Iran Hosting Caspian Economic Forum

Iran is hosting the Third Caspian Economic Forum on February 17-18, with the participation of prime ministers and ministers from Russia, Turkmenistan, Kazakhstan, and Azerbaijan, an Iranian trade official informed.

According to Iran's Trade Promotion Organization (TPO), Akbar Godari, Director General for Central Asia, the Caucasus, and Russia at the TPO, said on Wednesday that the forum aims to enhance economic, trade, scientific, and technological cooperation among Caspian littoral states. Key topics include healthcare, energy, finance, tourism, investment in free trade zones, and logistics.

Godari noted that Iran’s Trade Promotion Organization has organized seven specialized panels for the first day of the event, covering areas such as trade, industry, and agriculture (Ministry of Industry, Mine, and Trade); economic, customs, banking, and investment cooperation (Ministry of Economic Affairs and Finance); transportation, transit, and engineering services (Iran's Transport and Urban Development Ministry); environmental, health, and tourism cooperation (Department of Environment); energy collaboration, including oil, gas, electricity, and renewables (Ministry of Oil and Ministry of Energy); scientific and technological cooperation (Vice Presidency for Science and Technology); and discussions among the heads of chambers of commerce (Iran Chamber of Commerce, Industries, Mines, and Agriculture).

On the second day, the prime ministers of the five Caspian littoral states will sign a final declaration outlining measures to strengthen cooperation and implement agreements through periodic ministerial follow-ups.

The first Caspian trade and economic cooperation agreement was signed in August 2018 in Kazakhstan and ratified by Iran’s Parliament in January 2023. Under Article 5 of the agreement, the Caspian Economic Forum is to be held periodically in each of the coastal nations.

The inaugural Caspian Economic Forum and exhibition took place in August 2019 in Awaza, Turkmenistan, with the participation of prime ministers and trade delegations.

The second forum was held in Moscow in October 2022, attended by Iran’s former First Vice President Mohammad Mokhber and other leaders. During that meeting, it was agreed that Iran would host the third edition in 2024.

 

DOGE: Trump-Musk Purge of Federal Workers

There is growing impression that mass firing spree is about gutting the federal government, silencing workers, and forcing agencies into submission to a radical agenda that prioritizes cronyism over competence.

The Trump administration intensified its large-scale purge of the federal government on Thursday by moving to fire potentially hundreds of thousands of probationary employees, an effort that one leading union condemned as a power grab aimed at forcing agencies to capitulate to the whims of a lawless president.

The new flurry of terminations impacted workers across at least seven federal agencies, from the Department of Veterans Affairs—which said it fired 1,000 employees—to the Forest Service, Department of Education, Office of Personnel Management (OPM), and Consumer Financial Protection Bureau (CFPB).

Everett Kelley, national president of the American Federation of Government Employees—a union that represents more than 750,000 federal workers—said no one should fall for the Trump administration's claim that the mass firings are about federal employees' performance or enhancing government efficiency.

“This administration has abused the probationary period to conduct a politically driven mass firing spree, targeting employees not because of performance, but because they were hired before Trump took office," Kelley said in a statement Thursday.

"These firings are not about poor performance—there is no evidence these employees were anything but dedicated public servants. They are about power. They are about gutting the federal government, silencing workers, and forcing agencies into submission to a radical agenda that prioritizes cronyism over competence."

Vowing to "fight these firings every step of the way," Kelley said terminated employees were "given no notice, no due process, and no opportunity to defend themselves in a blatant violation of the principles of fairness and merit that are supposed to govern federal employment."

"We will stand with every impacted employee, pursue every legal challenge available, and hold this administration accountable for its reckless actions," said Kelley.

"Federal employees are not disposable, and we will not allow the government to treat them as such."

"None of this is about saving money, it is about Musk and Trump enriching themselves and their wealthy friends while making huge cuts to services Americans depend on."

The new purge targeting more recently hired government employees marks the latest salvo in the Trump administration's far-reaching assault on federal agencies, an effort spearheaded by unelected billionaire Elon Musk and his so-called Department of Government Efficiency, or DOGE.

President Donald Trump has given the advisory commission unprecedented authority over federal hiring, effectively installing Musk as the leader of a shadow government in Washington DC.

Yemen vows to confront Trump's Gaza plan

The leader of Yemen’s Ansarallah, Sayyed Abdul-Malik al-Houthi, has warned United States regarding the plan to displace the Palestinian people from their homeland. 

