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Egypt began a public live restoration of King Khufu’s ancient solar boat at the newly-opened Grand Egyptian Museum Tuesday, more than 4,000 years after the vessel was first built. Egyptian conservators used a small crane to carefully lift a fragile, decayed plank into the Solar Boats Museum hall — the first of 1,650 wooden pieces that make up the ceremonial boat of the Old Kingdom pharaoh. The 4,600-year-old boat was built during the reign of King Khufu, the pharaoh who also commissioned the Great Pyramid of Giza. The vessel was discovered in 1954 in a sealed pit near the pyramids, but its excavation did not begin until 2011 due to the fragile condition of the wood. “You are witnessing today one of the most important restoration projects in the 21st century,” Egyptian Tourism Minister Sherif Fathy told reporters. “It is important for the museum, and it is important for humanity and the history and the heritage.” The restoration will take place in full view of visitors to the Grand Egyptian Museum over the coming four years. The project is funded by a $3.5mn grant from the Japan International Co-operation Agency (JICA), with Japanese archaeologists working alongside Egyptian specialists.Eissa Zidan, head of conservation projects at the museum, said the wooden planks were “thermally degraded and in a very weak condition”. “For this reason, archaeological missions had long avoided working on this project,” he told AFP. Egyptian and Japanese archeologists have been treating the boat’s planks and oars using organic materials, including nano-cellulose and Klucel E, that Zidan said met international restoration standards. The museum also houses a second solar boat from the same era, discovered in significantly better archaeological condition and previously exhibited next to the pyramids of Giza. Visitors have been flocking to the Grand Egyptian Museum since it opened in early November. Fathy said the museum receives an average of 15,000 daily visitors, and on some days even draws as many as 27,000 people. The government hopes the museum will help revive the tourism sector, which accounts for around 9% of Egypt’s gross domestic product and employs nearly 2mn people. After years of struggle due to political instability and the Covid-19 pandemic, Egypt hopes to increase tourist numbers by about 7% in 2026, from 19mn visitors this year, according to Fathy. 

Middle Eastern mergers and acquisitions (M&A) have demonstrated remarkable resilience and strategic focus, with deal values surging 260% to $53bn in the first nine months of 2025 compared to the same period last year.This exceptional growth comes despite experiencing its lowest levels since the Covid shock earlier in the year, according to BCG's annual Global M&A Report 2025 released Monday.The region's performance is driven by a select group of experienced dealmakers making disciplined, strategic investments amid continued global market volatility.Monthly data reveals that Middle East M&A activity over the past three years has consistently exceeded historical averages, recovering strongly from the pandemic dip.BCG's M&A Sentiment Index, a forward-looking indicator of deal activity, shows increasingly positive sentiment across all sectors, with confidence reaching its highest levels in technology and energy.While Africa, the Middle East, and Central Asia recorded a 6% increase in aggregate deal value, the region continues working to surpass its 10-year average."The Middle East's M&A landscape in 2025 reflects a sophisticated approach to capital deployment, where strategic diversification meets digital ambition," said Samuele Bellani, Managing Director & Partner at BCG."We are witnessing experienced dealmakers making highly disciplined investments that simultaneously strengthen traditional energy capabilities while building new pillars of economic growth in technology and industrial services."Energy transactions remained the cornerstone of Middle Eastern M&A activity throughout 2025, as state-backed entities pursued aggressive domestic consolidation while simultaneously expanding their international footprint through strategic acquisitions.A landmark $13.4bn acquisition reinforces the UAE's ambitious international expansion strategy in the chemicals sector, while a $693mn purchase in power generation and utilities exemplified the ongoing consolidation within the sector.These strategic moves underscore sector resilience while supporting the region's gradual but determined pivot toward renewable energy sources, positioning national champions for the global energy transition.The industrial sector emerged as a central pillar of the Middle East's economic diversification strategy, with governments and sovereign wealth funds systematically building capabilities beyond traditional hydrocarbon dependencies.A $925mn acquisition highlights the accelerating consolidation of critical supply chain infrastructure across the region. This transaction reflects a broader, long-term initiative to establish the Middle East as a premier hub for industrial and logistics services, fundamentally reducing dependency on energy revenues while enhancing the region's global competitiveness across multiple sectors.Technology, media, and telecommunications gained unprecedented momentum in 2025, establishing itself as an emerging pillar of regional deal activity and signalling a fundamental shift in investment priorities.A transformative $3.5bn acquisition, representing one of the largest digital entertainment transactions globally, demonstrates the region's serious ambitions to become a global leader in gaming and digital entertainment.A $855mn acquisition strategically expanded the Middle East’s telecommunications influence into European markets. These high-profile transactions clearly demonstrate that Middle Eastern acquirers are strategically deploying substantial capital to capture growth opportunities across digital platforms, connectivity infrastructure, and entertainment services, aligning perfectly with broader national digital transformation agendas."What we are seeing is a fundamental transformation in how Middle Eastern investors approach M&A," said Samuele Bellani, Managing Director & Partner at BCG."The region's sovereign wealth funds are not just engines of deal flow—they are architects of a new economic paradigm that balances traditional energy strengths with cutting-edge technological capabilities and world-class industrial infrastructure."As 2025 enters its final months, the Middle East has distinguished itself as one of the world's most active and strategically focused M&A markets. Sovereign wealth funds continue providing an exceptionally deep pool of liquidity capable of sustaining robust deal flow regardless of global economic cycles or market volatility. Government-led strategies persistently drive consolidation across industrial and technology sectors, creating unprecedented resilience against the region's historical reliance on hydrocarbon revenues.The combination of steady foreign interest across TMT, financial services, and healthcare sectors demonstrates the region's unique dual advantage of supporting sustainable growth while accelerating economic diversification initiatives.According to BCG, the sustained momentum in Middle Eastern M&A activity reflects a mature understanding of global market dynamics, where strategic patience combines with decisive action to create lasting competitive advantages across multiple sectors and geographies. 

