A day of significant global developments is underway, as a major breakthrough is announced in the two-year Gaza war, the precious metal that has been the star of the market takes a breather, and a controversial and high-stakes technology deal in the Middle East takes a major step forward.
Here’s your one-stop stand to catch up on all the headlines you may have missed.
Israel and Hamas agree to terms for the release of all hostages
In a major breakthrough that could mark a turning point in the two-year Gaza war, Israel and Hamas have agreed to terms for the release of all hostages held by the Palestinian militant group.
“I am very proud to announce that Israel and Hamas have both signed off on the first Phase of our Peace Plan,” President Donald Trump said in a social media post on Wednesday.
The deal will see Hamas free the roughly 20 people who are still alive, along with the remains of more than two dozen who have died in captivity.
In return, Israel will release almost 2,000 Palestinian prisoners and withdraw its troops to an agreed-upon line. Trump said he expects the hostage releases to “probably” happen on Monday.
A proposed overhaul of UK jobless benefits could save the government 3 billion pounds
The UK government is proposing a major overhaul of its out-of-work benefits system that could save as much as £3 billion ($4 billion) a year while also increasing weekly payments to jobseekers.
According to a new analysis from the Institute for Fiscal Studies, a plan to replace two existing benefits with a single, time-limited allowance based on past contributions would more than offset the increased payments by reducing the cost of long-term claimants.
The analysis provides a boost for a government that has been struggling to contain a spiraling welfare bill and was recently forced to U-turn on a plan to cut disability and health-related benefits.
Gold retreats from its all-time record high on profit-taking after a torrid rally
After a torrid and seemingly unstoppable rally, gold has retreated from the all-time record high of over $4,000 an ounce it reached on Wednesday.
Bullion declined as much as 1 percent on Thursday, a pullback that analysts are attributing to profit-taking after technical indicators showed the precious metal has been trading in “overbought” territory for the past month.
The metal’s haven appeal also waned slightly after President Trump said a peace deal in the Middle East was “very close.”
Despite the pullback, gold remains more than 50 percent higher this year.
The US has approved several billion dollars of Nvidia chip sales to the UAE
The United States has approved several billion dollars worth of Nvidia Corp. chip exports to the United for Arab Emirates, a tangible first step in implementing a controversial AI deal that could serve as a blueprint for American tech statecraft.
The export licenses mark the first permits for Nvidia AI chip sales to the Gulf nation since President Donald Trump took office and are a sign of progress on a massive five-gigawatt data center deal that has been the source of significant consternation in Washington.
An American official confirmed the approval came after the UAE made concrete plans for a reciprocal amount of investment on American soil.
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