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Britain's leader Keir Starmer makes his first trip to the Gulf as prime minister from Sunday, seeking to attract investment from the region's oil-rich states, Downing Street announced. Starmer will first visit the United Arab Emirates and then travel to Saudi Arabia, before stopping off in Cyprus on his way back to London on Tuesday in a bid "to build closer ties and drive long term UK growth". The trip to Abu Dhabi and Riyadh comes as his Labour government pursues a free-trade deal with the Gulf Cooperation Council's six nations: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and UAE. "There is huge untapped potential in this region, which is why, while here, I will be making the case to accelerate progress on the Gulf Cooperation Council Free Trade Agreement," Starmer said in a statement released Saturday. The meetings will also aim to "deepen our research and development collaboration" and partner on projects in areas including defence and artificial intelligence, Starmer added. The British leader will land in the UAE on Sunday evening, ahead of Monday morning talks with its president Sheikh Mohamed bin Zayed Al Nahyan. Later Monday, Starmer will fly to Saudi Arabia to meet Riyadh's de facto leader Crown Prince Mohammed bin Salman, who last week hosted French President Emmanuel Macron. A Downing Street press release called the UAE and Saudi "some of the UK's most vital modern-day partners". The regional tour will end on Tuesday with Starmer meeting President Nikos Christodoulides in Nicosia, the first bilateral talks between the leaders of Britain and Cyprus in over five decades. Starmer is also due to address British troops stationed in Cyprus. Labour has staked its credibility on a promise to get Britain's sluggish economy firing again. It says a GCC agreement could boost bilateral trade, currently accounting for £55 billion ($70 bn) of UK trade, by 16 percent, "potentially adding an extra £8.6 billion a year in the long run". It hopes a deal would see Gulf sovereign wealth funds invest in a range of sectors, including energy and infrastructure, while also opening up lucrative markets to British firms. Starmer's trip comes after Britain last week rolled out the diplomatic red carpet for Qatar's emir Sheikh Tamim bin Hamad Al-Thani who enjoyed a state visit to the UK. Starmer discussed trade with the royal during talks in Downing Street that coincided with Qatar announcing it will invest £1 billion ($1.3 billion) in British climate technologies. Discussing regional conflicts is expected to be "high up the agenda", including the Israel-Hamas war in Gaza, the fragile ceasefire in Lebanon and renewed unrest in Syria. Starmer will also be looking to repair relations between the UK and UAE that soured under the previous Conservative government after an Abu Dhabi-backed bid to buy the Telegraph newspaper failed. The Gulf visit will be Starmer's 15th international trip since he entered Number 10 on July 5. Opponents have criticised the amount of time he has spent out of the country but allies insist the trips have been vital to get to know other world leaders. Starmer, 61, has been insisting in capitals that "Britain is back on the world stage" following rancour over its departure from the European Union. pdh/aks/jj
Stocks start week with gain of 282 points amid rally in banking sector KARACHI: Stocks closed higher by 282 points on Monday to new highs amid the rally in the banking sector on strong earnings outlook. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index increased by 281.55 points or 0.29 per cent to 98,079.78 points against 97,798.23 points recorded in the last session. The highest index of the day remained at 99,317.48 points while the lowest level was recorded at 97,137.64 points. Analyst Ahsan Mehanti at Arif Habib Corp said that the combination of a favourable earnings outlook for banks and reduced political tension due to the court’s decision helped the stock market close on a higher note for the day. He said that upbeat economic indicators, rupee stability and surging FX reserves played a catalyst role in the bullish activity.However, mid-session challenges like volatility from futures rollover, political uncertainties related to PTI protests, and broader geopolitical concerns prevented the market from sustaining its momentum or gaining further. The KSE-30 index increased by 78.02 points or 0.26 per cent to 30,558.73 points against 30,480.71 points.Traded shares plunged by 609 million shares to 640.258 million shares from 1,249.092 million shares. The trading value dropped to Rs25.623 billion from Rs45.475 billion. Market capital expanded to Rs12.533 trillion against Rs12.518 trillion. Of the 460 companies active in the session, 220 closed in green, 185 in red and 55 remained unchanged. Naveed Nadeem, an analyst at Topline Securities, said the KSE-100 Index closed at 98,080, posting a gain of 282 points or 0.29 per cent. The market maintained a bullish trend, reaching an intraday high of 99,317. Investor confidence was buoyed by unconfirmed speculation that the State Bank of Pakistan (SBP) may offer relaxation to banks regarding minimum deposit rates for savers. Key contributors to the index’s rise included BAHL, UBL, MEBL, SYS, and MCB, which collectively added 555 points to the index.The highest increase was recorded in Unilever Pakistan Foods Limited, which rose by Rs117.14 to Rs19,132 per share, followed by Pakistan Services Limited, which increased by Rs46.11 to Rs941.47 per share. A significant decline was noted in PIA Holding Company Limited B, which fell by Rs95.96 to Rs902.28 per share; Rafhan Maize Products Company Limited followed it, which closed lower by Rs59.95 to Rs7,954.55 per share. Hascol Petrol remained the volume leader with 64.823 million shares which closed higher by Rs1.12 to Rs12.35 per share. Cnergyico PK followed it with 48.065 million shares, which closed higher by 22 paisas to Rs4.71 per share. Other significant turnover stocks included Fauji Foods Ltd, WorldCall Telecom, K-Electric Ltd., Sui South Gas, Treet Battery Ltd., BO Punjab, Waves Home App and Lotte Chemical.In the futures market, 310 companies recorded trading, of which 179 increased, 127 decreased and 4 remained unchanged.
