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GCC Calls for Enhanced Gulf-EU Collaboration to Secure Global Supply Chains NEW YORK / RankWire.AI / – Gulf Cooperation Council Secretary-General Jasem Mohamed Albudaiwi emphasized the need for increased partnership with Europe to safeguard international supply routes from maritime disturbances and escalating transportation expenses. Addressing the second ministerial session of the Rome Coalition for fertiliser access and food security during the 81st United Nations General Assembly, Albudaiwi highlighted how rising freight costs contribute to higher food and commodity prices, with the main focus on the importance of cooperation.
Egypt’s central bank decided to keep its key interest rates steady, maintaining the overnight deposit rate at 19.00% and the overnight lending rate at 20.00%. Annual urban headline inflation declined to 14.5% in August from 14.9% in July, while core inflation increased to 14.9% year on year. The central bank’s inflation target is set at 7%, with a tolerance of plus or minus 2 percentage points. Net international reserves hit $57.2145 billion at the end of August.
The Asian Development Bank has increased its growth estimate for developing Asia and the Pacific to 5.0% in 2026, up from its previous forecast of 4.9%. The region’s economy is expected to expand at a slightly faster pace in 2025 with a growth rate of 5.5%. The Asian Development Bank revised its 2026 outlook upward by 0.1 percentage point compared to the July forecast. Growth is anticipated to accelerate modestly to 5.1% in 2027, according to the September Asian Development Outlook. Continued support from robust investment, government stimulus measures, and technology exports related to artificial intelligence are key drivers behind regional momentum.
China held steady its benchmark lending rates in September, with the one-year loan prime rate remaining at 3.0%. The over-five-year LPR was also unchanged at 3.5%, based on the official rate set on September 20. This rate often serves as a reference point for mortgage pricing among many lenders. The decision resulted in both benchmarks staying at the same levels as in August.
South Korea has announced a two-month prolongation of its temporary fuel tax reduction scheme, now extending until the end of November 2026. This decision was made to protect both domestic consumers and logistics operators involved in industry sectors. The policy extension retains the existing tax reductions of 15 percent for gasoline and 25 percent for diesel and liquefied petroleum gas butane, ensuring their continued application at fuel stations nationwide. The excise tax on gasoline remains capped at 698 won per liter, representing a 122 won discount from the standard rate. Diesel tax remains fixed at 436 won per liter, providing a reduction of 145 won, while butane’s excise rate stays at 152 won per liter, offering a 51 won discount per unit. The extension of the fuel tax cut scheme aims to help control domestic inflation expectations amid ongoing international supply constraints affecting energy markets.
India has cautioned Washington that the proposed tariffs on nations importing Russian crude could negatively impact bilateral relations and interfere with worldwide commodity markets. This warning came in the wake of the United States House of Representatives passing the Sanctioning Russia and Iran Act of 2026, which authorizes the government to impose tariffs of up to 100 percent on significant purchasers of Russian energy. India commits to ensuring its energy security for its citizens while retaining the flexibility to buy oil from global suppliers based on prevailing market conditions.