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China commits to more open economy, equal treatment for foreign firms

Li said China would import more high-quality goods and work with trading partners to promote balanced trade development and expand the global trade pie

Reuters
Reuters

22 March, 2026

China commits to more open economy, equal treatment for foreign firms
Image: Getty Images/ For illustrative purposes

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Premier Li Qiang promised further economic opening and equal treatment for foreign firms at the China Development Forum, aiming to reassure amidst global trade tensions. China seeks to foster a favorable business environment for confident foreign investment. This comes as China faces trade surplus concerns and anticipates a US visit, promoting itself as a stable global economic force.

Chinese Premier Li Qiang pledged on Sunday to further open up the economy and fully implement national treatment for foreign enterprises, as the country seeks to reassure the outside world amid rising global trade tensions.

China will focus on promoting high-quality development and continue to create a favourable business environment so that companies coming to China can develop with confidence and achieve great success, Li told the China Development Forum in Beijing, state media reported.

The annual two-day forum, which concludes on Monday, serves as a platform for Beijing to promote its economic trajectory and investment opportunities to foreign business leaders, Chinese officials, economists and academics.

This year’s gathering comes as the world’s second-biggest economy faces rising tensions with major trading partners over last year’s record $1.2tn trade surplus.

It also precedes an expected visit from US President Donald Trump, who postponed a trip originally planned for late March due to the US-Israeli strikes on Iran.

Senior executives attending include those from Apple, Samsung Electronics, Volkswagen, chipmaker Broadcom Inc, industrial conglomerate Siemens, chemical producer BASF and pharmaceuticals firm Novartis.

No Japanese company executives were listed on the guest list on the forum’s website.

China says it’s committed to ‘certainty’ and ‘stability’

Li said China would import more high-quality goods and work with trading partners to promote balanced trade development and expand the global trade pie, describing China as committed to being a “cornerstone of certainty” and “harbour of stability” for the world economy.

He said opening up and technological progress were needed to create new markets.

Etihad, Qatar Airways enhance loyalty programmes as Iran war impacts flights

Etihad eases loyalty requirements to support members, as Qatar Airways rolls out status extensions

Gulf Business
Gulf Business

22 March, 2026

Etihad, Qatar Airways enhance loyalty programmes as Iran war impacts flights

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Etihad Airways has reduced Etihad Guest tier qualification thresholds by 25% until March 2027, offering free cancellations for bookings up to the same date. Qatar Airways is extending Privilege Club tier status. These changes prioritize customer loyalty and flexibility amidst changing travel patterns, allowing members to retain benefits and plan with greater reassurance.

Etihad Airways has enhanced its Etihad Guest loyalty programme, introducing greater flexibility for members as travel patterns across the region adjust.

From March 18, the Abu Dhabi-based carrier reportedly reduced its tier qualification thresholds by 25 per cent across all membership levels, allowing travellers to retain or upgrade their status with fewer miles.

“The adjustment provides greater flexibility for members whose travel plans may have been affected in recent weeks,” Etihad Airways said in a statement.

The airline added: “The change recognises that many members have experienced disruptions to their travel plans in recent weeks and provides greater flexibility for members working towards retaining or upgrading their tier status.”

Etihad Guest members earn tier miles on flights, which can be redeemed for journeys, hotel stays and holidays.

The reduced thresholds have been automatically applied to all members and will remain in place until March 31, 2027, giving travellers additional time to plan and maintain their status.

Etihad is also offering free cancellation for bookings made for travel up to March 2027, reinforcing its focus on customer flexibility, according to a report by The Independent.

Qatar Airways introduces similar support

Across the region, airlines have been adjusting operations in response to changing conditions, with carriers prioritising customer experience and loyalty during this period.

Qatar Airways has also introduced measures for its Privilege Club members, extending tier status for travellers whose renewals may have been affected.

In a communication to members, the airline said it is “implementing tier status extensions for all members whose status was due to be renewed and may have been affected during this period, allowing them to continue enjoying the benefits they love”.

The Privilege Club programme uses Avios points, which can be redeemed for flights, cabin upgrades and hotel stays.

Together, the changes underline how leading regional carriers are strengthening customer loyalty, offering flexibility and reassurance to frequent flyers as travel plans adjust.

Trump issues 48-hour ultimatum to Iran over Hormuz blockade

US President Donald Trump is now threatening to target power plants in Iran unless the Strait of Hormuz reopens

Reuters
Reuters

22 March, 2026

Trump issues 48-hour ultimatum to Iran over Hormuz blockade

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Trump threatened to "obliterate" Iranian power plants if the Strait of Hormuz isn't fully reopened within 48 hours. This follows escalating tensions, including Iranian attacks on Qatar and a gas field, and retaliatory strikes by the US and Israel. Iran vowed to target US infrastructure if attacked. The conflict has already caused significant casualties and global energy price surges.

