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Dubai, Israeli Diamond Exchanges Sign Trade Deal

FILE PHOTO: Diamonds are pictured during an official presentation. REUTERS/Maxim Shemetov/File Photo
FILE PHOTO: Diamonds are pictured during an official presentation. REUTERS/Maxim Shemetov/File Photo
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Dubai, Israeli Diamond Exchanges Sign Trade Deal

FILE PHOTO: Diamonds are pictured during an official presentation. REUTERS/Maxim Shemetov/File Photo
FILE PHOTO: Diamonds are pictured during an official presentation. REUTERS/Maxim Shemetov/File Photo

The Dubai and Israeli diamond exchanges announced Thursday they had struck an agreement to boost trade, just days after Israel signed agreements with the United Arab Emirates and Bahrain at the White House to normalize their relations.

The Israeli Diamond Exchange will open an office in Dubai, while the Dubai Multi Commodities Center, an economic free zone, will set up shop in Ramat Gan, Israel, the base of the Israeli exchange.

Ahmed Bin Sulayem, head of the DMCC and chairman of the Dubai Diamond Exchange, expressed excitement about the economic benefits for both sides, saying the agreement “will attract businesses to the emirate as well as boost the regional and international trade of this precious stone.”

Yoram Dvash, head of Israel’s Diamond Exchange, praised Dubai’s economic free zones and “convenient” business conditions.

Also on Thursday, Emirates Flight Catering, which supplies meals to Emirates Airlines and over 100 others, said it would establish a facility dedicated to making certified kosher food at its UAE headquarters, with production due to start in January.

With Israeli businessmen and tourists expected to start popping up soon, “demand for kosher food in the UAE and the region will grow quickly,” said Saeed Mohammed, CEO of Emirates Flight Catering.

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Business

Supply Minister: Egypt Plans Global Grain Hub

A man shows grain in his wheat product on this family's land in Tulia, Texas, US, May 13, 2026. REUTERS/Annie Rice
A man shows grain in his wheat product on this family's land in Tulia, Texas, US, May 13, 2026. REUTERS/Annie Rice
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Supply Minister: Egypt Plans Global Grain Hub

A man shows grain in his wheat product on this family's land in Tulia, Texas, US, May 13, 2026. REUTERS/Annie Rice
A man shows grain in his wheat product on this family's land in Tulia, Texas, US, May 13, 2026. REUTERS/Annie Rice

Egypt, the biggest buyer of Russian wheat, aims to create a global grain trading and storage hub, Supply Minister Sherif Farouk said on Friday, speaking at a grains event in the Russian city of Sochi.

Faruk said that Egypt is pursuing an ambitious ⁠and comprehensive strategy to ⁠transform the country into a hub for the storage and processing of grain crops as well as trading grain throughout the Middle East, ⁠Africa, and other regions.

"In this context, Egypt now wants to establish a global hub for grains," Farouk said, adding that the project will include modern elevators, transport systems, and processing and storage facilities.

He said that Egyptian and Russian commodity exchanges could join forces ⁠in ⁠the modernization of Egypt's grain trading infrastructure, developing pricing benchmarks, and ensuring supply chain's transparency.

"Egypt will continue to strengthen its relationship with Russia in developing grain tracking systems. All these efforts will help us improve transparency and resilience in the strategic commodity market," Farouk said.

Business

Morocco's Inflation Rate Rises to 1.7% in April

A farmer works in his wheat field in the Sebt Meghchouch region of Morocco, on April 28, 2026. (Photo by Abdel Majid BZIOUAT / AFP)
A farmer works in his wheat field in the Sebt Meghchouch region of Morocco, on April 28, 2026. (Photo by Abdel Majid BZIOUAT / AFP)
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Morocco's Inflation Rate Rises to 1.7% in April

A farmer works in his wheat field in the Sebt Meghchouch region of Morocco, on April 28, 2026. (Photo by Abdel Majid BZIOUAT / AFP)
A farmer works in his wheat field in the Sebt Meghchouch region of Morocco, on April 28, 2026. (Photo by Abdel Majid BZIOUAT / AFP)

Morocco's annual inflation rate, measured by the consumer price index, rose to 1.7% in April from 0.9% a month earlier, the statistics agency said on Friday.