The anticipated launch of Qatar’s North Field gas expansion, which is expected to come online around the middle of 2026, will underpin GCC hydrocarbon segment growth, according to Emirates NBD.The regional banking group has forecast Qatar’s hydrocarbons growth at 7.0% next year and 8.0% in 2027.While there will be a modest slowdown in the region’s non-hydrocarbons activity next year, Emirates NBD anticipates that growth in the hydrocarbons sector, which still accounts for nearly 30% of the GCC economy, will accelerate and expand by 6.5%. This would be the fastest rate of growth since 2022 when the region benefitted from the post-Covid surge in demand for oil and compares with an estimated 4.5% growth in 2025.“The surge in growth does not reflect a particular rise in forecast global demand next year, with growth expected to be sluggish at best, but rather in large part a change in strategy from OPEC+ that has seen it pivot to target market share rather than pricing,” Emirates NBD noted.This will boost Saudi Arabia’s oil GDP in particular, where it forecasts growth of 8.0% next year, while Kuwait will pick up to 6.0%, from an estimated 3.5% in 2025.Bahrain is not a member of OPEC+, but should benefit from the Bapco modernisation programme, which was introduced in late 2024 and expected to boost activity.The researcher’s broad expectation for non-oil activity in 2026 is that there will be a modest slowdown across the bloc, but this is largely on the back of base effects following several years of higher-than-average growth coming out of the Covid-19 pandemic.The conditions that have supported growth through the past year are set to continue, with the global environment arguably set to be more conducive to stimulating economic activity than was seen in 2025.“We forecast weighted average non-oil growth of 4.4% in 2026, down from an estimated 4.8% in 2025, with Qatar, the UAE and Saudi Arabia set to be the outperformers once again,” Emirates NBD noted.On aggregate, the GCC economies will see stronger growth next year, with almost all of the six economies that constitute the bloc set to see a faster expansion than Emirates NBD estimated for 2025. This, it noted, will be driven by an anticipated acceleration in hydrocarbons activity, while non-oil growth will remain strong, albeit slowing from recent levels.Non-oil growth will be supported by growing populations, the expansion of new industries, and high levels of public investment. Lower oil prices will keep pressure on budgets, but this will be offset in part by higher production levels, and the regional governments remain committed to their various development agendas. 

Qatar National Bank (QNB) discussed the key factors that will support economic growth in the ASEAN-6 economies during 2026 and contribute to a positive growth outlook, including the stabilization of the global trade environment and the decline in the severity of risks associated with trade protectionism, along with the easing of monetary conditions in advanced economies as well as within the ASEAN-6 countries.In recent decades, Southeast Asia has been the most dynamic region in the world, showcasing the brightest economic growth performance, QNB added in its weekly economic commentary.Within this region, the six largest countries of the Association of Southeast Asian Nations (ASEAN-6), which includes Indonesia, Thailand, Singapore, Malaysia, Vietnam, and the Philippines, have been among the fastest growing economies, with Singapore already reaching the status of an advanced economy.Trade is a major pillar of the economic growth model for the ASEAN-6 countries, and significant disruptions in international commerce can have a large impact on their performance.Trade and growth forecasts initially deteriorated sharply on fears of the impact of supply-chain disruptions, rocketing uncertainty, and potentially escalating trade wars. But despite a still-uncertain environment, the growth outlook for the ASEAN-6 group has been stable, with real GDP growth rates in 2026 expected to remain overall strong, similar to those of 2025.First, the global trade environment has begun to stabilize, as the U.S. reached agreements with an increasing number of trade partners, and there is no evidence of a negative impact of trade in the ASEAN-6 countries. The initially unyielding protectionism of the U.S. administration shifted towards pragmatism as agreements were reached with the U.K., Japan, and the E.U., among many others.Importantly, for the ASEAN-6, agreements were reached with Vietnam, Malaysia, Thailand, Indonesia, and Philippines, establishing a general tariff of 19% and lower rates for selected goods, while for Singapore the levy stands at 10%. Although these rates are higher than before Liberation Day, the end of the negotiations largely reduced the levels of uncertainty discarding the more extreme negative scenarios, and are still within a manageable range, especially as other competitors are also affected by new U.S. tariffs.Even as the U.S. has become more protectionist, the rest of the world is pursuing further integration via new or deeper trade agreements. In October, the ASEAN member states signed two major agreements: one improving cross-border flows within the group, and an upgrade of the ASEAN-China Free Trade framework. At the same time, negotiations began for an ASEAN-South Korea agreement. Furthermore, some ASEAN-6 countries appear to be benefiting from trade diversion as firms shift supply chains away from China.The impact of tariffs after Liberation Day on the ASEAN-6 economies has so far been negligible, with exports continuing to show monthly growth rates in the range of 10 to 20% in USD in annual terms. Even as the world adjusts to a more protectionist U.S., the outlook on global trade is improving, contributing to a more supportive growth scenario for the ASEAN-6 economies.Second, lower policy interest rates in the major advanced