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Saudi Energy Minister, US Secretary of Energy Sign Roadmap for Cooperation

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz has met in Riyadh with the US Secretary of Energy. SPA
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz has met in Riyadh with the US Secretary of Energy. SPA
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Saudi Energy Minister, US Secretary of Energy Sign Roadmap for Cooperation

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz has met in Riyadh with the US Secretary of Energy. SPA
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz has met in Riyadh with the US Secretary of Energy. SPA

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz has met in Riyadh with US Secretary of Energy Jennifer M. Granholm.

Within the context of the Partnership for Advancing Clean Energy Agreement, signed by the Kingdom and the US in Jeddah on July 15, 2022, the Ministers discussed ways to enhance cooperation between the two countries in various energy fields, including carbon management, clean hydrogen, nuclear energy, electricity and renewables, innovation, energy sector supply chain resilience, and energy efficiency.

During Wednesday’s meeting, the two Ministers also addressed the Kingdom's efforts to tackle climate change through local and regional initiatives based on Circular Carbon Economy, including the “Saudi Green Initiative” and the “Middle East Green initiative.”

After the meeting, they signed a roadmap for cooperation in the field of energy between Saudi Arabia and the US.

The roadmap represents the joint implementation plan for energy cooperation, under the Partnership Framework for Advancing Clean Energy signed between the two countries in Jeddah on July 15, 2022, and sets a timeline that outlines critical projects for collaboration.

Both sides have agreed to implement the roadmap through several workstreams, including exchanging knowledge on policies in the areas covered by the roadmap, including policies related to standards and regulatory frameworks, enhancing joint research and development, especially in the field of new technologies, and building human capital through training and exchange of expertise.

The partnership framework covers cooperation in various fields and projects including clean energy, clean hydrogen, Circular Carbon Economy, Carbon Capture, Utilization and Storage technologies, clean cooking solutions, emissions reduction, research and development, and clean electricity generation technologies. The partnership framework also allows for further cooperation in other areas, in alignment with both countries' policies, laws, and international commitments.

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Business

Crypto Platform Binance Confirms ‘Complex’ $6.3 Bn Hack

Representations of cryptocurrencies are seen in front of displayed Binance logo in this illustration taken November 10, 2022. (Reuters)
Representations of cryptocurrencies are seen in front of displayed Binance logo in this illustration taken November 10, 2022. (Reuters)
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Crypto Platform Binance Confirms ‘Complex’ $6.3 Bn Hack

Representations of cryptocurrencies are seen in front of displayed Binance logo in this illustration taken November 10, 2022. (Reuters)
Representations of cryptocurrencies are seen in front of displayed Binance logo in this illustration taken November 10, 2022. (Reuters)

Cryptocurrency platform Binance said Friday it was working to resolve a "complex attack" that hit around $6.3 billion in funds, with about half that amount frozen to prevent a massive theft. 

The company -- the world's largest crypto exchange by daily trading volumes -- said investigations had "uncovered additional points of breach", contrary to initial findings that suggested the hack involved a single compromised laptop. 

"This was a complex attack, and we are doing all we can in coordination with law enforcement to resolve it," Binance wrote on X. 

The firm earlier posted a series of sometimes contradictory messages, insisting that "user funds are completely safe" but also saying it would "cover all losses." 

The company confirmed on its X account for Latin America that "the total estimated impact is around $6.3 billion." 

That is four times the amount impacted in the biggest-ever cyberattack of its kind to date: $1.5 billion taken in February last year from the Bybit platform. 

Binance warned the figure "may continue to increase as our teams work closely with law enforcement, issuers, blockchain intelligence firms and industry partners to trace and freeze additional assets." 

It said around $3 billion in affected assets had been frozen. 

The 2023 Bybit heist was attributed at the time to a group of hackers affiliated with North Korea called TraderTraitor. 

Blockchain investigation firm TRM Labs said Thursday it had "high confidence" that the Binance hack was also orchestrated by TraderTraitor, citing "robust on and off-chain intelligence." 

"Several features of this attack match earlier North Korea-linked heists," TRM said. 

TraderTraitor is believed to be part of Lazarus Group -- which gained notoriety in 2014 when it was accused of hacking into Sony Pictures as revenge for "The Interview," a film that mocked North Korean leader Kim Jong Un. 

- Fund freeze - 

At about 0900 GMT Friday, Binance said it was on track to resume withdrawals in 45 hours, after announcing earlier that all deposits and withdrawals had been "temporarily suspended". 

"Deposits remain unaffected," it said. 

The company had said on X that initial investigation suggested the hack involved a compromised laptop belonging to a "DevOps engineer," allowing the unauthorized party to access a "service container" and execute unauthorized withdrawal transactions. 

"We have found no evidence of any private key leaks from wallets," it said, promising to share a detailed technical analysis once investigations were complete. 

