APEC Leaders Divided on Ukraine, Gaza Wars, Back WTO Reform

US President Joe Biden, South Korea's President Yoon Suk Yeol, Japan's Prime Minister Fumio Kishida, Indonesian President Joko Widodo, Singapore Prime Minister Lee Hsien Loong, Vietnam President Vo Van Thuong and Philippines' President Bongbong Marcos take part in a family photo during an Indo-Pacific Economic Framework event at the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco, California, US, November 16, 2023. (Reuters)
US President Joe Biden, South Korea's President Yoon Suk Yeol, Japan's Prime Minister Fumio Kishida, Indonesian President Joko Widodo, Singapore Prime Minister Lee Hsien Loong, Vietnam President Vo Van Thuong and Philippines' President Bongbong Marcos take part in a family photo during an Indo-Pacific Economic Framework event at the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco, California, US, November 16, 2023. (Reuters)
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APEC Leaders Divided on Ukraine, Gaza Wars, Back WTO Reform

US President Joe Biden, South Korea's President Yoon Suk Yeol, Japan's Prime Minister Fumio Kishida, Indonesian President Joko Widodo, Singapore Prime Minister Lee Hsien Loong, Vietnam President Vo Van Thuong and Philippines' President Bongbong Marcos take part in a family photo during an Indo-Pacific Economic Framework event at the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco, California, US, November 16, 2023. (Reuters)
US President Joe Biden, South Korea's President Yoon Suk Yeol, Japan's Prime Minister Fumio Kishida, Indonesian President Joko Widodo, Singapore Prime Minister Lee Hsien Loong, Vietnam President Vo Van Thuong and Philippines' President Bongbong Marcos take part in a family photo during an Indo-Pacific Economic Framework event at the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco, California, US, November 16, 2023. (Reuters)

Pacific Rim leaders showed divisions over the wars in Ukraine and Gaza after a two-day summit of the Asia-Pacific Economic Cooperation (APEC) forum on Friday, although they pledged support for reform of the World Trade Organization.

Days of meetings involving APEC ministers and leaders were dominated by a summit on Wednesday between US President Joe Biden and Chinese President Xi Jinping aimed at cooling tensions between the world's two largest economies, which have alarmed the region.

The 21 APEC members, which include Russia and Muslim-majority Indonesia and Malaysia, went into the meetings divided over Russia's war in Ukraine and the Hamas-Israel war in Gaza, and that is how they left them.

A statement issued by this year's APEC chair, the United States, echoed last year's APEC leaders' declaration in saying that "most" APEC members "strongly condemn aggression against Ukraine."

It said the leaders exchanged views on the Gaza crisis, with some objecting to language of the chair's statement in an accompanying "Golden Gate Declaration" covering economic issues "on the basis that they do not believe that APEC is a forum to discuss geopolitical issues."

Some APEC leaders shared the united messages of the Nov. 11 joint Arab-Islamic summit in Riyadh, the chair's statement said.

Brunei, Indonesia and Malaysia in a joint statement said they were among the APEC leaders who supported the messages of the Riyadh summit, which had called for an immediate end to military operations in Gaza, rejecting Israel's justification of its actions against Palestinians as self-defense.

The three countries also called for an "immediate, durable and sustained" humanitarian truce, and for the unhindered provision of essential goods and services to civilians in Gaza.

‘Free, open, fair investment environment’

The APEC leaders' declaration reaffirmed their determination "to deliver a free, open, fair, non-discriminatory, transparent, inclusive, and predictable trade and investment environment."

"We are committed to necessary reform of the WTO to improve all of its functions, including conducting discussions with a view to having a fully and well-functioning dispute settlement system accessible to all members by 2024," it said.

Despite the frictions over the Ukraine and Middle East wars, the Sino-US talks will have brought some relief to APEC members concerned by a worsening trajectory in the rivalry between the superpowers, which are also the world's largest economies.

The Biden-Xi summit brought agreements to resume military-to-military communications and work to curb fentanyl production, showing some tangible progress in the first face-to-face talks in a year between the two, but no major reset in their strategic rivalry.

Xi appeared to achieve his aims, earning US concessions in exchange for promises of cooperation, an easing of bilateral tensions that will allow more focus on economic growth, and a chance to woo foreign investors who increasingly shun China.

Biden, addressing the other APEC leaders on Friday, urged them to work together to ensure that artificial intelligence brings change for the better, rather than abusing workers or limiting potential.

