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Some of the year’s most popular emerging-market trades such as betting on the Brazilian real and stocks linked to artificial intelligence are becoming a source of concern as money managers warn of risks from overcrowding.Wells Fargo Securities sees valuations for Latin American currencies — among 2025’s top carry trade performers — as detached from fundamentals. Fidelity International is concerned about less liquid markets in Africa that it sees at risk should global volatility spike. Lazard Asset Management meanwhile is keeping its guard up after early November’s firesale in Asian tech stocks — the worst since April.“Investors are too complacent on emerging markets,” said Brendan McKenna, an emerging-market economist and FX strategist at Wells Fargo in New York. “FX valuations, for most if not all, are stretched and not capturing a lot of the risks hovering over markets. They can continue to perform well in the near-term, but I do feel a correction will be unavoidable.”Such caution isn’t without reason. Many parts of the developing-markets universe look overheated after a heady cocktail of Federal Reserve rate cuts, a softer dollar and an AI boom drove stellar gains. The very flows that propelled the rally are now posing the risk of sudden drawdowns that have the potential to ripple through global sentiment and tighten liquidity across asset classes.A quarterly HSBC Holdings Plc survey of 100 investors representing a total $423bn of developing-nation assets showed in September that 61% of them had a net overweight position in local-currency EM bonds, up from minus 15% in June. A Bloomberg gauge of the debt is on track for its best returns in six years.The MSCI Emerging Markets Index of stocks has risen each month this year through October — the longest run in over two decades. Up almost 30%, the gauge is headed for its best annual gain since 2017, when it rallied 34%. That was followed by a 17% slump in 2018 when a more hawkish than expected Fed, a US-China trade war and a surging dollar took the wind out of overcrowded EM stocks as well as popular carry — in which traders borrow in lower-yielding currencies to buy those that offer higher yields — and local-bond trades.“As we approach year-end, there is a risk that some investors look to take profits on what has been a successful trade in 2025 and that this leads to a rise in volatility in FX markets,” Anthony Kettle, senior portfolio manager at RBC BlueBay Asset Management in London, said in reference to local-currency bonds.Stock traders in Asia this month had a first-hand experience of the risks that come with extreme valuations and crowding, when the region’s high-flying AI shares took a sudden nosedive. While tech stocks sold off globally, analysts have cautioned that the risk in some Asian markets are even more pronounced given the sector’s relatively higher weighting in their indexes.One notable example is South Korea’s Kospi — the world’s top-performing major equity benchmark in 2025, with an almost 70% jump. As volatility spiked, the gauge plunged more than 6% in one session before paring half of the losses by the close. “Positioning in Korea’s AI-memory trade is extremely tight,” said Charu Chanana, chief investment strategist at Saxo Markets in Singapore.Rohit Chopra, an emerging-market equity portfolio manager at Lazard Asset Management in New York, has turned cautious after the tech rout.“From a factor perspective, lower-quality companies have been outperforming higher-quality peers,” he said. “Historically, this divergence has not been sustained, suggesting the potential for a reversal if positioning remains concentrated.”Chopra co-manages the Lazard Emerging Markets Equity Portfolio, which has returned 23% over the past three years, beating 95% of peers, according to data compiled by Bloomberg.Options traders appear to be turning bearish on the Brazilian real, which has delivered carry trade returns of around 30% this year. Three-month risk reversals rose to a four-year high earlier this month.The real is the best example of an asset that has had a good run this year and where positioning has now become crowded, said Alvaro Vivanco, head of strategy at TJM FX. There are renewed fiscal concerns for Brazil, which is another reason to be more cautious, he said.Other Latin American currencies such as Chile’s, Mexico’s and Colombia’s are also “looking a little rich,” said Wells Fargo’s McKenna.The trade-weighted value of the Colombian peso is at the highest in seven years, according to data from the Bank of International Settlements, and is one standard deviation above the 10-year average. The same gauge for the Mexican peso is 1.4 standard deviations above the average.Bonds in some frontier markets also emerged as beneficiaries when a broader investor shift away from US assets gathered pace this year. Asset managers such as Fidelity International are now sounding caution on them.“More concerning to me are trades where a sudden rush for an exit can overwhelm the natural buyer base,” said Philip Fielding, a portfolio manager for Fidelity. Markets such as Egypt, the Ivory Coast or Ghana “can also be illiquid in times of higher volatility,” he added.Fielding is the lead manager for the $538mn Fidelity Emerging Market Debt Fund that has returned about 12% in the past three years, beating 84% of peers, data compiled by Bloomberg show.

