over its failure to pay bills and flights canceled due to a shortage of funds to pay for fuel or spare parts.

The state carrier’s 34-plane fleet commands only 23 percent of Pakistan’s domestic market, while Middle Eastern rivals take about 60 percent of overall traffic, thanks to wider route networks and direct connections. 


Israel-Iran battle continues into fourth day with more civilian deaths on both sides

Updated 30 min 1 sec ago
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Israel-Iran battle continues into fourth day with more civilian deaths on both sides

  • At least 5 killed and dozens more wounded in Israel as Iran fires new wave of missile attacks on Monday
  • American consulate in Tel Aviv suffers minor damage as Iranian missile lands nearby
  • Israel says Iranian missiles are “clearly targetting” civilian sites

DUBAI: Iran fired a new wave of missile attacks on Israel early Monday, triggering air raid sirens across the country as emergency services reported at least five killed and dozens more wounded in the fourth day of open warfare between the regional foes that showed no sign of slowing.

Iran announced it had launched some 100 missiles and vowed further retaliation for Israel’s sweeping attacks on its military and nuclear infrastructure, which have killed at least 224 people in the country since last Friday.

The attacks raised Israel’s total death toll to at least 18, and in response the Israeli military said fighter jets had struck 10 command centers in Tehran belonging to Iran’s Quds Force, an elite arm of its Revolutionary Guard that conducts military and intelligence operations outside Iran.

Israeli air defence systems are activated to intercept Iranian missiles over the Israeli city of Tel Aviv amid a fresh barrage of Iranian rockets on June 16, 2025. (AFP)

Powerful explosions, likely from Israel’s defense systems intercepting Iranian missiles, rocked Tel Aviv shortly before dawn on Monday, sending plumes of black smoke into the sky over the coastal city.

Authorities in the central Israeli city of Petah Tikva said Iranian missiles had hit a residential building there, charring concrete walls, shattering windows and ripping the walls off multiple apartments.

The Israeli Magen David Adom emergency service reported that two women and two men — all in their 70s — were killed in the wave of missile attacks that struck four sites in central Israel.

“We clearly see that our civilians are being targeted,” said Israeli police spokesman Dean Elsdunne outside the bombed-out building in Petah Tikva. “And this is just one scene, we have other sites like this near the coast, in the south.”

The MDA added that paramedics had evacuated another 87 wounded people to hospitals, including a 30-year-old woman in serious condition, while rescuers were still searching for residents trapped beneath the rubble of their homes.

 

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Iran tells Qatar, Oman it won't negotiate ceasefire with US while under Israeli attack

Israel and Iran launched fresh attacks on Sunday, killing and wounding civilians and raising concerns of a broader regional conflict, with both militaries urging civilians on the opposing side to take precautions against further strikes. 

Israel warned that the worse is to come. It targeted Iran's Defense Ministry headquarters in Tehran and sites it alleged were associated with Iran's nuclear program, while Iranian missiles evaded Israeli air defenses and slammed into buildings deep inside Israel.

An Iranian health ministry spokesperson, Hossein Kermanpour, said the toll since the start of Israeli strikes had risen to 224 dead and more than 1,200 injured, 90 percent of whom he said were civilians. Those killed included 60 on Saturday, half of them children, in a 14-story apartment block flattened in the Iranian capital.

German Chancellor Friedrich Merz said he hoped a meeting of the Group of Seven leaders in Canada on Sunday would reach an agreement to help resolve the conflict and keep it from escalating.

Iran has told mediators Qatar and Oman that it is not open to negotiating a ceasefire with the US while it is under Israeli attack, an official briefed on the communications told Reuters on Sunday. The Israeli military, which launched the attacks on Friday with the stated aim of wiping out Iran’s nuclear and ballistic missile programs, warned Iranians living near weapons facilities to evacuate.


Oil and gas important in times of conflict, Saudi Aramco CEO says

Updated 43 min 55 sec ago
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Oil and gas important in times of conflict, Saudi Aramco CEO says

KUALA LUMPUR: The importance of oil and gas can’t be underestimated at times when conflicts occur, something that was currently being seen, the head of Saudi oil giant Aramco told an energy conference on Monday.

