分类： business

In a move that marks the first visible impact of the ongoing US-Israeli war on Iran on Gulf Arab financial commitments across Western markets, Saudi Arabia has pulled out of a $200 million sponsorship agreement to support New York City’s iconic Metropolitan Opera House, The New York Times reported Friday.

While the quarter-billion-dollar commitment amounts to a tiny fraction of Saudi Arabia’s $1 trillion Public Investment Fund (PIF), the kingdom’s sovereign wealth vehicle, the decision carries outsize symbolic weight: it offers the clearest evidence yet that the regional conflict is forcing Riyadh to hit pause on its high-profile global soft power push and refocus its spending on core priorities.

Metropolitan Opera General Manager Peter Gelb told the NYT that Saudi officials attributed the withdrawal directly to widespread economic disruption stemming from the war on Iran, including blockages to oil shipping traffic through the strategic Strait of Hormuz. According to Gelb, the kingdom is only moving forward with projects deemed strictly essential in the current climate, and the Met sponsorship fell outside that threshold.

The storied American arts institution first turned to Saudi Arabia for this financial lifeline back in September 2025. At that point, the Met had already drawn down more than a third of its endowment — roughly $120 million — to cover ongoing operating costs, leaving it desperate for new external funding. In the original deal, Saudi Arabia had agreed to provide the $200 million in exchange for a long-term commitment from the Met to host three weeks of performances in the kingdom every winter.

For nearly a decade, Saudi Arabia has poured tens of billions of dollars into global sports, arts and entertainment partnerships as a core pillar of its Vision 2030 initiative, which seeks to diversify the kingdom’s economy away from its historic reliance on oil exports and build a thriving domestic tourism sector. But the ongoing conflict has upended those plans, delivering widespread economic shocks across the Gulf region.

Regional tourism has already collapsed amid rising security fears. Earlier this month, Dubai’s luxury Burj Al Arab hotel announced it would shut its doors for 18 months to undergo renovations, a move that came after a steep and sustained drop in international visitor numbers. The United Arab Emirates had enjoyed years of booming tourism growth prior to the outbreak of conflict, while Saudi Arabia had only recently begun building out its own tourism ecosystem to attract international visitors.

The Met’s collapsed funding deal is far from an isolated case. As the Financial Times first reported in April, PIF is already preparing to slash its backing for LIV Golf, the breakaway golf league that Saudi Arabia launched with $5 billion in startup funding to compete with the established PGA Tour. Riyadh has been scaling back its most ambitious non-essential projects even before the full-scale conflict began; last December, Saudi Finance Minister Mohammed al-Jadaan publicly noted that the kingdom had “no ego” that would prevent it from reevaluating costly infrastructure and investment projects to align with shifting economic conditions.

Earlier this year, Riyadh suspended construction on the Mukaab, a massive cube-shaped mega-development planned for central Riyadh, and shelved proposals for a desert ski resort and a large artificial lake dam. Even as the conflict creates new financial windfalls for Riyadh – the kingdom’s East-West pipeline, which connects Gulf oil fields to Red Sea export terminals, allows it to bypass Iranian control of the Strait of Hormuz, making it the only major Gulf oil exporter still operating at full capacity and benefiting from sky-high global oil prices – the broader regional instability has undercut its ability to position itself as a safe, stable hub for global business and tourism.

PIF Governor Yasir al-Rumayyan confirmed the shifting priority framework in an interview with Al Arabiya Business Wednesday, acknowledging that the Iran war has forced the fund to reorder its investment strategy. “The war would add more pressure to reposition some priorities,” al-Rumayyan said. He also publicly confirmed for the first time that The Line, the futuristic 170-kilometer car-free linear city at the heart of Saudi Arabia’s flagship Neom mega-development, is no longer a core investment priority for the kingdom.

A global spike in fuel prices driven by the ongoing conflict in Iran has created unprecedented momentum for the electric vehicle (EV) market worldwide, and Chinese automakers have moved quickly to capitalize on this shifting demand landscape. As the world’s largest producer of electric vehicles, China’s auto industry has carved out growing market share across emerging and established markets beyond the United States, where steep regulatory barriers have largely blocked access for most domestic manufacturers. Rising consumer interest and surging order volumes across Asian, European, and Latin American dealerships have turned this moment into a breakout opportunity for Chinese EV brands.