QatarEnergy has signed a production sharing agreement for shallow-water Block S4 offshore the Cooperative Republic of Guyana. The block was awarded through the 2022 Guyana Licensing Round.Under the terms of the agreement, QatarEnergy will hold a 35% share, while its partners TotalEnergies (the operator) will hold 40%, and Petronas will hold 25%. Commenting on this agreement, His Excellency the Minister of State for Energy Affairs, Saad bin Sherida al-Kaabi, who is also the President and CEO of QatarEnergy, said: “We are pleased to secure this exploration block in Guyana, further building on the strategy to expand our global upstream exploration activities.” He added: “I would like to thank the Government of the Co-operative Republic of Guyana and our partners in the block for their valued support and co-operation.We look forward to working together to deliver on our exploration objectives.” Block S4 covers an area of 1,788sq km and is situated approximately 50-100km from Guyana’s coast, in water depths of 30-100m.

QNB expects the US Federal Reserve (Fed) to 'moderately' continue with its easing cycle, cutting the Fed funds rate twice more to 3.5%. Below trend labour and capacity utilisation justify continued policy rate cuts, while limited downside potential places the adequate floor to rates around neutral levels, QNB said in an economic commentary. The Fed is once again at the forefront of the global macro agenda, after a period dominated by US-driven trade negotiations, fiscal debates and geopolitical conflict. Economic policy uncertainty has been reduced significantly on the back of a plethora of trade deals and a less contentious fiscal framework from the Trump administration. Importantly, inflation uncertainty has also been reduced as prices are proving to be less responsive to higher tariffs than previously expected. However, despite the significant stabilisation of the overall policy environment, monetary policy is becoming a more contested space. While the Federal Open Market Committee (FOMC) of the Fed decided for another 25 basis points (bps) rate cut late last month, continuing with the easing cycle that started in September 2024 and resumed this September after eight months of pause, there is clearly significant dissent amongst FOMC Board members. In fact, during the last FOMC meeting, Fed Governor Stephen Miran dissented in favour of a larger 50 bps cut, whereas Kansas City Fed President Jeffrey Schmid dissented in favour of no reductions at all. This “two-sided” dissent is a very rare occurrence in a historically more consensus-prone Fed. Moreover, there seems to also be widening differences in conviction about the timing and even direction of Fed fund rates between markets and policymakers going forward. Investors are currently expecting the Fed to continue with the rate cutting cycle that started in September 2024, with one more 25 bps cut “priced in” for December 2025 and three further rate cuts throughout 2026, for a cyclical terminal rate of around 3%. But Jerome Powell, the Fed’s chairman, is less certain about this outcome, stating recently that further policy rate cuts are far from a foregone conclusion. In QNB’s view, there is space for two more 25 bps rate cuts, likely in December and again in early 2026. Hence, it believes that both the “hawkish” central bankers that want to pause again the monetary easing cycle and their “dovish” colleagues that advocate for much deeper rate cuts are likely too aggressive in their positions. Similarly, prevailing market expectations are likely too optimistic in their assessment about four further cuts to a 2026 end-year rate of 3%. Two main points sustain our view **media[382145]** First, we believe that there is still more room for a couple more rate cuts because current policy rates are still too tight vis-à-vis existing macro conditions in the US. At 4%, policy rates are restrictive or around 50 bps above what we consider to be the neutral rate, i.e., the level at which rates are neither supportive nor restrictive for activity. US capacity utilisation, measured in terms of the state of the labour market as well as the level of industrial activity, indicates that the US economy is set to run below potential. In H2-2025, for the first time in more than four years, the “jobs gap” is suggesting that the labour market is loose rather than tight, i.e., the sum of job openings and employment is lower than the total civilian labour force. This is because new job openings have been reduced significantly from more than 12mn new posts per month in early 2022 to around seven million in recent months. Importantly, coincident labour data from private sources are indicating an accelerating trend of US layoffs. US based employers cut more than 150 thousand jobs in October, marking the biggest reduction for the month in more than two decades, as companies are seeking to reduce costs, mitigate tariff-related margin pressures and increase efficiency with AI adoption. Moreover, industrial activity is running below its long-term trend. These conditions, that together inform QNB’s US capacity utilisation index, point to below potential growth and support additional rate cuts to neutral levels over the coming quarters, i.e., policy rates that are at the estimated neutral threshold of around 3.5%. Second, while there is room for additional policy easing, the further deeper cuts supported by the “dovish” members of the Fed and expected by markets seem to be too aggressive. The US economy adjusted significantly and slowed down from close to 3% growth in both 2023 and 2024 to around 2% growth this year. But there is little evidence of an incoming sharper downturn or deterioration, not to mention any potential recession. Investments have been strong on the back of record capex from tech companies seeking to lead the AI wave, whereas consumption has been slowing only gradually as US households still benefit from their strongest net financial position in decades. In other words, in the absence of new negative shocks, further downside pressure for US growth is limited. Hence, there appear to be no justification to reduce the policy rate further from neutral down to accommodative levels, QNB said.

