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Kremlin Envoy Proposes a 'Putin-Trump Tunnel' to Link Russia and US 

US President Donald Trump shakes hand with Russian President Vladimir Putin, as they meet to negotiate for an end to the war in Ukraine, at Joint Base Elmendorf-Richardson in Anchorage, Alaska, US, August 15, 2025. (Reuters)
US President Donald Trump shakes hand with Russian President Vladimir Putin, as they meet to negotiate for an end to the war in Ukraine, at Joint Base Elmendorf-Richardson in Anchorage, Alaska, US, August 15, 2025. (Reuters)
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Kremlin Envoy Proposes a 'Putin-Trump Tunnel' to Link Russia and US 

US President Donald Trump shakes hand with Russian President Vladimir Putin, as they meet to negotiate for an end to the war in Ukraine, at Joint Base Elmendorf-Richardson in Anchorage, Alaska, US, August 15, 2025. (Reuters)
US President Donald Trump shakes hand with Russian President Vladimir Putin, as they meet to negotiate for an end to the war in Ukraine, at Joint Base Elmendorf-Richardson in Anchorage, Alaska, US, August 15, 2025. (Reuters)

Russia and the United States should build a "Putin-Trump" rail tunnel under the Bering Strait to link the two countries, unlock joint exploration of natural resources and "symbolize unity", a Kremlin, a Kremlin envoy has suggested.

The proposal by Kirill Dmitriev, President's Vladimir Putin's investment envoy and head of Russia's RDIF sovereign wealth fund, envisages a construction project costing 8 billion dollars funded by Moscow and "international partners" to build a 70-mile (112-km) rail and cargo link in under eight years.

Dmitriev, who has helped spearhead a Russian charm offensive designed to revive US-Russia ties, floated the tunnel idea late on Thursday after Putin spoke to US President Donald Trump by phone and agreed to meet in Budapest to try to find a way to stop the war in Ukraine.

PROPOSAL TO INVOLVE COMPANY OWNED BY MUSK

"The dream of a US–Russia link via the Bering Strait reflects an enduring vision — from the 1904 Siberia–Alaska railway to Russia’s 2007 plan. RDIF has studied existing proposals, including the US–Canada–Russia–China railroad, and will support the most viable," Dmitriev wrote on X.

The Bering Strait, which is 51 miles (82 km) wide at its narrowest point, separates Russia's Chukotka region from Alaska. Ideas to link the two points have been around for at least 150 years, with various projects drawn up but never implemented.

Dmitriev, who has forged ties with Steve Witkoff, Trump's special envoy, and spoken of the possibility of US energy majors taking minority stakes in Russian projects in the Arctic, suggested the tunnel could be built by The Boring Company, a US tunnel construction company owned by Elon Musk.

"Imagine connecting the US and Russia, the Americas and the Afro-Eurasia with the Putin-Trump Tunnel - a 70-mile link symbolizing unity. Traditional costs are $65B+, but @boringcompany's tech could reduce it to <$8B. Let's build a future together," Dmitriev wrote to Musk on X.

There was no immediate public response to the idea from Musk or Trump.

Dmitriev said a similar idea - to build a "Kennedy-Khrushchev World Peace Bridge" - had been floated during the Cold War and published a sketch from that era of the route it might have taken, along with a graphic showing the route the new tunnel could take between Chukotka and Alaska.

"RDIF has already invested in and built the first ever Russia-China railroad bridge. The time has come to do more and connect the Continents for the first time in human history. The time has come to connect Russia and the US," said Dmitriev.

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Business

Gold Falls as Fed Cut Hopes Fade after Hawkish Fed Comments

A salesperson shows a gold ring to customers at a jewellery showroom in Ahmedabad, India, October 8, 2025. REUTERS/Amit Dave
A salesperson shows a gold ring to customers at a jewellery showroom in Ahmedabad, India, October 8, 2025. REUTERS/Amit Dave
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Gold Falls as Fed Cut Hopes Fade after Hawkish Fed Comments

A salesperson shows a gold ring to customers at a jewellery showroom in Ahmedabad, India, October 8, 2025. REUTERS/Amit Dave
A salesperson shows a gold ring to customers at a jewellery showroom in Ahmedabad, India, October 8, 2025. REUTERS/Amit Dave

Gold prices reversed earlier gains on Friday as hawkish comments from US Federal Reserve officials clouded prospects for a December rate cut, although they remained set for a weekly gain supported by wider economic uncertainty.

Spot gold fell 0.6% to $4,145.49 per ounce, as of 1153 GMT, after hitting $4,211.06 earlier in the session. Bullion is up 3.7% so far this week.

