MUST-READS

• IMF: Global recovery is steady but slow and differs by region

  The baseline forecast is for the world economy to continue growing at 3.2 percent during 2024 and 2025, at the same pace as in 2023. A slight acceleration for advanced economies—where growth is expected to rise from 1.6 percent in 2023 to 1.7 percent in 2024 and 1.8 percent in 2025—will be offset by a modest slowdown in emerging market and developing economies from 4.3 percent in 2023 to 4.2 percent in both 2024 and 2025. The forecast for global growth five years from now—at 3.1 percent—is at its lowest in decades. Global inflation is forecast to decline steadily, from 6.8 percent in 2023 to 5.9 percent in 2024 and 4.5 percent in 2025, with advanced economies returning to their inflation targets sooner than emerging market and developing economies. Core inflation is generally projected to decline more gradually.

• U.S., Not Israel, Shot Down Most Iran Drones And Missiles

  The extent of the U.S. military operation is unbeknownst to the American public, but the Pentagon coordinated a multination, regionwide defense extending from northern Iraq to the southern Persian Gulf on Saturday. During the operation, the U.S., U.K., France, and Jordan all shot down the majority of Iranian drones and missiles. In fact, where U.S. aircraft originated from has not been officially announced, an omission that has been repeated by the mainstream media.

• BlackRock’s Aggressive Hunt for Growth in Saudi Arabia

  His Gulfstream jet lands in Riyadh several times a year, and he’s had at least two private dinners with de facto ruler Crown Prince Mohammed bin Salman, according to a person with knowledge of the matter. Meanwhile, BlackRock has been quietly increasing its presence in the country: It was the first major global investment manager to open an office in Riyadh, and the company now employs about 20 people there, a larger local workforce than its competition. The CEO of state-owned oil giant Saudi Aramco, Amin Hassan Ali Nasser, joined BlackRock’s board last year.

• UK’s Cameron, in Israel, says Israelis have decided to retaliate against Iran
  Israel has clearly decided to retaliate against Iran for missile and drone attacks, Britain's foreign minister David Cameron said during a visit to Israel on Wednesday, the starkest warning yet of another volley coming in regional escalation.
  World powers are striving to prevent a wider outbreak of conflict in the Middle East after Iran's attacks on Saturday night, which involved hundreds of missiles and drones, the first time Iran has directly attacked Israel after decades of confrontation by proxies.

• At least one dead after heavy rains set off flash floods in UAE
   Authorities and communities across the United Arab Emirates were clearing debris on Wednesday after a torrential downpour killed at least one person and caused damage to homes and businesses.
  The UAE witnessed a record rainfall with 254 mm falling in Al Ain on Tuesday in less than 24 hours, according to the national meteorology centre. That was the most since records began in 1949, before the country was established in 1971.

• The Survivor Species

  Cows, here and across much of Africa, have been the most important animal for eons — the foundation of economies, diets, traditions.

  But now grazable land is shrinking. Water sources are drying up. A three-year drought in the Horn of Africa that ended last year killed 80 percent of the cows in this part of Kenya and shattered the livelihoods of so many people.

  In this region with the thinnest of margins, millions are being forced to adapt to climate change — including those who were now drawing numbers from a hat, each corresponding to one of the 77 camels that had just arrived in Samburu County.

• Riyadh Golf Club’s Kevin Duffield wins Race to Georgia World Final

  Kevin Duffield shot 34 points to win the GCC Division of the Race to Georgia World Final held alongside The Masters, at The Reserve Club, Woodside, Georgia, US. The other GCC finalists making the trip from the region were Yves Bouchard (The Els Club, Dubai) and Quentin Morel (Montgomerie Golf Club, Dubai).

• Saudi Arabia’s “pride” at hosting the FEI Dressage World Cup Final 2024

  The finals will be held in the Arabian Peninsular for the first time, and this is a golden opportunity for our sport to shine in what has become one of the world’s most ambitious major events markets. The Riyadh International Convention & Exhibition Center will welcome global stars such as Henrik von Eckermann and Isabell Werth as well as home favourite Abdullah Alsharbatly between today’s opening rounds in Dressage and Jumping and the medals being awarded on Friday and Saturday.

• Russia told OPEC it would export less oil. It’s actually exporting more

  Bloomberg reports that outgoing Russian oil shipments hit nearly 4 million barrels a day this week. That would be the highest level since May of last year. Russia broadcast last month that it would soon be cutting exports by 121,000 barrels a day from the levels of last May and June, but so far this year exports are actually higher than that.

• Mideast missile duels have cost US Navy nearly $1B, secretary says

  The U.S. Navy is nearly $1 billion in the hole after defending Israel from Iranian missiles last weekend and fighting off Houthi attacks on Red Sea shipping since October, the service’s secretary said Tuesday in a bid to convince House lawmakers to approve $95 billion in supplemental funding.

  “I would argue that the President's budget numbers are adequate, but that's also prior to the attacks that we've just had this weekend alone, for example. So we are now closely approaching $1 billion in expenditures for munitions that we need paid back by the supplemental,” Carlos Del Toro told senators during a Senate Appropriations subcommittee hearing.

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