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Bruins see improvements under new coach, tackle Canucks nextThe AP Top 25 men’s college basketball poll is back every week throughout the season! Get the poll delivered straight to your inbox with AP Top 25 Poll Alerts. Sign up here . OMAHA, Neb. (AP) — Creighton point guard Steven Ashworth likely won’t play Tuesday in the No. 21 Bluejays’ game against San Diego State in the Players Era Festival in Las Vegas. Ashworth sprained his right ankle late in a loss to Nebraska on Friday, and coach Greg McDermott said he didn’t know how long he would be out. “He stepped on a guy’s foot on a 3-point shot and you’re defenseless in that situation,” McDermott said after the game. “He torqued it pretty good.” An athletic department spokesman said Monday that Ashworth’s status was doubtful for the game against the Aztecs. Ashworth is Creighton’s second-leading scorer with 16 points per game and leads the team with 6.4 assists per game. He also is 23 of 23 on free throws. ___ Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP collegebasketball: https://apnews.com/hub/ap-top-25-college-basketball-poll and https://apnews.com/hub/college-basketball
Hedge fund manager Scott Bessent is a credible, safe choice for US Treasury secretary -- and one that is likely positive for markets -- observers said Saturday following President-elect Donald Trump's highly anticipated nomination. His selection came after competition for the top economic job spilled into the open last weekend, with the world's richest man Elon Musk throwing his support instead behind Trump's transition team co-chair Howard Lutnick. Lutnick has since been named commerce secretary to lead Trump's tariff and trade agenda, and Bessent's nomination days later appears to be uncontroversial for now. "Scott Bessent is a credible, mainstream pick for Treasury Secretary," said Jason Furman, a professor at Harvard University and former top White House economic adviser. "I could see previous administrations as having chosen him," Furman, a former chair of the Council of Economic Advisers, told AFP. But a key difference is that Bessent, 62, has had to adopt and defend views on topics like tariffs, in a way "he never would have in pursuit of the job for a previous Republican administration." Tariffs are a key part of Trump's economic agenda, with the Republican president-elect vowing sweeping duties on allies and adversaries alike. In an opinion piece published earlier this month on Fox News, Bessent defended the potential use of tariffs as a means to raise revenue for the government, protect strategic US industries and negotiate with trading partners. He would be one of the first openly gay Cabinet officials if confirmed by the Senate, and the first at the helm of the Treasury Department. Jens Nordvig, chief executive of data and analytics firm Exante Data who has worked with Bessent, drew a contrast between his demeanor and that of other Trump supporters. While some Trump allies have a tendency towards "general sweeping statements," Bessent is an "analytical thinker, and he communicates accordingly," Nordvig told AFP. He counts Bessent among his early clients. "I would expect his messaging to be very focused, to get his key points across, without any unnecessary flamboyance or gusto," Nordvig added of the Wall Street veteran. Calling Bessent a "safe choice," Brookings senior fellow in economic studies David Wessel told AFP: "He will be an adult in the room for the Trump administration." Besides Bessent, others seen as top contenders for Treasury chief in recent days included former Federal Reserve governor Kevin Warsh, Apollo Global Management chief executive Marc Rowan, and Tennessee Senator Bill Hagerty. It remains to be seen if Bessent will be a big influence "moderating some of the administration's more aggressive trade policy" or simply be a spokesman, Wessel said. He does not have much experience in dealing with Congress either, and this would be important next year as the Trump administration works to raise the debt ceiling and effort a tax bill to deliver on his economic promises. Bessent would also have to grapple with the country's debt burden, with debt borrowed at much lower interest rates previously and Trump's plans estimated to add trillions over time. In an open letter published Saturday, Nordvig called for "thoughtful leadership" at the Treasury, saying a realistic approach to tax cuts and bond issuance was needed. He also sounded a hopeful note, saying Bessent would work to reduce extreme risks for markets. Krishna Guha, vice chairman of Evercore ISI, believes Bessent's nomination "will be well received by financial markets," given his deep understanding of markets and macro conditions. Guha also warned of the risk of bond yields spiking and "pushing up mortgage rates and tanking the housing market, while also causing stocks to sell off." In his past administration, Trump has viewed the stock market as a gauge of his success. bys/mdSpecial counsel moves to abandon election interference and classified documents cases against Trump