Aramco CEO Amin Nasser delivered his speech to the Energy Asia Conference in Kuala Lumpur by a video link.

Oil prices jumped last week after Israel launched strikes against Iran on Friday that it said were to prevent Tehran from building an atomic weapon. The fighting intensified over the weekend.

“(History has) shown us that when conflicts occur, the importance of oil and gas can’t be understated,” Nasser said.

“We are witnessing this in real time, with threats to energy security continuing to cause global concern,” he said, without directly mentioning the fighting between Israel and Iran.

Nasser also said that experience had shown that new energy sources don’t replace the old, but added to the mix. He said the transition to net-zero emissions could cost up to $200 trillion, and renewable sources were not meeting current demand.

“As a result, energy security and affordability have at last joined sustainability as the transition’s central goals,” he said.

Aramco is a key part of the Saudi economy, generating a bulk of the Kingdom’s revenue through oil exports and funding its ambitious Vision 2030 diversification drive.


Spaniards turn water pistols on visitors in Barcelona and Mallorca to protest mass tourism

Updated 44 min 30 sec ago
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Spaniards turn water pistols on visitors in Barcelona and Mallorca to protest mass tourism

  • About a thousand Spaniards marched to demand a rethink of an economic model they believe is fueling a housing crunch and erasing the character of their city on Sunday
  • The marches were part of a coordinated effort by activists concerned with the ills of overtourism across southern Europe’s top destinations

BARCELONA: Protesters used water pistols against unsuspecting tourists in Barcelona and on the Spanish island of Mallorca on Sunday as demonstrators marched to demand a rethink of an economic model they believe is fueling a housing crunch and erasing the character of their hometowns.
The marches were part of the first coordinated effort by activists concerned with the ills of overtourism across southern Europe’s top destinations. While several thousands rallied in Mallorca in the biggest gathering of the day, hundreds more gathered in other Spanish cities, as well as in Venice, Italy, and Portugal’s capital, Lisbon.
“The squirt guns are to bother the tourists a bit,” Andreu Martínez said in Barcelona with a chuckle after spritzing a couple seated at an outdoor café. “Barcelona has been handed to the tourists. This is a fight to give Barcelona back to its residents.”
Martínez, a 42-year-old administrative assistant, is one of a growing number of residents who are convinced that tourism has gone too far in the city of 1.7 million people. Barcelona hosted 15.5 million visitors last year eager to see Antoni Gaudí’s La Sagrada Familia basilica and the Las Ramblas promenade.
Martínez says his rent has risen over 30 percent as more apartments in his neighborhood are rented to tourists for short-term stays. He said there is a knock-on effect of traditional stores being replaced by businesses catering to tourists, like souvenir shops, burger joints and “bubble tea” spots.
“Our lives, as lifelong residents of Barcelona, are coming to an end,” he said. “We are being pushed out systematically.”
Around 5,000 people gathered in Palma, the capital of Mallorca, with some toting water guns as well and chanting “Everywhere you look, all you see are tourists.” The tourists who were targeted by water blasts laughed it off. The Balearic island is a favorite for British and German sun-seekers. It has seen housing costs skyrocket as homes are diverted to the short-term rental market.
Hundreds more marched in Granada, in southern Spain, and in the northern city of San Sebastián, as well as the island of Ibiza.
In Venice, a couple of dozen protesters unfurled a banner calling for a halt to new hotel beds in the lagoon city in front of two recently completed structures, one in the popular tourist destination’s historic center where activists say the last resident, an elderly woman, was kicked out last year.
‘That’s lovely’
Protesters in Barcelona blew whistles and held up homemade signs saying “One more tourist, one less resident.” They stuck stickers saying “Citizen Self-Defense,” in Catalan, and “Tourist Go Home,” in English, with a drawing of a water pistol on the doors of hotels and hostels.
There was tension when the march stopped in front of a large hostel, where a group emptied their water guns at two workers positioned in the entrance. They also set off firecrackers next to the hostel and opened a can of pink smoke. One worker spat at the protesters as he slammed the hostel’s doors.
American tourists Wanda and Bill Dorozenski were walking along Barcelona’s main luxury shopping boulevard where the protest started. They received a squirt or two, but she said it was actually refreshing given the 83 degree Fahrenheit (28.3 degrees Celsius) weather.
“That’s lovely, thank you sweetheart,” Wanda said to the squirter. “I am not going to complain. These people are feeling something to them that is very personal, and is perhaps destroying some areas (of the city).”
There were also many marchers with water pistols who didn’t fire at bystanders and instead solely used them to spray themselves to keep cool.
Crackdown on Airbnb
Cities across the world are struggling with how to cope with mass tourism and a boom in short-term rental platforms, like Airbnb, but perhaps nowhere has surging discontent been so evident as in Spain, where protesters in Barcelona first took to firing squirt guns at tourists during a protest last summer.
There has also been a confluence of the pro-housing and anti-tourism struggles in Spain, whose 48 million residents welcomed record 94 million international visitors in 2024. When thousands marched through the streets of Spain’s capital in April, some held homemade signs saying “Get Airbnb out of our neighborhoods.”
Spanish authorities are striving to show they hear the public outcry while not hurting an industry that contributes 12 percent of gross domestic product.
Last month, Spain’s government ordered Airbnb to remove almost 66,000 holiday rentals from the platform that it said had violated local rules.
Spain’s Consumer Rights Minister Pablo Bustinduy told The Associated Press shortly after the crackdown on Airbnb that the tourism sector “cannot jeopardize the constitutional rights of the Spanish people,” which enshrines their right to housing and well-being. Carlos Cuerpo, the economy minister, said in a separate interview that the government is aware it must tackle the unwanted side effects of mass tourism.
The boldest move was made by Barcelona’s town hall, which stunned Airbnb and other services who help rent properties to tourists by announcing last year the elimination of all 10,000 short-term rental licenses in the city by 2028.
That sentiment was back in force on Sunday, where people held up signs saying “Your Airbnb was my home.”
‘Taking away housing’
The short-term rental industry, for its part, believes it is being treated unfairly.
“I think a lot of our politicians have found an easy scapegoat to blame for the inefficiencies of their policies in terms of housing and tourism over the last 10, 15, 20 years,” Airbnb’s general director for Spain and Portugal, Jaime Rodríguez de Santiago recently told the AP.
That argument either hasn’t trickled down to the ordinary residents of Barcelona, or isn’t resonating.
Txema Escorsa, a teacher in Barcelona, doesn’t just oppose Airbnb in his home city, he has ceased to use it even when traveling elsewhere, out of principle.
“In the end, you realize that this is taking away housing from people,” he said.


