Zelensky said Kyiv had deployed several hundred military specialists to the Middle East following the outbreak of conflict involving Iran, aiming to share its experience in countering drone threats and safeguarding maritime routes.

“Ukrainian military personnel are taking part in consultations on the further operation of the Strait of Hormuz. Safe navigation is a global value; we know this from our experience defending the Black Sea,” Zelensky said in his evening address.

Ukraine has relied on asymmetric tactics and technological innovations during its war with Russia, including the use of naval drones, to counter attempts to restrict access to the Black Sea, a critical corridor for its economy and military operations.

Zelensky said interest in Ukraine’s defense capabilities is expanding beyond Europe, with diplomats receiving requests from Asian countries seeking cooperation on maritime security and related technologies.He did not identify the countries involved but said officials had been instructed to engage on the requests promptly.

Ukraine’s participation in Hormuz-related discussions reflects growing international focus on securing key maritime chokepoints amid ongoing geopolitical tensions affecting global energy and trade flows.

The United States is restructuring how it delivers life-saving medical supplies for HIV and malaria to low-income countries, a shift that officials and health experts warn could disrupt treatment access across parts of Africa and Asia.

The changes centre on winding down the Global Health Supply Chain Program – Procurement and Supply Management, a U.S.-funded initiative run by Chemonics, which has coordinated the delivery of critical medicines and prevention tools since 2016. According to internal communications and multiple sources familiar with the matter, U.S. officials have been instructed to begin halting implementation of the programme by May 30.

From its inception through 2024, the programme distributed more than $5 billion worth of HIV and malaria-related commodities to 90 countries, with a primary focus on sub-Saharan Africa and parts of Asia. The supplies included antiretroviral drugs, malaria treatments and insecticide-treated bed nets, forming a key component of global disease control efforts.The restructuring follows broader changes to U.S.

foreign aid policy under the administration of Donald Trump, which has prioritised reducing reliance on contractors, cutting budgets and shifting toward direct agreements with recipient governments. The overhaul also comes after the dismantling of the United States Agency for International Development, which had previously overseen much of Washington’s development assistance.

Five sources familiar with the transition said the pace of the changes risks creating supply gaps for essential medicines, particularly in countries with fragile health systems. An internal email reviewed by Reuters warned that accelerating the transition without a clear implementation plan could jeopardise continuity of services.

The communication, sent by the U.S. State Department to staff in 17 African countries and Haiti, directed country teams to prepare for the end of programme operations while outlining potential risks. It did not provide a detailed roadmap for replacement mechanisms, instead asking local offices to identify vulnerabilities and report back to Washington.

A State Department spokesperson said the agency had not issued technical instructions for Chemonics to cease operations by May 30, though the contract is set to expire on September 30 in line with other USAID awards. The official end date is listed as November.

The uncertainty has revived concerns stemming from earlier disruptions. In January last year, a freeze on international aid left millions of dollars’ worth of medical supplies stranded in ports and warehouses worldwide, including HIV drugs and malaria prevention tools. Distribution resumed only after waivers were granted for life-saving interventions.

Six sources said the United States has been in discussions with the Global Fund to Fight AIDS, Tuberculosis and Malaria about potentially using its procurement and distribution systems to replace the existing programme. The Geneva-based institution already manages approximately $2 billion in annual purchases for HIV, tuberculosis and malaria programmes through partnerships with national governments and implementing agencies.

However, two sources said earlier plans had envisaged a transition timeline extending to November 2027, allowing sufficient time for procurement cycles and logistical adjustments. Compressing this timeline into a matter of months could create operational bottlenecks, they said, noting that delivering medical supplies to remote areas can take up to a year from order to distribution.

The Global Fund declined to comment on the discussions. The State Department did not directly confirm the talks but said it would rely on pooled procurement mechanisms to secure supplies at competitive prices from private manufacturers.The policy shift is part of a broader “America First” approach to global health funding, which aims to reduce what officials describe as inefficiencies in the existing system.

A strategy document released in September argued that contractor-led programmes had contributed to waste and inflated costs, and emphasised direct funding for frontline services and national governments.

Under the new approach, Washington has signed 28 bilateral health agreements with partner countries and is increasingly channeling funds directly to national authorities. It also plans to use private logistics firms to handle distribution rather than relying on large development contractors.

Recent agreements with countries such as Kenya, Rwanda and Uganda include commitments to increase domestic health spending alongside U.S. funding. However, implementation has encountered obstacles. In Kenya, a proposed deal faces legal challenges from activists concerned about data privacy, while negotiations with Zambia have been delayed as officials seek to safeguard national interests.