Food prices, the main driver of inflation in the country, rose 0.6% ⁠from a year ⁠earlier, while non-food prices increased 2.5%, the agency said in a statement.

Transport prices rose 8.4% following a ⁠surge in fuel prices due to the conflict in the Middle East.

Core inflation, which excludes more volatile goods and government-controlled prices, was down 0.3% year-on-year and up 0.1% month-on-month.

To cushion the impact of ⁠geopolitical ⁠tensions on the domestic market, the government plans to add 20 billion dirhams ($ 2.17 billion) to its 2026 budget, including increased subsidies to keep public transport, cooking gas and electricity prices stable.

Business

UK Retail Sales Drop by Most in Nearly a Year as Drivers Buy Less Fuel

FILE PHOTO: An out of use sign hangs from a nozzle of an unleaded petrol pump on the forecourt of an Asda petrol station in Bethnal Green, London, Britain, March 27, 2026 REUTERS/Jaimi Joy/File Photo
FILE PHOTO: An out of use sign hangs from a nozzle of an unleaded petrol pump on the forecourt of an Asda petrol station in Bethnal Green, London, Britain, March 27, 2026 REUTERS/Jaimi Joy/File Photo
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UK Retail Sales Drop by Most in Nearly a Year as Drivers Buy Less Fuel

FILE PHOTO: An out of use sign hangs from a nozzle of an unleaded petrol pump on the forecourt of an Asda petrol station in Bethnal Green, London, Britain, March 27, 2026 REUTERS/Jaimi Joy/File Photo
FILE PHOTO: An out of use sign hangs from a nozzle of an unleaded petrol pump on the forecourt of an Asda petrol station in Bethnal Green, London, Britain, March 27, 2026 REUTERS/Jaimi Joy/File Photo

British retail sales fell by the most in nearly a year in April as fuel sales plummeted, according to official figures published on Friday that added to signs of waning consumer spending against the backdrop of the Iran war and rising energy costs.

Retail sales volumes slid by 1.3% in April from March, the biggest monthly decline since May 2025 and sharper than the 0.6% decline expected by economists.

Fuel volumes plunged by more than 10% as users ⁠saved fuel having stocked ⁠up in March, the Office for National Statistics said. April's drop in fuel sales was the largest monthly fall since the COVID-19 pandemic.

Excluding fuel, sales volumes were down a less severe 0.4%, close to the Reuters poll forecast for a drop of 0.3%, Reuters reported.

Sales fell across every category except food. Clothing sales fell to their lowest level since June last year, with retailers citing weak ⁠confidence and variable weather.

Sterling weakened briefly against the dollar after the data was published but soon recovered.

"Concerns around the impact of the Iran conflict on the cost of living, alongside higher mortgage costs and continued pressure on household finances, are weighing heavily on consumer confidence," said Samuel Edwards, head of client portfolio management at financial services firm Ebury.

Earlier on Friday, a survey showed low levels of consumer confidence rose only slightly in May with households the least willing to make big item purchases in nearly a year and a half.

Major British retailers say uncertainty over the impact of the Iran war ⁠is weighing on ⁠their businesses and customers. They also say higher tax and more regulation are holding them back.

Some firms are bucking the trend. Fashion retailer Next posted better-than-expected first quarter sales and electricals retailer Currys edged up its profit outlook.

Compared with a year earlier, overall sales were flat, the ONS said, against economists' expectations of a 1.3% rise.

Excluding fuel sales, volumes were up 1.1%, weaker than the Reuters poll forecast of a rise of 1.5%.

The Bank of England has held interest rates as it weighs up the risk of weakening growth in the economy and labor market against the impact of the energy price shock on inflation.

Separate ONS data showed higher-than-expected government borrowing last month, underscoring the scale of the challenge facing finance minister Rachel Reeves.