US offficials have read out a draft of a proposed memorandum of understanding between the United States and Iran that could form the basis of an agreement to end months of conflict in the Middle East.

The draft emerged after US President Donald Trump announced that Washington and Tehran had agreed on a framework aimed at ending hostilities, reopening the Strait of Hormuz and establishing a roadmap towards a broader settlement covering sanctions, trade and Iran’s nuclear programme.

The proposed agreement follows a conflict that began on February 28, when US and Israeli strikes targeted senior Iranian leadership and military infrastructure. Iran later confirmed the death of Supreme Leader Ayatollah Ali Khamenei.

While the memorandum is not a final peace treaty and remains subject to further negotiations, it provides the clearest indication yet of the provisions currently under discussion between Washington and Tehran.

Below are the 14 key points contained in the framework, as confirmed by US officials on Thursday amid Trump signing the agreement.

US-Iran Memorandum of Understanding

1. End of hostilities

2. Sovereignty and non-interference

The United States of America and the Islamic Republic of Iran undertake to respect each other’s sovereignty and territorial integrity and to refrain from interfering in each other’s internal affairs

3. Negotiations on a final agreement

The United States of America and the Islamic Republic of Iran commit to negotiating and achieving the final deal in maximum 60 days, extendable with mutual consent.

4. Lifting of naval restrictions and restoration of shipping

Immediately upon the signing of this MOU, the United States of America will begin the removal of its naval blockade and any disturbances or impediments against the Islamic Republic of Iran, and will fully end the naval blockade within 30 days. During this period, the traffic of vessels will be in proportion to the numbers of pre-war traffic being restored by the Islamic Republic of Iran. The United States of America further undertakes to remove its forces from the proximity of the Islamic Republic of Iran within 30 days after the final deal.

5. Restoration of merchant shipping

Upon the signing of this MOU, the Islamic Republic of Iran will make arrangements using its best efforts for the safe passage of commercial vessels with no charge, for 60 days only, from the Arabian Gulf to the Sea of Oman and vice versa. The traffic of commercial vessels will immediately start, and considering the need for removing the technical and military obstacles and demining by the Islamic Republic of Iran will be instated within 30 days. The Islamic Republic of Iran will conduct dialog with the Sultanate of Oman to define the future administration and maritime services in the Strait of Hormuz in discussion with other Arabian Gulf littoral states in line with the applicable international law and the sovereign rights of coastal states of the Strait of Hormuz.

6. Economic rehabilitation and development

The United States of America undertakes with regional partners to develop a definitive, mutually agreed plan with at least USD 300 billion for the reconstruction and economic development of the Islamic Republic of Iran. The mechanism for the implementation of this plan will be finalized as part of a final deal within 60 days. All required licenses, waivers, and permissions needed for the relevant financial transactions will be granted by the United States of America.

7. Sanctions relief

The United States of America undertakes to terminate all types of sanctions against the Islamic Republic of Iran, including the United Nations Security Council resolutions.

IAEA Board of Governors resolutions, all unilateral US sanctions, primary and secondary in an agreed upon schedule as part of the final deal. The Islamic Republic of Iran and the United States of America acknowledge the critical importance of the sanctions termination issue above mentioned, and expressed their intentions to immediately address these issues in the negotiations in order to achieve mutual agreement on them.

8. Nuclear commitments

The Islamic Republic of Iran reaffirms that it shall not procure or develop nuclear weapons. The United States of America and the Islamic Republic of Iran have agreed to resolve the disposition of stockpile enriched material pursuant to a mechanism that will be mutually agreed upon in accordance with the schedule mentioned in paragraph seven with the minimum methodology to be down blended on site under the supervision of the IAEA. The two parties also agreed to discuss the issue of enrichment and other mutually agreed matters related to the Islamic Republic of Iran’s nuclear needs, based on a satisfactory framework being agreed upon in the final deal. The final deal will confirm the provisions of this paragraph. The United States of America and the Islamic Republic of Iran acknowledge the critical importance of the nuclear issues above mentioned. They express their intention to immediately address these issues in the negotiations in order to achieve mutual agreement on them.

9. Maintaining the status quo

Pending the final deal, the United States of America and the Islamic Republic of Iran agree to maintain the status quo. The Islamic Republic of Iran will maintain the current status quo of its nuclear program, and the United States of America will not impose any new sanctions and will not deploy additional forces in the region.

10. Oil export waivers

The United States of America undertakes that immediately upon the signing of this MOU and until the termination of sanctions, US Department of Treasury will issue waivers for the export of Iranian crude oil, petroleum products, and derivatives, and all associated services, including banking transactions, insurances, transportation, etc.

