Trump's Gulf trip, Disney's Abu Dhabi magic, Maldives' $9B financial bet: This week's business headlines from the Middle East
Disney has announced plans for its first Middle Eastern theme park, the Maldives has unveiled a $9 billion plan to become a global finance hub, and top US execs will head to Saudi Arabia next week, when Donald Trump visits the country.
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26 minutes ago
- Yahoo
What the Trump travel ban means for the 2026 World Cup and 2028 Olympic Games
GENEVA (AP) — U.S. President Donald Trump often says the 2026 World Cup and 2028 Los Angeles Olympics are among the events he is most excited about in his second term. Yet there is significant uncertainty regarding visa policies for foreign visitors planning trips to the U.S. for the two biggest events in sports. Trump's latest travel ban on citizens from 12 countries added new questions about the impact on the World Cup and the Summer Olympics, which depend on hosts opening their doors to the world. Here's a look at the potential effects of the travel ban on those events. What is the travel ban policy? When Sunday ticks over to Monday, citizens of 12 countries should be banned from entering the U.S. They are Afghanistan, Myanmar, Chad, the Republic of Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan and Yemen. Tighter restrictions will apply to visitors from seven more: Burundi, Cuba, Laos, Sierra Leone, Togo, Turkmenistan and Venezuela. Trump said some countries had 'deficient' screening and vetting processes or have historically refused to take back their own citizens. How does it affect the World Cup and Olympics? Iran, a soccer power in Asia, is the only targeted country to qualify so far for the World Cup being co-hosted by the U.S., Canada and Mexico in one year's time. Cuba, Haiti and Sudan are in contention. Sierra Leone might stay involved through multiple playoff games. Burundi, Equatorial Guinea and Libya have very outside shots. But all should be able to send teams to the World Cup if they qualify because the new policy makes exceptions for 'any athlete or member of an athletic team, including coaches, persons performing a necessary support role, and immediate relatives, traveling for the World Cup, Olympics, or other major sporting event as determined by the secretary of state.' About 200 countries could send athletes to the Summer Games, including those targeted by the latest travel restrictions. The exceptions should apply to them as well if the ban is still in place in its current form. What about fans? The travel ban doesn't mention any exceptions for fans from the targeted countries wishing to travel to the U.S. for the World Cup or Olympics. Even before the travel ban, fans of the Iran soccer team living in that country already had issues about getting a visa for a World Cup visit. Still, national team supporters often profile differently to fans of club teams who go abroad for games in international competitions like the UEFA Champions League. For many countries, fans traveling to the World Cup — an expensive travel plan with hiked flight and hotel prices — are often from the diaspora, wealthier, and could have different passport options. A World Cup visitor is broadly higher-spending and lower-risk for host nation security planning. Visitors to an Olympics are often even higher-end clients, though tourism for a Summer Games is significantly less than at a World Cup, with fewer still from most of the 19 countries now targeted. How is the U.S. working with FIFA, Olympic officials? FIFA President Gianni Infantino has publicly built close ties since 2018 to Trump — too close according to some. He has cited the need to ensure FIFA's smooth operations at a tournament that will earn a big majority of the soccer body's expected $13 billion revenue from 2023-26. Infantino sat next to Trump at the White House task force meeting on May 6 which prominently included Secretary of Homeland Security Kristi Noem. FIFA's top delegate on the task force is Infantino ally Carlos Cordeiro, a former Goldman Sachs partner whose two-year run as U.S. Soccer Federation president ended in controversy in 2020. Any visa and security issues FIFA faces — including at the 32-team Club World Cup that kicks off next week in Miami — can help LA Olympics organizers finesse their plans. 'It was very clear in the directive that the Olympics require special consideration and I actually want to thank the federal government for recognizing that," LA28 chairman and president Casey Wasserman said Thursday in Los Angeles. 'It's very clear that the federal government understands that that's an environment that they will be accommodating and provide for,' he said. 'We have great confidence that that will only continue. It has been the case to date and it will certainly be the case going forward through the games.' In March, at an IOC meeting in Greece, Wasserman said he had two discreet meetings with Trump and noted the State Department has a "fully staffed desk' to help prepare for short-notice visa processing in the summer of 2028 — albeit with a focus on teams rather than fans. IOC member Nicole Hoevertsz, who is chair of the Coordination Commission for LA28, expressed 'every confidence' that the U.S. government will cooperate, as it did in hosting previous Olympics. 'That is something that we will be definitely looking at and making sure that it is guaranteed as well,' she said. 'We are very confident that this is going to be accomplished. I'm sure this is going to be executed well." FIFA didn't immediately respond to a request for comment about the new Trump travel ban. What have other host nations done? The 2018 World Cup host Russia let fans enter the country with a game ticket doubling as their visa. So did Qatar four years later. Both governments, however, also performed background checks on all visitors coming to the month-long soccer tournaments. Governments have refused entry to unwelcome visitors. For the 2012 London Olympics, Belarus President Alexander Lukashenko — who is still its authoritarian leader today — was denied a visa despite also leading its national Olympic body. The IOC also suspended him from the Tokyo Olympics held in 2021. ___ AP Sports Writer Beth Harris in Los Angeles contributed to this report. ___ AP soccer: and AP Olympics at
