ISTANBUL
Here’s a rundown of all the news you need to start your Monday, including renewed nuclear talks between Iran and key European powers, a pause in clashes across Syria, and a powerful earthquake off Russia’s Kamchatka Peninsula.
TOP STORIES
Iran and the three European countries of France, Germany and Britain, collectively known as the E3, have agreed to resume nuclear talks this Friday in the Turkish city of Istanbul, Iranian state broadcaster Press TV reported.
“Iran and the European troika – comprising France, Germany and Britain – will resume nuclear negotiations on Friday in Istanbul,” the broadcaster said.
Earlier in the day, the outlet reported that the four parties agreed in principle to resume nuclear negotiations this coming week, without providing details on the time and location.
All parties in Syria have agreed to pause violence as of 5 pm Damascus time (1400GMT) Sunday, the US special envoy for Syria announced.
"All parties have navigated to a pause and cessation of hostilities," Tom Barrack wrote on X.
The envoy said containing escalating hostilities requires an agreement to pause violence, protect civilians, allow humanitarian access and step back from danger.
A magnitude 7.2 earthquake struck off the eastern coast of Russia’s Kamchatka region, situated in the country’s Far East.
The regional branch of the Unified Geophysical Service of the Russian Academy of Sciences said on Telegram that the quake in the Pacific had a depth of 5 kilometers (3.1 miles).
It said the epicenter of the earthquake was 161 kilometers (100 miles) from Petropavlovsk-Kamchatsky, the region’s administrative center.
NEWS IN BRIEF
BUSINESS & ECONOMY
US chip giant Intel has launched a major downsizing campaign in Israel, slashing jobs and scaling back operations at its flagship manufacturing site in the southern city of Kiryat Gat, in a move signaling deeper structural challenges facing the company both locally and globally.
According to a detailed report by Israel’s Globes business daily, Intel reduced its workforce at the Kiryat Gat plant from around 5,000 employees in 2019 to 4,000 by the end of 2023.
The company is undergoing a global restructuring after a sharp decline in annual revenue — from $78 billion in 2020 to $53 billion in 2023 — and a net loss of $18.7 billion during the same period.
Oil prices fell below the key $70 mark last week as increased output from OPEC+ eased global supply concerns while renewed US tariff threats under President Donald Trump weighed on demand expectations.
Brent crude settled at $68.60 per barrel on July 18, down 2% for the week. West Texas Intermediate (WTI) dropped 2.3% to $66.
OPEC’s latest monthly report showed the group’s crude oil output rose by 220,000 barrels per day (bpd) in June to 27.023 million bpd. Production from the broader OPEC+ alliance climbed by 349,000 bpd to 41.56 million bpd during the same period.
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