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Riyadh WEF Special Meeting Calls for Tech Use in Global Economic Growth

Saudi Arabia's Minister of Economy and Planning Faisal Alibrahim speaks during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed
Saudi Arabia's Minister of Economy and Planning Faisal Alibrahim speaks during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed
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Riyadh WEF Special Meeting Calls for Tech Use in Global Economic Growth

Saudi Arabia's Minister of Economy and Planning Faisal Alibrahim speaks during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed
Saudi Arabia's Minister of Economy and Planning Faisal Alibrahim speaks during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed

Leaders from around the world are stressing the importance of boosting global growth and tackling economic challenges, calling for urgent action to chart a sustainable future.

Riyadh had hosted global leaders for a two-day World Economic Forum (WEF) special meeting in Riyadh.

The Special Meeting on Global Collaboration, Growth and Energy for Development 2024 - held under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia - brought together key leaders to exchange perspectives, consider new data, and advance high-impact partnerships.

Attendees at the meeting stressed the importance of working together to boost sustainable economic growth and tackle obstacles.

They highlighted the need to use technology wisely amid global changes, aiming not just for economic growth but also to fix systemic issues.

They urged unified efforts to address economic slowdowns and build resilience by pooling expertise and resources to create new strategies for growth, job creation, and fair opportunities in building stronger economies.

Wide-ranging discussions at the WEF meeting delved into geopolitical and technological developments, with a focus on artificial intelligence, cybersecurity, renewable energy, logistics sectors, and other economic issues confronting the world.

Saudi Economy Minister Faisal Alibrahim stated that the global economy is still facing slow growth. He stressed the need for fair technology distribution, saying it could boost growth in less developed countries.

During the final plenary session, Alibrahim announced that the Kingdom joined the AI Governance Alliance, and will co-launch the ‘Inclusive AI Initiative for Growth and Development’, to develop solutions for AI access and adoption.

Alibrahim also highlighted Saudi Arabia’s fast-growing non-oil sectors since Vision 2030, aiming for a diverse economy led by productivity. He mentioned Saudi Arabia’s adaptability to AI technologies.

Additionally, Alibrahim discussed the recent conflicts in the Middle East, suggesting that peace in the region would help economic progress.

“We may end up with this decade being remembered as the Turbulent Twenties or the Tepid Twenties, and what we actually want is Transformational Twenties,” said Kristalina Georgieva, Managing Director of the International Monetary Fund.

“Over the next 100 years leaders must aim for the same degree of wealth as that created over the past 100 years, but with a much better distribution of the benefits of growth,” she added.

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UK’s Burnham Says He Is Open to Discussing EU Free Movement

21 October 2026, United Kingdom, London: Britain's Prime Minister Andy Burnham leaves 10 Downing Street to attend Prime Minister's Questions at the Houses of Parliament. (dpa)
21 October 2026, United Kingdom, London: Britain's Prime Minister Andy Burnham leaves 10 Downing Street to attend Prime Minister's Questions at the Houses of Parliament. (dpa)
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UK’s Burnham Says He Is Open to Discussing EU Free Movement

21 October 2026, United Kingdom, London: Britain's Prime Minister Andy Burnham leaves 10 Downing Street to attend Prime Minister's Questions at the Houses of Parliament. (dpa)
21 October 2026, United Kingdom, London: Britain's Prime Minister Andy Burnham leaves 10 Downing Street to attend Prime Minister's Questions at the Houses of Parliament. (dpa)

British Prime Minister Andy Burnham has said he wants a discussion about returning to the European Union's freedom of movement rules for workers, a key issue in the 2016 Brexit referendum which led to Britain leaving the bloc.

Building on previous comments about the need to rethink ties with Brussels, Burnham told the Sunday Times that the influx of EU workers into Britain before Brexit had posed very significant challenges. "But, at the same time, it ‌was a ‌type of immigration that perhaps wasn't as difficult (as now)," he ‌said.

"Revolving ⁠door migration where ⁠people would come and then go back is different. The balance of migration has changed, hasn't it, since then? I think we’ve just got to have an honest discussion about those things."

Official data has shown long-term net migration in 2025 fell to close to its level before a new post-Brexit immigration system was introduced at the start of 2021.

In September, two months after replacing Keir Starmer as Labour Party leader ⁠and prime minister, Burnham said Britain should consider options for ‌its relationship with the EU, including possibly rejoining ‌the bloc one day.

He had previously backed the pledges of Starmer's government which included no ‌return to freedom of movement which Brussels sets as a condition for being ‌part of the bloc's single market.

In his interview with the Sunday Times, conducted on October 19, Burnham said the issue of freedom of movement could be considered as part of a broader reset of Britain's relationship with the EU, including on data sharing and ‌migration.

"You've got to see it in the round, rather than just looking at freedom of movement on its own," ⁠he said.

Burnham, who ⁠is trying to find ways to speed up Britain's economy, is due to meet top EU officials for a summit on November 20.