US President Donald Trump on Saturday threatened to “obliterate” Iran’s power plants if Tehran does not fully reopen the Strait of Hormuz within 48 hours, marking a significant escalation barely a day after he spoke about “winding down” the war.

“If Iran doesn’t FULLY OPEN, WITHOUT THREAT, the Strait of Hormuz, within 48 HOURS from this exact point in time, the United States of America will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!” Trump said on social media.


Trump’s ultimatum would expand the scope of US strikes to infrastructure that affects daily civilian life in Iran.

The threat of Iranian attacks has kept most ships from getting through the strait, a narrow waterway that serves as the conduit for around a fifth of global oil and liquefied natural gas supplies, raising the risk of a global energy shock. Its near-closure sent European gas prices surging by as much as 35 per cent last week.

Iran’s Khatam al-Anbiya military command headquarters said on Sunday that if the US attacks Iran’s fuel and energy infrastructure, Tehran would target all US energy, information technology and desalination infrastructure in the region.

Energy prices spiked last week after Iran responded to an Israeli attack on its major gas field by hitting Qatar’s Ras Laffan Industrial City, which processes around a fifth of the world’s liquefied natural gas, causing damage that will take years to repair.

Israeli officials said Iranian forces had for the first time fired long-range missiles, expanding the risk of attacks beyond the Middle East, even as an Iranian strike injured dozens of people not far from Israel’s nuclear site.

Iran launched two ballistic missiles with a range of 4,000 km (2,500 miles) at the US-British military base at Diego Garcia in the Indian Ocean, Israeli military chief Eyal Zamir said. The Israeli military said it was the first time Iran had used long-range missiles since the United States and Israel began attacking Iran on February 28.

A source at Britain’s defence ministry said the attack had occurred before the government gave specific authorisation on Friday for the US to use British military bases to carry out strikes on Iranian missile sites.

More than 2,000 people have been killed during the war. In Israel, 15 people have been killed in Iranian strikes.

Saudi Arabia orders Iranian military attache, four embassy staff to leave

The attache and embassy staff have also been declared persona non grata, the Saudi foreign ministry said on Saturday

Reuters
Reuters

22 March, 2026

Saudi Arabia orders Iranian military attache, four embassy staff to leave

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Saudi Arabia expelled Iranian military personnel, citing continued Iranian attacks on its territory since the US-Israeli war on Iran. The kingdom warned of further escalation and "significant consequences," stating trust with Tehran is shattered. This follows a period of re-established diplomatic ties and disrupts Middle East oil/gas exports.

Saudi Arabia informed Iran’s military attaché, his assistant and three members of the embassy staff that they must leave the kingdom within 24 hours after being declared persona non grata, the Saudi foreign ministry said on Saturday, citing what it described as continued Iranian attacks on Saudi territory.

Saudi Arabia has come under attack by hundreds of Iranian missiles and drones since the start of the US-Israeli war on Iran, the vast majority of which have been intercepted, authorities said.

The ministry said in a statement that continued Iranian attacks would lead to further escalation and have “significant consequences” for current and future relations.

On Wednesday, the Saudi foreign minister said the kingdom reserved the right to act militarily against Iran, adding that any trust with Tehran had been shattered following recent attacks.

Saudi Arabia and Iran re-established diplomatic ties in 2023 as part of efforts to calm tensions after years of enmity that saw them back opposing political and military factions in the region.

The US-Israeli war on Iran and Tehran’s subsequent attacks on Gulf neighbours have disrupted oil and natural gas exports from the Middle East and forced production stoppages.

UAE joins global call to protect Strait of Hormuz shipping route

Joint statement from more than 20 countries warns of wider economic risks and calls for an immediate halt to attacks on commercial vessels and civilian infrastructure

Gareth van Zyl
Gareth van Zyl

21 March, 2026

UAE joins global call to protect Strait of Hormuz shipping route

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Over 20 nations condemned Iran's attacks on commercial vessels in the Strait of Hormuz, citing threats to global energy security and international peace. They demanded Iran cease disruptive activities like mining and drone strikes. The statement highlights the strait's importance for energy supplies and supports initiatives to stabilize markets, including releasing strategic petroleum reserves and ensuring maritime security.

More than 20 countries — including the likes of the UAE, UK, France and Japan — have issued a joint statement on the Strait of Hormuz, warning of growing risks to global energy markets and international security.

