Category: Azer News

A powerful earthquake measuring 6.1 on the Richter scale struck northeastern Afghanistan on Friday, according to the United States Geological Survey (USGS), AzerNEWS reports.

The USGS said the epicenter of the quake was located in the Jurm region of northeastern Afghanistan.

According to preliminary data, the earthquake originated at a depth of 208 kilometers beneath the Earth’s surface, making it a deep-focus seismic event.

There have been no immediate reports of casualties or significant damage, and authorities are continuing to assess the impact of the earthquake.

Afghanistan is highly prone to earthquakes, particularly in its northeastern regions, which lie near the convergence of the Indian and Eurasian tectonic plates, making the country one of the most seismically active areas in the region.

Shares of burger chain Wendy’s surged after becoming the latest favorite of retail investors on the Reddit forum WallStreetBets, reviving memories of the 2021 meme stock phenomenon that propelled companies such as GameStop, AzerNEWS reports.

According to The Wall Street Journal, calls from Reddit users to buy Wendy’s shares quickly gained momentum, with one widely shared post urging investors to “save Wendy’s before it’s too late.” The stock climbed about 18% on Wednesday before surrendering part of those gains amid heightened volatility.

Wendy’s has emerged as a classic meme stock candidate. Its shares have fallen roughly 38% over the past year and more than 68% over the past five years, reflecting weak sales in the United States and pressure on profit margins from rising beef and other commodity costs.

The company’s sharp decline has also attracted bearish investors. Data from Nasdaq shows that short interest in Wendy’s shares increased by approximately 81% since the beginning of 2026 through the end of May, making it an attractive target for retail traders seeking to trigger a short squeeze.

A short squeeze occurs when rising share prices force investors who bet on a decline to buy back stock to close their positions, further accelerating price gains.

The stock’s extreme volatility prompted Nasdaq to temporarily halt trading twice over two days.

Beyond social media enthusiasm, Wendy’s also saw fundamental developments. The company appointed Steve Sirulis, formerly of Potbelly, as its new chief financial officer.

Another factor drawing investor attention is activist billionaire Nelson Peltz, Wendy’s largest shareholder. Peltz personally owns around 16% of the company, while his investment firm, Trian Fund Management, controls an additional 7.9%. Earlier this year, Peltz said the company was evaluating strategic alternatives, including a potential sale or delisting.

Market analysts caution that the renewed meme stock rally highlights abundant market liquidity and speculative sentiment, noting that sharp price movements driven by retail enthusiasm do not necessarily reflect a company’s underlying financial fundamentals.

Some retail investors have openly acknowledged participating in the rally in hopes of recovering previous losses rather than based on the company’s business outlook, underscoring the speculative nature of the latest meme stock resurgence.

Azerbaijan’s decision to accede to the International Convention on the Control of Harmful Anti-Fouling Systems on Ships represents more than a routine legislative update. It reflects the country’s broader strategy of aligning its maritime sector with international environmental standards while strengthening its position as a responsible actor in global shipping. The law, approved by the Milli Majlis on June 12 and signed by President Ilham Aliyev, demonstrates Azerbaijan’s commitment to protecting the marine environment, modernizing its maritime legislation, and supporting sustainable economic development.

The convention in question was adopted in London on October 5, 2001 under the framework of the International Maritime Organization. Its central purpose is to prevent pollution caused not by oil spills or cargo discharge, but by the anti-fouling systems applied to ship hulls. These coatings are designed to prevent the accumulation of marine organisms such as algae, barnacles, and mollusks, which can reduce a vessel’s efficiency and increase fuel consumption. For decades, some of the chemicals used in these coatings – especially organotin compounds such as tributyltin – were found to be highly toxic to marine ecosystems.

The Convention therefore seeks to eliminate the use of harmful anti-fouling systems while encouraging the development of environmentally safer technologies.

For Azerbaijan, environmental considerations are particularly significant because of the unique characteristics of the Caspian Sea.

Unlike open oceans, the Caspian is an enclosed basin where pollutants tend to remain for extended periods. Toxic substances introduced into its waters can accumulate over decades, affecting fish stocks, marine mammals, coastal habitats, and local communities dependent on marine resources.

By adopting internationally recognized restrictions on hazardous anti-fouling substances, Azerbaijan contributes to reducing one additional source of marine contamination. The Convention complements existing national and regional efforts aimed at improving water quality and preserving marine biodiversity.

Under the Convention, certain categories of ships engaged in international voyages are required to obtain the relevant international certificates and declarations. Compliance of ships with the Convention’s requirements is determined through inspections conducted by the competent authorities of the Contracting Parties or by recognized organizations.