US gold futures for December delivery fell 1.1% to $4,149 per ounce, Reuters reported.

"Gold prices are receiving support from the cautious mood that has set in across financial markets... however, the upside remains limited by growing doubts about a Federal Reserve rate cut in December, given the lack of fresh economic data," said ActivTrades analyst Ricardo Evangelista.

The US government reopened after a record 43-day shutdown that had disrupted key economic data flows. The White House, however, tempered hopes for clarity on the economy, stating that October's unemployment data may not become available.

"Gold may also be facing pressure from position closing to meet margin calls triggered by declines in equity markets," Evangelista said.

Equity markets tumbled on Friday, following the global selloff triggered by hawkish Fed signals.

Weighing on rate-cut expectations, some Federal Reserve officials have cited inflation concerns and relative labor market stability following two rate cuts earlier this year.

According to CME Group's FedWatch tool, traders now see a 49% probability of a quarter-point rate cut in December, down from 64% earlier this week.

Alex Ebkarian, COO at Allegiance Gold, however, noted that "as the shutdown cost becomes clearer and more spending unfolds, the inflation plus growth uncertainty regime favours precious metals".

Non-yielding gold tends to perform well during periods of economic uncertainty and in low-interest-rate environment.

Meanwhile, physical gold demand across major Asian markets was subdued this week as elevated prices curtailed buying activity, with discounts in India reaching their highest level in five months.

Elsewhere, spot silver edged down 0.1% to $52.26 per ounce and was on track for a weekly gain, up 7.8% so far.

Platinum fell 2% to $1,548.80 on Friday and palladium lost 1.7% to $1,402.75.

Business

Syria, Arab Tourism Organization Sign Program to Boost Tourism and Investment

The multi-axis executive program establishes a shared vision for a comprehensive tourism strategy - SPA
The multi-axis executive program establishes a shared vision for a comprehensive tourism strategy - SPA
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Syria, Arab Tourism Organization Sign Program to Boost Tourism and Investment

The multi-axis executive program establishes a shared vision for a comprehensive tourism strategy - SPA
The multi-axis executive program establishes a shared vision for a comprehensive tourism strategy - SPA

The Syrian Ministry of Tourism and the Arab Tourism Organization (ATO) signed an executive program yesterday at the ATO's headquarters in Jeddah.

The agreement, signed by Syrian Minister of Tourism Mazen Al-Salhani and ATO President Dr. Bandar Al-Fahad, aims to develop and enhance Syrian tourism, attract sustainable investments, and improve sector quality.

The multi-axis executive program establishes a shared vision for a comprehensive tourism strategy, focusing on several practical areas, including investment, which involves attracting investors by leveraging guarantee policies and promoting key opportunities at regional and international events; capacity building, achieved by utilizing the ATO's training programs to enhance Syrian skills, SPA reported.

It also eyes establishing a tourism academy in Syria, and collaborating on qualifying facilities for ISO certification; and promotion and research, which entails conducting studies to increase Arab tourism to Syria and using Syrian tourism statistics to guide future investments.

Al-Salhani noted the importance of the agreement, revealing that the Syrian government has recently signed contracts and memoranda of understanding for tourism investments totaling approximately $1.5 billion.

These projects include the development of existing facilities, the establishment of hotels, resorts, and entertainment cities, and the development of historical areas.

The plans also incorporate handicrafts and traditional industries to reinforce the cultural identity of these facilities.

Business

Makkah Chamber Signs Deal to Boost Innovation, Vision 2030 Talent Empowerment

The agreement outlines several key areas of collaboration, including the exchange of expertise and information - SPA
The agreement outlines several key areas of collaboration, including the exchange of expertise and information - SPA
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Makkah Chamber Signs Deal to Boost Innovation, Vision 2030 Talent Empowerment

The agreement outlines several key areas of collaboration, including the exchange of expertise and information - SPA
The agreement outlines several key areas of collaboration, including the exchange of expertise and information - SPA

The Makkah Chamber signed a memorandum of cooperation with a specialized national company to bolster partnerships in innovation, entrepreneurship, and training, aiming to develop local skills and enhance economic and social growth.

The agreement outlines several key areas of collaboration, including the exchange of expertise and information in the Hajj and Umrah sectors, and the coordination of joint events, workshops, and strategic initiatives to boost operational efficiency, SPA reported.

This partnership is expected to result in the launch of innovative initiatives, the creation of a supportive environment for entrepreneurs, and the implementation of specialized training programs.

Ultimately, this joint effort aims to strengthen the private sector's role in achieving sustainable development goals, create a positive impact on the local labor market, and empower talent aligned with Vision 2030's objectives.