It’s a great time to be an oil refiner — but a less great time to be filling up at the pump.In Europe, the US and Asia, giant plants are making money by doing what they’ve always done: converting crude oil into vital fuels and selling them at a profit.What’s different today is the scale of the threat to global supplies: Relentless attacks on Russia’s energy infrastructure, outages at key plants in Asia and Africa and permanent closures across Europe and the US have removed millions of barrels of diesel and gasoline from the world market.On top of these real-world impacts are traders’ fears of what’s yet to come: imminent US sanctions on Lukoil PJSC and Rosneft PJSC and fresh European Union curbs on fuels made from Russian crude threaten already squeezed supply-chains.The result is ongoing pressure on costs at the pump despite a fall in global oil prices — something that’s unlikely to sit well with a US administration that sees “affordable energy” as essential.“Global refinery margins are astronomical,” said Eugene Lindell, head of refined products at consultancy FGE NexantECA. “The signal you’re giving the global refining system, no matter where the refinery is located, is to just run flat out.”In the US, Europe and Asia, margins are the highest they’ve been at this time of year since at least 2018, according to fair value data compiled by Bloomberg. The profits are so good that refiners’ stock prices are also surging: Processors including Valero Energy Corp and Turkiye Petrol Rafinerileri AS have seen stellar rises, while Orlen SA gained more than 100% year-to-date.While expectations of a glut are dragging on crude prices, disruption to the global refining system is limiting how much oil can be turned into products like gasoline, diesel and jet fuel. While that benefits the processors still running, it also means the slump in headline oil prices isn’t being felt at the pump.A constant stream of attacks on Russia’s refineries — just this month, Ukraine claimed strikes on the Saratov, Orsk and Volgograd plants — is hampering fuel production. Last month, Russia’s huge oil product exports were on course to hit a multi-year low, and that was before drone attacks damaged key loading facilities in the port city of Tuapse.Product supplies are being further squeezed by outages elsewhere. In Kuwait, the giant 615,000 barrel-a-day Al-Zour refinery recently had only one of its three crude processing units operating, while a key gasoline-production unit at Nigeria’s huge Dangote refinery is reportedly scheduled to halt for about 50 days of maintenance in coming weeks, having only recently begun restarting.Meanwhile, US crude runs in recent weeks have been more than a million barrels a day lower than the same time last year, a huge drop from the peak summer demand months, when processing was at its highest seasonal level since 2019. The country has seen multiple refinery closures in recent years, as has western Europe, further pressuring fuel supplies.“Global refining activity has been challenged by a series of unplanned outages in October, further constraining product markets and pushing margins even higher,” the International Energy Agency said Thursday. Increased profits have prompted the watchdog to raise its estimates for runs at margin-sensitive refining assets in Europe and Asia this month and next.In the US, the upshot is a rise in the average price of diesel since President Trump took office, and little change in the cost of gasoline, which on Thursday stood at $3.08 a gallon. Benchmark crude futures have meanwhile come off about 20% since his second inauguration, amid forecasts of a large surplus.Supercharging these ongoing real-world supply pressures are traders’ fears over what’s on the horizon.“The current strength in refining margins is at least partially being driven by uncertainty around the upcoming US sanctions on Rosneft and Lukoil, as well as the EU’s January prohibitions on Russian products,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group.FGE’s Lindell estimates Lukoil and Rosneft’s combined Russia oil product exports are more than 800,000 barrels a day. The global seaborne trade in oil products is about 22mn barrels a day, according to Clarkson Research Services Ltd., a unit of the world’s largest shipbroker.Any major disruption to those exports would be a shock to the global fuels market, though the extent to which those barrels would really disappear is unclear. Russia has shown that it often manages to work around sanctions.There are also questions about what comes next for refineries outside Russia in which Lukoil is involved, including Bulgaria’s Burgas facility, the Netherlands’ Zeeland plant and Romania’s Petrotel.Then there are the EU restrictions, coming into force January 21, which restrict the delivery of petroleum products made from Russian crude into the bloc. Precisely how these will end up impacting Europe’s diesel supplies from India and Turkey — both of which have also been key importers of Russian crude — remains to be seen.“The sanctions against Rosneft and Lukoil, on top of the recent sanctions package out of the EU, tightened the noose around Russia’s neck,” said Carolyn Kissane, an associate dean at the Center for Global Affairs at New York University, where she teaches about energy and climate change. “At the same time, you’re seeing more attacks driven by Ukraine against Russian infrastructure, which is a hit to the products market.”

