Pakistan's top oil refiners see profits surge more than 1,860%
Pakistan's four largest listed oil refineries saw their combined profits soar by more than 1,860 per cent in the quarter ending September 2026,...
U.S. President Donald Trump launched his Board of Peace at a ceremony in Davos, Switzerland, on Thursday (22 January). Initially intended to cement a ceasefire in Gaza, he also spoke about other conflicts, such as the nearly four-year-long war in Ukraine.
There is a commitment to ensure Gaza is demilitarised and "beautifully rebuilt," Trump said as he unveiled the charter for his Board of Peace. He added that the body could take on a wider role that may worry other global powers, although he said it would work with the United Nations.
"Once this board is completely formed, we can do pretty much whatever we want to do. And we'll do it in conjunction with the United Nations," Trump said, adding that the UN had great potential that had not been fully utilised.
World leaders who accepted Donald Trump’s invitation to join the Board of Peace took to their seats on stage in Davos, including the leaders of Azerbaijan, Armenia, Argentina, Kazakhstan, Uzbekistan, Pakistan, Qatar, UAE Saudi of Arabia, Türkiye, Indonesia, Hungary and others.
Kosovo President Vjosa Osmani appeared to be the only woman present. A white chair was placed between the Azerbaijani and Armenian presidents for Donald Trump, who has named himself the board’s lifetime leader.
Trump called it a "very exciting day" as he addressed the launch of his Board of Peace, saying "everybody wants to be a part" of the initiative, despite most European countries, including the UK, not signing up.
Trump said the board would work "with many others, including the United Nations," and repeated his claim that "we have peace in the Middle East," adding that his administration had "settled eight wars" with another, referring to Ukraine, "coming pretty soon."
He said the Ukraine conflict was "the one that I thought was going to be an easy one" but had proved "probably the most difficult," as negotiations intensified, with envoy Steve Witkoff saying only one issue remains unresolved.
Trump said a peace deal could be "pretty soon." Earlier, he had also said "I think they're getting close" to a deal. Ukrainian President Volodymyr Zelenskyy will meet with Trump later on Thursday in Davos.
Trump called the group of leaders on stage with him the "very first group of distinguished members of the Board of Peace.
He thanked former Prime Minister of the United Kingdom Tony Blair, who will serve on its Executive Board overseeing the Gaza plan, saying, "Thank you, Tony, for being here. We appreciate it."
Trump then praised his own record, claiming, "Today, the world is richer, safer and much more peaceful than it was just one year ago."
"We put out all those fires a lot of people didn't know, including me," he said.
After highlighting his administration’s global achievements, President Trump turned to Venezuela, claiming that "thanks to the unrivalled skill, power and might of the US military, we captured the outlaw dictator Nicolas Maduro and the people of Venezuela."
He said the U.S. now has "great relationships with the new leaders of Venezuela" and is opening the country to U.S. oil firms, adding, "we've already taken out 50 million barrels of oil" with revenues partly returning to Venezuela.
Trump said the country would "do more income with us in a short period of time than they did in years," as companies "want to go in immediately" and are already "touring the sites."
Trump said more leaders were expected to join his Board of Peace, claiming "just about every country wants to be a part of it."
He said invitation letters were sent out only days ago and that the leaders on stage were those "who happen to be in Davos."
His comments came after several countries, including the UK, Italy and Germany, declined to attend the signing.
Referring to those present, Trump said, "Every one of them is a friend of mine... I like every single one of them," adding: "Can you believe it? Usually I have about two or three that I don't like."
Trump repeated his claim that he has settled eight wars since returning to office, praising U.S. strikes on Iran last June that he said “obliterated” its nuclear capacity. Trump added that Tehran “does want to talk, and will talk.”
He also cited U.S. operations against ISIL in Syria, saying “many good things are happening,” and claimed threats to Europe, the U.S. and the Middle East “are really calming down.”
“Just one year ago, the world was actually on fire,” he said. “A lot of people didn’t know it.”
Trump said the initiative began with Gaza, noting a peace deal earlier this year that included the exchange of Israeli hostages and Palestinian prisoners.
He said the conflict was "really coming to an end", describing remaining violence as "little fires" that could be put out easily.
Trump added that Hamas "probably will" keep its promises, but warned it "has to give up their weapons and if they don't do that, it's going to be the end of them."
Rounding off his speech, Donald Trump invited the representatives to begin the signing with him. First up was Bahrain and Morocco, with the three holding up the documents before other members were called forward.
Asked earlier this week whether the board was meant to replace the United Nations, Trump said that "it might".
He argued the organisation "hasn't been very helpful" and "has never lived up to its potential", while adding that it should continue "because the potential is so great".