Health experts and aid practitioners say the transition risks compounding existing vulnerabilities in global disease control programmes. Previous disruptions linked to funding changes have already contributed to shortages of malaria treatments for children and gaps in HIV prevention services in several countries.

The State Department defended the overhaul, describing the current system as outdated and inefficient. A spokesperson said the new model would prioritise value for American taxpayers while maintaining support for critical health interventions.

Despite those assurances, several sources involved in programme delivery said the lack of a detailed transition plan remains a central concern. They warned that without clear coordination between donors, governments and implementing partners, the shift could interrupt supply chains that millions depend on for survival.

The Bill & Melinda Gates Foundation launches a major initiative to help smallholder farmers in Africa and Asia adapt to climate challenges through innovation, sustainability, and technology-driven solutions.

The Bill & Melinda Gates Foundation has announced a major $1.4 billion investment to strengthen climate resilience among farmers across sub-Saharan Africa and Asia. This four-year initiative focuses on empowering smallholder farmers with innovative technologies to help them adapt to increasingly unpredictable and extreme weather conditions.

Mark Suzman, CEO of the Gates Foundation, shared details of this initiative ahead of the COP30 climate summit in Brazil. He emphasized that the funding will be directed toward pioneering agricultural innovations such as advanced soil health mapping and the creation of biofertilisers — sustainable alternatives to chemical fertilisers that enhance plant growth using beneficial microorganisms.

This new commitment aligns with Bill Gates’ evolving climate strategy, which prioritizes direct assistance to vulnerable communities over traditional emission-reduction targets. Gates has consistently advocated for climate action that delivers practical solutions, helping those most affected by global warming build resilience and security.

Suzman highlighted that while smallholder farmers contribute minimally to global emissions, they face the most severe consequences of climate change — including reduced crop yields and food insecurity. The initiative seeks to close this gap by ensuring farmers have access to the latest scientific advancements.

The United Nations has echoed similar concerns, warning that climate-induced weather extremes pose growing threats to global food systems. Their recommendations call for strengthened agricultural protection measures, improved crop diversity, and sustainable practices.

A recent report by over 20 organizations, including Systemiq consultants, identified crop resilience and agricultural innovation as top investment priorities. It emphasized the urgent need for climate-resilient seeds, better weather forecasting, and advanced AI-enabled tools to support farmers with data-driven decisions.

Examples of such progress include the International Potato Center’s development of a blight-resistant potato variety, created through crossbreeding wild and cultivated strains in Peru. This innovation helps farmers sustain yields even as rising temperatures alter growing conditions.

Similarly, the nonprofit TomorrowNow delivers real-time weather updates via mobile messages to farmers in Kenya and Rwanda, helping them optimize planting and harvesting cycles. According to CEO Wanjeri Mbugua, this service has significantly improved productivity and resource efficiency in rural communities.

Suzman praised these ongoing efforts but stressed the need to bridge the gap between research and field implementation. “The innovations exist,” he said, “but the challenge is ensuring they reach the farmers who need them most.”

Through this new pledge, the Gates Foundation reinforces its dedication to practical, on-the-ground climate solutions that enhance agricultural sustainability. By combining science, technology, and community engagement, the initiative aims to build long-term food security and economic resilience in some of the world’s most climate-vulnerable regions.

The ETF, called CSOP Saudi Arabia ETF (2830.HK), is managed by Hong Kong-based CSOP Asset Management. It counts Saudi sovereign wealth fund, Public Investment Fund (PIF), as an anchor investor, CSOP said in a press release.

The fund price rose 0.9% on its debut, while the broader Hong Kong market index (.HSI) was down more than 2%.

“It (the ETF) makes it possible for mass investors in our part of the world to invest and participate in the development of the Saudi Arabia’s economy,” said Hong Kong Financial Secretary Paul Chan at a launch event.

“We can expect to see more products to be made available in both the Hong Kong and the Saudi markets for our respective investor bases.”

The fund tracks the performance of the FTSE Saudi Arabia Index, whose 56 constituents’ total market value reached $276.8 billion at end-October. The index posted a return of 45.3% over the past three years, according to a CSOP statement.

Through the ETF, investors in Hong Kong will be able to trade Saudi stocks including the oil giant Saudi Aramco (2222.SE) and the Saudi National Bank (1180.SE) in Hong Kong dollars or Chinese yuan.