economies (AE), as well as in the ASEAN-6 countries, provide a better global environment for economic growth. Since 2024, the U.S. Federal Reserve has already lowered its policy rate by 175 basis points (bp) to 3.75% and is likely to bring it further down to a neutral level of 3.5%. In a similar period, the European Central Bank has lowered its benchmark policy rate by 200 bp to 2% and is likely to keep it unchanged during next year. Thus, policy interest rates in major AE are set to stabilize at lower levels than in recent years, providing better financial conditions for emerging economies.Similarly, central banks in the ASEAN-6 countries have implemented their own monetary easing cycles after inflation was brought under control following the post Covid-pandemic recovery. In these economies, the average increase in policy rates was 260 basis points (bps), to levels above those at the onset of the Covid-pandemic. As tight monetary policy brought inflation rates down to their target ranges, central banks reached a turning point and began to cut policy interest rates, reducing the cost of credit and boosting credit growth. Overall, looser monetary conditions in the AE as well as from the ASEAN-6 central banks provide better credit conditions for growth in the region.All in all, the growth outlook for the ASEAN-6 economies remains stable on the back of an improvement in the trade environment and more supportive monetary.

The growth outlook for the Asean-6 economies remains stable on the back of an improvement in the trade environment and more supportive monetary policy, according to QNB.In recent decades, Southeast Asia has been the most dynamic region in the world, showcasing the brightest economic growth performance.Within this region, the six largest countries of the Association of Southeast Asian Nations (Asean-6), which includes Indonesia, Thailand, Singapore, Malaysia, Vietnam, and the Philippines, have been among the fastest growing economies, with Singapore already reaching the status of an advanced economy.Trade is a major pillar of the economic growth model for the Asean-6 countries, and significant disruptions in international commerce can have a large impact on their performance, QNB said.On April 2, which came to be known as “Liberation Day,” President Trump announced sweeping tariffs on all US trade partners, and a period of much tighter protectionism emerged as a potential threat to growth.Trade and growth forecasts initially deteriorated sharply on fears of the impact of supply-chain disruptions, rocketing uncertainty, and potentially escalating trade wars. But despite a still-uncertain environment, the growth outlook for the Asean-6 group has been stable, with real GDP growth rates in 2026 expected to remain overall strong, similar to those of 2025.First, the global trade environment has begun to stabilise, as the US reached agreements with an increasing number of trade partners, and there is no evidence of a negative impact of trade in the Asean-6 countries.The initially unyielding protectionism of the US administration shifted towards pragmatism as agreements were reached with the UK, Japan, and the EU among many others.Importantly, for the Asean-6, agreements were reached with Vietnam, Malaysia, Thailand, Indonesia, and Philippines, establishing a general tariff of 19% and lower rates for selected goods, while for Singapore the levy stands at 10%.Although these rates are higher than before Liberation Day, the end of the negotiations largely reduced the levels of uncertainty discarding the more extreme negative scenarios, and are still within a manageable range, especially as other competitors are also affected by new US tariffs.Even as the US has become more protectionist, the rest of the world is pursuing further integration via new or deeper trade agreements. In October, the Asean member states signed two major agreements: one improving cross-border flows within the group, and an upgrade of the Asean-China Free Trade framework.At the same time, negotiations began for an Asean-South Korea agreement. Furthermore, some Asean-6 countries appear to be benefiting from trade diversion as firms shift supply chains away from China.The impact of tariffs after Liberation Day on the Asean-6 economies has so far been negligible, with exports continuing to show monthly growth rates in the range of 10 to 20% in USD in annual terms. Even as the world adjusts to a more protectionist US, the outlook on global trade is improving, contributing to a more supportive growth scenario for the Asean-6 economies.**media[393199]**Second, lower policy interest rates in the major advanced economies (AE), as well as in the Asean-6 countries, provide a better global environment for economic growth. Since 2024, the US Federal Reserve has already lowered its policy rate by 175 basis points (bps) to 3.75% and is likely to bring it further down to a neutral level of 3.5%.In a similar period, the European Central Bank has lowered its benchmark policy rate by 200bp to 2% and is likely to keep it unchanged during next year.**media[393200]**Thus, policy interest rates in major AE are set to stabilise at lower levels than in recent years, providing better financial conditions for emerging economies.Similarly, central banks in the Asean-6 countries have implemented their own monetary easing cycles after inflation was brought under control following the post Covid-pandemic recovery. In these economies, the average increase in policy rates was 260 basis points, to levels above those at the onset of the Covid-pandemic.As tight monetary policy brought inflation rates down to their target ranges, central banks reached a turning point and began to cut policy interest rates, reducing the cost of credit and boosting credit growth. Overall, looser monetary conditions in the AE as well as from the Asean-6 central banks provide better credit conditions for growth in the region, QNB noted. 