At the forefront of this global expansion push is BYD, the Shenzhen-based automaker that officially dubs itself “Build Your Dreams”. The firm overtook Tesla to claim the title of the world’s top-selling EV manufacturer last year, and has since ramped up its aggressive overseas expansion strategy. In an interview with the BBC at this year’s Beijing Auto Show — now the world’s largest gathering of the global auto industry — BYD Executive Vice President Stella Li made clear the company’s current positioning: “We survive and are successful without the US market today.”

Rather than expending resources on breaking into the closed US market, BYD is currently grappling with a far more positive challenge: meeting unanticipated high demand across priority markets including Brazil, the United Kingdom, and the broader European continent. Li notes that volatile, rising oil prices have created immediate, tangible incentives for consumers to make the switch to electric. “Consumers feel the daily savings when oil prices increase. EVs help them save money every day,” she explained. The demand has been so strong that the company is currently strained by production limits: “Actually, we are now suffering insufficient capacity. Our demand is much higher than what we can supply.”

To extend its competitive edge and address one of the most common consumer concerns around EV adoption — slow charging times — BYD is rolling out its proprietary new flash charging technology, which Li calls an industry “game-changer”. The innovation allows drivers to add hundreds of kilometers of driving range in just minutes, a upgrade that Li says will win over skeptical consumers who have long held out on switching from gas-powered vehicles and open up new market opportunities for the brand.

This year’s Beijing Auto Show, which brought more than 1,400 vehicles from hundreds of global and domestic automakers to display, put Chinese EV innovation front and center for the global industry. Beyond BYD’s breakthroughs, other Chinese manufacturers showcased the breadth of the country’s EV ecosystem innovation. Xpeng, another leading domestic EV brand, unveiled a new six-seater electric SUV at the event, and CEO He Xiaopeng announced the company would launch its own line of humanoid robots before the end of the year, with plans to begin commercial production of flying cars by 2027.

BYD’s global growth push plays out against a complex geopolitical backdrop, with Chinese EV manufacturers facing steep tariffs and heightened regulatory scrutiny in multiple major markets, most notably the United States. Washington has repeatedly raised objections to Chinese government support for domestic automakers, alongside unsubstantiated concerns over data security and national security risks. But Li says BYD has already built strong brand recognition and consumer trust in other key markets, including the UK. Unlike the early perception of Chinese automakers as low-cost competitors that undercut rivals on price, today’s leading Chinese brands increasingly compete on cutting-edge technology, particularly in battery development, fast-charging infrastructure, and in-vehicle software integration. Li emphasizes that BYD is far more than a traditional automaker: “We produce one-third of global smartphone components, we are a leading player in battery storage, solar panels, buses, and trucks. So BYD is an ecosystem.”

For foreign automakers that once dominated China’s massive domestic auto market, the rapid rise of Chinese EV innovation has forced a strategic reckoning. Many legacy brands including Volkswagen, Toyota, and Ford have struggled to keep pace with the fast product cycles and technological advancements of domestic competitors, leading a growing number to pursue partnership agreements with local Chinese firms. BMW has teamed up with leading Chinese battery manufacturer CATL, Audi integrates Huawei’s advanced driver assistance systems into its new models, and Volkswagen is currently co-developing new EV platforms with Xpeng.

Even as Chinese automakers expand rapidly overseas, the domestic market remains intensely competitive, with dozens of manufacturers locked in aggressive price wars that have squeezed profit margins across the industry. For market leaders like BYD, domestic headwinds are already visible: the company has recorded seven straight months of declining domestic sales, even as international growth surges — BYD’s European sales jumped 156% in the first three months of this year alone. Li says the intense competitive pressure will inevitably lead to industry consolidation, pointing to historical precedent from the rise of Japanese automakers in the 1990s and South Korean brands in subsequent decades. “History suggests not all will survive,” she noted.