He threatened if the US attempts to implement this plan, Yemen “will intervene militarily to stop it and act within its holy war duty and will not remain idle.”

Al-Houthi described US President Donald Trump’s plan to displace Palestinians as a “confiscation of their rights.”

He added Trump is a “criminal accustomed to making ridiculous and absurd statements,” describing the plan as “a joke and naïve talk coming from a president of a country that presents itself as civilized with false titles.”

According to al-Houthi, Trump’s repeated promotion of the displacement plan “reflects his persistence in a criminal project that denies justice and truth.”

Al-Houthi emphasized that Trump’s plan is “illegitimate and unjust” and noted that the US president “seems serious about promoting it and pressuring some Arab states to accept it.”

He added, "We are not surprised by this plan from an American president whose policies reflect tyranny and a history of criminality. There are no limits to Trump’s ambitions, as he supports the aggressive Zionist project and seeks to implement it.”

He explained that Trump's first-term project under the so-called “Deal of the Century” has now evolved in his second term into what he described as the “Crime of the Century.” 

Trump’s plan, he said, aims to achieve what the Israeli invasion of Gaza could not: displacing Palestinians from their land.

Al-Houthi stated that when the US discusses displacing Palestinians from Gaza and the West Bank, it “seeks to completely liquidate the Palestinian cause.”

The Ansarallah leader highlighted that US deceit has been exposed in every stage of the peace process, and the Americans themselves “betrayed all agreements made between the Palestinian Authority and the Israeli enemy regarding the two-state solution, which they supervised.”

Al-Houthi noted that the US “did not respect or consider the Arab states that betrayed Gaza during the aggression” and “supports Israeli expansion across Arab territories.”

Therefore, he stressed the importance of awareness about what comes before and after the displacement plan, as it is “part of the Zionist project aimed at expanding and targeting holy sites, foremost among them the al-Aqsa Mosque. Its success depends on Arab acceptance.”

He affirmed that "Trump’s plan can only succeed if the Arabs accept it, especially the neighboring Arab countries.”

“There is a significant responsibility on the part of the Arab countries that declared a clear stance rejecting Trump’s plan. This is crucial, but the most important thing is maintaining this stance,” he added.

Al-Houthi emphasized that “it is unacceptable for Arabs to accept Trump’s plan; doing so would mean complicity in a terrible crime of displacement.” 

He warned the U.S. is seeking to trap the Arabs, calling for unity in rejecting Trump’s plan and supporting the Palestinian people.

According to al-Houthi, any approval of Trump’s plan will have dangerous repercussions for the region.

Regarding Yemen’s position on threats to resume the war on Gaz, al-Houthi reiterated that Yemen “firmly and principally supports the Palestinian people and their fighters and will stand by them with all available means.”

Al-Houthi vowed that Yemen “will move militarily to target both Israeli and American enemies if they launch an aggression on Gaza.” 

He called on the Yemeni armed forces to maintain full readiness in anticipation of any US aggression.

He added, “We will not hesitate to target the Israeli and American enemies together, monitoring the implementation of the agreement. Our people, through their massive demonstration tomorrow (Friday), will send a warning message to Israel and the US not to break the agreement.”

Al-Houthi concluded his speech by affirming that Yemen “will maintain continuous coordination with the fighters in Palestine and the resistance axis,” addressing them: “You are not alone; we are with you and will remain with you until Palestine is liberated and these evil plans are defeated.”

 

PSX benchmark index up 1.6%WoW

The benchmark index of Pakistan Stock Exchange (PSX) experienced a marginally positive week, largely influenced by corporate earnings announcements. During the week, the index gained 1,762 points or 1.6%WoW to close at 112,085 points on Friday, February 14, 2025.

Trading volumes inched higher as compared to last week to 525.1 million shares (up 21.0%WoW). In MSCI's February 2025 index review, one company was added, and another was upgraded to the MSCI Frontier Markets Index from small cap. Additionally, three securities were added and three were removed from the MSCI Small Cap Index. On the macro front, several important data points came in during the week, including remittances for January 2025 were reported at US$3.0 billion, up 25%YoY.

PIB auction witnessed yields declining by 25bps for the 2-year paper as well, while remaining flat for 3, 5 and 10 year tenures.

Foreign exchange reserves held by State Bank of Pakistan (SBP) declined by US$252 million to US$11.2 billion as of February 07, 2025.

