India and New Zealand have signed a free trade agreement, formalising a deal that lowers barriers on goods and services traded between the two countries. Commerce and Industry Minister Piyush Goyal signed for India, while New Zealand's Trade and Investment Minister Todd McClay represented his side. The signing marks a significant shift in bilateral economic ties, which have historically been limited compared to India's trade relationships with other Pacific nations. A free trade agreement typically removes or reduces import duties, making goods cheaper for businesses and consumers on both sides, and opens up services sectors to greater cross-border competition. For India, such deals can expand export markets for goods like textiles, pharmaceuticals, and IT services. New Zealand's key exports, dairy, meat, and agricultural products, could gain easier access to the large Indian market. Watch for details on tariff schedules, phase-in timelines, and which product categories get the most favourable treatment, as these will determine the actual economic impact for both sides.
Qatar's foreign ministry said mediators including Qatar, Pakistan, and Oman have reached "very progressive stages" in efforts to end the US-Iran war, pushing Brent crude down more than four percent.
Qatar confirmed it is mediating between the US and Iran but said no direct talks are currently planned. The clarification follows conflicting statements from President Trump, who claimed talks are under way, and Tehran, which denied any dialogue is happening.
Saudi Aramco reported sharply higher second-quarter 2026 profits as the Iran war restricts global oil supply and pushes crude prices up. Other oil supermajors also posted outsized earnings, raising concerns about sustained fuel cost pressure for importing economies.
President Trump called current Iran negotiations the "last chance" to end five months of conflict, pushing oil prices higher. Tehran denied formal talks are taking place, raising the risk of a diplomatic breakdown with direct consequences for global energy markets.
