29/09/2025

BIZ & FINANCE MONDAY | SEPT 29, 2025

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158 firms have ties to Israeli settlements: UN

Argentina Treasury taps market to rebuild reserves BUENOS AIRES: Argentine markets rallied at the end of a volatile week, buoyed by a multi-billion dollar influx from agricultural exporters and strong support from the US Treasury. A temporary tax break spurred the farm sector to commit to selling US$7 billion in exports. Separately, US Treasury Secretary Scott Bessent announced negotiations for a US$20 billion currency swap and pledged broad support for the country. Argentina’s Treasury is taking advantage of the inflow to purchase dollars – a move viewed by the market as a soft currency intervention. Economy Minister Luis Caputo said the Treasury had purchased a total of US$1.745 billion over two days. The wholesale peso staged a comeback on Friday to trade at 1,330 to the dollar, reversing a sharp decline from the start of the week when it hit a record low of 1,476 and neared the limit set by the central bank. “The Treasury has already begun rebuilding reserves,” said Federico Filippini, an analyst at Adcap Grupo Financiero. “What’s more, the decisive support from the United States has stabilised conditions.” The wholesale peso appreciated nearly 11% in the week after slipping some 1.3% the week before, while the S&P Merval stock index closed with a 6.4% weekly gain to rebound from a 4.3% loss last week. In contrast, government bond prices fell 1.5% on average as investors cashed in on recent gains. Agricultural exporters have until today to liquidate 90% of what they’ve declared. “The Treasury must take advantage of this temporary window to continue accumulating reserves, as it won’t have this opportunity later,” said brokerage firm Max Capital. Argentina’s country risk hovered around 1,010 basis points on Friday, down sharply from a peak of 1,500 points a week ago. – Reuters

throughout the UK”. “This cyberattack was not only an assault on an iconic British brand, but on our world-leading automotive sector and the men and women whose livelihoods depend on it.“ JLR has said its partial systems restart was helping to clear a backlog of payments to its suppliers, after unions warned that some were at risk of collapse due to the disruption. – AFP diligence of businesses working in contexts of conflict to ensure their activities do not contribute to human rights abuses,” UN human rights chief Volker Türk said. The report also said that states should act to ensure businesses were not contributing to abuses. Israel and the US have long protested the “disproportionate attention” given to Israel by the Geneva-based Human Rights Council. Civil society groups say the database, mandated by the council in 2016, is an important tool to ensure transparency around business activities in the West Bank and to prompt companies to rethink their activities. Israeli settlements have grown in size and number since Israel captured the West Bank in the 1967 war. They stretch deep into the Palestinian territory with a system of roads and other infrastructure under Israeli control, further slicing up the land. A UN Commission of Inquiry last Tuesday found that since October 2023, Israeli policies have demonstrated clear intent to forcibly transfer Palestinians, expand Jewish settlements, and annex the entire West Bank. Israel dismissed the report and said the Commission was pursuing a politically-driven agenda. US President Donald Trump said on Thursday that he would not allow Israel to annex the West Bank, rejecting calls from some far-right politicians in Israel who want to extend sovereignty over the area and snuff out hopes for a Palestinian state. – Reuters responsibility

“This database is meant to serve as a blacklist against businesses that have committed no wrongdoing, as there is no general prohibition in international law against business activity in areas of conflict,” the Israeli mission in Geneva said in a statement. “Where business enterprises identify that they have caused or contributed to adverse human rights impacts, they should provide for or cooperate in remediation through appropriate processes,” the report said. Most of the firms named in the database are domiciled in Israel but it also includes international firms listed in Canada, China and France alongside those from the United States, Germany and other countries. Scrutiny of companies’ operations in the Israeli settlements has increased since Israel’s military campaign in Gaza and simultaneous increase in raids in the West Bank that Israel says target militants but which have harmed civilians as well. The list, which focuses primarily on business activities related to construction, real estate, mining and quarrying, is not exhaustive, as the Office is still to screen more than 300 businesses submitted for assessment. “This report underscores the due government will lend money directly to JLR, which is owned by India’s Tata Motors. Instead, a government credit agency will provide the guarantee for a loan from a commercial bank that will be repaid over five years. Trade Minister Peter Kyle said the guarantee “will help support the supply chain and protect skilled jobs in the West Midlands, Merseyside and

o Report says businesses must ensure they are not contributing to abuses

GENEVA: More than 150 businesses, including Airbnb, Booking.com BV, Expedia and TripAdvisor, are operating in Israeli West Bank settlements deemed illegal by the UN, a report by the organisation’s human rights office showed. The list, which was previously updated in 2023, now has 68 new names, taking the total to 158; Israel said it unfairly vilifies companies working legally. New additions include major German cement maker Heidelberg Materials AG, which said it had disputed the listing, telling Reuters it was no longer active in occupied Palestinian territory. Most of the new companies were domiciled in Israel. Seven firms previously listed were taken off, including British registered online travel company Opodo and Spanish-domiciled online travel agent eDreams ODIGEO S.A.; the report said there were reasonable grounds to believe they were no longer involved in the LONDON: The British government agreed to a loan guarantee worth £1.5 billion (RM8.4 billion) for Jaguar Land Rover to shore up its cash reserves and supply chain, the trade minister said yesterday, after a damaging recent cyberattack. JLR said on Sept 2 that it had been targeted by hackers, forcing it to suspend production at its UK factories.

activities that previously justified their inclusion. All the companies listed were involved in one or more of the 10 activities that the rights office said raised particular human rights concerns. Travel firm Expedia said: “We connect travellers with independently operated accommodations, including some in disputed areas. “These listings are clearly labelled, comply with international laws and sanctions, and undergo enhanced due diligence guided by UN standards.” The other accommodation platforms listed in the UN database did not immediately respond to Reuters requests for comment. Israel cites biblical and historical ties to the West Bank to dispute the 2024 ruling by the UN’s highest court – which is backed by most of the international community – arguing that the territory is not occupied in legal terms because the land is disputed. The automaker said on Thursday that its IT systems were partly back online as part of a “phased restart”, but production would remain on pause until at least Oct 1. The government announced that it would back the company with a loan guarantee “expected to unlock up to £1.5 billion to give certainty to its supply chain”. The move does not mean that the

UK agrees to loan guarantee for Jaguar Land Rover

UAE president meets OpenAI CEO to discuss AI collaboration ABU DHABI: The president of the United Arab Emirates, which has been spending billions in its push to become a global player in AI, met OpenAI chief executive Sam Altman in Abu Dhabi on Saturday. Discussions between Sheikh

Mohammed bin Zayed Al Nahyan and Altman focused on strengthening cooperation between OpenAI and its counterparts in the UAE, particularly in the field of AI research and its practical applications, the UAE state news agency said. “This cooperation aligns with the UAE’s ambition to establish an integrated AI ecosystem, supporting the country’s development plans and its drive to build a knowledge-based economy.” The UAE is building one of the world’s largest AI data centres and launching a new Arabic-language AI model. It has also been looking to leverage its strong relations with the United States to secure access to AI technology. In May, the UAE and America signed an agreement for the Gulf state to build one of the largest artificial intelligence campuses outside the US. – Reuters

Sheikh Mohamed meeting with Altman at al-Shati Palace in Abu Dhabi. – AFPPIC/UAE PRESIDENTIAL COURT