Nestled in the rolling pastoral landscapes of China’s Xizang Autonomous Region, a small community weaving initiative has evolved from a dormant local skill into a powerful engine that drives both cultural preservation and inclusive rural economic growth, turning generations-old handcraft traditions into a stable, growing source of income for local women.

For centuries, Gangba Village has built its cultural identity around two core pillars: animal husbandry and traditional handweaving. Passed down from mother to daughter through countless generations, local women have long mastered the craft of weaving hand-knotted Tibetan rugs and the iconic bangdan, a traditional woven apron worn as part of local cultural attire. For decades, however, these cherished skills were confined to household production, never scaled to reach broader markets. This isolation severely capped their economic potential, leaving the future of both the craft and the community’s livelihood uncertain.

The first shift toward change came in 2015, when local villagers established the Gangba Village Weaving Cooperative. Launching with a modest initial seed fund of just 16,000 yuan, equivalent to roughly $2,340, the cooperative struggled to gain momentum for nearly a decade. Outdated operational structures, limited market access, and weak management systems kept growth stagnant for years. A transformative turning point arrived in 2024, when targeted external support – including guidance and resources from a government-backed village development work team – helped the cooperative overhaul its operations. Leaders worked to modernize production processes, open new national sales channels, and strengthen professional business management practices that aligned with modern market demands.

Stewarded by local community leaders Basang Tsering and Tashi Lhamo, the cooperative has since grown into a dynamic, community-owned social enterprise. Local artisan weavers have adapted their time-honored traditional techniques to fit modern consumer preferences, creating a diverse product line that includes handwoven rugs, soft wool scarves, and custom woven car accessories. Each piece retains the distinct cultural character of Xizang weaving while integrating contemporary design aesthetics that resonate with today’s consumers.

The cooperative’s homegrown “Gangba Weaving” brand has gradually built a strong reputation beyond village borders, now reaching mainstream consumer markets in the regional capital of Lhasa and creating steady new local employment opportunities that did not exist a decade earlier. By 2025, the cooperative’s accessible training programs and flexible work arrangements – designed to accommodate caregiving and family responsibilities – had already helped eight local women achieve full financial independence, while allowing them to remain close to their families and communities.

Far more than just an economic development project, the cooperative represents a growing, successful model for safeguarding intangible cultural heritage through adaptive innovation. With concrete plans to expand production and reach national and international markets in coming years, the people of Gangba Village are working to share their centuries-old weaving tradition with global audiences, while continuing to lift community livelihoods and sustain their unique cultural identity for future generations.

The 2024 Beijing International Automotive Exhibition, a biennial landmark event for the global auto industry, opened its doors to media on Friday, bringing China’s most competitive homegrown automakers into the global spotlight as they pitch their cutting-edge electric vehicle (EV) and smart mobility innovations to both domestic consumers and international audiences. Against a backdrop of shifting global auto market dynamics, the show has cemented China’s new position as the global leader in EV-related technological advancement, outpacing legacy foreign brands that once dominated the global automotive landscape. This year’s edition hosts more than 1,450 vehicles on display, with 181 making their first public global appearance, and the exhibition will run through May 3.

A wide range of breakthrough technologies from intelligent driving systems to ultra-rapid charging solutions take center stage across the show floor, demonstrating the rapid iteration of Chinese auto innovation. Leading domestic EV brand XPeng unveiled its new G9 model, a six-seater SUV designed for family travel that features a fully flat third-row seating configuration alongside its industry-leading intelligent driving system. XPeng founder and CEO He Xiaopeng highlighted the system’s life-saving safety capabilities during a well-attended presentation, noting that the technology can automatically detect when a driver is incapacitated — such as falling asleep at highway speeds or experiencing a sudden medical emergency — then pull the vehicle safely off the road and alert emergency responders. He added that early testers of the system have repeatedly described the functionality as revolutionary.