11. Release of frozen assets

The United States of America undertakes to make fully available for use the frozen or restricted funds and assets of the Islamic Republic of Iran upon the implementation of this MOU. The United States of America and the Islamic Republic of Iran will mutually agree on the procedures related to the release of these funds during negotiations. Such funds, whether retained in the original account or transferred, shall be made fully usable for payment to any ultimate beneficiary designated by the Central Bank of the Islamic Republic of Iran. The United States of America undertakes to issue all necessary licenses and authorizations accordingly

12. Implementation mechanism

The United States of America and the Islamic Republic of Iran agree that an executive mechanism will be established to monitor the successful implementation of this MOU and the future compliance of the final deal.

13. Negotiations on remaining provisions

After signing this MOU, and subject to the beginning of the implementation of paragraphs 1, 4, 5, 10, and 11 of this MOU, and the continuing implementation of these measures, the United States of America and the Islamic Republic of Iran will start negotiations regarding the final deal exclusively on the other paragraphs.

14. UN Security Council approval

The final deal will be endorsed by a binding UNSC resolution.

Grappling with its driest June in more than a decade, India’s financial capital of Mumbai has cut water supply to construction sites and reduced industrial usage by 20 per cent starting from Wednesday, as reservoir levels decline.

Mumbai, on the western coast of the country, is dependent on seven lakes outside the city for its water supply, and they are now at 10.35 per cent of their total capacity, authorities said. That leaves the city of 13 million with just 40 days’ worth of water.

As of Wednesday, authorities said water supply to all construction sites will be temporarily disconnected and new water connections for such sites will be put on hold.

Water supply to industrial, commercial establishments and sports clubs will also be cut by 20%, a statement from the city’s civic body said late on Tuesday. A 10 per cent water cut was already imposed by authorities in mid-May.

The state of Maharashtra, of which Mumbai is capital, has received 75 per cent lower rainfall than average in the first 16 days of June, a weather official said.

Monsoon rains usually arrive over Mumbai in the first week of June, but they are expected at the end of the month this year.

“Usually in June, Mumbai receives pre-monsoon showers, and by mid-June the monsoon brings steady rainfall,” the official said.

Most construction sites in Mumbai depend on commercial water tankers for their supply, Sukhraj Nahar, the president of industry body CREDAI MCHI, told Reuters, adding that there was unlikely to be a major impact on business, since the monsoon was expected soon.

“We will handle the situation for 10 days until the rains arrive. But where is the long term thinking?” Niranjan Hiranandani, one of the city’s leading real estate developers and managing director of the Hiranandani Group, told Reuters.

India is facing its weakest monsoon in 11 years, spurring worries in markets and among consumers about lower harvests and higher food prices.

Al Ansari Financial Services (AAFS), one of the GCC’s largest financial institutions, has reached a milestone of 1,000 UAE National employees across its businesses, reinforcing its position as one of the leading contributors to Emiratisation within the UAE’s private sector.

The achievement comes as the UAE continues to advance Emiratisation across the banking, financial and insurance sectors under targets set by the Central Bank of the UAE (CBUAE), as part of the wider NAFIS programme launched under the Projects of the 50 initiative.

With 1,000 UAE National employees, Al Ansari Financial Services is among the largest private sector employers of Emirati talent within the UAE’s exchange house segment, according to CBUAE sector data.

Data released by the Central Bank in April 2026 showed that UAE Nationals employed across the banking, financial and insurance sectors reached 23,364 by the end of 2025. Exchange houses accounted for 15 per cent of total Emirati employment across these sectors.

The growth in Emirati participation reflects broader progress in meeting national workforce targets, with regulated financial institutions increasingly focusing on integrating UAE Nationals into specialised and long-term career paths across the industry.

Mohammad A. Al Ansari, chairman of Al Ansari Financial Services, said: “Reaching 1,000 UAE National employees is a milestone we are proud of, and one that reflects something deeper than a number. From the earliest days of the Group, we have believed in the potential of UAE National talent, and that belief is embedded in how we build our business. Emiratisation is not a compliance exercise for us; it is a long-term investment in the people.”

Georgette Yousef, group chief human resources officer at Al Ansari Financial Services, added: “Developing Emirati talent remains a strategic priority for the Group and an important part of supporting the UAE’s long-term economic agenda. Reaching this milestone reflects sustained investment in creating career pathways across financial services operations, customer-facing roles, technology, human resources, compliance, and corporate functions.”

The company said it will continue investing in talent development, training and workforce participation initiatives aligned with the UAE’s economic diversification and human capital development objectives.

Shares in premium German automaker BMW fell around 7 per cent after it issued a profit warning late on Tuesday that some analysts said could herald a broader strategic rethink, including capacity cuts in Europe.

BMW blamed protracted weakness in China, the world’s biggest car market, and the impact of the Iran war on prices and customer sentiment. Analysts at Deutsche Bank and Jefferies both said the outlook cut was significantly larger than expected.

Wednesday’s price fall took BMW shares to their lowest level since November 2020 and weighed on shares across the European auto sector, including German rivals Volkswagen and Mercedes-Benz.

In addition to lowering its operating auto margin to 1 per cent to 3 per cent, from 4 per cent to 6 per cent previously, BMW said it would intensify cost-cutting, with a negative one-off in the second half of 2026.

