News

All mention of fossil fuels has been removed from the draft agreement at the COP30 UN Climate Summit in Belem, Brazil, sparking criticism from countries pushing for stronger commitments to phase out oil, gas and coal.

Brazil’s President Luiz Inacio Lula da Silva, along with nations such as the UK, had sought a roadmap for reducing fossil fuel use. Earlier versions of the text outlined three possible pathways, but those provisions were deleted following resistance from oil-producing states. Negotiators say Saudi Arabia and several Arab countries are leading the pushback.

A group of countries, including the UK, issued a...

Taiwan’s Hon Hai Precision Industry Co. has unveiled its latest electric vehicle, the Model A, at the opening of Hon Hai Tech Day in Taipei, confirming Japan as the car’s first target market.

Chairman Young Liu said the Model A was jointly developed by Taiwanese and Japanese teams and is also being presented to potential buyers in Southeast Asia as the company looks to expand its regional EV footprint.

Jun Seki, Hon Hai’s chief strategy officer for electric vehicles, introduced three industry-specific configurations of the Model A. The model features a slim battery pack that can fully charge in...

Spanish prosecutor Ignacio Stampa has revealed the strained relationship he maintains with State Attorney General Alvaro Garcia Ortiz, during testimony in the case investigating former Socialist Party member Leire Diez for an alleged bribery attempt.

According to Stampa’s account, Diez and businessman Javier Perez Dolset summoned him on 7 May to the office of Luis del Rivero, where they allegedly offered to help reinstate him in the Anti-Corruption Prosecutor’s Office. In return, they asked him to provide compromising information on Anti-Corruption chief Alejandro Luzon and on Antonio Balas, the UCO officer leading investigations into Prime Minister Pedro Sanchez’s family.

Bitcoin has fallen around 24% since 11 November and could be headed toward – or even below – the $80,000 mark, pressuring much of the crypto market. But analysts highlight three altcoins that may hold up better thanks to strong chart structures and negative correlation with BTC: Zcash (ZEC), Pi Coin (PI) and Tensor (TNSR).

Zcash is described as one of the «cleanest» setups in a weak market, with a one-month correlation of –0.87 to Bitcoin, meaning it has often moved in the opposite direction. ZEC is holding above a flag breakout from 14 November, with buyers defending dips...

Usman Khawaja was prevented from opening Australia’s first innings in the opening Ashes Test in Perth after spending too much time off the field during England’s innings.

The 38-year-old left-hander, who missed a significant portion of play due to what Cricket Australia initially described as «toilet breaks and stretching», was later confirmed to be dealing with back stiffness and a brief back spasm. His delayed return meant he exceeded the allowable time off the field under ICC rules.

Under ICC Regulation 24.2, any player off the field for more than eight minutes cannot bat until their team’s innings has...

The European Bank for Reconstruction and Development is extending a loan of up to €10 mln to MaxCopper, a newly formed copper pipe producer in Uzbekistan. The funding will cover working capital as the company establishes and increases its production capacity, and will also go towards securing raw materials such as copper cathodes.

MaxCopper plans to manufacture copper pipes and fittings mainly for heating, ventilation and air-conditioning systems. Its output will include lightweight coils, straight pipes and pancake coils. The firm expects to export most of its products to European markets and countries in the region.

The project will...

American troops briefly landed on a beach in northern Mexico in what the Pentagon has described as a «mistaken» operation, escalating tensions just days after President Donald Trump threatened military action against the country.

According to witnesses, a group of US personnel identified as «contractors» arrived by boat at Playa Bagdad on Monday, near the mouth of the Rio Grande. The men drove six warning signs into the sand, declaring the area a restricted zone belonging to the US Department of Defense.

The signs, written in English and Spanish, stated that unauthorised access or photography was prohibited and that...

Cole Palmer will miss Chelsea’s next three matches after breaking a toe in an accident at home, Sky Sports reports. The forward fractured the little toe on his left foot after hitting it against a door, ruling him out of fixtures against Burnley Barcelona and Arsenal.

Palmer had been close to returning after a long spell on the sidelines with a groin problem that has limited him to only three Premier League appearances this season. He last featured in September and has not played for Chelsea or England since being forced off early during the match at Manchester United.