The Diplomatic Institute of the Ministry of Foreign Affairs has participated in the International Diplomatic Training Forum (IFDT), organized by the Peruvian Diplomatic Academy from Nov 11 to 14 in Cusco, Peru. More than 50 diplomatic academies and institutes from around the world participated.The Diplomatic Institute was represented at the forum by His Excellency Director of the Institute Dr Abdulaziz bin Mohammed al-Horr. In his address to the forum, HE al-Horr emphasized that the global diplomatic environment is undergoing rapid transformation, necessitating the adoption of innovative training methods that transcend traditional models. He noted that contemporary diplomats require new skills, including flexibility, emotional intelligence, networking, and the ability to address transnational challenges. The forum also witnessed the official announcement of Qatar, represented by the Diplomatic Institute, being selected to host the 52nd annual meeting of the International Diplomatic Training Forum (IFDT) next year.

The global oil market faces an even bigger surplus next year of as much as 4.09mn barrels per day as Opec+ producers and rivals lift output and demand growth slows, the International Energy Agency said on Thursday.The outlook from the IEA, which advises industrialised countries, is the latest warning that the oil market is heading for oversupply. A surplus of 4.09mn bpd would be equal to almost 4% of world demand, and is much larger than other analysts’ predictions.“Global oil market balances are looking increasingly lopsided, as world oil supply is forging ahead while oil demand growth remains modest by historical standards,” the IEA said in its monthly report.Opec+, or the Organisation of the Petroleum Exporting Countries plus Russia and other allies, has been boosting output since April. Other producers, such as the US and Brazil, are also increasing supply, adding to glut fears and weighing on prices.Oil prices edged higher to around $63 a barrel after the IEA report to recoup some of the 2% drop on Wednesday after Opec shifted its 2026 outlook to a small surplus, having earlier seen a sizeable deficit.Global oil supply will grow by around 3.1mn bpd in 2025, and 2.5mn bpd next year, each up by around 100,000 bpd on the month, the IEA said.Supply is rising faster than demand in the IEA’s view even after upward revisions on Thursday. The agency now expects oil demand to rise by 770,000 bpd next year, up 70,000 bpd from last month, citing increased needs in petrochemical plants.The short-term outlook in the IEA’s monthly report contrasts with the agency’s annual outlook on Wednesday, which sees global oil and gas demand potentially rising until 2050.Opec sees a surplus of just 20,000 bpd next year according to Reuters calculations based on its own monthly oil market report on Wednesday, although this marks a further retreat from its forecast of a sizeable deficit.Global oil output was 6.2mn bpd higher in October than at the start of this year, divided evenly between Opec+ and non-Opec producers, the IEA said. Top Opec producer Saudi Arabia contributed 1.5mn bpd of the increase, while Russia added just 120,000 bpd amid sanctions and Ukrainian attacks.Russian oil exports have continued largely unabated despite new US sanctions on Russian firms Rosneft and Lukoil, which still may have the most far-reaching impact yet on global oil markets, the IEA said.The IEA added that new entities have already started handling Russian exports as it adapts to sanctions. In October, companies MorExport, RusExport and NNK, which have only been active since May, lifted around 1mn bpd of Russian crude and fuels, it said.The Paris-based IEA also drew attention to a sharp rise in global oil inventories, which rose to their highest since July 2021 in September at just under 8bn barrels.The increase was driven by a sharp increase in waterborne oil in storage, which rose by 80mn barrels in September.Preliminary October data shows further rises for global stocks, again driven by increasing waterborne barrels, the agency added.