The US-China signal

Biden used the APEC summit to highlight the strong US economy and its ties to other Pacific nations, even as his vision for greater regional cooperation to counter China's influence stumbled on the trade front over his bid to strengthen workers' rights.

The managing director of the International Monetary Fund, Kristalina Georgieva, told Reuters the Biden-Xi meeting was a badly needed signal that the world needs to cooperate more and a positive sign for cooperation on global challenges, especially climate change.

Much US-China tension is linked to democratically governed Taiwan, which China claims at its own, and the issue has raised fears of a conflict between the superpowers.

Taiwan's APEC envoy, semiconductor magnate Morris Chang, told a news conference on Friday he believed the Biden-Xi summit had been a "good meeting."

He said he had informal interactions with Biden, US Vice President Kamala Harris and US Secretary of State Antony Blinken on the sidelines of APEC, but not with Xi.

As it competes with China for influence, Biden's administration has vowed to continue negotiating an ambitious Asia trade deal as part of the Indo-Pacific Economic Framework it created as a forum for engagement after then-President Donald Trump quit a regional trade pact in 2017.

However, election-year pressures and resistance to tough commitments from some countries make a deal unlikely, trade experts and business groups say.



Oil Prices Extend Gains on Concerns of Potential US-Iran Conflict

FILE PHOTO: The Phillips 66 Lake Charles Refinery is pictured in West Lake, Louisiana, US, June 12, 2018. REUTERS/Jonathan Bachman/File Photo
FILE PHOTO: The Phillips 66 Lake Charles Refinery is pictured in West Lake, Louisiana, US, June 12, 2018. REUTERS/Jonathan Bachman/File Photo
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Oil Prices Extend Gains on Concerns of Potential US-Iran Conflict

FILE PHOTO: The Phillips 66 Lake Charles Refinery is pictured in West Lake, Louisiana, US, June 12, 2018. REUTERS/Jonathan Bachman/File Photo
FILE PHOTO: The Phillips 66 Lake Charles Refinery is pictured in West Lake, Louisiana, US, June 12, 2018. REUTERS/Jonathan Bachman/File Photo

Oil prices rose on Thursday as the US and Iran attempted to ease a standoff in talks over Tehran's nuclear program while both sides heightened military activity in the key oil-producing region.

Brent futures climbed 23 cents, or 0.3% to $70.58 a barrel by 0735 GMT, while US West Texas Intermediate (WTI) crude gained 25 cents, or 0.4%, to trade at $65.44 a barrel.

Both benchmarks settled more than 4% higher on Wednesday, posting their highest settlements since January 30, as traders priced in the risk of supply disruptions in the event of ‌a conflict.

"Oil prices are ‌rallying as the market becomes increasingly concerned over the potential ‌for ⁠imminent US action ⁠against Iran," said ING analysts in a Thursday note.

Iranian state media reported the country had shut down the Strait of Hormuz for a few hours on Tuesday, without making clear whether the waterway had fully reopened. About 20% ⁠of the world's oil supply passes through the waterway.

"Tensions between Washington ‌and Tehran remain high, but the prevailing view ‌is that full-scale armed conflict is unlikely, prompting a wait-and-see approach," said Hiroyuki Kikukawa, chief strategist of ‌Nissan Securities Investment, a unit of Nissan Securities.

"US President Donald Trump does not ‌want a sharp rise in crude prices, and even if military action occurs, it would likely be limited to short-term air strikes," Kikukawa added.

A degree of progress was made during Iran talks in Geneva this week but distance remained on some issues, the White House said on Wednesday, ‌adding that it expected Tehran to come back with more details in a couple of weeks.

Iran issued a notice to ⁠airmen (NOTAM) that ⁠it plans rocket launches in areas across its south on Thursday from 0330 GMT to 1330 GMT, according to the US Federal Aviation Administration website.

At the same time, the US has deployed warships near Iran, with US Vice President JD Vance saying Washington was weighing whether to continue diplomatic engagement with Tehran or pursue "another option".

Meanwhile, two days of peace talks in Geneva between Ukraine and Russia ended on Wednesday without a breakthrough, with Ukrainian President Volodymyr Zelenskiy accusing Moscow of stalling US-mediated efforts to end the four-year-old war.