Hansae Mobility, a leading Korean manufacturer of halfshafts, has broken ground on a $30 bn auto parts factory in Fergana, Uzbekistan, the company announced on November 21. The facility is part of its strategy to expand in the fast-growing Central Asian automotive sector, with production expected to start in 2026. The company has not disclosed the size of the plant.

Hansae Mobility is already a major supplier to UzAuto, Uzbekistan’s state-run car manufacturer, with sales from January to September reaching 49.8 bn won ($33.8 mln), or 14% of its total revenue. The new factory is expected to boost the...

A group of armed men pretending to be officials from India’s central bank have robbed a cash van carrying 70 mln rupees ($800,000) in Bengaluru, Karnataka, BBC reports.

The robbery took place on November 19 afternoon on a busy city road as the van transported money between bank branches. Bengaluru police commissioner Seemant Kumar Singh said six men in an SUV intercepted the vehicle in daylight.

The van held a driver, a cash custodian, and two armed security guards. The attackers claimed to be Reserve Bank of India officials and said they needed to verify the van’s documentation. They...

Fatima Bosch from Mexico has claimed the Miss Universe 2025 crown at a ceremony in Bangkok, capping off a pageant season filled with controversy, BBC reports.

The 25-year-old made headlines earlier this month after walking out of a pre-pageant event when a Thai official publicly criticised her and threatened to disqualify those who supported her. This incident was followed by the resignation of two judges, one alleging that the organisers had rigged the contest.

Bosch’s victory sparked debate online. Many celebrated her triumph and viewed it as a victory for standing up to mistreatment, while others questioned whether she...

Toto Wolff, Mercedes F1 team principal, has agreed to sell a minority stake to George Kurtz, cofounder of CrowdStrike. The deal values the Silver Arrows at roughly $6 bn, a 58% rise from Forbes’ valuation two years ago, placing Mercedes among the most valuable sports teams globally. Only Ferrari, valued at $6.5 bn, surpasses it in Formula 1.

Team Valuations Soar Across the Grid

All ten F1 teams are now worth at least $1.5 bn, with the average valuation rising 89% since 2023 to $3.6 bn, Forbes reports. The surge reflects the sport’s rapid growth, with average...

Toto Wolff has sold 15% of his stake in the Mercedes Formula 1 team to American billionaire George Kurtz, founder of cybersecurity firm Crowdstrike, which sponsors Mercedes.

The deal values Mercedes F1 at $6 bn (£4.6 bn), setting a record for a Formula 1 team. By comparison, McLaren was valued at £3.5 bn following a change in ownership in September. Wolff’s holding company owns a third of Mercedes F1, so the 15% stake sold represents 5% of the overall team. Wolff will receive $300 mln (£230 mln) but will remain as team principal and CEO, with governance unchanged.

Kurtz...

Uzbekistan plans to increase the share of energy-efficient and environmentally friendly products in the construction materials sector to 25% next year and 35% by 2030, according to a presentation reviewed by President Shavkat Mirziyoyev.

The government intends to implement 112 projects worth $2.4 bn, creating 13,500 new jobs. In the long term, the project portfolio is expected to grow to $3.5 bn. Five major projects, valued at $110 mln, will be of strategic importance. Next year, 40 projects focusing on deep processing of kaolin, worth $515 mln, will be launched alongside the training of 460 specialists.

Export potential was...

President Shavkat Mirziyoyev has signed a decree outlining Uzbekistan’s tourism development strategy for the coming years. The share of tourism in the country’s GDP is set to rise from 3.5% to 7% by 2030.

The annual flow of foreign visitors is expected to increase from 10 mln to 20 mln, with a focus on attracting high-spending tourists. Annual exports of tourism services are planned to exceed $6 bn. A key priority is improving transport connectivity between tourist cities, including expanding domestic flight networks and cutting travel times by at least threefold.

Infrastructure goals include doubling the number of four...

The historic Itchan-Kala complex in Khiva is set to become the world’s first immersive smart museum-city, under a presidential decree by Shavkat Mirziyoyev.

Other tourism initiatives include the creation of a «Samarkand Heritage Route». Tashkent will also promote modernist monuments for UNESCO World Heritage status and aim for recognition as the city with the highest number of mosaics.

A new deputy chair position will be introduced at the Committee for Tourism Product Promotion, responsible for overseeing the National PR Centre and international offices. These offices will open in several countries to promote Uzbek tourism abroad.

The committee has...

