The Economic Times

Lebanon and Israel have agreed to a ceasefire. This follows negotiations facilitated by the United States. The agreement hinges on Hezbollah halting all fire and withdrawing operatives. Pilot zones will be established where Lebanese Armed Forces will have exclusive control. This marks a significant step towards de-escalation in the region. Further direct negotiations are planned.

Ukrainian drones hit energy and military sites in Saint Petersburg early Wednesday morning as officials gathered for a flagship economic forum in the city, Russian and Ukrainian authorities said. The Russian governor of the city, Alexander Beglov, said several infrastructure facilities were damaged, but no one was killed in the attack, which various Ukrainian officials said was aimed at disrupting the three-day gathering, which President Vladimir Putin will attend. bur/yad

America has imposed sanctions on Iran's largest cryptocurrency exchange, Nobitex. The US accuses the exchange of helping Iran's government and state institutions bypass Western sanctions.

US Secretary of State Marco Rubio has proposed a plan for gradual de-escalation between Israel and Lebanon. The proposal suggests Hezbollah halt attacks on Israel. In return, Israel would refrain from escalating actions in Beirut. This aims to create space for a cessation of hostilities. Lebanese President Joseph Aoun is working to advance the proposal.

The fighting in Lebanon has been the broadest spillover of the Iran war, displacing more than 1.2 million Lebanese through Israeli strikes and evacuation orders since March 2, when Hezbollah began firing rockets and drones into Israel to back its ally Iran.

Shipowners are showing increased optimism for traffic through the Strait of Hormuz, with US forces providing navigational advice to vessels. Recent transits, some with satellite transponders off, suggest a potential boost in trade flow. This comes amid hopes for a broader reopening of shipping routes tied to a potential US-Iran deal.

An international force for Gaza, announced with fanfare, faces significant delays. Key contributor Indonesia has put its troop pledge on hold. The force's deployment hinges on a ceasefire agreement and Hamas disarming. Ongoing conflict and regional tensions complicate efforts to establish peace and stability in Gaza.

India's External Affairs Minister S Jaishankar met Ukraine's Foreign Minister Andrii Sybiha in Cyprus. They discussed the ongoing Russia-Ukraine conflict and ways to achieve lasting peace. Both sides exchanged views on battlefield developments and global engagement for peace. India reiterated its call for dialogue and diplomacy. Jaishankar also held separate meetings on West Asia and India-EU cooperation.

President Trump's Board of Peace Gaza reconstruction fund remains empty. Despite pledges of billions from member nations, no money has been deposited. The fund is intended for a later reconstruction phase. Major European nations have not joined the board. The United States pledged ten billion dollars. Reconstruction needs are estimated at over seventy-one billion dollars.

US Customs and Border Protection is sending $20.6 billion to importers. This follows a correction to a previous report that overstated refund amounts. The agency is processing billions in tariff refunds. Importers are receiving payments for duties paid under President Donald Trump's tariffs. Some payments are delayed due to importers not having digital payment setups.