In addition, the Convention establishes scientific and technical mechanisms for assessing harmful substances and provides for relevant procedures and measures for cooperation within the framework of the International Maritime Organization (IMO).

Accession to international environmental conventions therefore supports not only ecological objectives but also Azerbaijan’s long-term economic attractiveness.

By adopting internationally accepted standards, Azerbaijan signals that economic modernization and environmental responsibility are mutually reinforcing priorities rather than competing goals.

Equally important will be continued cooperation with regional partners around the Caspian Sea, since marine pollution cannot be effectively addressed by one country acting alone.

Protecting marine ecosystems, improving regulatory quality, strengthening international credibility, and supporting sustainable economic growth are complementary objectives that reinforce Azerbaijan’s long-term development strategy.

Rather than being viewed simply as another international treaty, the Convention should be understood as part of Azerbaijan’s broader integration into the evolving global framework of environmentally responsible maritime governance.

On June 26, presentation ceremonies of a number of projects were held in the territory of the Seaside National Park.

Leyla Aliyeva, Vice-President of the Heydar Aliyev Foundation, and Arzu Aliyeva, Head of the Baku Media Center, participated in the ceremonies.

Opening of the “Boulevard Sports Club” sports club

First, the opening of the “Boulevard Sports Club” sports club, which was created after major repair and reconstruction work carried out on the traditional tennis court complex in the Seaside National Park, took place.

Leyla Aliyeva and Arzu Aliyeva got acquainted with the conditions created at the sports club.

It was stated that the new sports club was established within the framework of the work carried out in the direction of promoting a healthy lifestyle, expanding sports infrastructure, and increasing recreation opportunities in the Seaside National Park. Here, a functional fitness gym equipped with modern equipment, padel courts, and dynamic sports opportunities have been created.

Presentation of the “WasteShark” floating water purification device

Then, within the framework of measures implemented in the direction of improving the ecological situation of the part of the Baku Bay falling into the water area of the Seaside National Park and ensuring the cleanliness of the water basin, the presentation of the innovative “WasteShark” floating water purification device took place. During the presentation, the technical capabilities of the device were demonstrated to Leyla Aliyeva and Arzu Aliyeva.

It was stated that against the background of the decrease in the water level in the Caspian Sea in recent years, the device is equipped with advanced technological solutions that allow for the agile collection of floating waste, biomass, and various pollutants in coastal areas, shallow waters, and closed water areas.

The device, which is remotely controlled, equipped with special sensors and cameras, and possesses agile movement capabilities, collects waste, organic residues, and polluting substances on the water surface. Operating efficiently especially in areas with limited accessibility, “WasteShark” is designed to expand the capabilities of ecological monitoring and cleanup measures.

The application of the device in local cleanup works at the initial stage, and its application in a wider water area of the Baku Bay and in various usage formats based on the obtained results is intended.

It should be noted that the project was implemented at the initiative of Leyla Aliyeva, Vice-President of the Heydar Aliyev Foundation, founder and head of the IDEA Public Union.

Presentation of electric-motor carriages

Later, the presentation of a new project that offers visitors a different recreation and strolling opportunity in the territory of the Baku Boulevard – electric-motor carriages – took place.

First, Leyla Aliyeva and Arzu Aliyeva were informed about the new project. It was stated that these modern vehicles with a historical appearance, inspired by the carriage traditions of the city of Baku, offer environmentally friendly, quiet, and comfortable strolling opportunities along a special route in the boulevard area.

It was noted that the use of electric-motor carriages is one of the steps taken towards promoting modern, ecological, and sustainable urban environment principles. Then, a stroll along the boulevard with the electric-motor carriages was organized for the guests.

During the opening and presentation ceremonies, Leyla Aliyeva and Arzu Aliyeva met with city residents and took pictures with them.

Six more matches are set to take place in the group stage of the FIFA World Cup, AzerNEWS reports.

In Group L, Croatia will face Ghana, while Panama will take on England. Both matches are scheduled to kick off at 1:00 a.m. Baku time.

At 3:30 a.m., Group K action will see Colombia and Portugal battle for crucial points, while the Democratic Republic of Congo will test its strength against Uzbekistan in the other fixture of the group.

The day’s final matches will begin at 6:00 a.m. in Group J, where Algeria will meet Austria. In the group’s other encounter, Jordan will face Argentina as both sides seek to strengthen their positions in the standings.

Iran has launched a series of retaliatory strikes against U.S. military facilities in the region following recent attacks by Washington, AzerNEWS reports, citing a statement released by the Islamic Revolutionary Guard Corps (IRGC).

