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Major Int’l Companies Confirm their Participation in ‘Davos in the Desert’

Saudi Crown Prince Mohammed bin Salman and incoming president of the European Central Bank at the opening ceremony of Future Investment Initiative Conference in Riyadh (File photo: AP)
Saudi Crown Prince Mohammed bin Salman and incoming president of the European Central Bank at the opening ceremony of Future Investment Initiative Conference in Riyadh (File photo: AP)
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Major Int’l Companies Confirm their Participation in ‘Davos in the Desert’

Saudi Crown Prince Mohammed bin Salman and incoming president of the European Central Bank at the opening ceremony of Future Investment Initiative Conference in Riyadh (File photo: AP)
Saudi Crown Prince Mohammed bin Salman and incoming president of the European Central Bank at the opening ceremony of Future Investment Initiative Conference in Riyadh (File photo: AP)

Leading financial institutions, from the US, Russia, China and India, as well as other European and Arab countries, will participate in the international conference called “Davos in the Desert” in Saudi Arabia.

Senior executives from major US financial firms including Goldman Sachs, JPMorgan Chase, Citigroup and BlackRock will be returning to the Kingdom for the conference, with more than 150 executives, over 40 of them representing US companies, confirming their attendance, according to a list published by media outlets.

The head of Russia’s sovereign wealth fund also announced his attendance, along with other executives who represent major banks, tech companies, business conglomerates and defense contractors from China, India, UAE and several European countries.

Senior White House adviser and President Donald Trump’s son-in-law, Jared Kushner will lead a US delegation, according to Agence France Presse (AFP).

BlackRock chief executive Larry Fink said he will participate in this year’s conference as an effort to promote change in Saudi Arabia, where Crown Prince Mohammed bin Salman is trying to wean the country’s economy off its dependence on oil.

“I believe greater economic integration and diversification will help Saudi Arabia build a more modern and sustainable economy for all of its citizens,” Fink wrote on his LinkedIn page.

“I also believe that corporate engagement and public dialogue can help with that evolution.”

The Saudi government promoted high-profile entertainment events featuring Western artists, rolled back restrictions on women’s rights and recently announced that tourists from the US and other countries can obtain visas to visit attractions in Saudi Arabia for the first time.

Banking leaders also had a powerful incentive to keep cordial relations with Saudi Arabia, namely because of the anticipated initial public offering (IPO) by Aramco.

Analysts estimate Aramco to have a valuation between $1.5 trillion and $2 trillion, and the Crown Prince has said he would like to list as much as 5 percent of the company, the world’s most profitable company.

The Wall Street Journal (WSJ) reported earlier in September that Aramco had chosen nine banks to underwrite its listing, including JPMorgan Chase, Goldman Sachs and Citigroup, whose senior executives are expected to attend the investment conference.

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Business

FAO: World Food Prices at Highest Since 2022 as Supply Risks Mount

A vendor loads coconuts into a cart to transport them by tricycle in Quezon City, Metro Manila, Philippines, 04 September 2026. EPA/ROLEX DELA PENA
A vendor loads coconuts into a cart to transport them by tricycle in Quezon City, Metro Manila, Philippines, 04 September 2026. EPA/ROLEX DELA PENA
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FAO: World Food Prices at Highest Since 2022 as Supply Risks Mount

A vendor loads coconuts into a cart to transport them by tricycle in Quezon City, Metro Manila, Philippines, 04 September 2026. EPA/ROLEX DELA PENA
A vendor loads coconuts into a cart to transport them by tricycle in Quezon City, Metro Manila, Philippines, 04 September 2026. EPA/ROLEX DELA PENA

World food prices rose in August to their highest since late 2022, as adverse weather and war disruption in the Gulf and Black Sea heightened concern over supply of staples, the United Nations' Food and Agriculture Organization said on Friday.

Extreme heat and drought in Europe, the threat of a severe El Nino weather pattern and trade upheaval caused by the Ukraine and Iran wars have unsettled agricultural markets, pushing grain prices to three-year highs and sugar to a one-year ⁠peak.