Another domestic giant, BYD, showcased its next-generation blade battery, an ultra-fast charging power unit first revealed to the public last month that can reach a near-full charge in just nine minutes. The brand also demonstrated the battery’s stable performance in extreme cold conditions, successfully completing a charging test at minus 30 degrees Celsius to address widespread consumer concerns about EV performance in low-temperature environments. Yijing, an EV joint venture between state-owned Dongfeng Motor Corporation and tech giant Huawei, presented its flagship X9 six-seater SUV, which comes equipped with Huawei’s next-generation Qiankun intelligent driving system and the latest HarmonyOS smart cockpit. Days ahead of the auto show’s opening, China’s leading battery manufacturer CATL launched an updated version of its Shenxing ultra-fast battery, which can charge from 10% to 98% capacity in just 6.5 minutes, setting a new global benchmark for EV charging speed.

Industry analysts say the exhibition underscores how rapidly Chinese automakers are advancing their technological capabilities, setting the global pace for key next-generation automotive sectors including EVs, smart batteries and autonomous driving. “What we see here reinforces the speed and aggressiveness of advancement among Chinese automakers,” said Tu Le, managing director of automotive consultancy Sino Auto Insights. “Whether in EVs, batteries, or intelligent driving, Chinese players are now the ones setting the pace for all these critical sectors.” Chris Liu, senior analyst at global research and advisory firm Omdia, added that China has evolved into one of the world’s fastest-moving markets for rolling out and iterating new vehicle technologies, giving domestic consumers early access to features that are not yet available in most other global markets.

China’s rise to become the world’s top car exporter has been fueled by multiple structural advantages: massive domestic production scale that delivers significant cost benefits, and years of targeted government policy support that have allowed domestic automakers to scale up production and roll out new models and technologies faster than most international competitors. However, the industry faces substantial headwinds at home, where a ferocious price war has compressed margins over the past year. The Chinese government phased out consumer subsidies for new energy vehicle purchases this year, putting downward pressure on domestic demand. Data from the China Association of Automobile Manufacturers shows that domestic passenger vehicle sales dropped 23% year-on-year in the first quarter of 2024, falling to roughly 4 million units. Despite the domestic slowdown, exports have surged 63% year-on-year to nearly 2 million units, as Chinese brands gain growing market share in Europe, Southeast Asia and Latin America. Omdia projects that China’s passenger vehicle exports will grow roughly 14% year-on-year by 2026, while a recent AlixPartners report found that cutthroat competition in China’s hyper-competitive domestic market has pushed average vehicle prices down by 20% over the past two years.

While many of the cutting-edge technologies showcased at the show are unlikely to reach overseas markets in the short term due to varying international regulatory and safety standards, Liu noted that the innovations signal Chinese automakers’ growing capabilities that can be refined and adapted for global demand over time. Even as legacy foreign automakers have lost significant domestic market share in China in recent years, some are attempting to stage a comeback: Volkswagen Group announced plans ahead of the show to integrate “agentic” artificial intelligence into its vehicles sold in China, and unveiled new EV models developed specifically for the Chinese market, including the UNYX 09 electric sedan co-developed with XPeng. Still, Andreas Radics, managing director at automotive consultancy Berylls by AlixPartners, said that while foreign brands may be able to stabilize their current market share, regaining the large market position they held a decade ago is not realistic.

To capitalize on growing overseas demand and reduce the risk of trade friction, Chinese automakers are increasingly shifting from exporting finished vehicles from China to building local production facilities in key markets, including Hungary and Turkey. AlixPartners projects that overseas production by Chinese automakers will nearly triple by 2030, rising from 1.2 million vehicles in 2023 to 3.4 million vehicles by the end of the decade, cementing China’s role as a global leader in the new energy automotive transition.

Six years ago, Dr. Jolapuram Umamaheswari made a life-altering career choice: she left her position as a research scientist in Singapore and returned to her home country of India, ready to forge an independent path as her own boss.

After months of exploring niche agricultural opportunities, she settled on sericulture — the centuries-old practice of raising silkworms to harvest raw silk from their cocoons. For Umamaheswari, the career shift was not a departure from her scientific roots, but a new application of them. “Silk farming sits at a rare intersection of biology, precision, and business,” she explained. “It didn’t feel like I was leaving science, it felt like I was applying it differently.”

