[September 24, 2025 | World News Roundup] UNGA focal points, Gaza and Ukraine, the EU’s Ukraine funding plan, and an early read on oil & gold

Today’s key points (short)

• At the UN General Assembly, world leaders delivered speeches. Ukraine’s President Zelenskyy called for international rules on military AI and drones and asked for sustained support.
• The EU is weighing a “reparations loan” for Ukraine of up to €130 billion, backed by cash proceeds from frozen Russian assets.
• A drone attack in Eilat, southern Israel, left people injured. Off Greece, a Gaza aid flotilla came under drone attack, and Italy dispatched a navy vessel.
• Russia’s Finance Ministry floated a VAT hike, discussed as a way to bolster war funding.
• Gold is holding near all-time highs, oil extends gains on inventory draws. Equities lack direction after cautious remarks by Fed Chair Powell.
• Super Typhoon NANDO (RAGASA) continues to cause damage and transport disruptions from northern Philippines to the Taiwan Strait area.

1. UNGA: Where norms and realities intersect — the trio of “military AI, sanctions, and financing”

At the UNGA in New York, President Zelenskyy warned that unless Russia’s invasion is stopped, a destructive arms race will begin, and proposed creating international rules for military AI and drones. In the same forum, Iran’s president said “we do not seek nuclear weapons,” while denouncing U.S. sanctions. The tug-of-war continues over the Middle East situation and any reconstruction of a nuclear deal.

The EU is discussing a plan to structure a “reparations loan” of up to €130 billion to Ukraine, backed by cash balances generated from frozen Russian assets. In step with the G7, proposals center on using an SPV and zero-coupon bonds rather than outright confiscation. While this could be a meaningful bridge of time-limited funding, it carries legal risks and uncertainty over repayment terms (which would depend on future Russian reparations).

Impact outlook

• Diplomacy: Rules for military AI and drones will spill over into future arms export controls.
• Economy: The EU funding envelope would support Ukraine’s macro stability, though recoveries depend heavily on politics.

2. Middle East: Eilat hit and mounting tension on sea-borne aid routes

A drone attack was reported in Eilat, Israel’s southernmost city, with emergency services confirming multiple injuries. This again puts a spotlight on the security costs for air and sea routes along the Red Sea. In addition, a Gaza aid flotilla in international waters off Greece came under night-time drone attack, and Italy sent a navy ship. The “gray-zone” risks for maritime transport are in sharper relief.

In Gaza itself, heavy fighting and evacuation orders persist, with widening damage to urban infrastructure. A UN commission of inquiry pointed to Israel’s intent for permanent control and settlement policies, and countries’ diplomatic responses are polarizing.

Business takeaways

• Shipping & insurance: Keep revising war-risk premia and surcharges on Mediterranean–Red Sea routes.
• Logistics: Dual-track transshipment ports (Eastern Med/Aegean) and secured alternative overland routes to absorb delays.

3. Ukraine: Reframing of support; Russia eyes tax hikes to fund the war

U.S. rhetoric has been shifting day by day, with repeated signals that Ukraine can regain its territory. In Europe, a debate runs in parallel: concern that the U.S. may step back from leading support, alongside moves to boost self-defense and burden-sharing. The Kremlin dismissed the shift in tone as a “mistake.”

Separately, Russia’s Finance Ministry proposed a VAT increase, aiming to expand revenues to cover war costs and social spending, raising concerns about downside pressure on domestic prices and consumption. If the EU reparations-loan scheme materializes, budget and procurement strains on the Ukrainian side could be partly alleviated, but the burden on European taxpayers will remain a political issue.

4. Markets: Oil extends gains on inventory draws; gold near records; equities in wait-and-see mode

Oil is edging higher toward the high-$67s for Brent, reflecting U.S. stock draws and expectations that Kurdish crude exports will remain slow to resume. The balance is toward tightening supply/demand, yet global growth concerns cap the upside.
Gold remains near record highs, supported by rate-cut expectations and geopolitical risk. Around data (PCE) and key remarks, profit-taking vs dip-buying keeps alternating.

Equities are subdued after Chair Powell’s cautious tone. The dollar is somewhat firmer, setting up a day where gold, oil, and stocks pulled in different directions.

Hints for investors & physical players

• Energy: Fine-tune hedge ratios with shifts in crack spreads and TTF/JKM.
• Gold: Track real yields alongside ETF flows; manage event risk carefully.

5. Asia weather risk: Super Typhoon NANDO — lingering delays for ports and supply chains

From northern Philippines to the Taiwan Strait, Super Typhoon NANDO (RAGASA) has prolonged heavy rain, winds, and storm surges. Canceled flights and sailings, power outages, and damage to warehouses/cold storage have been reported. PAGASA’s latest bulletins keep high alerts for heavy rain and high waves via a strengthened south-west monsoon.

On-the-ground measures (examples)

• Inventory: Distribute tiered stacks of daily, ambient, and cold products; re-check emergency power assuming outages.
• Logistics: Move up CY cut-offs, lock in alternate ports (e.g., Subic/Batangas in the Philippines) and redundant inland transport.

6. 1–3 month outlook (politics & economy)

• UNGA aftershocks: Continued focus on Gaza ceasefire/humanitarian corridors, sealing sanctions loopholes on Russia, and agenda-setting on military AI/drone rules.
• Ukraine financing: If the EU reparations-loan design advances, funding anxieties should ease somewhat—legal/financial work with member states and the ECB will be pivotal.
• Markets: Gold to plateau at high levels; oil pulled between inventories and geopolitics; equities guided by data and central-bank speak.

Who this helps

• Corporate planning, finance, supply-chain teams: A big-picture map to translate geopolitics, sanctions, and typhoon risk into inventory, insurance, hedging, and sourcing terms.
• Finance/investing (CIO/PM/analysts): Guidance to manage the atypical mix of high gold, range-bound oil, and sidelined equities alongside the event calendar.
• Public sector/NGOs: A quick check of the critical operational points for Gaza humanitarian access, maritime security, and typhoon response.

Reference links (main sources)

• UNGA & Ukraine speech: Reuters
• EU “reparations-loan” concept for Ukraine: Reuters
• Iran’s UN speech (nuclear policy): Reuters
• Drone strike in Eilat with injuries: Reuters
• Drone attack on Gaza aid flotilla & Italian navy dispatch: Reuters
• UN commission’s findings on Israeli policy: Reuters
• Russia Finance Ministry VAT hike proposal: Reuters
• Oil (up on inventory draws): Reuters / Reuters (Kurdish crude)
• Gold (near records): Reuters / Reuters (prior day’s high)
• Stocks & dollar (cautious after Powell): Reuters
• Super Typhoon NANDO (RAGASA) impacts: AP / PAGASA bulletin PDF