{
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[Bloomberg]
Donald Trump's first major foreign trip as president notably excludes Israel, despite Israeli officials lobbying for inclusion. This omission, alongside recent US diplomatic moves that bypass Israel, suggests a shift in American priorities in the Middle East, focusing more on economic issues with Arab nations.
Small businesses are struggling under Trump's tariffs, which are failing to generate promised revenue and are seen as a tax increase affecting lower and middle-income Americans the most. Meanwhile, Vice President JD Vance reflects on his brief encounter with Pope Francis, who advocated for marginalized communities. In Israel, far-right minister Itamar Ben-Gvir claims support from U.S. Republican leaders for aggressive actions in Gaza, while Illinois Representative Jan Schakowsky plans to announce her retirement, opening the Democratic primary for her district.
Oil prices increased on Thursday, driven by a strong demand outlook in the US and a weaker dollar. Brent crude rose to $71.21 a barrel, while US West Texas Intermediate climbed to $67.54, supported by a significant drawdown in distillate inventories and expectations of a Federal Reserve interest rate cut.Despite a rise in US crude inventories, analysts noted that the overall demand remains healthy, with global oil demand averaging 101.8 million barrels per day. Geopolitical tensions in the Middle East and potential ceasefire talks in Ukraine also contributed to market volatility.
A new lobbying scandal in the European Parliament has emerged, with police raids linked to allegations of bribery involving Huawei. Investigators are focusing on 15 current and former MEPs, with several arrests made and offices sealed. Huawei has stated it takes the allegations seriously and is committed to cooperating with the investigation.
An emergency Arab summit in Cairo adopted a five-year, $53 billion Egyptian plan for Gaza's reconstruction, emphasizing a two-state solution and rejecting U.S. proposals to displace Palestinians. The plan includes rebuilding infrastructure, housing, and establishing a nonpartisan governance body, while facing challenges from U.S. and Israeli opposition regarding Hamas's role. An international conference in April aims to secure funding and support for the initiative, testing Arab nations' ability to rally international backing amidst ongoing tensions.
Forty-one Egyptian companies have formed the Arab Alliance for Industrial Investment to enhance exports and engage in reconstruction projects across Arab markets, starting with Libya and expanding to Iraq and the UAE. The initiative aims to provide investor support services and capitalize on growing economic ties, particularly in Iraq, which seeks significant foreign investment for reconstruction efforts. Additionally, a proposed USD 27 billion development project in Gaza aims to improve living conditions and reduce tensions in the region.
Steve Witkoff, senior envoy of the Trump administration, is organizing a summit with top real estate developers to discuss a controversial plan to transform Gaza into a "Middle Eastern Riviera." This proposal, which includes potential forced displacement of residents, has faced significant opposition. In contrast, Egyptian businessman Hisham Talaat Mostafa has proposed a $27 billion development plan aimed at improving Gaza's infrastructure without mass relocation, arguing it is a more feasible and lawful solution.
Mike Pence will address the UBS Wealth Insights 2025 summit, focusing on U.S. elections and their global implications, just days before Donald Trump's inauguration. Despite a strained relationship with Trump since 2021, Pence aims to provide insights into international relations and economic policies. The event is exclusive to clients and closed to the media.
Donald Trump's administration faces scrutiny over potential conflicts of interest in the cryptocurrency sector, particularly through his involvement with World Liberty Financial, which is backed by controversial figures like Justin Sun. While Trump has shifted to a pro-crypto stance, analysts warn that deregulation could lead to significant risks, including vulnerabilities in financial security and national security implications. The recent court ruling on Tornado Cash highlights the ongoing debate over regulatory oversight in the rapidly evolving crypto landscape.
Steve Witkoff
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