Air cargo has consistently proven itself as a crucial stabiliser for the global economy; its inherent agility successfully blunting the impact of the 2025 tariff cycle and mitigating the severe disruptions caused by the Covid-19 pandemic.The air cargo segment is a vital cornerstone of global commerce, acting as a crucial enabler of international trade, particularly for time-sensitive and high-value goods. While accounting for a mere 1% of world trade volume, it represents an estimated 35% of its total value, moving goods worth more than $8tn annually.Global air cargo demand, measured in cargo tonne-kilometres (CTK), rose 3.3% year-on-year (y-o-y) as of October, according to the International Air Transport Association (IATA).Activity was surprisingly strong as importers front-loaded shipments ahead of tariff changes. Demand has remained firm since, though growth is expected to moderate later in the year. For 2025, IATA now projects 3.1% y-o-y growth, an upward revision from 0.7% in our June forecast.Cargo traffic in Asia-Pacific is expected to grow by 8.5% y-o-y this year. Year-to-date or YTD (January-October) data shows broad-based strength across nearly all routes, led by the Europe corridor, which expanded by 10.6%.Chinese exporters diverted shipments affected by US tariffs to other trading partners and adopted strategies such as adding intermediate stops or shifting production to countries outside the tariff lists.While this substitution effect materialised quickly, it might not be sustainable if future tariffs target rerouting practices, the global trade body of airlines noted.The low pricing that supported inventory reductions might not persist, reinforcing our more cautious outlook for 2026.Europe is forecast to grow by 2.5% in 2025. Among Europe’s international routes, only those with Asia (+10.6%) and North America (+7.1%) expanded, as per October YTD data.Africa and Latin America are expected to grow by 3.0% and 4.0%, respectively.In contrast, the Middle East and North America are likely to contract by 1.5% and 1.2%, driven by tariffs in North America and geopolitical tensions combined with easing ocean freight disruptions in the Red Sea for the Middle East.Global air freight yields averaged $2.4/kg YTD through October, about 30% above 2019 levels. Yields were slightly stronger in the first quarter, growing by approximately 4% y-o-y, supported by front-loading and a high base from early 2024. However, momentum weakened from the second quarter onward, with average y-o-y declines of 2.6%, reaching a low of -5.4% in September, but improving again in October to -4.0% y-o-y.In contrast, sea freight rates fell sharply in both monthly and yearly terms, making ocean shipping more attractive and reducing air cargo’s relative price competitiveness.Demand growth by cargo hold type shows a clear divergence: dedicated freighters’ CTK rose by mere 1.4%, reflecting limited expansion on the freighter side due to persistent supply chain bottlenecks, while belly cargo surged by 7.8% YTD through October.Aircraft delivery delays continue to hamper fleet expansion, also on the cargo side.Delays in wide-body freighter deliveries, with the Boeing 777X-F pushed to 2028 and Airbus A350F to late 2027, are leading operators to stretch existing fleets and rely on passenger aircraft conversions.However, the pool of suitable passenger aircraft is shrinking due to limited availability of new passenger aircraft. This sustained supply shortfall is driving up air freight rates, particularly for dedicated freighters, and is likely to take years to unwind. Medium wide-bodies, notably the Airbus A330 and Boeing 767, dominate the conversion market as immediate, though costlier, substitutes for delayed next-generation freighters.The global cargo load factor reached 45.3% in October 2025 YTD, broadly unchanged from 2024. While demand growth is expected to slow in 2026, steady air cargo demand amid global uncertainties and persistent capacity constraints should keep load factors broadly flat.For 2026, IATA expects air cargo demand to continue to expand, albeit at a slower pace than in 2025, in line with softening global trade.The slowdown is unlikely to be as pronounced as the general trade deceleration, as air cargo continues to benefit from rising demand for high-value, time-sensitive goods, particularly driven by e-commerce and semiconductors.Persistent global uncertainties around tariffs and supply chain disruptions will reinforce air transport’s role as the most reliable mode of delivery.Overall, IATA forecasts 2.6% growth for the industry in 2026, led by Asia-Pacific at 6%. Other regions should grow around 2%, while the Middle East will stagnate, and North America will edge down by 0.5%.Undoubtedly, air cargo industry's ability to provide speed, security, and flexibility makes it an indispensable component of the modern, interconnected global economy, enabling businesses to meet demanding customer expectations and adapt to volatile market conditions.Pratap John is Business Editor at Gulf Times. X handle: @PratapJohn. 