“Our aim is to continue to attract foreign investors into the Saudi capital markets… To show our commitment, PIF would act as the lead investor of this fund,” said PIF Deputy Governor Yazeed A. Al-Humied at the launch event.

HSBC, which is offering services including trustee and custodianship to the fund, said it expected assets under management of the fund to surpass $1 billion.

Reuters reported in August that the Hong Kong Stock Exchange (0388.HK) and a mainland bourse were in separate talks with the Saudi stock exchange for pacts that would allow investors on both sides to trade equities and bonds in each other’s markets.

The ETF launch comes as China’s government, frustrated by what it sees as the U.S. weaponisation of economic policies, has sought to expand ties with countries in Europe, the Middle East and Africa.

That diplomatic push includes courting U.S. ally Saudi Arabia.

While economic cooperation between Beijing and Riyadh remains anchored on energy interests, ties in trade, investment and security have been expanding. China is Saudi Arabia’s top trading partner with trade worth $87.3 billion in 2021.

The People’s Bank of China and the Saudi Central Bank this month signed a local currency swap agreement worth 50 billion yuan ($6.93 billion) or 26 billion Saudi riyals, to strengthen financial cooperation, and promote trade and investment.

“People are starting to get excited about the whole China plus one element and while other countries have benefitted, India could be the largest beneficiary,” said Filippo Gori, JPMorgan’s CEO for Asia Pacific told Reuters, referring to a strategy for businesses diversifying supply chains beyond China.

This is because India has the scale to absorb part of the supply chain that many companies around the world are looking to move, he said in an interview in Mumbai.

Global corporations like Apple Inc have stepped up production out of India while others like Tesla are in discussions to begin manufacturing in the country.

Asia’s third largest economy is seen growing 6.5% in the financial year ending March 31, 2024 – the fastest among major economies – and is trying to attract global corporations, including by offering tax and other incentives.

“It seems to me that the one component that is missing (in India) is more organized infrastructure, which is more scattered and less uniform than in China,” said Gori, who sees low-end manufacturing moving out of China but not high-end manufacturing yet.

Deal volume for JPMorgan, across mergers and acquisitions, equity and debt fund raising, has been weak across the region this year and India has not been an exception despite the excitement.

“But the level at which enquiry and activity is picking up in India in substantial,” Gori said.

JPMorgan has expanded its investment banking team in India, adding two senior managing directors in the last 12 months. It has also grown its commercial banking division, which is focused on mid-sized companies, over the last five years. Alongside, it has grown its corporate centre business, which handles offshoring related work, to a workforce of 50,000 now from 35,000 in 2018.

Commenting on the impact of the slowdown in China and flux in its markets, Gori said the bank had not seen a sharp slowdown in business volumes in the market yet.

“I think we need to distinguish between the headlines and the day to day business because China has actually been exceptionally resilient.”

The bank’s primary client base is international companies operating offshore in China and that business has not been impacted by geopolitics, Gori said.

“I will not rule out that there could be activity coming out of China because clearly with an economy that is going through restructuring, some dealmaking activity could come up.”

Meanwhile, China’s yuan shot up after authorities tweaked cross-border financing rules and major state-owned banks were seen selling dollars in moves analysts said were designed to shore up the currency.

MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.53% higher, on course to snap its three day losing streak. Japan’s Nikkei (.N225) slid 0.93%.

China stocks have been under pressure in recent weeks as soft economic data weighed on sentiment, with investors waiting for meaningful stimulus to jump start the country’s stuttering post-pandemic recovery.

On Thursday, the Shanghai Composite Index (.SSEC) was 0.1% higher, while Hong Kong’s Hang Seng Index (.HSI) gained 0.3%.

China on Wednesday pledged to make the private economy “bigger, better and stronger” with a series of policy measures designed to help private business.

Britain’s high rate of inflation fell more than expected in June to its slowest in over a year at 7.9%, data showed on Wednesday, with markets dialling back expectations of further aggressive rate hikes from the Bank of England.

Sterling last fetched $1.2959, up 0.17% on the day, having tumbled 0.7% overnight.

The Bank of England is due to meet in the first week of August but before that central bank meetings in Japan, Europe and the United States will likely grab investors’ attention.

Traders and analysts expect the European Central Bank to raise its benchmark rate by 25 basis points but what comes after that has been up for debate in the wake of recent dovish tone taken by the central bank’s policymakers.

