BRICS urges Middle East restraint as Modi and Xi revive ties in New Delhi

Lead deep dive: BRICS adopts New Delhi declaration as Modi and Xi revive ties

Nine key global developments

• Kyiv prepares for October peace talks as Russian strikes kill 10: Ukrainian presidential chief of staff Kyrylo Budanov stated on Saturday that Kyiv is preparing for three-sided peace talks with Russia and the United States to resume in October, following Kyiv and Moscow visits by U.S. envoys Steve Witkoff and Jared Kushner 4. Concurrently, Russian forces deployed nearly 500 strike drones across several regions, killing 10 people and injuring dozens in Kramatorsk, Zhytomyr, Zaporizhzhia, and Kryvyi Rih 5. Moscow also struck cargo vessels berthed at Odesa and Chornomorsk, while Ukrainian drones ignited a fire at Russia's Togliattikauchuk synthetic rubber plant in Samara 5.
• Ukraine faces $10 billion infrastructure damage and winter fiscal crisis: Ukrainian Economy Minister Oleksandr Kravchenko reported that Russian air strikes have inflicted nearly $10 billion in damage on critical infrastructure and capital assets during 2026 6. Black Sea port disruptions threaten roughly $40 billion in agricultural and metals export earnings 6. Parliamentary budget records show daily military expenditures climbed to $190 million, generating a $1.35 billion domestic revenue deficit through August as total defense spending reached $42 billion against $39 billion in tax receipts and local borrowing 6.
• Trump links Iran to Saudi pipeline attack as Hormuz reopening stalls: President Donald Trump stated in Dublin that Iran was "probably responsible" for aerial drone strikes that shut down Saudi Arabia's East-West pipeline, which pumps up to 5 million barrels of crude daily 7. Meanwhile, Iranian diplomatic sources reported via Tasnim that an initial understanding with Oman establishes principles for maritime management but provides no immediate reopening of the Strait of Hormuz 8. Commercial transit remains conditioned on the United States meeting Iranian operational demands 8.
• OpenAI rules out 2026 IPO as frontier labs back call to pace AI race: OpenAI Chief Executive Sam Altman confirmed the company will not pursue a public listing in 2026, describing an immediate IPO as ill-advised given mounting artificial intelligence safety and alignment demands 9. Altman endorsed an essay published by Anthropic CEO Dario Amodei, which called on frontier developers to deliberately slow capability advances, establish industry-wide safety standards, and install permanent independent evaluators with internal system access 910.
• Tesla signals October 1 launch for second-generation Roadster: Tesla posted a countdown on its website featuring the date "10.01" and the phrase "Go for launch," signaling an October 1 unveiling for its long-delayed sports car 11. The presentation is expected to showcase a special edition utilizing cold-gas thrusters engineered in partnership with SpaceX 11. The announcement arrives as Tesla expands testing of its two-seater autonomous Cybercab in Austin, Texas 11.
• Larry Ellison cancels 50 million share Oracle stock sale: Oracle Executive Chairman Larry Ellison canceled a formal trading plan that would have permitted the sale of up to 50 million shares of common stock 12. The company confirmed that no shares were sold and Ellison has no other plans for equity disposals 12. Oracle plans to raise $40 billion in financing during the current fiscal year to fund cloud data center expansions for customers including Nvidia, Meta, and OpenAI, while absorbing $700 million in restructuring charges 12.
• HDFC Bank submits CEO succession candidates to Indian central bank: India's largest private commercial lender HDFC Bank submitted the names of two candidates to the Reserve Bank of India for the managing director and chief executive role 13. The regulatory filing initiates formal central bank review to ensure orderly institutional governance and leadership continuity across the banking sector 13.
• Syria airport redevelopment triggers outcry over mass graves: Plans by Syrian authorities to convert the former Mezzeh military airfield near Damascus into a private aviation hub drew sharp condemnation from human rights organizations 14. The Syria Justice and Accountability Centre warned that earthworks could destroy suspected mass graves containing remains of more than 1,150 detainees executed under former ruler Bashar al-Assad 14. Local landowners also demonstrated against commercial redevelopment without restitution for uncompensated historical land seizures 14.
• Elena Rybakina dethrones Sabalenka to win first U.S. Open title: Elena Rybakina defeated two-time defending champion Aryna Sabalenka 6-4, 5-7, 6-2 in the U.S. Open women's singles final at Arthur Ashe Stadium 15. The victory ended Sabalenka's 20-match tournament winning streak, earned Rybakina a $5.5 million winner's purse, and secured her ascension to the world number one ranking alongside her third career Grand Slam title 15.

Quote of the day

"We must slow the pace at which we improve the capabilities of AI models. Progress will still seem fast, and we must make wise use of the time we gain." — Dario Amodei, Chief Executive of Anthropic 10

Curated further reading

• Brics push for Gulf peace as war worries mount — The Financial Times analyzes how the expanded ten-member bloc managed sharp internal divisions between Iran and the United Arab Emirates in New Delhi, evaluating whether multilateral appeals can exert diplomatic traction while vital shipping lanes and energy arteries remain contested.
• Brics on the rise — The Financial Times assesses the changing economic footprint of the BRICS grouping as member states expand cross-border trade settlements, challenge Western tariff architecture, and recalibrate supply chains across the Global South.