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Saudi Arabia, Syria Sign Four Agreements to Boost Transport and Logistics Ties

Saudi Arabia, Syria Sign Four Agreements to Boost Transport and Logistics Ties
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Saudi Arabia, Syria Sign Four Agreements to Boost Transport and Logistics Ties

Saudi Arabia, Syria Sign Four Agreements to Boost Transport and Logistics Ties

Minister of Transport and Logistic Services Saleh Al-Jasser concluded an official visit to Syria, where he met with Syrian President Ahmed al-Sharaa to review bilateral relations and discuss expanding joint initiatives, and led a delegation of public- and private-sector officials to enhance cooperation across the transport and logistics sectors.

The visit resulted in the signing of four key agreements and memoranda of understanding. In the roads and railways sectors, Al-Jasser and Syrian Minister of Transport Yarob Badr signed two memoranda to bolster cooperation, technical studies, and the exchange of expertise, SPA reported.

In civil aviation, discussions with President of the Syrian General Authority of Civil Aviation and Air Transport Omar Al-Hosari led to an air transport agreement to enhance air connectivity.

Additionally, Al-Jasser and Syrian Minister of Communications and Information Technology Abdulsalam Haykal signed a bilateral agreement in postal services.

Al-Jasser also met with President of the Syrian General Authority for Borders and Customs Qutaiba Badawi to discuss developing maritime ports, logistics zones, and dry ports, as well as facilitating the movement of freight and goods.

The signed agreements establish a comprehensive framework to advance joint infrastructure projects, facilitate trade flows, and expand public-private partnerships between the two nations.

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Gold Inches Lower ahead of Fed Chair Warsh's Jackson Hole Remarks

A man walks past a gold shop at the Grand Baazar in Istanbul - AFP
A man walks past a gold shop at the Grand Baazar in Istanbul - AFP
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Gold Inches Lower ahead of Fed Chair Warsh's Jackson Hole Remarks

A man walks past a gold shop at the Grand Baazar in Istanbul - AFP
A man walks past a gold shop at the Grand Baazar in Istanbul - AFP

Gold prices ticked lower on Friday, with investors awaiting Federal Reserve Chair Kevin Warsh's remarks at the Jackson Hole symposium later in the day to gauge the central bank's monetary policy direction.

Spot gold was down 0.1% at $4,594.61 per ounce by 1203 GMT. It touched a more than three-month high of $4,696.18 on Tuesday, following the US. Treasury's announcement of support measures for long-duration bonds.

US gold futures lost 0.4% at $4,647.20, Reuters reported.

"I think price action has been pretty constructive recently, and we're not seeing a great deal of movement because we're waiting for Warsh's speech at Jackson Hole," said Kyle Rodda, senior financial market analyst at Capital.com.

Fed officials shared their concerns about the US inflation landscape on Thursday, as central bankers gathered in Jackson Hole. Kansas City Fed President Jeffrey Schmid and Cleveland Fed President Beth Hammack reiterated their belief that the central bank needs to raise interest rates to help curb inflation.

The policymakers spoke a day after data showed that the Personal Consumption Expenditures Price Index, the central bank's main inflation gauge, stood at 3.7% in the 12 months through July.

Traders see a 36% chance of a US rate hike in September and a 74% chance by December, according to the CME FedWatch tool. Fed Chair Warsh is scheduled to speak at around 1400 GMT.

Gold tends to lose appeal in a high interest rate environment as it offers no yield.

"It's quite possible that we will see gold recapture the $5,000 mark, at least by the end of the year. But again, it all depends on the changing language of the Fed and what they do with policy," said Rodda.

Gold discounts in India, meanwhile, plunged this week, as demand fell sharply on market speculation that the government could consider rolling back a recent hike in import duties.

Spot silver rose 1.5% to $70.32 per ounce, platinum was up 2.6% at $1,894.85 and palladium gained 4.4% to $1,409.74 an ounce, with all metals on track for a weekly gain.

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French Economy Stalls in Q2, Inflation Speeds Up

Passengers wait as the traffic is suspended following a fault in the electrical system at the Montparnasse railway station in Paris on August 27, 2026. (Photo by Olivier MORIN / AFP)
Passengers wait as the traffic is suspended following a fault in the electrical system at the Montparnasse railway station in Paris on August 27, 2026. (Photo by Olivier MORIN / AFP)
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French Economy Stalls in Q2, Inflation Speeds Up

Passengers wait as the traffic is suspended following a fault in the electrical system at the Montparnasse railway station in Paris on August 27, 2026. (Photo by Olivier MORIN / AFP)
Passengers wait as the traffic is suspended following a fault in the electrical system at the Montparnasse railway station in Paris on August 27, 2026. (Photo by Olivier MORIN / AFP)

France's economic growth stalled in the second quarter, statistics office Insee said Friday, revising down its initial forecast while reporting a sharp rise in inflation in August.

GDP growth was flat in the quarter, instead of the 0.2 percent growth Insee first reported last month.

That followed a 0.2 percent decline in the first quarter -- also a downward revision from the previous estimate of 0.1 percent.

"These revisions reflect the even more deteriorated state of agricultural production compared with the information available at the end of July," Insee said.

The French economy has been slowing since the third quarter of last year, hit by weak consumer spending and, more recently, the surge in energy prices from the war against Iran.

Inflation in the EU's second-biggest economy rose to 2.4 percent in August after 2.1 percent in July, Insee said.

Insee also said household purchasing power fell 0.5 percent in the second quarter after slipping 0.1 percent in the first.

The data puts further pressure on the French government as it tries to negotiate steep spending cuts for the 2027 budget, aiming to reduce a budget deficit that stood at 5.1 percent of GDP last year, well above the three-percent limit set for members of the eurozone.

Business

S&P Affirms China’s ‘A+’ Rating, Sees Growth Above 4% as Fiscal Support Continues

People interact with a humanoid robot outside the 2nd World Humanoid Robot Games at the National Speed Skating Oval in Beijing on August 26, 2026. (AFP)
People interact with a humanoid robot outside the 2nd World Humanoid Robot Games at the National Speed Skating Oval in Beijing on August 26, 2026. (AFP)
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S&P Affirms China’s ‘A+’ Rating, Sees Growth Above 4% as Fiscal Support Continues

People interact with a humanoid robot outside the 2nd World Humanoid Robot Games at the National Speed Skating Oval in Beijing on August 26, 2026. (AFP)
People interact with a humanoid robot outside the 2nd World Humanoid Robot Games at the National Speed Skating Oval in Beijing on August 26, 2026. (AFP)

S&P affirmed China's sovereign credit rating at "A+" on Friday, citing its expectation that the country's economy will likely continue to grow by 4% or more over the next one to two years.

S&P said the outlook on the ‌rating remained "stable", reflecting ‌the agency's view that ‌China ⁠will provide larger fiscal ⁠support to keep the economy growing.

China's finance ministry said on Friday that it welcomed S&P's decision to affirm China's ratings and outlook and vowed to continue ⁠to implement more proactive ‌and effective macroeconomic ‌policies.

China's "strong progress" in strengthening supply chains, technological ‌capabilities and manufacturing prowess has ‌allowed its economy to remain resilient in the face of global uncertainties, including trade tensions with the US and ‌the Iran war, S&P said.

However, the ratings agency flagged ⁠weakness ⁠in domestic demand, citing a prolonged property-sector downturn and subdued consumer spending.

Separately, ratings agency Fitch warned earlier this week that China risks slipping back into deflation without a more pronounced recovery in domestic demand, despite signs of improving price pressures earlier this year.