The world marks World Diabetes Day on November 14 each year, with the aim of raising global awareness to combat the disease and its complications, as well as focusing on ways to prevent it and manage it after diagnosis.This year's World Diabetes Day centers around a global call for various sectors to participate in and support the "Diabetes in the Workplace” initiative.The global rise in diabetes is seen as a developmental and social challenge rather than merely an individual health crisis. International reports reveal alarming figures regarding the disease’s prevalence and the proportion of undiagnosed individuals, along with the increasing economic costs associated with it.According to the International Diabetes Federation and the World Health Organization (WHO), the number of adults living with diabetes worldwide has surpassed 800mn, more than quadrupling since 1990. Most of them are between the ages of 20 and 79. It is estimated that about 43% of people with diabetes are unaware of their condition, putting them at risk of serious complications, even though the disease can often be managed early. Projections also indicate that nearly 81% of people with diabetes live in low- and middle-income countries.Statistics show that in 2024, global diabetes-related health expenditure surpassed $1 trillion.According to international data, the geographical distribution of the disease is uneven. Low- and middle-income countries bear a greater burden in terms of the number of people affected and the proportion of untreated cases. The economic cost is also catastrophic, placing a heavy strain on the health systems of these countries. This means that diabetes is not merely a health issue but also a challenge that impacts the economies of many nations.Many specialists indicate that changing lifestyles are among the main causes of diabetes, manifested in factors such as weight gain, lack of physical activity, and changes in dietary habits. The rise in cases alongside these factors suggests that the fight against the disease is not only a medical one but also requires a comprehensive societal culture and broad scientific awareness.Regarding the efforts made annually by the Qatar Diabetes Association to support people with diabetes, Executive Director of Qatar Diabetes Association (QDA) Dr Abdullah al-Hamaq told Qatar News Agency (QNA) in an exclusive statement that the Association organizes more than 50 awareness activities each year. These include workshops, seminars, early screening campaigns, and camps for children with diabetes or at risk of developing it.He added that the association provides direct support to over 3,000 patients annually through educational programmes, psychological support, and nutritional guidance, in addition to national campaigns, such as "World Diabetes Day" and "Steps Towards Health," to raise community awareness. The association also collaborates with schools, universities, and various workplaces to promote a culture of prevention and healthy management of the disease, he added.On a global scale, he noted that awareness is increasing, but diabetes complications, such as heart and kidney diseases, remain prevalent due to inadequate follow-up or delayed diagnosis.The Executive Director of Qatar Diabetes Association explained that recent scientific advances in diabetes prevention focus on maintaining a healthy lifestyle, engaging in regular physical activity, and following a balanced diet. As for management after diagnosis, he said that rapid developments include continuous glucose monitoring (CGM) devices and new medications, such as SGLT2 and GLP-1 inhibitors, which improve blood sugar control and reduce complications.Dr. al-Hamaq recommends that individuals with Type 1 diabetes adhere to their insulin regimen, undergo continuous monitoring, and receive psychological support. He also advises those with Type 2 diabetes to modify their lifestyle, take oral medications or injections, and follow up regularly.He added that the proper approach to living with the disease, across different cases, lies in maintaining a balance between nutrition, physical activity, and treatment; along with essential psychological and social support, particularly for children and adolescents, in addition to ensuring regular medical checkups to adjust treatment as needed, as well as self-education about the disease and its complications.Regarding the complications that affect the organ functions of the affected person, and thus their activity and productivity, Dr. al-Hamq said that complications for the heart are represented by an increased risk of coronary heart disease, for the kidneys by the development of chronic kidney disease, for the eye by retinopathy which may lead to vision loss, for the nerves by peripheral neuropathy which affects movement and sensation, and for the skin and wounds complications are represented by slow wound healing and an increased risk of infection.The QDA executive director concluded his statements regarding global scientific and medical efforts aimed at finding a cure for diabetes, saying that so far there is no approved definitive cure that achieves a complete cure for Type 1 or Type 2 diabetes. However, he pointed out that there are promising research in the field of stem cells and pancreatic islet transplantation, and this may contribute to changing the future of treating the disease, noting that this is still in the experimental stage.Among the goals that specialist physicians seek to achieve are raising awareness about the impact of diabetes on society, encouraging early diagnosis, supporting those affected, raising awareness of ways to prevent diabetes or delay its onset through following a healthy diet, with the necessity of exercising physical activity, strengthening the role of the family in health education about the treatment of diabetes and the prevention of its complications, in addition to increasing awareness of the warning signs of its infection, as well as providing medicines, technologies, support, and care to all diabetic patients who need them.