BMW delivered its profit warning, which JP Morgan analysts described as radical, only six weeks after the company confirmed its outlook during first-quarter results.

It is a bad start for CEO Milan Nedeljkovic, who took over from longtime leader Oliver Zipse last month.

“After three profit warnings in the last two years, all largely China-related, BMW’s nimbus of the ‘steady Eddy’ in Autos clearly took a hit,” Deutsche Bank analysts wrote in a note.

Brokerage Jefferies said it expected the overhaul would largely hit BMW’s German operations and may accelerate localisation in markets including China and North America to protect margins and avoid exports from Germany.

This could result in the announcement of a 10-15 per cent capacity cut at the company’s capital markets day later this year, JP Morgan analysts wrote.

Other automakers are also being forced to rethink.

Oliver Blume, CEO of Volkswagen, Europe’s largest carmaker by sales, has warned that the traditional export model that buoyed Germany’s auto industry for years no longer delivers.

It has undertaken a major restructuring that has embedded the company more deeply in China, where local brands have taken market share from foreign imported autos in recent years.

Cut-throat competition in China has only intensified after a downturn in domestic car sales ​extended into an eighth consecutive month in May.

The Chinese price war has spilled into the European market as Chinese automakers compete with Europe’s premium brands, causing Porsche to change its long-term assessment of what used to be its profit driver.

Emirates has launched a Comprehensive Travel Cover designed to provide customers with broader protection throughout their journey.

The new offering includes medical cover for conflict-related incidents, airline-managed hotel accommodation during major disruptions, and extended-stay support across a range of unexpected travel scenarios.

Read more-Etihad, Abu Dhabi tourism body launch free medical insurance for international visitors

According to an Emirates media report, customers affected by disruptions will also be rebooked to their final destination at no additional cost when itineraries involve connecting airlines or when Emirates services become unavailable. This includes situations where flights are cancelled due to conflict-related disruptions.

The airline said the new insurance product aims to give travellers greater confidence from the moment they book their trip, combining expanded coverage supported by Travel Guard with additional disruption assistance provided directly by Emirates.

Enhanced insurance benefits for global travellers

Emirates’ Comprehensive Travel Cover includes trip cancellation protection, compensation for baggage delays or loss, unlimited medical expenses and emergency evacuation coverage worldwide, among other benefits.

A newly introduced conflict-related coverage feature provides reimbursement of medical expenses of up to $25,000, along with a free trip extension of up to 30 days. The coverage is not limited by government travel advisories, offering customers additional flexibility during uncertain situations.

The airline said the product reflects its ongoing focus on improving customer experience and supporting passengers throughout their travel journey.

In addition to insurance benefits, Emirates will provide airline-managed hotel accommodation during disruptions, including airspace closures. This service will be delivered as an airline support measure and is separate from the insurance-related benefits.

The new offering adds to existing customer-focused initiatives, including free date changes for eligible tickets booked from 2 April and the option to hold fares for 24 hours at no additional charge, allowing customers more flexibility when planning trips.

Emirates partners with Travel Guard to expand protection

Emirates said the Comprehensive Travel Cover is available at an accessible premium and can be purchased when booking flights through emirates.com or added later through the Manage Booking section.

Sir Tim Clark, President of Emirates Airline, said customer feedback highlighted a need for more comprehensive travel insurance options as demand for travel continued to grow.

“Listening to customer feedback, we realised that travel demand remains strong but there was a gap in the market with regards to travel insurance cover. Therefore, we acted to address our customers’ needs,” Clark said.

“Together with Travel Guard, a leader in the global insurance industry, Emirates is pleased to offer an enhanced travel insurance product that is as comprehensive as it is reassuring for a wider range of situations.”

He added that the product would provide customers with greater confidence while planning journeys to and through Dubai, particularly during periods of strong seasonal travel demand.

Russel Antonio, head of Global Business and Partnerships at Travel Guard, said the collaboration with Emirates reflects a shared focus on improving customer experiences.

“Our long-standing collaboration with Emirates is grounded in a shared commitment to elevating the customer experience,” Antonio said.

“By combining our strengths once again, this new comprehensive travel product offers enhanced protection that sets a new benchmark in the industry and responds to the needs of today’s travellers.”

The Comprehensive Travel Cover is available in selected markets, including the United Arab Emirates, United Kingdom, Canada, Singapore, South Africa, Australia, and several European countries.

Terms and conditions apply, coverage and availability may vary by market and the insurance is delivered as an airline service (not an insurance related benefit)

Comprehensive Travel Cover is available to purchase in the following markets:

Austria, Bahrain, Belgium, Canada, Cyprus, Czech Republic, Denmark, France, Germany, Greece, Hungary, Ireland, Italy, Kuwait, Malta, Netherlands, New Zealand, Norway, Poland, Portugal, Singapore, South Africa, Spain, Sweden, Switzerland, United Arab Emirates, United Kingdom