One dead, 36 injured after 6.1-magnitude earthquake in Peru

Updated 57 min 6 sec ago
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One dead, 36 injured after 6.1-magnitude earthquake in Peru

  • A 6.1-magnitude earthquake struck Peru on Sunday, leaving one person dead and 36 injured as the tremor triggered landslides, officials said

LIMA: A 6.1-magnitude earthquake struck Peru on Sunday, leaving one person dead and 36 injured as the tremor triggered landslides, officials said.
The quake hit shortly before noon and was centered around 30 kilometers (20 miles) from Callao, a port city next to the capital Lima, the National Seismological Center said. The US Geological Survey put the magnitude at 5.6.
Peru said the tremor had not generated a tsunami warning.
A man died in Lima when a wall fell on the car he was driving, the National Police said.
In addition, the Emergency Operations Center reported 36 injuries in Lima.
President Dina Boluarte called for “calm” from citizens, noting that there was no tsunami warning for the South American country’s Pacific coastline.
The TV channel Latina showed footage of landslides in several areas of the capital city.
The quake also prompted a suspension of a major football game being played in Lima. The city’s subway service was also halted.
Peru is home to 34 million people and lies on the so-called Ring of Fire, a stretch of intense seismic and volcanic activity around the Pacific basin.
Peru averages at least 100 detectable earthquakes every year.
The last big one, in 2021 in the Amazon region, had a magnitude of 7.5, left 12 people injured and destroyed more than 70 homes.
A devastating quake in 1970 in the northern Ancash region of Peru killed around 67,000 people.