Qatar Foundation’s Doha Debates brings together global thinkers and students for a thought-provoking conversation on whether hard work and talent still determine who rises, or whether “earned success” conceals deeper inequities.Daniel Markovits, Guido Calabresi, professor of law at Yale Law School, argues that the system meant to promote fairness has instead entrenched inequality.“Meritocracy has become the principal obstacle to equality of opportunity, at least in the rich countries of the world,” he says, warning that competition built on elite education and inherited advantage has replaced real mobility.Bryan Caplan, professor of economics at George Mason University, offers a contrasting view. “Meritocracy is pretty real if we actually had open borders where anyone could work anywhere,” he says. For Caplan, prosperity depends on personal responsibility and freedom of movement, not structural intervention.From a human-centred perspective, Dr Poornima Luthra, associate professor at Copenhagen Business School, challenges the idea that opportunity is equally accessible.“Meritocracy is a belief, a system where people are assumed to have opportunity solely on merit,” she says.“In reality, people experience bias and discrimination across many aspects of their identity.”Offering a global outlook, Parag Khanna, founder and CEO of AlphaGeo, sees potential in redefining meritocracy. “Meritocracy can work if the most qualified people are making decisions about the shape and direction of society,” he says, citing governance models that reward expertise and mobility.Adding their voices, students from universities across Qatar reflect on how these ideas resonate with their generation. Sundus Saeed, 26, a social sciences student at Hamad Bin Khalifa University, says, “The system often ensures that people stay out, and if someone rises, hurdles are placed in their way to maintain the status quo.” Carl Jambo, 22, studying international economics at Georgetown University in Qatar, takes an opposing view, saying: “Meritocracy gives you the platform to prove yourself, an individual against the world.”

Slovenian President Dr Nataša Pirc Musar has reiterated her call to abolish the United Nations (UN) Security Council’s absolute veto power, arguing that the privilege 'corrupts absolutely' and has left the UN in a 'big struggle' to uphold its mission of global peace and security.“When you do have something absolute, it is always a problem,” she said. “You know what the saying is?, ‘Power tends to corrupt, and absolute power corrupts absolutely’. It is so true, also in politics,” Pirc Musar said in her lecture, titled “The Realities of Multipolarism vs the Need for Multilateralism”.She was speaking at Hamad Bin Khalifa University’s Minaretein Auditorium Monday, addressing global governance, artificial intelligence, and gender equity. The event forms part of her official visit to Qatar and reflected HBKU’s ongoing efforts to foster international dialogue on diplomacy and leadership.Elected in 2022 as Slovenia’s first woman head of state, Pirc Musar used the platform to make an appeal for UN reform, particularly targeting what she described as the “hybrid war” within the Security Council, where five permanent members – the United States, United Kingdom, France, Russia, and China – hold veto powers.The Slovenian president noted that while France and the United Kingdom have refrained from using the veto since 1986, other permanent members continue to use, and in some cases, abuse the power, stalling collective action in times of global crisis. “For 25 years we have been discussing UN reform. For 25 years we didn’t make any steps,” she added.Pirc Musar outlined three proposals to curb the Security Council’s unchecked authority: Restricting voting rights of countries under discussion in the Council; banning the use of vetoes in cases involving mass atrocities, crimes against humanity, or genocide; and subjecting veto decisions to review by the UN General Assembly, where a two-thirds majority could overrule or confirm them.The Slovenian president cited her September address at the UN General Assembly, where Slovenia urged the body to seek an advisory opinion from the International Court of Justice on the legality and limits of the veto power in cases of humanitarian crises. “Now is the time to discuss this really very important topic,” she said, adding that “we don’t have another 25 years to waste.”Pirc Musar also touched on the interconnectedness of global issues, from wars in Ukraine, Palestine, and Sudan to the ethical implications of artificial intelligence: “Everything is interconnected,” she stressed, adding that knowledge-sharing and cultural dialogue are vital to overcoming political egoism and sustaining multilateral co-operation.“Knowledge is to be shared and not a single country on this planet has all the knowledge it needs,” she said. “If you only stick to your own country and are not willing to share, that is egoistic.”Pirc Musar also tackled the theme of gender equity, linking it to the broader struggle for fairness and inclusion in global governance.Echoing her faith in multilateralism, she described the UN as “the only multilateral body covering the whole planet,” insisting that it “should be the diamond of international politics.”