However, the United Nations has raised concerns that the board’s charter goes beyond Gaza. Secretary General António Guterres has warned against selective application of international law, saying it risks undermining the global order and the UN Charter.
So far, the initiative’s only formal mandate comes from the UN Security Council, which authorised it to operate in Gaza until 2027 to oversee reconstruction funding and a temporary international stabilisation force as part of Trump's Gaza peace plan. UN spokesperson Rolando Gomez said on Thursday that UN engagement with the board would only be in that context.
Apart from the U.S., no other permanent member of the UN Security Council - the five nations with the most say over international law and diplomacy since the end of World War Two - has yet committed to join.
Some traditional U.S. allies have balked at joining the board, which Trump says permanent members must help fund with a payment of $1 billion each, either responding cautiously or declining the invitation.
Russia said late on Wednesday it was studying the proposal after Trump said it would join. France has declined. Britain said on Thursday it was not joining at present. China has not yet said whether it will join.
However, around 35 countries have committed to join including Saudi Arabia, the United Arab Emirates, Egypt, Turkey and Belarus.
The signing ceremony will be held in Davos, Switzerland, where the annual World Economic Forum bringing together global political and business leaders is taking place.
Member states would serve three-year terms unless they contribute $1 billion to fund its activities and secure permanent membership.
The board's charter will task it with promoting peace around the world, a copy seen by Reuters showed, and Trump has already named other senior U.S. officials to join it.
The White House has named Secretary of State Marco Rubio, special envoy Steve Witkoff, former British Prime Minister Tony Blair and Jared Kushner to the founding Executive Board.
The ceasefire in Gaza, agreed in October, has sputtered for months with Israel and Hamas trading blame for repeated bursts of violence in which several Israeli soldiers and hundreds of Palestinians have been killed.
Both sides accuse each other of further violations, with Israel saying Hamas has procrastinated on returning a final body of a dead hostage and Hamas saying Israel has continued to curb aid into Gaza despite an ongoing humanitarian catastrophe.
Each side rejects the other's accusations.
Israeli Prime Minister Benjamin Netanyahu has accepted an invitation by Trump to join the board, the Israeli leader's office says. Palestinian factions have endorsed Trump's plan and given backing to a transitional Palestinian committee meant to administer the Gaza Strip with oversight by the board.
Trump has been characteristically bold in his comments on Gaza, saying the ceasefire amounts to "peace in the Middle East".
Even as the first phase of the ceasefire stumbles, its next stage must address much tougher long-term issues that have bedevilled earlier negotiations, including Hamas disarmament, security control in Gaza and eventual Israeli withdrawal.
On Wednesday (21 January) in Davos, Trump met Egyptian President Abdel Fattah al-Sisi, whose country played a major role in Gaza's peace mediation talks, and they discussed the board.
Iranian Supreme Leader Ayatollah Khamenei has ordered Iran's armed forces to respond to any threat immediately and without geographical limits in statements posted to social media platforms on Saturday (31 October).
Gen Z protests swept 34 German cities on Saturday (31 October) over education and living costs. Violence erupted in Frankfurt, where shops were looted and police reported Molotov cocktail attacks.
A six-day humanitarian ceasefire in the Russian-held Ukrainian town of Oleshky ended on Sunday, 1 November, after facilitating aid deliveries and civilian evacuations.
Thousands protested in Albania's capital, Tirana, on Saturday (31 October), demanding Prime Minister Edi Rama's resignation over perceived corruption allegations and dissatisfaction with the government over a lack of jobs and poor education standards.
Saudi Aramco's acquisition of a 49 per cent stake in artificial intelligence (AI) company HUMAIN is putting a spotlight on a wider investment question: why are some of the world's biggest energy companies moving deeper into AI, and what do they expect to gain?
ADIPEC 2026, the world's largest energy event, opened in the UAE capital on Monday, bringing governments and energy companies together at a time of heavy pressure on global supply.
The U.S. administration has reportedly proposed restarting Russian gas supplies to Europe through Ukraine as part of efforts to secure an energy ceasefire ahead of winter.
Israeli forces have withdrawn from the entire city of Hebron in the southern West Bank after a 10-day military operation that displaced thousands of Palestinians and left homes demolished, infrastructure damaged and businesses disrupted, according to the city's governor.
The United Nations is ending its 35-year peacekeeping mission in Western Sahara after the Security Council failed to agree on renewing its mandate, UN Secretary-General António Guterres announced on Sunday.
Kimi Antonelli became Formula One's youngest world champion at 20 years and 68 days old on Sunday when he finished third for Mercedes in a red-flagged and restarted Mexico City Grand Prix won by Red Bull's Max Verstappen.
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