Activity among microfinance organisations (MFOs) and pawnshops in Uzbekistan rose noticeably by the end of the third quarter of 2025, according to a report from the Central Bank of Uzbekistan.

During this period, both assets and capital of these institutions increased. However, the regulator noted that higher interest rates and rising problem loans also heightened risks. The report shows that 90% of lending, equivalent to 19.2 trln soums ($1.6 bn), was extended to individuals, while loans to businesses grew to 1.2 trln soums ($101 mln) by early October.

In the third quarter, 26 new microfinance institutions and pawnshops opened across...

Gold prices reached historic levels in 2025, with spot gold briefly touching $4,381 per troy ounce in October, BestBrokers reports. Rising geopolitical tensions, economic uncertainty, and central bank policy changes have strengthened gold’s role as a safe-haven asset, prompting many countries to increase holdings.

While most nations, including Poland, Kazakhstan, China, and Turkey, expanded their gold reserves this year, Uzbekistan took the opposite approach. The Central Bank of Uzbekistan sold more gold than it purchased, resulting in a net reduction of 16.8 tonnes, making it the largest net gold seller of 2025. The bank’s transactions reflect standard reserve management...

According to a presidential decree by Shavkat Mirziyoyev, Uzbekistan will launch a Unified Tourism Platform and mobile application from July 1, 2026. The system will allow foreign visitors to activate e-SIMs instantly and complete registration at their place of stay automatically.

The platform will enable users to plan travel routes, choose transport options, and purchase tickets online. A unified ticket system will also be introduced, giving access to museums, cultural sites, and various events. By the end of 2026, the platform will incorporate artificial intelligence and big data analytics.

In addition, the process for renting out holiday homes will...

From February 1, 2026, foreign citizens in Uzbekistan will be able to receive cash refunds on VAT for goods purchased in the country when leaving. This measure is part of a presidential decree by Shavkat Mirziyoyev.

Incentives for businesses

Starting March 1, 2026, the Tourism Support Fund will finance several initiatives. Each year, the ten best tourism startups will receive subsidies covering up to 50% of development and implementation costs, with a maximum of 1 bn soums ($83,930) per project. Hotels will also be reimbursed for half of the expenses required to obtain international green certifications.

From April...

Pennsylvania Governor Josh Shapiro has commented after it emerged that Uzbek national Akhror Bozorov, wanted in his home country for promoting jihadist content, had obtained a commercial driver’s licence (CDL) in the state.

Shapiro explained that the state had followed standard federal checks through the Systematic Alien Verification for Entitlements (SAVE) database. He said Pennsylvania had no reason to deny Bozorov’s application because the federal database did not indicate he was wanted.

“We checked the federal database months ago, when this individual received his CDL, and he was authorized to get it by the...

The United States Department of Transportation has cautioned Pennsylvania authorities that the state may forfeit nearly $75 mln in federal funding following breaches linked to the issuing of commercial driving licences (CDL). The warning was outlined in a statement released on November 20.

An investigation by the Federal Motor Carrier Safety Administration found that Pennsylvania had unlawfully granted commercial licences to foreign nationals who were living in the country without legal status. According to the report, some recipients were deemed unsuitable and not properly qualified.

Transport Secretary Sean P Duffy said the state must revoke the licences issued in...

Lewis Hamilton has pushed back at Ferrari chairman John Elkann’s suggestion that he and Charles Leclerc should «focus on driving and talk less» after the team’s double retirement in Sao Paulo. The result dropped Ferrari to fourth in the constructors’ standings.

Ahead of the Las Vegas Grand Prix, Hamilton said the criticism was misplaced. «I wake up thinking about driving and I go to sleep thinking about it,» he said, adding that the real challenge this year has been learning how to switch off during a demanding season.

Hamilton said he did not take Elkann’s words personally.

Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of Uzbekistan’s state-owned oil and gas company JSC Uzbekneftegaz (UNG) at ‘BB’ with a Stable Outlook, keeping the rating in line with the sovereign. The company’s senior unsecured rating was also affirmed at ‘BB’ with a Recovery Rating of ‘RR4’.

Fitch said UNG’s rating is equalised with that of Uzbekistan (BB/Stable) due to the company’s full state ownership, strategic role in supplying domestic energy and strong state support, including guarantees on 37% of its consolidated debt as of end-June 2025. The agency assesses both oversight and precedents of support...