Abu Dhabi’s five-year-old oil trading arm plans to boost the volume it handles by two thirds in the next few years as it expands internationally, its CEO said.State-owned Abu Dhabi National Oil Co sees trading as a way to capture greater value from selling fuels produced in the emirate and elsewhere, said Ahmed bin Thalith, chief executive officer of the unit. The next phase of Adnoc Global Trading’s expansion will be an office in Houston in 2027, he said.“In only five years, we’ve established offices in Singapore, in Geneva and, soon to come, in the US,” bin Thalith said in an interview at the company’s office in Abu Dhabi. “This will put us on the global map and this will increase our footprint.” AGT is handling the equivalent of about 1.1mn to 1.2mn barrels of oil a day and aims to expand that to about 2mn barrels a day, he said.Middle Eastern oil producers have for decades dominated global crude markets, traditionally selling their cargoes on long-term contracts. More recently, companies like Adnoc and Saudi Aramco have been setting up and expanding trading operations as growing domestic refining capacity gave them access to higher-value products such as diesel that can be sold into new markets like Europe.Expanding to the US with a Houston office in 2027 will help achieve its volume targets, bin Thalith said. AGT has started a petrochemicals trading desk and will expand it as Adnoc builds its presence in that industry internationally and with plants on the US Gulf coast, he said.“Once you tap into a market such as the US where most of the products are exported, then that will give you a big boost,” he said.AGT is a joint venture between Adnoc, Italy’s Eni SpA and Austria’s OMV AG. Those partners also operate the emirate’s refinery at Ruwais on the Arabian Gulf coast, with capacity to process more than 900,000 barrels of crude a day. Some of the refinery’s gasoline, diesel and jet fuel is used domestically, but the majority goes for export.“We own the full value chain, from the well all the way to the distribution, and trading comes in and takes advantage of the whole operation,” bin Thalith said. “When you have one of the biggest refineries in the world behind you, that’s a very good thing to start with” and helped the trader be profitable “from day one,” he said.Adnoc and Saudi Aramco are both expanding their trading units in an effort to maximise profits and replicate the success of international firms such as Shell Plc and BP Plc. Another business called Adnoc Trading that’s wholly owned by the Middle Eastern producer, deals in crude oil and liquefied natural gas.International oil companies have long profited from selling on the open market crude from fields they operate and fuels from their own refining networks. That business, known as trading the system, gives the oil companies a base around which to buy and sell fuels produced by others, create hedges and react to market opportunities, a model the Middle Eastern producers are seeking to follow.“If you look at other companies that have those mega systems, they have a ratio of one system barrel to three non-system barrels,” bin Thalith said. “So we’d like to reach that point.” Regional rival Aramco Trading moved 7.3mn barrels a day of crude oil and refined products in 2024. Vitol Group the world’s largest independent trader, had a similar volume last year.Some traders have struggled make money this year due to price volatility caused by geopolitics rather than pure market fundamentals.“People confuse volatility with uncertainty and they’re not the same,” bin Thalith said. “Uncertainty is something like sanctions, like trade wars, that you don’t know when it’s going to end and it impacts you in a way that is different than the normal movement of the market.”