In an official announcement, the IRGC confirmed that its naval forces executed the operation in direct response to American actions, which Tehran has characterized as acts of aggression.

“In response to the aggression, the naval forces of the Islamic Revolutionary Guard Corps have carried out strikes against the deployment locations of the U.S. terrorist army in the region,” the statement read.

The escalation marks a significant tightening of tensions between Washington and Tehran, raising concerns over further stability in the region. U.S. officials have not yet released a detailed assessment of the damage or casualties resulting from the strikes.

The number of Ebola virus cases in the Democratic Republic of the Congo has reached 1,203, including 321 deaths, since the current outbreak was declared in mid-May, health authorities said in a situation update late Friday as new infections continue to be reported, AzerNEWS reports, citing Anadolu Agency.

The latest official figures from the Health Ministry showed Congo has now registered 148 recoveries, while 419 patients are in isolation or in the hospital.

The epidemic, caused by the Bundibugyo strain, has affected 34 health zones across three provinces, including Ituri, the epicenter of the crisis; North Kivu and South Kivu.

Health officials have cited community resistance to postmortem testing, insufficient treatment capacity in Ituri, and a contact follow-up rate still below the 95% target among the challenges.

‘The government reminds everyone that the fight against Ebola is everyone’s responsibility. Every citizen is urged to report any suspected case, adhere to hygiene measures, and avoid handling the bodies of deceased persons,’ the ministry said.

Africa Centers for Disease Control and Prevention (Africa CDC) Director General Jean Kaseya said Thursday that partners, including the World Health Organization (WHO), the European Centre for Disease Prevention and Control, and the French and Congolese authorities, remain fully committed to containing the outbreak and protecting communities through a coordinated response.

WHO Director-General Tedros Adhanom Ghebreyesus said in a post on the US social media company X on Saturday that ‘war makes fighting Ebola so much harder, blocking access, scattering contacts, and driving people into hiding out of fear and mistrust.’

Intermittent heavy rainfall that continued overnight from June 27 into June 28 in Baku and the Absheron Peninsula is expected to gradually subside from the morning hours, AzerNEWS reports, citing the National Hydrometeorological Service.

The agency said that thunderstorms remain possible in some parts of the peninsula during the night, while the strong northwesterly wind is forecast to weaken by the evening.

Air temperatures in Baku and Absheron are expected to range between 18-21°C at night and 23-27°C during the day. Atmospheric pressure will increase from 759 mm to 762 mm of mercury, while relative humidity is forecast at 80-85% overnight and 55-60% during daylight hours.

In other regions of Azerbaijan, intermittent rain and thunderstorms are also expected in some areas. The weather service warned that rainfall could become intense and torrential in isolated locations, accompanied by hail and locally heavier precipitation.

Precipitation is expected to gradually cease across most districts by the evening. Fog is likely to form overnight and in the early morning hours in some mountainous areas. Westerly winds may occasionally intensify in certain regions.

Temperatures across the country’s districts are forecast to range from 16-20°C at night and 24-29°C during the day. In mountainous areas, temperatures will vary between 8-13°C overnight and 15-20°C during the day, reaching 23-26°C in some locations.

A pilot was killed and 13 people were injured after a light single-engine aircraft crashed into a skyscraper in Beijing, AzerNEWS reports.

Officials said the pilot was the sole occupant of the aircraft. All 13 injured individuals were on the ground at the time of the accident. Authorities have not disclosed details regarding the severity of their injuries.

The incident occurred on June 26 when a small Sunward SA60L Aurora aircraft collided with the CITIC Tower, the tallest skyscraper in the Chinese capital.

The crash shattered several windows on one of the building’s floors, prompting authorities to evacuate occupants as a precautionary measure.

According to data from Flightradar24, the aircraft had significantly deviated from its intended flight path while en route to Shifosi Airport.

The cause of the crash has not yet been determined, and an investigation is underway to establish why the aircraft strayed from its course before striking the building.

The incident is one of the rare cases of an aircraft colliding with a high-rise building in Beijing and has raised fresh concerns about flight safety and air traffic monitoring in densely populated urban areas.