The FAO Food ⁠Price Index, which tracks monthly changes in a basket of internationally traded food commodities, averaged 133.3 points in August, up from July's revised reading of 130.8.

That was the highest score since November 2022, though nearly 17% below a record peak from March 2022, ⁠after Russia's full-scale invasion of Ukraine.

"August’s increase in global food prices is a warning that the risk premium is returning to food markets: climate shocks, geopolitical tensions and disrupted trade logistics are converging to tighten supply expectations," FAO Chief Economist Maximo Torero said in a statement, according to Reuters.

The FAO's price benchmarks for cereals, vegetable oils, sugar, meat and dairy all rose in August.

The extreme weather in Europe affected prospects for the maize and sugar beet ⁠harvests ⁠as well as livestock output, while the anticipated El Nino phenomenon fueled concerns for vegetable oil and sugar output, it said.

Escalating attacks in the Black Sea have curtailed grain shipments from Russia and Ukraine in their 4-1/2-year-old war, while the US-Iran conflict was still straining flows of fertilizer for crops.

In a separate report, the agency cut its 2026 global cereal production forecast by 3.4 million metric tons from July to 2.980 billion tons, now 2.0% below 2025, though still the second-largest harvest on record.

Business

Nepal Floods Could Cost Insurers Over $130 Mln Even Before Death, Injury Claims

People hold onto a cage on a makeshift zip line as they cross the Trishuli River from Koloni following deadly flash floods that damaged bridges and temporarily stranded residents, in Nuwakot district, Nepal, September 4, 2026. REUTERS/Adnan Abidi
People hold onto a cage on a makeshift zip line as they cross the Trishuli River from Koloni following deadly flash floods that damaged bridges and temporarily stranded residents, in Nuwakot district, Nepal, September 4, 2026. REUTERS/Adnan Abidi
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Nepal Floods Could Cost Insurers Over $130 Mln Even Before Death, Injury Claims

People hold onto a cage on a makeshift zip line as they cross the Trishuli River from Koloni following deadly flash floods that damaged bridges and temporarily stranded residents, in Nuwakot district, Nepal, September 4, 2026. REUTERS/Adnan Abidi
People hold onto a cage on a makeshift zip line as they cross the Trishuli River from Koloni following deadly flash floods that damaged bridges and temporarily stranded residents, in Nuwakot district, Nepal, September 4, 2026. REUTERS/Adnan Abidi

The devastating flood in Nepal last week could result in commercial insurance losses exceeding 20 billion Nepali rupees ($132.3 million), with hydropower projects accounting for most claims, according to a top official at one of the country's leading insurers.

The insurance cover, when paid out, covers losses borne by the operators of the power plants.

Life insurance, personal accident and workers' compensation claims are expected separately as authorities verify deaths and missing persons in inaccessible areas.

The disaster on Nepal's border with China's Tibet region caused an estimated $2.56 billion in economic losses in the Himalayan nation of 30 million people, the country's disaster authority chief told Reuters on Friday, leaving more than 1,200 dead and many more missing.

Eleven ⁠Nepali hydropower projects ⁠lie in the affected region, some covered by standard commercial insurance policies that are still being assessed, Toton Chakraborty, CEO of Oriental Insurance Company Nepal, told Reuters.

Oriental Insurance Nepal, a unit of the New Delhi-based Indian insurer, is among the leading insurers in the region.

"Hydropower projects along the affected river corridor have suffered the largest damage. In many cases, access roads and above-ground infrastructure have been washed away," he said.

Projects including Rasuwagadhi, Upper Trishuli-3A, Chilime and Devighat, were directly affected, ⁠while assessments at five others are ongoing, he said.

Data from the Nepal Insurance Authority show the regulator has so far received 583 flood-related claims worth 25.87 billion Nepalese rupees ($171.13 million) as of August 31.