US crude and gasoline and distillate inventories fell last week, market sources said, citing American Petroleum Institute figures on Wednesday, contrary to expectations in a Reuters poll that crude stocks would rise by 2.1 million barrels in the week to February 13.

Official US oil inventory reports from the Energy Information Administration are due on Thursday.


Madinah Sees Tourism Surge Ahead of Ramadan, Spending Tops $13.9 Billion

A cluster of buildings and hotels surrounding the Prophet’s Mosque (SPA). 
A cluster of buildings and hotels surrounding the Prophet’s Mosque (SPA). 
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Madinah Sees Tourism Surge Ahead of Ramadan, Spending Tops $13.9 Billion

A cluster of buildings and hotels surrounding the Prophet’s Mosque (SPA). 
A cluster of buildings and hotels surrounding the Prophet’s Mosque (SPA). 

Saudi Arabia’s Minister of Tourism, Ahmed Al-Khateeb, has toured hospitality facilities and visitor services in Madinah as part of the “Spirit of Ramadan” inspection tour, which also included Jeddah and Makkah.

New data show visitor numbers exceeded 21 million over the past year, a 12 percent increase from 2024, while total tourism spending reached SAR 52 billion (about $13.9 billion), up 22 percent.

The visit focused on assessing the sector’s readiness for the Ramadan season, evaluating service quality, and supporting ongoing and upcoming tourism projects.

Madinah posted strong tourism performance in 2025, driven by higher visitor inflows and expanded hospitality capacity, reinforcing its position as a leading religious destination within Saudi Arabia’s tourism landscape.

Demand growth has been matched by a sharp rise in supply. Licensed hospitality facilities increased to 610, up 35 percent, while the number of licensed rooms surpassed 76,000, a 24 percent gain, strengthening the city’s ability to accommodate during peak seasons such as Ramadan and Hajj.

Travel and tourism offices also grew to more than 240, reflecting a 29 percent expansion in supporting services.

Al-Khateeb said the entry of international hospitality brands and new projects over the past five years underscores both sectoral growth and rising investor confidence in the Kingdom’s tourism ecosystem.

“The landscape today is different. The sector is growing steadily, supported by a system that empowers investors and facilitates their journey, with a promising future ahead,” he said.

To expand hotel capacity, the minister inaugurated the Radisson Hotel Madinah, a project worth more than SAR 39 million (around $10 million) and financed by the Tourism Development Fund.

The 2025 performance signals a shift from traditional seasonal growth toward more sustainable expansion built on diversified offerings, improved service quality, and a stronger contribution to the local economy.

 

 

 

 

 

 


Airbus Planning Record Commercial Aircraft Deliveries in 2026

An Airbus A350-1000 at the Singapore Airshow on February 4. The company said Thursday it aims to deliver a record number of aircraft this year. Roslan RAHMAN / AFP/File
An Airbus A350-1000 at the Singapore Airshow on February 4. The company said Thursday it aims to deliver a record number of aircraft this year. Roslan RAHMAN / AFP/File
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Airbus Planning Record Commercial Aircraft Deliveries in 2026

An Airbus A350-1000 at the Singapore Airshow on February 4. The company said Thursday it aims to deliver a record number of aircraft this year. Roslan RAHMAN / AFP/File
An Airbus A350-1000 at the Singapore Airshow on February 4. The company said Thursday it aims to deliver a record number of aircraft this year. Roslan RAHMAN / AFP/File

Plane maker Airbus aims to deliver a record number of commercial aircraft this year, the company said Thursday, capitalizing on "strong demand" and a jump in profit in 2025.

"2025 was a landmark year, characterized by very strong demand for our products and services across all businesses," CEO Guillaume Faury said in a press release announcing annual results.

The European manufacturer said it received 1,000 orders for commercial planes in 2025, with net orders of 889 after taking cancellations into account, and 793 delivered.

Last year, its overall profit jumped 23 percent to 5.2 billion euros ($6.1 billion).

The company said it is targeting "around 870 commercial aircraft deliveries" this year.

"As the basis for its 2026 guidance, the Company assumes no additional disruptions to global trade or the world economy, air traffic, the supply chain, its internal operations, and its ability to deliver products and services," it said in its outlook.

Both Airbus and its rival Boeing have struggled to return to pre-pandemic production levels after their entire network of suppliers was disrupted, even as airlines are eager to modernize their fleets with more fuel-efficient aircraft and expand to meet an expected increase in passenger numbers over the coming decades.