The Bank of Japan Governor Kazuo Ueda said this week that there was still some distance to sustainably and stably achieving the central bank’s 2% inflation target, dousing speculation of a hawkish policy shift next week.

Markets seem a lot more certain of the Federal Reserve’s next steps, with traders expecting a 25 basis point hike but no more after that.

“As investors grow more confident that peak inflation is definitively behind us, so do expectations that the U.S. Federal Reserve’s current rate hiking cycle will finally be over” after next week’s meeting, said Nuveen’s Chief Investment Officer Saira Malik.

“Running bulls could be tripped up by cracks in the economy and corporate earnings,” Malik cautioned.

Overnight, the Dow Jones Industrial Average and S&P 500 index rose modestly, with the blue-chip Dow registering its eighth straight day of gains.

But futures fell in Asian trade, with E-mini futures for the S&P 500 0.15% lower and Nasdaq futures down 0.44%after earnings from streaming giant Netflix and EV maker Tesla.

Netflix (NFLX.O) disappointed Wall Street on Wednesday with second-quarter revenue that fell short of analyst estimates, while Tesla (TSLA.O) reported quarterly automotive gross margin in line with Wall Street estimates, though it was a far cry from a year earlier.

Tesla CEO Elon Musk signalled that he would cut prices again on electric vehicles even as his all-out price war on automaker rivals squeezes the company’s own margins.

Investors will watch out for earnings results from Taiwanese chipmaker TSMC (2330.TW) later in the day.

In the currency market, the onshore yuan jumped after the central bank relaxed a cross-border financing rule, making it easier for domestic firms to raise funds from overseas markets and easing depreciation pressure on the yuan currency.

The Australian dollar rose 0.86% to $0.683 after strong domestic jobs data.

The Japanese yen strengthened 0.32% to 139.23 per dollar, while the dollar index , which measures U.S. currency against six rivals, eased 0.209%.

In commodities, Chicago wheat futures rose 1.4% to hit a three-week high on growing expectations that an attack on Ukrainian ports after Russia’s withdrawal from a Black Sea export deal would have a longer-term impact on global supply.

U.S. crude fell 0.11% to $75.27 per barrel and Brent was at $79.62, up 0.2% on the day.

Singapore (Reuters) – Iran has set the official selling price (OSP) of its Iranian Light crude oil grade for Asian buyers at $3.15 a barrel above the Oman/Dubai average for August, an industry source with knowledge of the matter said on Monday.

The June price is up 15 cents from the previous month.

The table below shows August crude prices for Asia, as differentials to the Oman/Dubai average. All prices are in U.S. dollars.

The Development Road aims to tie the Grand Faw Port in Iraq’s oil-rich south to Turkey, turning the country into a transit hub by shortening travel time between Asia and Europe in a bid to rival the Suez Canal.

“The Development Road is not just a road to move goods or passengers. This road opens the door to development of vast areas of Iraq,” Farhan al-Fartousi, director general of the General Company for Ports of Iraq, told Reuters.

Iraq’s government envisions high-speed trains moving goods and passengers at up to 300 kilometres (186.41 miles) per hour, links to local industry hubs and an energy component that could include oil and gas pipelines.

It would mark a significant departure from the country’s existing aged transport network.

Iraq’s train service currently operates a handful of lines, including slow oil freight and a single overnight passenger train that trundles from Baghdad to Basra, taking 10 to 12 hours to cover 500 kilometres.

The Grand Faw Port, which was devised over a decade ago, is halfway to completion, Fartousi said.

Passenger transport between Iraq and Europe harkens back to grand plans at the turn of the 20th century to create a Baghdad to Berlin express.

“We will make this line active again and tie it to other countries,” Fartousi said, noting plans to ferry tourists and pilgrims to Shiite holy sites in Iraq and Mecca in Saudi Arabia for the Haj pilgrimage.

The project was announced on Saturday at a conference aimed at courting Arab interest, including from Arab Gulf states, Syria and Jordan. A senior government aide said regional investment was on the table.

Promises of development are long-standing in Iraq but infrastructure remains decrepit even as the government of Prime Minister Mohammed Shia al-Sudani makes a push to rebuild roads and bridges.

But officials say the Development Road is based on something new: a period of relative stability since late last year that they hope can be maintained.

If work starts early next year, the project would be completed in 2029, Fartousi said.

“Even if Iraq was absent for a year or two or a decade or two, it must return one day or another. Hopefully these days are the beginning of the return of Iraq,” he said.