Chakraborty said these figures largely reflect insured exposure rather than final claims, which will only be clear once detailed surveys are completed.

Claims could rise further if repairs delay project commissioning, as some policies compensate developers for lost revenue resulting from postponed commercial operations, he said.

Nepal's non-life insurance market is small by global standards. The country's 14 non-life insurers generated premiums of about 5.3 billion Nepali rupees ($35.06 million) during July-August, regulatory data showed, compared with 314 billion Indian rupees ($3.3 billion) written by Indian insurers during a similar period.

The market is supported by domestic reinsurers ⁠Nepal Re and Himalayan ⁠Re, alongside international players including India's GIC Re and Germany's Hannover Re.

The floods could have lasting implications for insurance coverage of Himalayan infrastructure, four industry executives said.

The Himalayan region faces severe risks from earthquakes and any future glacial floods, a senior UN official told Reuters this week.

"The recent mountain floods in South Asia may lead insurers to further review hydropower and infrastructure risks, particularly in highly exposed locations," said Benjamin Ng, power leader for Asia at Aon, an international insurance broker.

Insurers may increasingly impose exclusions, lower sub-limits and narrow coverage, resulting in higher premiums and more selective underwriting, Ng said.

Other recent Himalayan catastrophes include the 2023 glacial lake outburst flood in India's Sikkim and the flash flood in the northern Indian state of Uttrakhand in 2021.

The latest floods could reshape industry views on risk accumulation and glacial lake outburst flood exposure, said Sanjay Mokashi, chief underwriting officer at Indian state-owned reinsurer GIC Re.

Business

Gold Heads for Modest Weekly Gain as Investors Await US Payrolls Data

Gold jewelry is displayed at an exhibition in Kabul, Afghanistan, 03 September 2026. (EPA)
Gold jewelry is displayed at an exhibition in Kabul, Afghanistan, 03 September 2026. (EPA)
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Gold Heads for Modest Weekly Gain as Investors Await US Payrolls Data

Gold jewelry is displayed at an exhibition in Kabul, Afghanistan, 03 September 2026. (EPA)
Gold jewelry is displayed at an exhibition in Kabul, Afghanistan, 03 September 2026. (EPA)

Gold prices were steady on Friday and poised for a modest weekly gain, as traders' attention turned to key US payrolls data for clues on the Federal Reserve's next interest rate decision.

Spot gold held its ground at $4,469.26 per ounce, as of 0633 GMT. Prices jumped 2% on Thursday as traders scaled back expectations for a September rate ‌hike after Fed ‌Governor Christopher Waller said he would support ‌leaving ⁠rates unchanged if data ⁠continued to show inflation pressures moderating.

US gold futures for December delivery fell 0.5% to $4,515.70.

Traders are pricing in an about 50% chance of a Fed rate hike later this month, according to the CME FedWatch Tool.

The US nonfarm payrolls report is due at 1230 GMT.

"Weak figures and a ⁠rise in unemployment could weaken the case for ‌a rate hike. In ‌this case, gold could recover. However, the metal could remain exposed to ‌changing sentiment, with inflation data releases coming next week," ‌said Ross Maxwell, global strategy operations lead, VT Markets.

"The market continues to benefit from central bank demand, which could limit the extent of any decline."

Though gold is often viewed as an inflation ‌hedge, elevated interest rates tend to weigh on the non-yielding asset.

Data on Thursday showed the ⁠number of ⁠Americans filing claims for unemployment benefits rose marginally last week amid low layoffs, pointing to stable labor market conditions.

Meanwhile, US Vice President JD Vance said the fighting between Washington and Tehran was not a war and declined to provide a timeline for when the conflict would be over, underscoring the challenge the Trump administration faces as the hostilities enter their seventh month and mid-term elections loom.

Among other metals, spot silver fell 0.5% to $66.59 per ounce. Platinum lost 1.2% to $1,803.53 and palladium declined nearly 1.3% to $1,403.03, with both metals on track for slight weekly declines.