COSCO Shipping Suspends Bookings on its Middle East Routes

Containers of China Shipping and Cosco shipping companies are stacked at a transshipment station in Frankfurt am Main, western Germany, on April 15, 2025. (Photo by Kirill KUDRYAVTSEV / AFP)
Containers of China Shipping and Cosco shipping companies are stacked at a transshipment station in Frankfurt am Main, western Germany, on April 15, 2025. (Photo by Kirill KUDRYAVTSEV / AFP)
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COSCO Shipping Suspends Bookings on its Middle East Routes

Containers of China Shipping and Cosco shipping companies are stacked at a transshipment station in Frankfurt am Main, western Germany, on April 15, 2025. (Photo by Kirill KUDRYAVTSEV / AFP)
Containers of China Shipping and Cosco shipping companies are stacked at a transshipment station in Frankfurt am Main, western Germany, on April 15, 2025. (Photo by Kirill KUDRYAVTSEV / AFP)

Chinese shipping and logistics conglomerate COSCO Shipping's container liner unit said on Wednesday it had suspended all new bookings for routes to and from ports in the Middle ⁠East region, including ⁠those in the United Arab Emirates and Saudi Arabia.

The move was due to ⁠escalating conflict in the region and traffic restrictions in the Strait of Hormuz, COSCO Shipping Lines said in a statement.

Bookings for routes to and from Bahrain, Iraq and ⁠Kuwait have ⁠also been suspended, it added.

The company said it was evaluating follow-up disposal plans, including possible alternative unloading ports, for goods currently on board.



Saudi Arabia Showcases Tourism Success at FII Europe Summit

The minister's participation in the leading global forum aims to underline the global success story of Saudi Arabia's tourism sector - SPA
The minister's participation in the leading global forum aims to underline the global success story of Saudi Arabia's tourism sector - SPA
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Saudi Arabia Showcases Tourism Success at FII Europe Summit

The minister's participation in the leading global forum aims to underline the global success story of Saudi Arabia's tourism sector - SPA
The minister's participation in the leading global forum aims to underline the global success story of Saudi Arabia's tourism sector - SPA

Minister of Tourism Ahmed Al-Khateeb participated in the FII PRIORITY Europe Summit, held in Rome from June 17 to 19, 2026, where he showcased Saudi Arabia's remarkable transformation of its tourism sector in line with the ambitious goals of Saudi Vision 2030.

As part of the summit's official program, the minister participated in a fireside chat titled "Resilient by Design: Vision 2030 and the Architecture of Enduring Value." During the session, he shared insights into the evolution of Saudi Arabia's tourism sector, highlighting its robust performance amid regional challenges over the past six months and emphasizing the sector's resilience, its ability to recover quickly, and its continued momentum toward sustained growth, SPA reported.

Al-Khateeb also underscored the Kingdom's significant investments in developing world-class tourism destinations, noting the tangible economic and social impact these investments are generating, including the creation of employment opportunities for Saudi nationals.
Addressing the role of emerging technologies, Al-Khateeb spoke about the integration of artificial intelligence (AI) in the tourism sector: "In Saudi Arabia, we are using AI, and we will continue to use AI, because we are very advanced when it comes to technology.

At the same time, we are committed to preserving the human element in the sector. We want AI to empower people, support them, and help them in welcoming our guests and sharing our culture and hospitality".

The minister's participation in the leading global forum aims to underline the global success story of Saudi Arabia's tourism sector, which in less than a decade has evolved into a dynamic, integrated ecosystem, offering a wide range of investment opportunities across destinations, hospitality, infrastructure, digital services, and human capital development.

The participation also served as a platform to highlight what the Kingdom's tourism sector offers European partners: a fast-growing and stable market, positioned as a global gateway for collaboration in investment, artificial intelligence, and innovation.

On the sidelines of FII PRIORITY Europe, Al-Khateeb held a series of bilateral meetings with international investors and industry leaders, focused on strengthening strategic partnerships and unlocking new opportunities for investment and tourism experience development in the Kingdom.

Coinciding with the summit, the Ministry of Tourism released its annual statistical report 2025, showing how Saudi Arabia's tourism sector moved from ambition to scale, emerging as one of the Kingdom's strongest growth drivers in non-oil sectors.

According to the report, Saudi Arabia recorded historic results in 2025 with around 123 million inbound and domestic tourists, representing growth of approximately 6% compared to 2024. This included 29.3 million inbound tourists and 93.3 million domestic tourists. Total tourism spending reached approximately SAR304 billion, reflecting growth of 7% compared to 2024, with inbound tourism contributing SAR176.6 billion and domestic tourism contributing SAR127.1 billion.


Gold Heads for Third Weekly Loss on Firm Dollar, Hawkish Fed Signals

FILED - 16 March 2023, Bavaria, Munich: FILE PHOTO - Gold bars and coins lie on the table at the Precious metal dealership Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: FILE PHOTO - Gold bars and coins lie on the table at the Precious metal dealership Pro Aurum. Photo: Sven Hoppe/dpa
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Gold Heads for Third Weekly Loss on Firm Dollar, Hawkish Fed Signals

FILED - 16 March 2023, Bavaria, Munich: FILE PHOTO - Gold bars and coins lie on the table at the Precious metal dealership Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: FILE PHOTO - Gold bars and coins lie on the table at the Precious metal dealership Pro Aurum. Photo: Sven Hoppe/dpa

Gold prices were on track for a third consecutive weekly fall, slipping more than 1% on Friday, as a stronger dollar and hawkish signals from the US Federal Reserve weighed on the greenback-priced metal.