Jordan's Minister of Social Development, Wafa Bani Mustafa affirmed that the Second World Summit for Social Development, currently underway in Doha, holds great importance not only for the Arab region but for the entire world, serving as a reminder of the social development agenda, which is often overshadowed by other global priorities.In remarks to Qatar News Agency (QNA) on the sidelines of her participation in the Second World Summit for Social Development, Jordan's Minister of Social Development explained that this session comes at a time not far from the completion of the implementation of the Sustainable Development Agenda, through which countries of the world are expected to achieve the 17 Sustainable Development Goals (SDGs) adopted by all United Nations member states.She highlighted the importance of the State of Qatar's hosting of the Summit and of issuing, according to the agreement of the participating countries, a Doha Political Declaration. She noted that the discussions focused on key issues related to social protection, employment opportunities, youth care, empowerment of women and persons with disabilities, in addition to the importance of early preparedness for social responses to crises and shocks. She emphasized that this summit represents a true opportunity to learn from various experiences and to develop national mechanisms for social response.Regarding her country's efforts in the issue of persons with disabilities, she told QNA that Jordan is one of the pioneering countries in integrating persons with disabilities into society. She pointed out that Jordan hosted the Third Global Disability Summit (GDS 2025) earlier this year, which resulted in the "Amman-Berlin Declaration," one of the declarations that highlighted the importance of inclusion, integration, and the allocation of budgets within national development programs.She underlined that the Jordanian Ministry of Social Development works on disability issues as part of an integrated national system, specializing in the transition from institutional and residential care to family and community-based alternative care. This approach, she said, is at the core of the integration process and aims to prevent the exclusion and isolation of persons with disabilities.She also referred to Jordan's Law on the Rights of Persons with Disabilities of 2017, which led to the creation of a national strategy and a ten-year plan aimed at ending institutional care by the end of 2027.She noted that, as a leadership of the National Social Protection Strategy, the Ministry of Social Development oversees an important pillar called "FORSA" (Opportunity), which includes an executive plan for the employment of persons with disabilities. This initiative focuses on qualifying and training this group for decent and empowering job opportunities, enabling them to achieve the main goal of living independently, she added.Jordan's Minister of Social Development, Wafa Bani Mustafa, stressed the importance of early investment in enhancing social services and in training and rehabilitating persons with disabilities, with the aim of reducing future costs and empowering this group to have independent sources of income and to live just like any other segment of society.

El-Fasher taken by paramilitary force late last monthFood supplies had been cut off during long siegeUN-backed monitor first confirmed famine in Darfur last yearA global hunger monitor on Monday confirmed famine conditions in El-Fasher, the Sudanese city taken by the paramilitary Rapid Support Forces (RSF) after a lengthy siege, as well as Kadugli, another besieged city in Sudan's south. The finding is the first time the UN-backed Integrated Food Security Phase Classification (IPC) has determined that the cities are in famine, though in December it had confirmed famine in camps for displaced people in El-Fasher, capital of North Darfur.A war that began two-and-a-half years ago between the RSF and the Sudanese army has caused severe hunger and malnutrition to spread across Sudan, as well as displacing millions of people and triggering waves of ethnically charged violence in Darfur. The IPC is the internationally recognised standard for measuring the severity of hunger crises, and its findings have provoked criticism from Sudan's government, which is backed by the army.The IPC's first determination of famine during the conflict was for the Zamzam displacement camp south of El-Fasher in August 2024. El-Fasher was subject to RSF assaults and besieged for about 18 months before it fell late last month, deepening a geographical split in Sudan. During the siege, residents said food supplies were cut off, forcing people to eat animal feed and sometimes animal hides. Places where people gathered for community kitchen meals were targeted by drone attacks, they told Reuters.As a result, all children arriving in the nearby town of Tawila after fleeing El-Fasher were malnourished, MSF project coordinator Sylvain Pennicaud told Reuters on Monday, while adults arrived emaciated. International Criminal Court prosecutors said on Monday they were collecting evidence of alleged mass killings and rapes after El-Fasher's fall. The head of the Red Cross said history was repeating itself in Darfur.Monday's IPC report, based on analysis for September 2025, said Tawila, as well as Mellit and Tawisha, two other destinations for people fleeing El-Fasher, were at risk of famine. The IPC said the overall number of Sudanese facing acute food insecurity declined by 6% to 21.2 million people - or 45% of the total population - due to gradual stabilisation and improved access in central Sudan, where the Sudanese army took control at the start of the year.However, the situation deteriorated in the Darfur and Kordofan regions as fighting concentrated there, depriving people of livelihoods, increasing prices, and driving displacement, IPC said. Global aid cuts and bureaucratic impediments hobbling the ability of the United Nations and other aid agencies to provide food and other services have increased the humanitarian challenge in Sudan.Kadugli, capital of South Kordofan state, has been under siege by the RSF-allied SPLM-N armed group, though hunger has been spreading there since the start of the war.The wider Kordofan region has increasingly become a focus of the war as it lies between RSF-dominated Darfur and the rest of the country, where the army holds sway. The IPC said the nearby city al-Dalanj could also be in famine, but a lack of data prevented a determination. On Monday, a Red Crescent official said three volunteers in a city in North Kordofan state that was taken over by the RSF, who were shown being beaten in a video clip, were later killed.The RSF has denied responsibility for alleged summary executions.