The National Human Rights Committee (NHRC), in co-operation with the General Secretariat of the Arab Network of National Human Rights Institutions and the UN Center for Training and Documentation in Human Rights for South-West Asia and the Arab Region, organised a talk in celebration of Human Rights Day.The talk aimed to highlight human rights as not merely slogans or rigid legal texts, but as the foundation of daily interaction between individuals and societies. It also reaffirmed that the defense of rights is a collective responsibility that requires integrated efforts between governments, institutions, and civil society, in addition to calling for the transformation of principles into practical policies that ensure a dignified life for every human being.In this context, His Excellency Vice-Chairman of the National Human Rights Committee Dr Mohammed bin Saif al-Kuwari said that this occasion marked a pivotal moment in modern human history. He said that today we witness an advanced level of awareness of the concept of human rights thanks to this universal document, and that the principle of equality has become a fundamental pillar of most international conventions and national constitutions. He noted that just over seven decades ago, the world viewed large segments of humanity as being of lesser value and dignity than others. He also emphasised that one cannot speak of the Universal Declaration of Human Rights without recalling the Arab contribution to it.He pointed out that the complex global challenges the world faces today, whether climate change, environmental degradation, digital transformation, terrorism, and armed conflicts, result in widespread violations of human rights. He stressed that addressing them requires collective international action that ensures that the fruits of scientific progress and development are shared by all humanity without discrimination.He reaffirmed that this global occasion has particular significance in Qatar, as it represents an opportunity to reiterate that human rights are not merely theoretical texts but a practical tool enabling individuals and societies to build a better future.He said that this year’s theme clearly aligns with Qatar’s Permanent Constitution, which emphasises the preservation of human dignity in many of its provisions, and that this principle is consistent with Sharia, the main source of legislation. He also highlighted the State’s commitment to implementing the human rights conventions to which it is a party. He said that the National Human Rights Committee plays a pivotal role in promoting a culture of human rights, drawing on the Islamic civilisational heritage grounded in justice, equality, noble ethics, and respect for human dignity. He noted that the Committee has made continuous efforts to raise awareness and to protect these rights, participated in numerous international forums, and achieved a distinguished global standing.He affirmed the continued work of the Committee across many areas, including education, health, labour, environment, and the rights of vulnerable groups such as children, women, the elderly, and persons with disabilities. He highlighted the Committee’s role in ensuring that no individual was deprived of their rights during key events and major activities hosted by Qatar in recent years, such as the Covid-19 pandemic and major sporting events.HE Secretary-General of the Arab Network of National Human Rights Institutions Sultan bin Hassan al-Jamali said the High Commissioner’s selection of this year’s theme was a clear call to rediscover the essence of human rights in the details of our daily lives, as these details form the basis for building the human dignity everyone seeks.In his speech during the event, he said that national human rights institutions play a pioneering role in transforming international commitments into tangible reality as they bridge the gap between the obligations undertaken by states and what citizens experience on a daily basis and serve as a living link between civil society and governments. 

This week, Airbus got a brutal reminder that even the world’s most-delivered jet — the A320 — isn’t immune to shocks as disparate as solar flares and flawed metal. Days after recalling 6,000 A320-series planes over a software glitch linked to cosmic radiation, the European giant was forced to slash delivery targets when defects surfaced in some of their fuselage panels.The twin setbacks — one rooted in astrophysics, the other in basic metallurgy — underscore how fragile success can be for a planemaker that dominates the busiest corner of aviation and is on track to outpace Boeing for a seventh straight year.“As we put one thing behind us, we have another,” CEO Guillaume Faury told Reuters as he weighed how many aircraft could be affected by problems with the thickness of panels.Last Friday, Airbus issued surprise instructions to airlines to revert to a previous version of software in a computer that directs the nose angle on some jets, several weeks after a JetBlue A320 tilted downwards, injuring about a dozen on board. It blamed the issue on a vulnerability to solar flares that could, in theory, have caused the plane to lurch downwards — a brush with the sun reminiscent of Greek mythology as airlines scrambled to deal with a flaw nicknamed the “Icarus bug”.The rollback happened faster than expected but within days Airbus was grappling with a more humdrum issue threatening to cut short the year-end rush in plane deliveries: the discovery of flawed fuselage panels.The glitch, first reported by Reuters last Monday, caused a sharp sell-off in the company’s shares as investors pondered how it would hit already shaky delivery targets for the year. Within 48 hours Airbus had cut its target by 4% and on Friday it confirmed deliveries had already slowed in November. The two unrelated setbacks came weeks after the A320 series, including the best-selling A321, surpassed the recently troubled Boeing 737 MAX as the most-delivered passenger jet in history.“Airbus is at present an A321 machine,” said Agency Partners analyst Sash Tusa. “That extreme concentration on a single model has both strengths and vulnerabilities.”The broader A320 medium-haul family accounts for most Airbus sales and the ‘vast majority’ of profit, he said, adding there were inconsistencies between Airbus lowering delivery targets and maintaining financial forecasts.Airbus shares were down around 3% over the week having dropped as much as 11% last Monday. As the week ends, Airbus is under pressure from official investigators to supply more data on the software grounding as well as pushback from some airlines reluctant to take delivery without new guarantees on affected fuselage parts, sources said. It also faces lingering questions about supply chains.Airbus has been at odds with some of its suppliers over plans to raise production to meet strong demand for air travel. Unions and suppliers say quality snags such as the panel problem at a Spanish supplier highlights how some are struggling. Airbus said that the industrial flaw was not a safety issue. It has said previously that supply chains are improving overall after being thrown into disarray by the Covid pandemic.In particular, the fuselage snag highlights concerns over one of the weakest parts of the industry: the aerostructures firms which make parts that are never replaced, cutting them off from spare parts sales that have been highly profitable for others. Insiders said Airbus’s week-long crisis began last Thursday in the charged atmosphere immediately following an appeals trial of Airbus and Air France for corporate manslaughter over the crash of an A330 in 2009 — charges both strongly deny. Engineers probing the JetBlue incident had just concluded that a software update designed to make it harder for A320s to stall even when their normal defences are accidentally disabled — echoing the loss of control on AF447 — may have removed a backup layer of protection used to correct solar interference.But with the cosmic particles leaving no trace, Airbus’s findings on JetBlue were hypothetical and there was no proof, sources said, prompting the precautionary recall decision.“We are used to this in space, it’s not uncommon,” Faury said. “We discovered that we had a vulnerability on the software on that computer, so we had to deal with it.”Experts said the incident was a reminder of aviation’s exposure to Earth’s bombardment by rays from deep space or the sun, an issue raised by a landmark Boeing/IBM study in 1995 but increasingly relevant as modern jets use more electronic chips.“It’s an alarm... the international community needs to work in unison to make sure that we further understand this phenomenon,” cosmic radiation expert George Danos, president of the Cyprus Space Exploration Organisation, said.  