For over three decades, Azerbaijan has steadily positioned itself as the economic engine of the South Caucasus, driven primarily by its immense hydrocarbon wealth and a series of pragmatic geoeconomic alliances. However, as the global financial landscape pivots toward diversification and sustainable development, Baku is increasingly recognizing that long-term resilience requires exploring alternative financial architectures. The recent announcement that the Islamic Development Bank (IsDB) is actively backing Azerbaijan to establish a robust Islamic finance ecosystem-highlighted by technical assistance for a debut sovereign or corporate sukuk issuance-marks a watershed moment. This initiative is not merely a technical modification to the nation’s banking framework; it represents a profound strategic opportunity to unlock non-traditional capital pools, deepen domestic financial inclusion, and bridge the historical divide between the secular state and a culturally receptive population. By collaborating with the Central Bank of Azerbaijan to carve out a dedicated regulatory ecosystem, Baku is signaling its readiness to transcend the limitations of conventional interest-based lending and tap into a trillion-dollar global industry that has long sat on the periphery of its economic vision.

To fully appreciate the gravity of this shift, one must understand that Islamic finance is fundamentally rooted in risk-sharing, tangible asset backing, and the strict prohibition of usury, or riba. In a country like Azerbaijan, where small and medium-sized enterprises (SMEs) form the bedrock of non-oil GDP growth but consistently struggle with high conventional interest rates, the equity-based models of Islamic banking offer a compelling alternative. When a financial institution operates as a partner in a business venture rather than a predatory creditor, the underlying economic incentives shift from wealth extraction to wealth creation. This asset-backed nature of Sharia-compliant instruments ensures that capital is directly tied to real economic activity, whether it be building infrastructure, expanding agricultural capacity, or funding technological innovation. This structural discipline inherently insulates the financial sector from the speculative bubbles and toxic debt that frequently plague conventional markets, offering Azerbaijan a self-regulating buffer against external macroeconomic shocks.

Furthermore, the introduction of sukuk, or Islamic bonds, provides Baku with an invaluable tool for infrastructure financing and state budget optimization. Unlike traditional bonds, which represent a debt obligation, sukuk give investors fractional ownership of an underlying physical asset or project, generating returns from the revenue produced by that specific asset. As Azerbaijan continues its monumental task of reconstructing and reintegrating the liberated territories of Karabakh, the capital requirements are staggering. Funding these mega-projects solely through national reserves or traditional Eurobonds restricts fiscal flexibility and exposes the country to volatile international interest rate fluctuations. A strategically deployed sukuk could attract substantial liquidity from the Gulf Cooperation Council (GCC) nations and broader Islamic liquidity hubs, where institutional investors are constantly searching for yield-bearing, asset-backed sovereign instruments in stable emerging markets. By aligning its regulatory standards with international Islamic finance benchmarks, Azerbaijan effectively transforms itself into an attractive, low-risk investment destination for Middle Eastern capital that previously bypassed the region due to a lack of Sharia-compliant avenues.

Beyond the undeniable macroeconomic advantages, the social dimension of this transition carries profound implications for financial inclusion. Despite being a predominantly Muslim country, Azerbaijan’s decades under Soviet state atheism fostered a deeply secularized societal structure, which extended into its post-independence financial systems. Yet, underneath this secular veneer lies a growing segment of the population that remains unbanked or underbanked due to deeply held ethical or religious objections to conventional interest. For these citizens and small entrepreneurs, the absence of halal financial products forces their capital out of the formal economy and into informal, cash-based networks. Introducing Sharia-compliant banking options does not compromise the state’s secular foundations; rather, it democratizes the financial sector by providing an inclusive space for all citizens to save, invest, and borrow in alignment with their personal values. Bringing this sidelined capital into the formal banking system increases national liquidity, broadens the tax base, and fosters a more equitable distribution of economic opportunities among the populace.

Of course, pathfinding this new frontier is not without significant structural hurdles. The greatest challenge facing the Central Bank of Azerbaijan is the creation of a dual-banking regulatory framework that can seamlessly accommodate Islamic financial products alongside an established conventional system without creating systemic regulatory arbitrage or legal confusion. Islamic contracts require specific tax treatments-particularly regarding double taxation on asset transfers-that the current Azerbaijani tax code is simply not engineered to handle. Moreover, there is an acute deficit of local expertise in Sharia governance and Islamic jurisprudence, necessitating a heavy reliance on international institutions like the IsDB to train local regulators, auditors, and bank executives. The path forward demands a patient, phased approach, beginning with specialized windows within existing commercial banks before transitioning to full-fledged Islamic institutions. If Baku can maintain its current momentum, successfully bridge these legislative gaps, and execute its initial sukuk offerings with transparency, it will do more than just diversify its financial sector. Azerbaijan will firmly cement its status as a vital, sophisticated nexus connecting Western financial systems, Caspian resources, and the vast, wealthy ecosystem of global Islamic capital.