The early days of operating her sericulture farm in Andhra Pradesh, India’s eastern coastal state, came with steep challenges. Frequent disease outbreaks wiped out entire batches of silkworms, crop yields fluctuated wildly, and managing the delicate living organisms required a complete re-learning of traditional practices. Drawing on her formal scientific training, Umamaheswari began testing incremental adjustments to farm operations: refining hygiene protocols, adjusting feeding schedules, and controlling growing environment conditions. Over time, these small changes compounded to deliver dramatic improvements, boosting silkworm survival rates and raising the overall quality of harvested cocoons.

Today, her hard work has paid off. Umamaheswari produces 10 annual crops of raw silk, with each 25 to 30-day growing cycle delivering a consistent, reliable income. She earns roughly $1,000 per month, a steady, salary-like return that sets sericulture apart from many seasonal agricultural ventures. “If managed well, it gives you regular returns, not just seasonal income,” she noted. Looking ahead, she plans to expand her farm with a small cow shed, adding a new revenue stream from milk sales while using cow manure to naturally fertilize her mulberry crops — the primary food source for her silkworms.

Umamaheswari’s data-driven approach to small-scale sericulture reflects a broader transformation sweeping through India’s silk industry, where traditional farming is merging with cutting-edge digital and biotechnological innovation. Krishna Tomala, founder of Asho Farms, is at the forefront of this tech-driven shift, integrating advanced automation and artificial intelligence across every stage of his silk production operation, from egg production to larval rearing and cocoon harvesting.

Tomala explains that silkworms experience nearly 1,000-fold growth in just 25 days, and their survival and quality depend entirely on strict control of temperature, humidity, and feed quality. Silkworms are extremely sensitive to even minor environmental fluctuations, and historically, growers relied on manual monitoring that often missed issues before it was too late. Today, connected sensors and automated systems adjust fans, heaters, and humidifiers in real time to maintain optimal growing conditions. At Asho Farms, artificial intelligence and computer vision detect early signs of silkworm disease with more than 99% accuracy, allowing workers to remove infected larvae before outbreaks can spread to entire batches.

As the second-largest silk producer in the world, trailing only market-dominating China, India holds a unique position in the global silk market. Unlike any other nation, India produces all four commercially relevant varieties of silk: Mulberry, Tasar, Eri, and Muga. Muga silk, in particular, is exclusive to India’s northeastern states of Assam and Meghalaya, giving the country an unrivaled product diversity that sets it apart from global competitors.

India’s national Central Silk Board is now driving next-generation innovation for the industry, focusing on genome editing to develop more resilient silkworm strains. Working in international collaboration with research partners in Japan, the board has already created new silkworm varieties that are resistant to common devastating diseases. Researchers are also unlocking new value from sericulture byproducts: for every kilogram of raw silk produced, approximately 2 kilograms of nutrient-dense dried silkworm pupae are left over, which are now being repurposed as high-protein feed for poultry and fish farming.

Further down the supply chain, technology is also transforming the final stage of silk production: reeling, the process of extracting silk fibers from cocoons and spinning them into strong raw yarn. Satheesh Kannur, who runs a reeling operation, says modern machinery has converted what was once a slow, labor-intensive craft into a fast, precision-focused industry. The adoption of solar power has also made reeling far more environmentally sustainable. Even with these advances, however, Kannur warns of a looming bottleneck: he fears that Indian sericulture farmers will not be able to produce enough cocoons to meet growing demand from reeling operations. Many second-generation farmers are leaving the industry for urban work, and most existing silk farms are made up of small, scattered land holdings that cannot support large-scale production. “Without cocoons, there is no silk. The entire industry depends on farmers,” Kannur said. “For this industry to grow we need huge lands.”

The Central Silk Board pushes back on this concern, noting that while the total number of sericulture farmers has declined, total national cocoon production continues to rise thanks to modern scientific farming techniques. “With advancements in rearing techniques, disease control, and scientific support to farmers, yield per acre has gone up significantly,” the board said in a statement.

For small-scale growers like Umamaheswari, the future of Indian sericulture is already clear. Even incremental, practical improvements to growing practices can boost both yield and quality, creating a rewarding, profitable venture for entrepreneurs willing to combine traditional farming with modern scientific knowledge.