   Cyclone Ditwah hits Sri Lanka’s peak tourism season Small operators, backbone of tourism, suffer most Cancellations low at about 1% for now, says hoteliersTourism is country’s third-largest foreign exchange earner November-January are usually the busiest season for Herath Gedara Rohan Anil Kumara’s three-bedroom homestay in Sri Lanka’s hill country, famed for its tea plantations, historic sites and quaint villages. But after Cyclone Ditwah tore through the island last week, killing nearly 500 people, Kumara now finds himself in a relief centre, uncertain when he can rebuild his business.His now-damaged house used to earn him more than $30 a night, enough to support his family, but the 37-year-old has been forced to cancel all bookings for December and January. “I’m still getting inquiries, but we can’t accept them,” Kumara said from the Kithulbedda relief centre, where he moved with his family of six last Friday. “I don’t know when we will be able to rebuild and return to normal.” **media[390361]**  His story underscores the vulnerability of small operators who form the backbone of Sri Lanka’s tourism industry, the country’s third-largest foreign exchange earner after remittances and apparel, amounting to 4% of GDP. A revival in tourism has helped Sri Lanka recover from its debilitating economic crisis, which peaked in 2022, but the extensive damage caused by Cyclone Ditwah has been a setback.It has affected nearly 10% of Sri Lanka’s 22mn population, damaged or destroyed thousands of houses and killed at least 486, with hundreds still missing.The cyclone also hit roads, power lines, and telecom networks, alongside significant losses to agriculture. The Hotels Association of Sri Lanka, however, is hopeful of a fast recovery because cancellations have remained low at about 1%, said association president Asoka Hettigoda.  **media[390362]**  “Hotels across the island are operational,” he told Reuters. “Even in Kandy and Nuwara Eliya (among the worst-affected areas), tourists are safe and enjoying their stay, though access is still difficult due to blocked roads.” Tourist arrivals crossed 2mn by mid-November, and the government hopes to reach 2.6mn by the end of the year, the highest since the Covid-19 pandemic, driven by visitors from India, Russia, Germany, France, and the UK. Authorities have airlifted stranded tourists, waived fees for overstaying visas, and allowed free flight rescheduling. The industry is also pushing for an expanded visa-free programme and launching social media campaigns to reassure travellers. Tour guides have adjusted itineraries to avoid the worst-hit areas. For Estelle Burgess, a 71-year-old tourist from Australia, the cyclone became just another chapter in her Sri Lankan adventure. She arrived about a week ago and plans to stay for another six days. “We’re hoping the weather improves so we can enjoy the beach,” Burgess said outside Kandy’s Temple of the Tooth, one of Sri Lanka’s most sacred Buddhist shrines and a Unesco World Heritage Site.“Sri Lanka truly is an adventure. You never know what’s going to happen next.” 

