North Korea, Russia Agree to Expand Economic Cooperation

FILE - Russia's natural resources minister Alexander Kozlov, right, is greeted by Yun Jong Ho, minister of External Economic Relations, as the Russian delegation leaves Pyongyang Airport in Pyongyang, on Nov. 16, 2023. (AP Photo/Jon Chol Jin, File)
FILE - Russia's natural resources minister Alexander Kozlov, right, is greeted by Yun Jong Ho, minister of External Economic Relations, as the Russian delegation leaves Pyongyang Airport in Pyongyang, on Nov. 16, 2023. (AP Photo/Jon Chol Jin, File)
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North Korea, Russia Agree to Expand Economic Cooperation

FILE - Russia's natural resources minister Alexander Kozlov, right, is greeted by Yun Jong Ho, minister of External Economic Relations, as the Russian delegation leaves Pyongyang Airport in Pyongyang, on Nov. 16, 2023. (AP Photo/Jon Chol Jin, File)
FILE - Russia's natural resources minister Alexander Kozlov, right, is greeted by Yun Jong Ho, minister of External Economic Relations, as the Russian delegation leaves Pyongyang Airport in Pyongyang, on Nov. 16, 2023. (AP Photo/Jon Chol Jin, File)

North Korea and Russia reached a new agreement for expanding economic cooperation following high-level talks in Pyongyang this week, the North’s state media said Thursday, as they continue to align in the face of their confrontations with Washington.

North Korea’s official Korean Central News Agency didn’t elaborate on the details of the agreement signed Wednesday between its senior trade officials and a Russian delegation led by Alexandr Kozlov, the country’s minister of natural resources and ecology, The Associated Press reported. The Russian news agency Tass on Tuesday said officials following an earlier round of talks agreed to increase the number of charter flights between the countries to promote tourism.

Kozlov, who arrived in North Korea on Sunday, met with North Korean leader Kim Jong Un and his top economic official, Premier Kim Tok Hun, before returning home on Wednesday, KCNA said. During Kozlov’s visit, Russian President Vladimir Putin gifted Pyongyang’s Central Zoo with more than 70 animals, including lions, bears and several species of birds, according to Tass, in another display of the countries’ growing ties.

Kim Jong Un in recent months has prioritized relations with Moscow as he attempts to break out of international isolation and strengthen his footing, actively supporting Putin’s war on Ukraine while portraying the North as a player in a united front against Washington.

Kim has yet to directly acknowledge that he has been providing military equipment and troops to Russia to support its fighting against Ukraine. South Korea’s National Intelligence Service told lawmakers in a closed-door briefing on Wednesday that an estimated 11,000 North Korean soldiers in late October were moved to Russia’s Kursk region, where Ukrainian troops seized parts of its territory this year, following their training in Russia’s northeast.

The spy agency believes the North Korean soldiers were assigned to Russia’s marine and airborne forces units and some of them have already begun fighting alongside the Russians on the frontlines, said Lee Seong Kweun, a lawmaker who attended the meeting. US, South Korean and Ukrainian officials have claimed that the North has also been supplying Russia with artillery systems, missiles and other equipment.

North Korea would be possibly getting anywhere between $320 million to $1.3 billion annually from Russia for sending its troops to Ukraine, considering the scale of the dispatch and the level of payments Russia has been providing to foreign mercenaries, according to a recent study by Lim Soo-ho, a South Korean analyst at an NIS-run think tank.

While that would be meaningful income for North Korea’s crippled and heavily sanctioned economy, it could be lower than the money the North earns from illicit coal exports or supplying military equipment to Russia, Lim said. This suggests that North Korea’s troop dispatch is less about money than acquiring key Russian technologies to further advance its nuclear weapons and missile program, which is a major concern in Seoul, Lim said.

Amid the stalemate in larger nuclear negotiations with Washington, Kim has been dialing up pressure on South Korea, abandoning his country’s long-standing goal of inter-Korean reconciliation and verbally threatening to attack the South with nukes if provoked. He has used Russia’s war on Ukraine as a distraction to accelerate the development of his nuclear-armed military, which now has various nuclear-capable systems targeting South Korea and intercontinental ballistic missiles that can potentially reach the US mainland.



Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
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Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)

Syria and Saudi Arabia signed deals Saturday that include a joint airline and a $1-billion project to develop telecommunications, officials said, as Syria seeks to rebuild after years of war.

The new authorities in Damascus have worked to attract investment and have signed major agreements with several companies and governments.

Syrian Investment Authority chief Talal al-Hilali announced a series of deals including "a low-cost Syrian-Saudi airline aimed at strengthening regional and international air links".

The agreement also includes the development of a new international airport in the northern city of Aleppo, and redeveloping the existing facility.

Hilali also announced an agreement for a project called SilkLink to develop Syria's "telecommunications infrastructure and digital connectivity".