Yahoo
28 minutes ago
- Yahoo
House Dems Get Bonus Hearing on Crypto Market Structure, Assail Trump Conflicts
WASHINGTON, D.C. — U.S. President Donald Trump's crypto ventures were once again under the microscope during a House Financial Services Committee hearing that otherwise saw legal experts express worries about how regulators might police digital assets under a market structure bill. The committee held a "minority day" hearing — meaning the witnesses were primarily picked by the Democrats, the current minority party in the House — on Friday, letting lawmakers ask questions more targeted on concerns they have with the Digital Asset Market Clarity Act, the Republican-led market structure legislation that will receive a markup vote next week. Maxine Waters, the ranking Democrat on the committee who'd demanding this extracurricular hearing after the panel met earlier in the week on the same topic, pointed to Trump's various crypto efforts in her opening statement, saying her goal was to stop Trump from profiting off of his crypto ventures to the extent he has been. "What I'm opposed to in this act … is the crooked president of the United States of America, who's decided to use the office of the presidency to enhance his access to profits," Waters said. Republicans focused on a different tack: "Currently, there is no federal framework for non-security digital assets," Committee Chair French Hill said in his own opening statement, a stance echoed by his colleagues Bryan Steil and Warren Davidson. They contend that Democrats and the administration of former President Joe Biden allowed years to pass in which they failed to protect consumers by offering no rules to oversee crypto. Crypto has driven an ideological wedge into the Democratic Party on Capitol Hill, with many Democrats — typically skewing toward the younger members — supporting the advancement of digital assets legislation despite the direction of their leadership. Most of the Democrats attending this bonus hearing on the Clarity Act were in the crypto-critical camp, though Representative Jim Himes, a Connecticut Democrat, has supported crypto bills in the past and questioned witnesses at the hearing about his concerns that the bill may include loopholes that could allow financial firms to dodge oversight. Himes, a yes vote on last year's predecessor to the Clarity Act — the Financial Innovation and Technology for the 21st Century Act, or FIT21 — said some of the provisions in the new effort may allow for a carveout that can be abused by certain types of issuers under Securities and Exchange Commission regulations. The Clarity Act itself is more complicated than it needs to be and does not address some of the cybersecurity risks posed to the cryptocurrency industry, said Carole House, a former White House adviser who is now a senior fellow at the Atlantic Council GeoEconomics Center. She pointed to recent crypto hacks, including crypto exchange ByBit, as an example. Amanda Fischer, policy director at Better Markets, a Washington group advocating for financial policies that favor the public, said her bigger issue was with the exceptions that exist for companies to seek regulation under the Commodity Futures Trading Commission rather than the Securities and Exchange Commission, saying that it might provide loopholes for issuers or other crypto companies that otherwise would be regulated under the SEC and be subject to securities registration and reporting requirements. But as has been seen in other recent hearings, Trump's crypto ties again reappeared as the star of the show. Bart Naylor, a policy expert at Public Citizen and a former investigator for the Senate Banking Committee, said he believes Trump is specifically soliciting gifts through his memecoin and selling favors through actions like his memecoin dinner or by terminating SEC lawsuits against companies which donated money to him. White House officials have routinely denied Trump is exhibiting a conflict of interests in his pursuit of digital assets business gains. Waters had staged a walkout last month from what was meant to be a joint hearing of this and the House Agriculture Committee on crypto policy, though industry insiders were careful to note that not all the panel's Democrats followed Waters' departure.
Yahoo
28 minutes ago
- Yahoo
Trump says fresh US-China trade talks in London next week
US President Donald Trump announced Friday a new round of trade talks with China in London next week, a day after calling Chinese counterpart Xi Jinping in a bid to end a bitter battle over tariffs. The talks in the British capital on Monday will mark the second round of such negotiations between the world's two biggest economies since Trump launched his trade war this year. "The meeting should go very well," said Trump in a post on his Truth Social platform. The president added that US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer would meet the Chinese team. The first talks between Washington and Beijing since Trump slapped levies on allies and adversaries alike took place in Geneva last month. While Trump had imposed a sweeping 10 percent duty on imports from most trading partners, rates on Chinese goods rocketed as both countries engaged in an escalating tariffs battle. In April, additional US tariffs on many Chinese products hit 145 percent while China hit back with countermeasures of 125 percent. Following the talks last month, both sides agreed to temporarily bring down the levels, with US tariffs cooling to 30 percent and China's levies at 10 percent. But this temporary halt is expected to expire in early August and Trump last week accused China of violating the pact, underscoring deeper differences on both sides. US officials have accused China of slow-walking export approvals of critical minerals and rare earth magnets, a key issue behind Trump's recent remarks. While Trump's long-awaited phone call with Xi this week likely paved the way for further high-level trade talks, a swift resolution to the tariffs impasse remains uncertain. dk-bys/acb
