Morning Briefing: Feb. 26, 2025

ISTANBUL

Here’s a rundown of all the news you need to start your Wednesday, with Ukraine and US reaching framework agreement on minerals deal, Syrian National Dialogue Conference moving to fast-track temporary constitutional declaration for transitional phase, and Israel conducting airstrikes in Damascus and southern Syria.

TOP STORIES

• Ukraine, US reach framework agreement on minerals deal: Report

Ukraine and the US have reached a framework agreement for a broad minerals deal, a report said Tuesday.

The development was announced by The Washington Post, which cited a Ukrainian official and another person familiar with the matter.

According to the report, the framework of the deal would grant the US access to Ukrainian mineral wealth on "much better terms" than those offered in an earlier proposal that Ukrainian President Volodymyr Zelenskyy turned down, the official said.

The White House has not yet confirmed the agreement, but earlier it said it is "critical" that Zelenskyy sign a deal to share mineral and other natural resource revenues with the US, amid ongoing peace negotiations.

• Syrian National Dialogue Conference moves to fast-track temporary constitutional declaration for transitional phase

The Syrian National Dialogue Conference has prioritized the swift adoption of a temporary constitutional declaration to ensure a stable transition and prevent a constitutional vacuum, according to its final statement released on Tuesday.

The statement, read before attendees at the conference held at the presidential palace in Damascus and attended by President Ahmad al-Sharaa, emphasized the acceleration of establishing legal and institutional frameworks to support state functions during the transitional period.

The conference also reaffirmed Syria’s territorial integrity and called for Israel’s withdrawal from Syrian land, rejecting any attempts to divide the country.

• Israel conducts airstrikes in Damascus, southern Syria

Israel carried out airstrikes late Tuesday on several locations in the Damascus countryside and Daraa province in southern Syria.

Israeli warplanes targeted the Al-Kiswah area south of Damascus and Izraa in Daraa with at least four airstrikes.

One strike reportedly hit a weapons depot in Al-Kiswah, igniting a fire at the scene.

Israeli Defense Minister Israel Katz confirmed the strikes, warning that “any attempt by Syrian regime forces and the country’s terrorist organizations to establish themselves in the security zone in southern Syria will be met with fire.”

NEWS IN BRIEF

• Belgium's deputy prime minister expressed "bitter regret" over the UN Security Council’s inability to send a clear message in support of international law, calling for stronger global action to protect human rights and hold violators accountable.
• Pope Francis' condition remains “critical but stable,” the Vatican said.
• British Prime Minister Keir Starmer unveiled ambitious plans to boost UK defense spending to 2.5% of national income by 2027.
• Italy’s foreign minister said sending European or NATO troops to Ukraine is not useful, but it could consider the possibility of deploying troops in future buffer zones in Ukraine under the UN flag.
• The Israeli army barred displaced Palestinians from returning to their homes in the Jenin refugee camp in the northern West Bank on Tuesday and threatened to kill a Palestinian journalist during her coverage of events.
• China said its military spending is “completely out of the need of safeguarding national sovereignty,” following the Russian president’s remark that Moscow is open to discussing halving military spending with Washington and Beijing.
• US Secretary of State Marco Rubio and Iraqi Prime Minister Mohammed Shia Al-Sudani agreed to enhance communication and deepen cooperation between their countries.
• An Israeli drone strike Tuesday killed two people and injured two others in the Baalbek district of eastern Lebanon.
• A massive blackout hit Chile on Tuesday, leaving 19 million people without power. Interior Minister Carolina Toha called for calm, saying the outage was not due to an attack but a disconnection in the transmission system in the Norte Chico region.

SPORTS

• Galatasaray accuse Fenerbahce coach Jose Mourinho of making racist statements

Istanbul football club Galatasaray vowed to take Jose Mourinho, the head coach of its cross-town rival Fenerbahce, to court over alleged racist statements he made after the teams’ 0-0 draw on Monday.

At a post-game press conference, Mourinho – a former Chelsea manager – said the home team's bench was "jumping like monkeys" and that it would have been a "disaster" if a Turkish referee had officiated the game.

The match was refereed by Slovenian Slavko Vincic after both clubs requested a foreign official take charge.

BUSINESS & ECONOMY

• Ukraine needs $524B for reconstruction, recovery in 10 years: Report

A total of $524 billion will be needed for Ukraine's reconstruction and recovery from the war with Russia, according to the Fourth Rapid Damage and Needs Assessment report on Tuesday.

"Considering almost three years since February 2022, as of December 31, 2024, direct damage has reached almost $176 billion," said the report by the World Bank, the Ukrainian government, the EU and the UN.

"Damage continues to be concentrated in the housing, energy and extractives, transport, commerce and industry, and agriculture sectors, with a major increase since the third report in the energy sector, reflecting increased levels of damage and destruction despite ongoing recovery efforts," it added.

• Global debt climbs to record $318T in 2024

The amount of global debt rose to a record high of $318 trillion last year, according to a report released by the Institute of International Finance (IIF) on Tuesday.

"Nearly $7 trillion was added to global debt in 2024, marking a new record annual high of $318 trillion," said the report. "Total global debt-to-GDP rose for the first time in four years, as GDP growth slowed down, and inflation pressures eased."

While global debt soared approximately $15 trillion in 2023, it continued the upward trend in 2024, with a $7 trillion increase.