Syrian Telecommunications Minister Abdulsalam Haykal told the signing ceremony that the project would be implemented "with an investment of around $1 billion".

For decades, Syria was unable to secure significant investments because of Assad-era sanctions.

But the United States fully removed its remaining sanctions on Damascus late last year, paving the way for the full return of investments.

Syria and Saudi Arabia also inked an agreement on water desalination and development cooperation on Saturday.

At the ceremony, Saudi Investment Minister Khalid Al-Falih announced the launch of an investment fund for "major projects in Syria with the participation of the (Saudi) private sector".

The deals are part of "building a strategic partnership" between the two countries, he said.

Syria's Hilali said the agreements targeted "vital sectors that impact people's lives and form essential pillars for rebuilding the Syrian economy".

Syria has begun the mammoth task of trying to rebuild its shattered infrastructure and economy.

In July last year, Riyadh signed investment and partnership deals with Damascus valued at $6.4 billion to help rebuild the country's infrastructure, telecommunications and other major sectors.

A month later, Syria signed agreements worth more than $14 billion, including investments in Damascus airport and other transport and real estate projects.

This week, Syria signed a preliminary deal with US energy giant Chevron and Qatari firm Power International to explore for oil and gas offshore.


India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
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India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)

Indian Prime Minister Narendra Modi on Saturday hailed an interim trade agreement with the United States, saying it would bolster global growth and deepen economic ties between the two countries.

The pact cuts US "reciprocal" duties on Indian products to 18 percent from 25 percent, and commits India to large purchases of US energy and industrial goods.

US President Donald Trump, while announcing the deal Tuesday, had said Modi promised to stop buying Russian oil over the war in Ukraine.

The deal eases months of tensions over India's oil purchases -- which Washington says fund a conflict it is trying to end -- and restores the close ties between Trump and the man he describes as "one of my greatest friends."

"Great news for India and USA!" Modi said on X on Saturday, praising US President Donald Trump's "personal commitment" to strengthening bilateral ties.

The agreement, he said, reflected "the growing depth, trust and dynamism" of their partnership.

Modi's remarks came hours after Trump issued an executive order scrapping an additional 25 percent levy imposed over New Delhi's purchases of Russian oil, in a step to implement the trade deal announced this week.

Modi, who has faced criticism at home about opening access of Indian agricultural markets to the United States and terms on oil imports, did not mention Russian oil in his statement.

"This framework will also strengthen resilient and trusted supply chains and contribute to global growth," he said.

It would also create fresh opportunities for Indian farmers, entrepreneurs and fishermen under the "Make in India" initiative.

In a separate statement, Commerce Minister Piyush Goyal said the pact would "open a $30 trillion market for Indian exporters".

Goyal also said the deal protects India's sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry and milk.

Other terms of the agreement include the removal of tariffs on certain aircraft and parts, according to a separate joint statement released Friday by the White House.

The statement added that India intends to purchase $500 billion of US energy products, aircraft and parts, precious metals, tech products and coking coal over the next five years.

The shift marks a significant reduction in US tariffs on Indian products, down from a rate of 50 percent late last year.

Washington and New Delhi are expected to sign a formal trade deal in March.


Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
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Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth

Gold rebounded on Friday and was set for a weekly gain, helped by bargain hunting, a slightly weaker dollar and lingering concerns over US-Iran talks in Oman, while silver recovered from a 1-1/2-month low.

Spot gold rose 3.1% to $4,916.98 per ounce by 09:31 a.m. ET (1431 GMT), recouping losses posted during a volatile Asia session that followed a fall of 3.9% on Thursday. Bullion was headed for a weekly gain of about 1.3%.

US gold futures for April delivery gained 1% to $4,939.70 per ounce.

The US dollar index fell 0.3%, making greenback-priced bullion cheaper for the overseas buyers.

"The gold market is seeing perceived bargain hunting from bullish traders," said Jim Wyckoff, senior analyst at Kitco Metals.

Iran and the US started high-stakes negotiations via Omani mediation on Friday to try to overcome sharp differences over Tehran's nuclear program.

Wyckoff said gold's rebound lacks momentum and the metal is unlikely to break records without a major geopolitical trigger.

Gold, a traditional safe haven, does well in times of geopolitical and economic uncertainty.

Spot silver rose 5.3% to $74.98 an ounce after dipping below $65 earlier, but was still headed for its biggest weekly drop since 2011, down over 10.6%, following steep losses last week as well.

"What we're seeing in silver is huge speculation on the long side," said Wyckoff, adding that after years in a boom cycle, gold and silver now appear to be entering a typical commodity bust phase.

CME Group raised margin requirements for gold and silver futures for a third time in two weeks on Thursday to curb risks from heightened market volatility.

Spot platinum added 3.2% to $2,052 per ounce, while palladium gained 4.9% to $1,695.18. Both were down for the week.