As G20 leaders met in Johannesburg last month, they faced a grim reality: many developing-country governments are spending more than they can afford on debt service. To keep funds flowing to foreign creditors, policymakers have been forced to cut spending on education, healthcare, and infrastructure. These countries have so far avoided default, but at the expense of their own development.The fact that governments across Africa, Asia, and Latin America must close hospitals and cancel school-lunch programmes to service their debt is not only a moral failure; it is also a strategic one. A world where countries cannot invest in sustainable growth and development will struggle to achieve stability, prosperity, and climate resilience.Five years ago, amid the Covid-19 pandemic, the G20 launched the Common Framework for Debt Treatment to help heavily indebted countries restructure their debts in an orderly, prompt, and equitable manner. But the promised relief has not materialised. According to the International Monetary Fund and the World Bank, 37 out of 67 low-income countries eligible for concessional funding are in or at high risk of debt distress, yet only four – Chad, Zambia, Ghana, and Ethiopia – have applied for restructuring under the mechanism. Their experiences have revealed the weaknesses of the Common Framework: it offers far too little relief – and too late.In response, the G20 has outsourced the problem to technocratic bodies, tasking them with accelerating the process and increasing relief. While this technical work is important, it is not enough. Debtor countries still fear that the policy is half-hearted. Policymakers now talk less about a “debt crisis” and more about a “debt morass” – a world where everyone is stuck, waiting for a change that never comes.Meanwhile, foreign private creditors have been withdrawing their capital from developing economies since 2022. The message is clear: the risks are too high, and no meaningful solution is in sight. When investors leave, governments are left scrambling to borrow from other sources.Multilateral development banks (MDBs) and the IMF have come to the rescue. As a result, their share of developing countries’ external debt has soared, exceeding 75% in around 20 countries. This creates a vicious cycle: when multilateral organisations that don’t take a haircut in restructurings hold most of a country’s sovereign debt, private creditors become even more reluctant to invest.To escape the debt morass, G20 leaders must restore confidence in the Common Framework and act with a sense of urgency. That means reassuring debtor countries that applications for relief will be handled quickly, fairly, and generously. The recent G20 leaders’ communiqué, and their finance ministers’ declaration on debt sustainability, merely reiterated the technical work and thus fell short of what is needed. Stronger commitments must be backed by tangible action.First, G20 leaders must reduce the stigma of restructuring. When debt becomes a drag on growth, seeking relief and committing to reform should be seen as responsible economic governance.Second, relief must be meaningful. A token reduction that leaves countries with still-limited fiscal space only prolongs the crisis. G20 leaders must proactively replenish debt-relief funds. While taxpayers in high-income countries, many with their own ballooning debts, may balk at these costs, continuing to bail out private creditors indirectly through MDBs is also expensive. The sooner debt relief is provided, the cheaper it will be.Third, private creditors should be required to do their part. Based on the comparability-of-treatment principle, every dollar of debt relief from official creditors must be matched by private creditors. G20 leaders must support national legislation that enforces this policy. The self-regulatory approach taken over the past two decades by bondholders has not worked with other private creditors – and all it takes is a single holdout creditor to scupper a debt-restructuring process.Some argue that debt relief will make borrowing more expensive for debtor countries in the future. The reality is their borrowing costs are already prohibitively high. Cleaning up their balance sheets would attract investors more quickly than implementing austerity measures. Investors, having incurred losses, will become more discerning and demand risk premiums from countries that fail to improve their debt management – a welcome incentive for good governance.The G20 must contend with a confluence of geopolitical, climate, and economic shocks. But the developing world’s debt morass cuts across them all. Only by addressing this underlying challenge can we hope to overcome all the others. G20 leaders have already committed to debt relief. Now they need the courage to finish the job.  

Australia’s flame-haired populist Senator Pauline Hanson and her anti-immigration party have rocketed up opinion polls, nearing a peak seen three decades ago when she first entered politics and pushed conservative parties to harden border policies. The resurgence of Hanson’s One Nation coincides with US President Donald Trump’s tougher message on migration, which has included the US embassy in Australia being instructed to collect migrant-linked crime data as Washington urged US diplomats to lobby against mass migration.Yet Hanson’s revival as a political force is likely more driven by local factors including cost-of-living pressures, housing shortages and historically high migration which have driven voter dissatisfaction, analysts and party officials say.Hanson was ‘the original Trump’Prime Minister Anthony Albanese’s centre-left Labour Party won national elections decisively in May, and remains ahead in polling.The conservative opposition Liberal Party, which lost its leader and a swath of seats at the May election, is at a historic low — another factor encouraging right-wing voters to look to One Nation, several analysts said.“One would argue that Pauline was the original Trump,” James Ashby, Hanson’s chief of staff, told Reuters in an interview. “Other politicians and the public have caught up with where her mindset was at. We are being swamped by mass migration in this country.” Hanson, 71, made global headlines striding through the Australian parliament in a burka last month, and was barred from the chamber for seven days.One Nation holds just four seats in the parliament’s 76-seat upper house, but recent polls indicate it could win more at the next election due by 2028. A Roy Morgan survey of 5,248 people in November showed support for One Nation at 14% nationally, the highest since 1998.Three analysts, including a Liberal Party official, told Reuters One Nation’s polling is putting pressure on the opposition Liberal-National coalition. A former deputy prime minister, Barnaby Joyce, quit the rural-focused National Party last week, and is considering joining One Nation at the next election, his office confirmed.The Liberals will announce a revised policy to “slow” migration before Christmas, party officials said.One nation influence set to grow, pollster saysOne Nation could gain an influential position in the next parliament’s upper house, benefiting from Australia’s preferential voting system, said pollster Gary Morgan, executive chairman of Roy Morgan.