Urea sales dropped 27%YoY and DAP sales dropped 8%YoY during January 2025. Automobile sales increased by 31%YoY to 19,372, given New Year effect being the primary catalyst behind the sales increase alongside OEM’s providing discounts/installment offers on selective variants.

Other major news flow during the week included: 1) Three out of five key IMF conditions were met, 2) 1HFY25 budget deficit recorded at 1.2% of GDP, 3) Pakistan requested rescheduling of US$3.4 billion Chinese debt, 4) IMF appreciated ongoing reforms in judiciary, 5) Prime Minister Shahbaz met UAE president in Abu Dhabi to further strengthen bilateral ties.

Jute, Refinery, and Woollen were amongst the top performing sectors, while top laggards included Leasing, Vanaspati & Allied Industries, and Textile Weaving.

Major selling was recorded by Individuals, Foreigners and Mutual Funds with a net sell of US$17.5 million. Banks absorbed most of the selling with a net buy of US$9.7 million.

Top performing scrips of the week were: BOP, LUCK, ATRL, PSEL, and MLCF, while laggards included: PGLC, MEHT, BAHL, KTML, and PABC.

According to AKD Securities, the market outlook remains positive, with the market expected to largely being driven by specific scrips and sectors, following any trigger or corporate results.

Over the medium term, the benchmark index is anticipated to sustain its upward momentum through CY25, primarily driven by the strong profitability of fertilizer companies, higher sustainable ROEs of banks and improving cash flows of E&Ps and OMCs, benefitting from falling interest rates.

 

US aircraft carrier collides with merchant ship

The nuclear-powered aircraft carrier USS Harry S. Truman was involved in a collision with a merchant ship near Egypt in the Mediterranean Sea on Wednesday night, a US Navy spokesperson said Thursday.

It’s not clear what caused the collision between the US warship and the Panamanian-flagged vessel Besiktas-M, but the spokesperson said it did not result in any flooding on board the Truman and its nuclear propulsion plants were unaffected.

No injuries were reported on either vessel, though the merchant ship sustained some damage, a Navy official said.

An investigation is ongoing to determine how they collided, but the official noted that the area they were in near the Suez Canal is typically very densely packed with ships.

The Besiktas-M, a 617-foot (188-meter) long bulk carrier, had exited the Suez Canal and was heading to Romania, according to tracking website Marine Traffic.

The Truman, a 1,100-foot-long Nimitz-class aircraft carrier, was heading toward the canal, tracking data indicates.

Marine expert Sal Mercogliano, a professor at Campbell University, said in an X Spaces conversation that the area where the collision occurred, near an anchorage off Egypt’s Port Said, had around 100 ships in it at the time of the incident.

Former US Navy captain Carl Schuster, an instructor at Hawaii Pacific University, said such conditions leave little room for error.

“There is not a lot of room for maneuvering in a restricted seaway and both ships require about one nautical mile to stop,” Schuster said.

Small navigation mistakes, misreading of the other ship’s intentions or delayed decision-making from the crew of either ship could have put them in danger quickly “with very few viable options,” Schuster said.

Last week the Truman was in Souda Bay, Greece, for a “working port visit” after two months of combat operations in the Central Command region, a Navy statement said. During that time, it conducted multiple strikes against Houthi rebels in Yemen and launched airstrikes against ISIS in Somalia, the Navy said. The Truman is one of 11 aircraft carriers in the US Navy fleet.

Accidents involving huge ships and commercial vessels are rare as the carriers usually travel with a strike group, protected by a screen of destroyers.

But ships entering the Suez Canal must travel in single file, which could make them more vulnerable to a collision, experts said.

The last known time a US carrier collided with a merchant vessel was on July 22, 2004, when a dhow, a sailing vessel common in the Middle East, struck the former USS John F. Kennedy in the Persian Gulf, according to maritime outlet USNI News.

Two US Navy destroyers were involved in fatal collisions in 2017. Seven sailors died after the USS Fitzgerald struck a cargo ship off Japan in June that year, and 10 sailors were killed when the USS John S McCain collided with a tanker off Singapore and Malaysia two months later. 

OIC extraordinary session on Gaza

The Iranian Foreign Ministry's proposal to convene an emergency meeting of the Organization of Islamic Cooperation (OIC) foreign ministers to address the forced displacement of Palestinians from Gaza has reportedly gained significant support.

According to a report by the Islamic Republic News Agency (IRNA), citing an informed source within Iran's Foreign Ministry, the session is expected in the first half of March, following extensive diplomatic efforts by Iranian Foreign Minister Abbas Araghchi.