The statement, published by Emirates News Agency (WAM) on Saturday, criticised what it described as attacks on unarmed commercial vessels, strikes on civilian infrastructure, and the “de facto closure” of one of the world’s most critical shipping routes.

“We condemn in the strongest terms recent attacks by Iran on unarmed commercial vessels in the Gulf,” the statement said, adding that the disruption of shipping lanes and energy infrastructure poses a threat to international peace and security.

The signatories also called on Iran to immediately halt activities including the laying of mines, drone and missile attacks, and any actions that obstruct commercial navigation through the strait.

Global energy risk intensifies

The Strait of Hormuz is a vital artery for global oil and gas flows, with a significant share of the world’s energy supplies passing through the narrow waterway.

The joint statement warned that any sustained disruption would have far-reaching consequences, particularly for vulnerable economies dependent on stable energy supplies.

“The effects of Iran’s actions will be felt by people in all parts of the world, especially the most vulnerable,” the statement noted.

In response to the escalating situation, the countries welcomed a move by the International Energy Agency (IEA) to release strategic petroleum reserves, aimed at stabilising global markets amid rising uncertainty.

They also signalled plans to work with major energy producers to increase output where possible.

Call for maritime security and de-escalation

The joint statement reiterated that freedom of navigation remains a cornerstone of international law, including under the United Nations Convention on the Law of the Sea.

It called for an immediate moratorium on attacks targeting civilian infrastructure, particularly oil and gas facilities, and stressed the importance of maintaining open and secure shipping routes.

“We express our readiness to contribute to appropriate efforts to ensure safe passage through the Strait,” the statement said, pointing to ongoing international planning to safeguard maritime traffic.

The statement comes as tensions in the region continue to raise concerns over prolonged supply disruptions and further volatility in global energy markets.

Iran war update: 5 key things to know on day 22

Tensions continue to ripple through global energy markets, aviation and geopolitics as the US-Israeli war on Iran enters its fourth week

Iran war update: 5 key things to know on day 22
Credit: Getty Images

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The US-Israeli war on Iran enters its fourth week, causing global disruption. Iran may reopen the Strait of Hormuz for Japan. The US waives sanctions to ease oil supply concerns. Reports indicate Iran launched missiles towards Diego Garcia. Airlines are cutting flights due to rising fuel costs. Trump opposes a ceasefire, urging international involvement in securing the Strait of Hormuz.

The US-Israeli war on Iran has entered its fourth week, with global implications intensifying across energy markets, trade routes and military positioning.

From developments in the Strait of Hormuz to fresh comments from US President Donald Trump, here are five key things to know on day 22.

Iran signals possible opening of Strait of Hormuz for Japan

Iran is ready to allow Japanese-related vessels to pass through the Strait of Hormuz, according to Kyodo news, citing Iranian Foreign Minister Abbas Araqchi.

Tehran has begun talks with Tokyo about potentially reopening access, Araqchi said in a phone interview.

Japan relies on the strait for around 90 per cent of its oil imports. The waterway has largely been restricted during the conflict, contributing to a spike in global oil prices and prompting countries to release reserves.

US waives sanctions to ease oil supply pressure

The Trump administration has introduced a 30-day waiver on sanctions related to the purchase of Iranian oil at sea.

US Treasury Secretary Scott Bessent said the move could bring around 140 million barrels of oil back into global markets, helping to stabilise supply.

The decision reflects concerns in Washington that rising oil prices could impact businesses and consumers ahead of the November midterm elections.

Reports of Iranian missile attempt near Diego Garcia

Iran reportedly fired two intermediate-range ballistic missiles towards Diego Garcia in the Indian Ocean, according to the Wall Street Journal, citing US officials.

One missile failed mid-flight, while a US warship launched an interceptor at the second. It remains unclear whether the interception was successful.

There has been no official confirmation from the White House or UK authorities.

Airlines cut flights as fuel costs surge

United Airlines has announced it will cancel around 5 per cent of its planned flights in the short term due to rising jet fuel costs linked to the conflict.

CEO Scott Kirby said current fuel prices could add $11bn in annual expenses if sustained.

The airline expects to restore its full schedule later this year, assuming conditions stabilise.

Trump rules out ceasefire for now

US President Donald Trump said he does not support a ceasefire at this stage of the conflict.

“You don’t do a ceasefire when you’re obliterating the other side,” he told reporters.

Trump also suggested that Israel could be ready to end the war once US military objectives are achieved, while calling for more international involvement to secure the Strait of Hormuz.

He added that countries such as China and Japan should play a greater role in ensuring safe passage through the critical shipping route.

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