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Seoul stocks open sharply lower amid Middle East crisis fears
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South Korean stocks opened sharply lower on Monday amid rising concerns over a broader Middle East conflict after Iran-backed Houthi militants in Yemen fired missiles at Israel. The benchmark KOSPI fell 240.94 points, or 4.43 percent, to 5,197.93 in the first 15 minutes of trading. Global oil prices climbed while U.S. troop deployments heightened fears.
President William Ruto has announced government measures to protect Kenyans from the impact of the Middle East conflict on fuel supplies. He highlighted a government-to-government fuel procurement deal cushioning price shocks and sufficient fertiliser stocks through September. He also pointed to growth in the tea sector and port activities.
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The World Bank Group has announced a coordinated plan to provide financial aid to vulnerable countries like Kenya amid the Middle East conflict's effects. President William Ruto warned oil marketers against hoarding fuel for profit. This comes as fuel prices surge and some Kenyan petrol stations report shortages.
Formula 1 is expected to announce within 48 hours whether to cancel its Bahrain and Saudi Arabian Grands Prix scheduled for April, due to escalating conflict in the Middle East. The decision follows a 10-day deadline set after talks at the Australian Grand Prix, driven by logistical challenges from the ongoing US and Israeli war on Iran. Both races are likely to be axed, creating a six-week gap in the 2026 calendar.
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Following initial de-escalation efforts including a proposed mediation visit by President Prabowo, Indonesia has postponed its 2026 D-8 Summit due to the worsening Middle East conflict and confirmed it did not co-sponsor UN Security Council Resolution 2817 condemning Iran's attacks on Gulf states.
The Dubai International Boat Show (DIBS) has announced the postponement of its 2026 edition amid a military escalation in the Middle East. The event, originally scheduled earlier, will now take place from November 25 to 29 in Dubai's port. This decision follows the outbreak of a military conflict in the region.
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Building on initial calls for de-escalation, China has ramped up diplomatic efforts including Foreign Minister Wang Yi's outreach to 11 nations and special envoy Zhai Jun's regional shuttle diplomacy to secure an immediate ceasefire in the US-Israel-Iran conflict, now in its 12th day.
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