Spot gold was down 1.1% at $4,156.26 per ounce, as of 0715 GMT, its lowest level since June 11. The contract was down 1.4% so far this week.

US gold futures for August delivery fell 1.7% to $4,173.30.

Markets in mainland China and Hong Kong were closed for the Dragon Boat Festival holiday, thinning market activity.

The dollar rose to a one-year high, making bullion more expensive for other currency holders, Reuters reported.

"Gold's rally on the back of the US-Iran peace deal proved short-lived. The resurgent dollar, powered by the Fed's newly hawkish tone under Kevin Warsh, has stolen the spotlight," said Tim Waterer, chief market analyst at KCM Trade.

"The new chairman's firm stance has effectively neutralised the geopolitical tailwind, reminding everyone that monetary policy still calls the shots."

Nine of the US central bank's 19 policymakers believe they will need to raise the policy rate this year.

That would be in line with several global central banks either raising borrowing costs or signalling moves to tame Iran war-induced inflationary pressure.

Traders see an 87% chance of a US rate hike in December, from 61% before the Fed decision, according to the CME FedWatch Tool.

Gold tends to lose appeal when rates are high, as it does not yield interest.

On the geopolitical front, planned US-Iran talks in Switzerland were called off after Vice President JD Vance dropped plans to travel to the country, adding to uncertainty over a lasting truce.

On the physical front, gold demand was modest in India this week as prices fell to their lowest level in two-and-a-half months and remained volatile, while top consumer China flipped to a discount.

Spot silver fell 1.5% to $64.81 per ounce, platinum lost 0.8% to $1,681.53, and palladium shed 0.8% to $1,268.31. The metals were on track for weekly losses.


Syria's Wheat Harvest Expected to More Than Double this Year

FILE PHOTO: A drone view shows a land that was planted with wheat and has been harvested, in Qamishli, Syria August 12, 2025. REUTERS/Orhan Qereman/File Photo
FILE PHOTO: A drone view shows a land that was planted with wheat and has been harvested, in Qamishli, Syria August 12, 2025. REUTERS/Orhan Qereman/File Photo
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Syria's Wheat Harvest Expected to More Than Double this Year

FILE PHOTO: A drone view shows a land that was planted with wheat and has been harvested, in Qamishli, Syria August 12, 2025. REUTERS/Orhan Qereman/File Photo
FILE PHOTO: A drone view shows a land that was planted with wheat and has been harvested, in Qamishli, Syria August 12, 2025. REUTERS/Orhan Qereman/File Photo

Syria's wheat production is expected to more than double this year, authorities said, bolstered by heavier rains and the state's recapture of a northeastern breadbasket region from Kurdish forces — but demand has grown in parallel.

The agriculture ministry estimates a harvest between 2.3 million and 2.5 million metric tons of wheat this year, senior ministry official Ahmed Jalal Al-Ahmad told Reuters. Last year's production stood at around 900,000 metric tons.

"We were blessed with a bountiful harvest season," Ahmad said.

Production increased partly "due to a season of heavy rainfall", a surprise turnaround after last year's historic drought slashed wheat production and threatened a food crisis.

Ahmad said the harvest projection was also higher because the count included contributions from northern ⁠and northeastern provinces, held ⁠for years by Kurdish authorities but now merged into state control after an offensive by Syrian government troops.

The contributions from three recaptured provinces make up more than half of the expected production, with Hasakah expected to yield around 800,000 tons, Raqqa 300,000 tons and Deir Ezzor about 250,000 tons, he added.

"These 1.5 million tons represent the real difference in the increased production this season compared to last year."

In the years leading up to the government's takeover, wheat production in these regions suffered from ⁠prolonged droughts and constant fighting between the various factions controlling them.

Despite the stellar harvest, Syria will still need to import some of its wheat, as the country requires around 4 million tons a year, Ahmad said.

Hundreds of thousands of Syrians who fled the country during its nearly 14-year war have returned after the ousting of Bashar al-Assad

"We may always need to import during this period until we reach full recovery to meet market demand, especially for soft wheat used in bread production," Ahmad said.

He said the agriculture ministry was working to expand grain infrastructure in the north and northeast, planning to add more than 15 grain centers in Hasakah, Raqqa, Deir Ezzor and the Aleppo countryside.

The state ⁠buys and sells ⁠domestic wheat through the Syrian Grain Establishment and set a price of $380 per ton this year, with an incentive bonus of about $70 per ton delivered, according to Syrian state media.

The government has launched a new electronic platform to organize the purchases and set appointments for farmers to deliver their produce to grain centers. However, it has drawn the ire of producers who say the system is disconnected from local needs and realities on the ground.

"Booking platforms don't suit the agricultural fields," farmer Abdullah Al-Issa said. "The size of the platforms is one thing, the reality is another, the offices are another, and the farmer's reality is something else entirely."

Issa also complained about this year's low wheat prices compared with last year. In 2025, the government's incentive bonus was $130 for every ton delivered.

"The prices aren't commensurate with the wheat's value; they're very low," he said.