North Korea, Russia Agree to Expand Economic Cooperation

FILE - Russia's natural resources minister Alexander Kozlov, right, is greeted by Yun Jong Ho, minister of External Economic Relations, as the Russian delegation leaves Pyongyang Airport in Pyongyang, on Nov. 16, 2023. (AP Photo/Jon Chol Jin, File)
FILE - Russia's natural resources minister Alexander Kozlov, right, is greeted by Yun Jong Ho, minister of External Economic Relations, as the Russian delegation leaves Pyongyang Airport in Pyongyang, on Nov. 16, 2023. (AP Photo/Jon Chol Jin, File)
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North Korea, Russia Agree to Expand Economic Cooperation

FILE - Russia's natural resources minister Alexander Kozlov, right, is greeted by Yun Jong Ho, minister of External Economic Relations, as the Russian delegation leaves Pyongyang Airport in Pyongyang, on Nov. 16, 2023. (AP Photo/Jon Chol Jin, File)
FILE - Russia's natural resources minister Alexander Kozlov, right, is greeted by Yun Jong Ho, minister of External Economic Relations, as the Russian delegation leaves Pyongyang Airport in Pyongyang, on Nov. 16, 2023. (AP Photo/Jon Chol Jin, File)

North Korea and Russia reached a new agreement for expanding economic cooperation following high-level talks in Pyongyang this week, the North’s state media said Thursday, as they continue to align in the face of their confrontations with Washington.

North Korea’s official Korean Central News Agency didn’t elaborate on the details of the agreement signed Wednesday between its senior trade officials and a Russian delegation led by Alexandr Kozlov, the country’s minister of natural resources and ecology, The Associated Press reported. The Russian news agency Tass on Tuesday said officials following an earlier round of talks agreed to increase the number of charter flights between the countries to promote tourism.

Kozlov, who arrived in North Korea on Sunday, met with North Korean leader Kim Jong Un and his top economic official, Premier Kim Tok Hun, before returning home on Wednesday, KCNA said. During Kozlov’s visit, Russian President Vladimir Putin gifted Pyongyang’s Central Zoo with more than 70 animals, including lions, bears and several species of birds, according to Tass, in another display of the countries’ growing ties.

Kim Jong Un in recent months has prioritized relations with Moscow as he attempts to break out of international isolation and strengthen his footing, actively supporting Putin’s war on Ukraine while portraying the North as a player in a united front against Washington.

Kim has yet to directly acknowledge that he has been providing military equipment and troops to Russia to support its fighting against Ukraine. South Korea’s National Intelligence Service told lawmakers in a closed-door briefing on Wednesday that an estimated 11,000 North Korean soldiers in late October were moved to Russia’s Kursk region, where Ukrainian troops seized parts of its territory this year, following their training in Russia’s northeast.

The spy agency believes the North Korean soldiers were assigned to Russia’s marine and airborne forces units and some of them have already begun fighting alongside the Russians on the frontlines, said Lee Seong Kweun, a lawmaker who attended the meeting. US, South Korean and Ukrainian officials have claimed that the North has also been supplying Russia with artillery systems, missiles and other equipment.

North Korea would be possibly getting anywhere between $320 million to $1.3 billion annually from Russia for sending its troops to Ukraine, considering the scale of the dispatch and the level of payments Russia has been providing to foreign mercenaries, according to a recent study by Lim Soo-ho, a South Korean analyst at an NIS-run think tank.

While that would be meaningful income for North Korea’s crippled and heavily sanctioned economy, it could be lower than the money the North earns from illicit coal exports or supplying military equipment to Russia, Lim said. This suggests that North Korea’s troop dispatch is less about money than acquiring key Russian technologies to further advance its nuclear weapons and missile program, which is a major concern in Seoul, Lim said.

Amid the stalemate in larger nuclear negotiations with Washington, Kim has been dialing up pressure on South Korea, abandoning his country’s long-standing goal of inter-Korean reconciliation and verbally threatening to attack the South with nukes if provoked. He has used Russia’s war on Ukraine as a distraction to accelerate the development of his nuclear-armed military, which now has various nuclear-capable systems targeting South Korea and intercontinental ballistic missiles that can potentially reach the US mainland.



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.