“Her vote will be up, no question it will be up, unless a strong leader comes into the Liberal Party,” he told Reuters.Unlike Nigel Farage’s Reform in Britain, One Nation will not become a contender for government, because it is unlikely to win lower house seats, he added.Minor parties and independents took a third of the vote at the 2025 election, continuing a trend which has seen Australia’s traditional two-party system eroding. But this was mostly independent moderates who champion action on climate change winning formerly Liberal-held city seats, and such voters aren’t swayed by Hanson, said Morgan.One Nation’s goal at the next election is to win lower house seats, Ashby said. He devised the party’s strategy to bypass traditional media, directly appealing to voters on social media with a satirical animation series that lampoons myriad ‘woke’ issues.“We need to reach voters of all ages, not just with policy, but we also need to reach them with the general understanding of the pain and the hurt they are going through,” he said.The party spent around A$300,000 ($197,000) for 100 episodes of the satire featuring Hanson, which he says has drawn 50mn views.It plans to stream an animated movie to draw voters to town hall meetings with Hanson and raise funds.Immigration concerns grow in AustraliaA study released last week showed concern over immigration at the 2025 election doubled to 6%, the highest on record, attributed to “the post-pandemic influx of immigrants and the resulting pressure on housing and infrastructure.”“Immigration is clearly getting more political oxygen in the last few months than in the campaign,” said Simon Jackman, co-author of the long-running Australian Election Study.Arthur Sinodinos was chief of staff to Liberal Prime Minister John Howard when One Nation first burst into politics in 1997. He said a revised Liberal immigration policy could neutralise Hanson’s resurgence, as it did previously.At the 2001 election, Howard won a come-from-behind victory by adopting a tough border policy after polls highlighted voter concerns over asylum seekers arriving by boat.“The response was offshore processing to deter boat arrivals and that reinforced the Coalition’s electoral position at the expense of fringe groups like One Nation,” he said.However, Sinodinos said immigration levels need to be set with an eye on the economy, and not as a “silver bullet for housing” and cautioned migrant voters would “react negatively if they perceive scapegoating of immigrants for society’s ills”.In recent television interviews, Liberal leader Sussan Ley has emphasised infrastructure problems were not caused by migrants.A Liberal Party official said while One Nation has eaten into the party’s base, immigration policy was not about chasing One Nation, but holding the centre.Australia, population 27mn, saw a net migration gain of 739,000 in 2023 and almost 600,000 last year, mostly due to a backlog of students and workers on temporary visas entering the country after borders were closed during Covid-19, Home Affairs Department data shows.Labor’s immigration minister Tony Burke, who declined to comment for this article, told the ABC last month immigration was “too high, it needed to come down”, and would continue to fall.Australia is a multicultural nation and its citizens feel it deeply when the topic is debated, he added. — Reuters 

Japan is entering a new phase of economic policy as Prime Minister Sanae Takaichi, the country’s first woman to hold the office, assumes the leadership of the country, QNB stated in its latest commentary.PM Takaichi has vowed to revive Japan’s economic growth through what she calls a “responsible proactive fiscal policy.” This policy aims to strike a difficult balance between deploying spending in strategic sectors, while preserving fiscal sustainability and maintaining control over Japan’s already-large public debt. Boosting growth is a formidable task for a country that faces significant structural challenges and an uncertain global outlook, QNB stated.Japan’s economic performance has been underwhelming in recent years. After the post-Covid pandemic rebound, annual real GDP growth fluctuated around 0.8% during 2022-2024. This year, the economy showed a modest recovery, supported by increasing real income that boosted consumption, fiscal stimulus, and a depreciated currency that backed exports. Growth in 2025 is expected to reach 1.1%, above the pre-Covid pandemic average of 0.9%. But tailwinds are again weakening, and adverse dynamics are gaining traction, worsening the outlook for the next couple of years, according to QNB.“In our view, given the significant headwinds weighing on the Japanese economy, it is unlikely that the new government will be able to revert a deceleration of growth. In this article, we discuss the key factors that support our analysis.“First, stagnating consumption represents a substantial drag on economic growth. Consumption accounts for approximately 60% of the Japanese economy and is therefore a major factor in determining its performance. Despite an improvement this year relative to 2024, consumption has recently stagnated,” QNB stated.Behind weak consumption lies the erosion of the purchasing power of households due to high inflation rates. After several months of gains at the end of last year, workers’ earnings adjusted for prices have contracted throughout this year, a trend that is expected to continue.Adding to the variables that weigh on consumption, the Bank of Japan continued its process of monetary policy normalisation, bringing the benchmark policy rate to 0.5% from an ultra-low negative 0.1%, increasing the cost of credit for households, as well as reducing the room for fiscal policy due to the higher costs of debt. Given the importance of consumption in the economy, these negative trends are dragging on Japanese economic growth, QNB stated.“Second, external tailwinds for exports have weakened, implying less support for growth of the highly globally integrated Japanese economy. After a period of exceptional uncertainty regarding US trade policy during the first semester of this year, a trade agreement was finally reached in July between Japan and the US. The agreement established a baseline 15% tariff on nearly all Japanese imports entering the US.“This implies a significant burden relative to the average tariff of 1.5% as of last year. Since the US is Japan’s second-largest export market after China, accounting for around 20% of foreign sales per year, the new US tariffs represent a relevant barrier for foreign sales,” QNB stated.The expected slowdown in global trade, amid high trade-policy uncertainty and ongoing geopolitical fragmentation, adds to the pessimism for the Japanese economy, where exports represent 20% of GDP and are a key driver of industrial production. Given their importance for Japan, the weakening prospects for exports represent a major headwind for its economic performance.Amid the significant challenges affecting the economy, the new government will attempt drastic measures to boost growth. Within weeks of taking office, Takaichi unveiled a ¥21.3tn (about $135bn) stimulus package plan, her first major economic initiative and a signal of policy direction. The plan combines new public works outlays, household support measures, and targeted investment incentives to sustain demand.“In our view, however, it is unlikely that the stimulus package can generate a major shift in growth trends. Hence, Japanese economic growth is set to decelerate to 0.6% per year over 2026-2027, down from 1.1% expected for this year,” QNB stated.