Turkey wants 'new and vibrant' phase for Iraq-Turkey oil pipeline, official says
In a presidential decision published in the Official Gazette earlier on Monday, Ankara said the Turkey-Iraq Crude Oil Pipeline Agreement - agreed by Turkey's government in 1973 and put into effect in 1975 - and all subsequent protocols or memorandums will be halted from July 27, 2026.
The official said the pipeline had the potential to become a "highly active and strategic pipeline for the region", and added Turkey had invested heavily in its maintenance, while repeatedly noting its importance for regional projects like the Development Road - a planned trade route involving Turkey and Iraq.
"A new and vibrant phase for the Iraq-Turkey Pipeline will benefit both countries and the region as a whole," the person said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
8 minutes ago
- Reuters
Morocco's king calls for addressing regional inequalities
RABAT, July 29 (Reuters) - Morocco's King Mohammed VI urged on Tuesday the government to elaborate a new generation of reforms to ensure equal development between the country's regions. "It is not acceptable for Morocco – today or at any time in the future – to be a two-speed country," the king, who has final say over the country's strategic policies, said in an annual speech marking 26 years of his reign. While the level of poverty has dropped in Morocco from 11.9% in 2014 to 6.8% in 2024, some inner regions show above-average poverty levels, according to the national statistics agency. Morocco has attracted industrial investments in sectors such as aerospace and car manufacturing, which now top its exports. However, most of the country's GDP, industry and critical infrastructure are concentrated in the northwestern areas, leaving the rest of Morocco dependent on farming, fisheries and tourism. "Some regions - particularly in rural areas - are still suffering from poverty and vulnerability, due to a lack of infrastructure and basic facilities," the king said. The new reforms should aim at improving social services, education, health care and water management as well as promoting employment, he said. Morocco created just 82,000 jobs last year, which falls short of reducing the country's high unemployment rate at 13.3%, according to the central bank. In his speech, the king also reaffirmed Morocco's readiness for "a frank, responsible, fraternal and sincere dialogue on the various issues pending" with Algeria. Algeria cut ties with Morocco in 2021, halted the flow of gas, banned Moroccan flights from crossing its airspace and imposed visas on Moroccans, after the kingdom resumed ties with Israel. The two most populous countries in the Maghreb are at loggerheads over the status of Western Sahara. Morocco considers the territory its own, while Algeria hosts and backs the Polisario Front, which seeks its own state there. The king also thanked the UK and Portugal, the most recent Western nations to back Morocco's autonomy plan for the territory.
Reuters
10 minutes ago
- Reuters
New Zealand government-owned Kiwibank to raise up $298 million
WELLINGTON, July 30 (Reuters) - New Zealand has approved government-owned Kiwibank's parent company raising up to NZ$500 million ($298 million) as it looks to compete with Australian banks that dominate its banking sector, Finance Minister Nicola Willis said on Wednesday. "(This) is the first step towards giving Kiwibank access to the capital it needs to truly compete with the big four Aussie banks while retaining its intrinsic New Zealand identity," Willis said in a statement. Kiwibank is New Zealand's fifth largest bank, with the four largest banks all Australian owned. In August 2024, following a review of the sector, New Zealand's competition watchdog suggested that capitalising Kiwibank could provide the sector with a disruptor, which could improve competition. Willis said that advice she had received was that an NZ$500 million of capital could support up to NZ$4 billion of business lending or NZ$10 billion of home lending. Kiwibank parent company Kiwi Group Capital had advised there is sufficient interest from professional New Zealand investor groups to proceed and has until June 2026 to complete a capital raise, the statement said. Willis added that a future government may choose to publicly list Kiwibank on the stock exchange but that will not occur without an electoral mandate. Kiwibank was established in 2001 and has a market share of around 9%. The government has introduced a number of measures to safeguard the bank as New Zealand-owned and operated including a requirement that government maintain a 51% stake in the bank and retain New Zealand as its principal place of business. ($1 = 1.6790 New Zealand dollars)
Reuters
10 minutes ago
- Reuters
Starbucks CEO details brand reset plan as turnaround efforts drive sales beat
July 29 (Reuters) - Starbucks (SBUX.O), opens new tab reported better-than-expected revenue rise for the third quarter, as demand in China improved while investments in labor and store operations, and changes to the menu helped it offset slowing consumer spending in its domestic market. The Seattle-based company's shares rose 3.8% to $96.50 in extended trading on Tuesday. After several quarters of falling sales, the coffee chain is in the midst of a "Back to Starbucks" initiative - a major brand reset - under CEO Brian Niccol. Since taking the top job in August, Niccol has pushed for a simplified menu, freshly baked food, cups with handwritten messages and quicker service. Niccol spoke expansively on Starbucks' turnaround efforts on Tuesday's post-earnings call, saying they were "ahead of expectations." He laid out examples of what was changing at stores and in customer experience. He said he wanted to change the "feel" of stores with "greater texture, warmth and layered design," and replace thousands of seats that were removed in recent years. By the end of 2026, at least 1,000 stores across North America will be upgraded, Niccol said. Starbucks is also piloting a new, lower-cost "coffee house of the future" design, featuring 32 seats and a drive-thru opening in 2026, along with a small-format version debuting soon in New York City. Niccol has pledged to increase investments in staffing in all 10,000-plus Starbucks-owned U.S. stores by the end of the summer. The company said it would invest over half a billion dollars of additional labor hours into its U.S. company-operated stores over the next year. Starbucks' net revenue rose 3.8% to $9.46 billion, beating analysts' estimate of $9.31 billion, although its overall same-store sales fell 2% for the quarter ended June 29, its sixth straight quarterly contraction. Analysts on average had estimated a 1.19% dip, according to data compiled by LSEG. In its largest North America market, the drop in quarterly same-store sales was flat at 2%. China comparable store sales increased 2%, compared with no growth in the second quarter. Intense competition from local rivals like Luckin Coffee and Cotti Coffee and increasingly frugal consumers prompted Starbucks to cut prices on select iced drinks by an average of 5 yuan last month. "The report came in less worse than expected, given some strength in China, but it remains a turnaround story," said Dave Wagner, portfolio manager at Aptus Capital Advisors. The company reported a profit of 50 cents per share on an adjusted basis, missing estimates of 65 cents. That excluded an 11 cent per share hit, partly from a leadership meet in Las Vegas earlier this year, when the company flew and housed more than 14,000 store managers and leaders from across North America to hear from corporate executives about the "Back to Starbucks" plan. Attendees were also treated to a private Bruno Mars concert. Operating margin in the third quarter contracted 650 basis points to 10.1% from the prior year, owing to higher spending tied to the business turnaround, additional labor hours and the leadership meet. "While there is still work to be done, the company's labor investments appear to be making a difference in peak-hour throughput," said R.J. Hottovy, head of analytical research at Starbucks has been exploring options such as strategic partnerships and joint ventures for its China business, which was valued at up to $10 billion, according to media reports earlier this month. Executives said on Tuesday that the company had received significant interest from more than 20 interested parties and was evaluating its options as it aimed to retain a "meaningful stake" in the business.
