The head of the Saudi General Authority of Civil Aviation, Abdulaziz Al-Duailej, stressed the importance of strengthening cooperation between Middle Eastern countries to confront the challenges facing the aviation sector, noting that passenger traffic in the region declined by 20 percent during the period from January to August 2026, compared to the same period of the previous year.
The Chairman of the Authority explained, during the eighth meeting of Directors-General of Civil Aviation in the Middle East region, held in Qatar, that the available seat capacity decreased by more than 16 percent during the same period, according to data from the International Air Transport Association (IATA), in light of the regional developments that cast a shadow on the aviation sector, and affected air transport movement, demand levels, and the operational capacity of carriers.
He stressed the importance of enhancing coordination and cooperation between countries of the region, exchanging operational information, and raising the readiness of emergency plans and business continuity, in a way that supports air traffic safety and enhances the sector’s flexibility and ability to deal with crises and limit their effects.
He pointed out that Saudi Arabia dealt with the exceptional circumstances by activating the approved plans, taking advantage of the diversity and integration of its transportation modes, by providing alternative transportation routes and multiple options for travellers, with the support of the Saudi leadership.
He stressed that the future of civil aviation requires greater integration and joint work between countries and regional organizations, ensuring the highest levels of safety and sustainability are maintained in the region and the world.
Canadian Prime Minister Mark Carney said that the pace of trade talks with the administration of US President Donald Trump has accelerated slightly, but any progress achieved is due to Washington being close to meeting Canada's demands.
Carney's statements come 8 days before the US midterm elections, at a time when White House economic advisor Kevin Hassett indicated that the two countries are close to reaching an agreement.
“If any progress has been made, it is because the United States has come closer to our position,” Carney said.
The office of Trade Minister Dominique LeBlanc said that Canada remains engaged in a “constructive dialogue” with Washington.
Carney described the pace of discussions as having witnessed a “very slight acceleration,” but stressed that the Canadian negotiating position had not changed.
Carney acknowledged that he could not be sure that Trump would adhere to any new trade agreement. When he was asked whether the US President would sign the agreement “with a pen,” after Carney had previously warned that Washington’s signature was sometimes “with a pencil,” he replied: “I don’t know that.”
Canada rejected the US conditions in August, after it appeared that the two countries were close to reaching an agreement. Carney said the offer crossed Canada's "red lines."
Subsequently, Trump imposed 50 percent tariffs on Canadian goods worth about $20 billion, prompting Ottawa to respond with retaliatory measures and impose additional trade restrictions.
HSBC Bank announced, on Tuesday, an increase in its profits in the third quarter of the year, but its revenues fell below analysts’ expectations, partly affected by the slowdown in growth in wealth management activities, which pushed the bank’s shares to decline by about 6 percent.
Pre-tax profits at Europe's largest bank rose 32 percent to $9.6 billion during the period from July to September, in line with expectations. The bank announced the launch of a share buyback program worth up to one billion dollars, which is the same amount it allocated to the program in the previous quarter, according to Reuters.
But revenue rose 5 percent to $18.6 billion, below analysts' expectations of $19 billion.
The decline in the bank's shares listed on the Hong Kong Stock Exchange reflects the high level of investors' expectations regarding the banks' performance, in the wake of the strong results recorded recently by European banking institutions, despite the fact that the repercussions of the Iranian war on inflation and interest rates make the working environment more difficult for the banking sector. However, the bank's stock is still up 9 percent since the beginning of the year.
The bank's chief financial officer, Pam Corr, told reporters during a conference call, in response to a question about the stock's decline: “The market sometimes expects us to raise our expectations or goals.”
The bank's wealth management sector revenues stabilized at $2.7 billion, compared to annual growth of 15 percent and 23 percent during the first and second quarters, respectively.
Analysts at Citi and Jefferies believed that the results were somewhat lower than expectations, but they pointed out that the basic trends in the bank’s wealth management and private banking balances suggest that the business’s performance was better than reflected in overall revenues.
British banks face pressure to increase taxes
HSBC benefited from not recording legal provisions during the third quarter, in contrast to the corresponding period last year. He also announced a decline in expected credit losses by 17 percent to $800 million, thanks to the decrease in provisions related to the real estate sector in Hong Kong, in addition to wealth management activities in Britain and Mexico.
The bank confirmed that it is on the right track to achieve its basic profitability goals until 2028, in an additional indication that European banks continue to achieve strong profits in recent years.
The strong performance of the banking sector led to escalating demands from pressure groups in Britain, where HSBC is headquartered, to increase taxes on banks as part of Finance Minister John Healey’s first budget, scheduled to be announced on Wednesday.
On the other hand, bank officials have intensified their efforts to avoid increasing taxes imposed on the sector, warning that this step may limit lending and reduce Britain's competitiveness.
The bank explained that the regulatory reforms to banking capital known as “Basel 3.1” will enhance its core capital ratio by up to half a percentage point, after it had previously described the expected benefits of these reforms as “limited.”
HSBC announced an interim dividend of $0.10 per share, the same level recorded in the previous quarter.