He said he could not imagine recommending that Britain adopt the euro currency or the EU's border-free travel arrangements.

A new referendum would be needed to rejoin the EU but not necessarily to join the bloc's single market or a customs union, the Sunday Times quoted Burnham as saying.

Former Conservative finance minister Jeremy Hunt, who campaigned to stay in the EU in 2016, said it would be a mistake to reopen one of the fundamental debates of the referendum and he said relaxing immigration rules would hurt people in Britain.

"I think it will be a hammer blow to getting people off welfare and into work," Hunt told Sky News.

Business

Sydney’s New International Airport Opens to Passengers

A Jetstar aircraft departs on the inaugural commercial service from the newly-opened Western Sydney International Airport in Sydney on October 25, 2026, marking the start of regular passenger operations at Australia's newest international gateway. (AFP)
A Jetstar aircraft departs on the inaugural commercial service from the newly-opened Western Sydney International Airport in Sydney on October 25, 2026, marking the start of regular passenger operations at Australia's newest international gateway. (AFP)
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Sydney’s New International Airport Opens to Passengers

A Jetstar aircraft departs on the inaugural commercial service from the newly-opened Western Sydney International Airport in Sydney on October 25, 2026, marking the start of regular passenger operations at Australia's newest international gateway. (AFP)
A Jetstar aircraft departs on the inaugural commercial service from the newly-opened Western Sydney International Airport in Sydney on October 25, 2026, marking the start of regular passenger operations at Australia's newest international gateway. (AFP)

Sydney's new ‌A$5.6 billion ($3.94 billion) airport opened to passengers on Sunday after more than a decade of planning, in what Prime Minister Anthony Albanese said was a milestone for the country's most populous city.

The new Western Sydney International Airport in Badgerys Creek, about 60 km (37.3 miles) west of central Sydney, will operate 24 hours a day, ‌giving airlines ‌access to a fast-growing and ethnically ‌diverse ⁠population center.

The current ⁠airport, located closer to Sydney's central business district, can host takeoffs and landings only until 11 p.m. and after 6 a.m., limiting airline scheduling options relative to other major Australian cities like Melbourne.

"For ⁠the first time in more ‌than 50 years, ‌Australia is opening a major new airport. It’s ‌a milestone that has been decades in ‌the making," Albanese said in a statement.

"I’m very proud to officially open it," he said.

Qantas' budget arm Jetstar was due to ‌operate the first outbound flight to the Gold Coast on Sunday, ⁠the ⁠airport said in a statement. The airport has capacity for more than 80 million passenger movements annually, it said.

The start of passenger services comes after cargo flights commenced at the facility in July.

Located on a 1,780-hectare (4,398-acre) site purchased by the federal government in the 1980s, the airport was completed in July 2025 after a seven-year build and 15 years of planning.

Business

Trump Says Audi to Invest $4.2 Bn in Its First US Auto Plant

US President Donald Trump looks on as CEO of Audi AG Gernot Dollner speaks at a midterm election campaign rally at Guardian Centers of Georgia in Perry, Georgia on October 24, 2026. (AFP)
US President Donald Trump looks on as CEO of Audi AG Gernot Dollner speaks at a midterm election campaign rally at Guardian Centers of Georgia in Perry, Georgia on October 24, 2026. (AFP)
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Trump Says Audi to Invest $4.2 Bn in Its First US Auto Plant

US President Donald Trump looks on as CEO of Audi AG Gernot Dollner speaks at a midterm election campaign rally at Guardian Centers of Georgia in Perry, Georgia on October 24, 2026. (AFP)
US President Donald Trump looks on as CEO of Audi AG Gernot Dollner speaks at a midterm election campaign rally at Guardian Centers of Georgia in Perry, Georgia on October 24, 2026. (AFP)

US President Donald Trump announced on Saturday that German automaker Audi planned to invest $4.2 billion to build its first factory in the United States that will produce 200,000 vehicles a year.

Audi confirmed the investment in a release, saying the plant would create about 4,500 jobs.

"I'm thrilled to announce a massive auto manufacturing investment in the great state of Georgia by a fantastic company," Trump said at a campaign rally 10 days ahead of the November 3 midterm elections that will determine control of the US Congress.

"Audi has just committed to invest $4.2 billion dollars in nearby Macon, Georgia, to begin the construction next month on a massive plant that will produce 200,000 cars a year," Trump continued.

Audi, which is a unit of Volkswagen, said in its release that construction was scheduled to begin next year and production in the early 2030s.

"The planned investment intends to mark a long-term commitment to the United States and to establish North America as a third major pillar of Audi's global production network alongside Europe and China," it said.

VW, long a titan of German industry, has struggled with US tariffs, Chinese competition and patchy demand in Europe.

About 50,000 job cuts have already been agreed across the 10-brand Volkswagen Group -- mostly at VW, Audi and Porsche -- but the company has said another 50,000 could be required worldwide to slash costs.