The proposal, formally submitted to the OIC Secretary General, followed a series of recent consultations between Araghchi and his counterparts in Saudi Arabia, Egypt, Algeria, Turkey, Pakistan, Malaysia, and Gambia, as well as the current OIC chair.

The discussions focused on possible measures against controversial US-Israeli plans to relocate Gazans to countries such as Egypt, Jordan, and Saudi Arabia.

Araghchi has repeatedly condemned these proposals, warning that they would "complete the colonial erasure of Palestine."

He urged unified action to thwart this "conspiracy" against Palestinian rights.

“The US-Zionist plan to forcibly expel Gazans and scatter them across other nations is a blatant attempt to destroy Palestinian identity," Araghchi stated.

He further noted that Israeli Prime Minister Benjamin Netanyahu’s recent suggestion of establishing a Palestinian state on Saudi territory was an "unprecedented aggression" and a "threat to regional peace and security."

Indirectly referencing Netanyahu’s remarks, Araghchi emphasized the need for the OIC to adopt "urgent measures" to prevent the normalization of "genocidal policies" by the Israeli regime.

He stressed that the international community, particularly Muslim-majority nations, must oppose efforts to legitimize violations of international law.

“The Organization of Islamic Cooperation must take a decisive and effective decision as soon as possible by holding an extraordinary meeting with the presence of the foreign ministers of the member states to defend the legitimate rights of the Palestinian people,” Iran's top diplomat said in a phone call with OIC Secretary General Hussein Ibrahim Taha.

US President Donald Trump recently proposed that Washington take “ownership” of the Gaza Strip and transform it into a tourism hub, permanently displacing the Palestinian inhabitants.

“We’ll own it [Gaza] and be responsible for clearing it out and rebuilding it into the Riviera of the Middle East [West Asia],” Trump said during a news conference with Israel’s convicted war criminal Benjamin Netanyahu.

Later, while sitting next to Jordan’s King in the Oval Office, Trump refused to elaborate on how he would proceed with his plan, given the opposition from both the residents of Gaza and the countries to which he plans to relocate the population of over 2 million. He said the US would just “take” the territory.

The US president's statements have ignited international outrage, with rights and legal bodies accusing him of helping Israel complete the genocide it could not finish during 16 months of brutal war on Gaza.

 

US exports 1.91 billion gallons ethanol in 2024

The United States exported 194.42 million gallons ethanol in December, taking export volumes for the full year 2024 to a record 1.91 billion gallons, according to data released by the USDA Foreign Agricultural Service on February 05, 2025. Distillers grains exports were at 1.06 million metric tons in December, to a total 12.23 million metric tons for the full year.

The 194.42 million gallons of ethanol exported in December was up from both the 187.6 million gallons exported the previous month and the 155.4 million gallons exported in December 2023.

The US exported ethanol to approximately three dozen countries in December. Canada was the top destination for US ethanol exports at 62.82 million gallons, followed by the Netherlands at 32.07 million gallons and the Britain at 27.06 million gallons. 

The value of US ethanol exports reached US$421.66 million in December, up from both US$398.46 million in November and US$365.93 million in December of the previous year. 

Total US ethanol exports for 2024 reached 1.91 billion gallons at a value of US$4.31 billion, as compared to 1.4 billion gallons exported in 2023 at a value of US$3.81 billion. Canada was the top destination for US ethanol exports last year, at 674.6 million gallons, followed by the Britain at 243.84 million gallons and India at 187.03 million gallons.  

The 1.06 million metric tons of distillers grains exported in December was up from both the 946,804 metric tons exported the previous month and the 1.02 million metric tons exported in December 2023. 

The US exported distillers grains to nearly three dozen countries in December. Mexico was the top destination for US distillers grains exports at 195,409 metric tons, followed by Colombia at 118,765 metric tons and Vietnam at 104,626 metric tons. 

The value of US distillers grains exports was US$282.97 million in December, as compared to US$228.98 million in November and US$288.41 million in December of the previous year. 

Total US distillers grains exports for 2024 reached 12.23 million metric tons at a value of US$3.2 billion, as compared to 10.78 million metric tons exported in 2023 at a value of US$3.29 billion. Mexico was the top destination for US distillers grains exports last year at 2.54 million metric tons, followed by South Korea at 1.49 million metric tons and Vietnam at 1.02 million metric tons.