But it said later that "subsequent investigation has uncovered additional points of breach." 

Paolo Ardoino, the boss of Tether -- a company that issues a cryptocurrency known as USDT -- said his firm froze about $1.6 billion "related to a potential Binance exchange hack." 

Jeremy Allaire, who runs cryptocurrency platform Circle, said his company had frozen more than $800 million in USDC. 

USDT and USDC are both "stablecoins," or digital currencies whose value is linked to a traditional currency, the US dollar. 

The US Department of Justice and the FBI did not immediately respond to requests for comment. 

- Crypto prices tumble - 

For several hours before Binance confirmed the attack, industry observers said hackers had managed to reach the platform. 

The prices of most major cryptocurrencies fell on news of the cyberattack, except for the stablecoins, which by definition can only fluctuate within tight margins. 

Bitcoin and Ethereum plunged nearly five percent and nearly six percent respectively on the news. BNB, native to Binance, tumbled nearly 10 percent. 

The attack on Binance comes as many observers express worries that the ever-expanding capabilities of artificial intelligence (AI) models could compromise cryptography and IT security protocols. 

Business

TotalEnergies to Cut Diesel Prices to €2.15 per Liter at 705 French Stations

A sign of TotalEnergies on a fuel station in Paris, France on October 9, 2022. (AFP)
A sign of TotalEnergies on a fuel station in Paris, France on October 9, 2022. (AFP)
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TotalEnergies to Cut Diesel Prices to €2.15 per Liter at 705 French Stations

A sign of TotalEnergies on a fuel station in Paris, France on October 9, 2022. (AFP)
A sign of TotalEnergies on a fuel station in Paris, France on October 9, 2022. (AFP)

TotalEnergies said on Friday it will cut diesel prices to €2.15 ($2.40) a liter at 705 French stations from ‌Saturday, October ‌31.

The price ‌reduction ⁠comes after France ⁠announced it would release 10 million barrels of diesel from its strategic reserves on November ⁠1.

TotalEnergies said it ‌is ‌passing on the savings ‌from these older, cheaper ‌fuel stocks immediately, without waiting for physical deliveries to arrive.

The company ‌said in a statement the Access ⁠stations ⁠account for 60% of its fuel sales in the country, adding it will maintain a nationwide diesel price cap of €2.25 per liter.

Business

Türkiye’s Q3 Tourism Revenues Rise 5%, Minister Sees Full-Year Topping $65 Billion

People walk on a small street that leads to the historical Galata Tower, Istanbul, Türkiye, April 25, 2025. (Reuters)
People walk on a small street that leads to the historical Galata Tower, Istanbul, Türkiye, April 25, 2025. (Reuters)
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Türkiye’s Q3 Tourism Revenues Rise 5%, Minister Sees Full-Year Topping $65 Billion

People walk on a small street that leads to the historical Galata Tower, Istanbul, Türkiye, April 25, 2025. (Reuters)
People walk on a small street that leads to the historical Galata Tower, Istanbul, Türkiye, April 25, 2025. (Reuters)

Türkiye’s tourism revenues rose 5% year-on-year to $25.53 billion in the third quarter, with revenues in the first nine months increasing 2.4% to $51.29 billion, Turkish Statistical Institute data showed on Friday. 

Tourism Minister Mehmet Nuri Ersoy said Türkiye was on track to generate more than $65 billion in full-year tourism revenues. 

"Longer-than-expected average stays and higher overnight spending have boosted tourism revenues," Ersoy told a news conference on the sector's performance in the ‌first nine ‌months of the year. 

The number of visitors ‌fell ⁠1% year-on-year to ⁠23.37 million in the third quarter, while total arrivals reached 49.13 million in the January-September period, the data showed. 

Separately, data from the Tourism Ministry showed that the number of foreign visitors rose 0.4% year-on-year to 6.11 million in September. However, foreign arrivals fell 1.52% to 40.93 million ⁠in the first nine months of the ‌year. 

Russians accounted for the ‌largest group of foreign visitors in September, with 979,647 arrivals, ‌followed by visitors from Germany, Britain, Iran and Poland. 

Average ‌overnight spending per visitor declined 1.3% year-on-year to $723 in the third quarter. For the first nine months, it fell 9.6% to $778. 

Ersoy said average visitor stays continued to exceed expectations, but warned ‌of risks to the sector in the final quarter, including a possible escalation of ⁠the Iran ⁠war, as well as an increase in drone attacks on cities amid the Russia-Ukraine war. 

In 2025, revenues increased by 6.8% from the previous year to a record $65.2 billion, according to official data. Before the Iran war began, the government's target for this year was $68 billion. 

Lower revenues could add to Türkiye's current account deficit, which is already under pressure from soaring energy prices due to the fallout from the Iran war. 

The war has hurt demand for travel to Türkiye's historic sites and Mediterranean beaches.