Israel said it has begun implementing a ceasefire in Gaza after reaching agreement with Hamas for the Palestinian militant group to release all the hostages it holds.
The diplomatic breakthrough came after days of negotiations in the Egyptian resort town of Sharm El-Sheikh. It builds on a proposal from US President Donald Trump to end the two-year war, which has all but devastated Gaza, left tens of thousands dead and destabilized the Middle East.
The Israeli cabinet is convening to formally approve the agreement. Troops will start withdrawing from their positions in the 24 hours following the start of the truce, an Israeli official told us.
United Nations Secretary General António Guterres said the world body stands ready to support humanitarian efforts in Gaza. He emphasized that for the ceasefire to yield substantial progress, the UN would require unhindered access to the territory’s people — something Israel has often blocked in the past.
“We have all waited far too long for this moment,” Guterres said. “Now we must make it truly count.” — Jennifer Duggan
What You Need to Know Today
Gold’s ascent through $4,000 an ounce is yet another milestone in a three-year bull run that has defied die-hard skeptics and broken analytical models that have reliably predicted its rises and falls for decades. Here’s how bullion shook off its reputation as a barbarous relic and muscled its way back toward the center of the global monetary system.
Norway has faced increasing pressure from Trump and his administration to award the Nobel Peace Prize to the him tomorrow. The US President’s aggressive push to influence the decision has intensified with the ceasefire between Israel and Hamas. The Norwegian Nobel Committee has signaled that the pressure, in the form of calls to officials and public declarations, has been futile. But there are concerns about the diplomatic and economic fallout for Norway should the committee snub Trump.
Replicas of the obverse and reverse of the Nobel Peace Prize medal Photographer: JONATHAN NACKSTRAND/AFP
Across central Asia and the Caucasus, countries like Kazakhstan, Armenia and Azerbaijan, that were once firmly in Russia’s orbit are today forging deeper ties with China, the EU, Turkey and the Gulf states, as they seek to hedge against Kremlin aggression. Recent Russian strikes have highlighted risks, wiping out more than half of Ukraine’s domestic natural gas production.
Novo Nordisk agreed to buy Akero Therapeutics for as much as $5.2 billion to expand its portfolio in a type of liver disease that’s linked to obesity. Novo will pay $54 a share in cash, equivalent to $4.7 billion, reflecting a premium of about 16% to Akero’s closing price of $46.49 on Wednesday. A further $500 million could be paid depending on regulatory milestones being met.
Crypto helped get Trump elected. Now it’s wooing Nigel Farage’s right-wing Reform UK. Senior executives from some of the world’s largest digital-asset firms gathered in London to hear Zia Yusuf, the party’s head of policy, lay out his vision for crypto’s role in Britain’s financial industry. He tore into regulators and pledged that crypto would thrive under a Reform-led government, we’re told. The industry push to forge closer ties with Farage is risky, and it has led to discord in the UK crypto sector.
Ferrari shares plunged after the carmaker issued cautious forecasts that overshadowed the launch of the company’s first electric vehicle. Adjusted earnings will rise to at least €3.6 billion ($4.2 billion) by 2030 from €2.72 billion this year, the company said today. The outlook disappointed investors and implies a slower earnings growth rate than what management offered during their last capital markets day three years ago.
An Elettrica battery pack on the production line. Source: Ferrari NV
Saudi Arabia is making dramatic changes to its real estate market as Crown Prince Mohammed bin Salman seeks to solve one of Riyadh’s biggest hurdles: A property crunch that’s hindering its ability to compete with the financial hubs of Dubai and Abu Dhabi. From a five-year freeze on rents to a quadrupling of taxes to encourage the construction of more homes and offices, reforms have been rolled out rapidly — all with a goal of improving the quality of life in a city the prince has placed at the center of his Vision 2030 diversification blueprint.
The Qasr Al-Hokm station on the new metro line. Photographer: Maya Anwar/Bloomberg
