Gulf On Edge, War Enters Week 3

Iran warned on Saturday that it could target US military bases in the United Arab Emirates (UAE) as the conflict in West Asia entered its third week, escalating tensions around the vital shipping lane of the Strait of Hormuz.

According to Reuters, the warning came after a drone strike disrupted operations at a major energy hub in the UAE

Iran’s semiofficial Tasnim News Agency, according to Al Jazeera, called on people leave areas surrounding Jebel Ali Port in Dubai, Khalifa Port in Abu Dhabi and Fujairah Port.

US President Donald Trump, meanwhile, said on Truth Social that many countries would deploy warships alongside the US to keep the Strait of Hormuz open, warning Washington would continue striking Iranian assets along the shoreline if necessary.

Meanwhile, two Indian-flagged LPG carriers safely crossed the strait early Saturday, carrying about 92,700 tonnes of liquefied petroleum gas, which are expected to reach ports in Gujarat, a senior shipping ministry official told Business Standard. India has also sought safe passage for 22 other vessels still west of the strait, with the foreign ministry saying it is in touch with Gulf countries, Iran, the US and Israel to safeguard maritime traffic and energy supplies, Reuters reported.

Also on this week’s weekend playlist:

A teenager who decided the oceans didn’t have to stay full of plastic. A McKinsey partner arguing AI could unlock $15 trillion in economic value while rewriting how professionals work. A KPMG leader explaining why language AI could bring millions of Indians into the digital economy. And a markets veteran warning that geopolitics may be quietly reshaping the global financial system. Four conversations this week on The Core Report explore the forces quietly redrawing our world—from the future of work and the rise of AI to the changing architecture of global finance and the fight to clean the oceans.

WEEKEND EDITION

Can Technology Clean the Ocean Plastic Crisis

Most people notice a problem and move on.

At 16, Boyan Slat saw something he couldn’t ignore: more plastic than fish while scuba diving. Instead of accepting it as the new normal, he decided to try something few believed was possible—clean the oceans.

In this weekend edition of The Core Report, financial journalist Govindraj Ethiraj speaks with Boyan Slat, founder and CEO of The Ocean Cleanup, about how a teenager’s idea evolved into a global mission tackling one of the planet’s biggest environmental crises.

Today, The Ocean Cleanup deploys ocean cleanup systems and river interceptors across multiple countries, designed to stop plastic waste before it reaches the sea and remove what has already accumulated in places like the Great Pacific Garbage Patch.

Because much of the world’s ocean plastic originates in rivers, the strategy focuses on interception—cutting the problem off at its source. Cities like Mumbai, with complex waste flows and dense waterways, are becoming key testing grounds for these solutions.

But cleaning the oceans is not just an engineering challenge. It requires global partnerships, funding, and cooperation between governments, corporations, and civil society—while also navigating questions around corporate responsibility and greenwashing.

Slat’s long-term goal is audacious: reduce ocean plastic pollution by 90%.

Whether that goal is fully achievable remains uncertain. But the bigger story is how a single moment of discomfort turned into one of the world’s most ambitious environmental engineering projects.

SPECIAL EDITION

AI’s $15 Trillion Opportunity

Artificial Intelligence could unlock up to $15 trillion in global productivity and economic value, dramatically expanding the market for technology and professional services.

In this special edition of The Core Report, financial journalist Govindraj Ethiraj speaks with Noshir Kaka, Senior Partner at McKinsey & Company, about how generative AI, AI agents, and automation are reshaping the future of work—from consulting and banking to healthcare and media.

According to McKinsey research, AI may automate up to 30% of work tasks, but that doesn’t necessarily mean eliminating jobs. Across industries, 20–40% of daily work—from research and documentation to analysis and workflow management—can already be supported by AI copilots and intelligent agents.

The bigger shift is that AI is redefining workflows, not replacing professionals. By handling repetitive tasks, AI frees up time for higher-value work such as judgment, creativity, and strategic decision-making.

For India’s consultants, bankers, engineers, and knowledge workers, this could mark a major shift in how careers evolve in the coming decade—one where AI becomes a powerful collaborator rather than a competitor.

The AI Moment for India’s Digital Economy

In this special edition of The Core Report, financial journalist Govindraj Ethiraj speaks with Akhilesh Tuteja, Partner & National Leader (Clients and Markets) at KPMG India, about how AI—especially language AI—could reshape business, technology, and digital access across the country.

India’s opportunity lies in its scale. With hundreds of millions of people still outside the English-dominated internet, AI-powered translation, voice interfaces, and mobile-first tools could bring vast new populations into the digital ecosystem.

That shift could dramatically expand markets for businesses while making companies smarter and more productive. From hyper-personalised customer experiences to automation and enterprise intelligence, AI is already changing how Indian firms operate and make decisions.

But disruption will come first. As the conversation explores, AI could initially destroy value in some sectors before creating even larger opportunities—potentially transforming India’s IT services industry, startups, and innovation ecosystem along the way.

The bigger question: Can AI help India unlock the next phase of its digital economy?

INDIA’S ECONOMY WORKS

When Geopolitics Starts Rewriting the Rules of Finance

The global financial system we know today was shaped by the upheavals of the 1970s. But according to markets veteran Hemant Mishr, that architecture may now be entering a period of change.

In the latest episode of How India’s Economy Works on the Core, journalist and author Puja Mehra speaks with Hemant Mishr—Co-Founder and CIO of S CUBE Capital and former Managing Director at Standard Chartered Bank—about how rising geopolitical tensions are beginning to reshape global finance.

The modern system, Mishr explains, rests on three pillars: globalization, a rules-based order backed by the United States, and relative geopolitical stability among major powers. Together, these created decades of expanding trade and capital flows.

A key turning point came during the oil shocks of the 1970s. Oil exporters accumulated large dollar revenues, which were recycled through US banks and markets—giving rise to the “petrodollar” system. This helped cement the US dollar’s dominance in global trade, reserves, and finance.

Today, however, that framework is under pressure.

Conflicts, great-power rivalry, and the growing use of financial sanctions are pushing countries to rethink their dependence on the dollar system. While Mishr argues the dollar is unlikely to lose its dominance anytime soon—given the depth and credibility of US financial markets—the world could gradually move toward a more fragmented financial order.

For emerging economies like India, this shift presents both risks and opportunities. A more multipolar financial system could disrupt capital flows and trade patterns, but it may also create space for countries that can navigate competing economic blocs while maintaining strong domestic fundamentals.

The big question: as geopolitics reshapes finance once again, how will the global monetary system evolve—and where will India fit into that future?

THE CORE QUIZ

MESSAGE FROM OUR SPONSOR

Scale Your IRL Campaigns Like Digital Ads

Out Of Home advertising has long been effective but hard to scale—until now. AdQuick makes it simple to plan, deploy, and measure campaigns with the same efficiency and insight you expect from online marketing tools.

Marketers agree: OOH is powerful for brand growth, driving new customers, and reinforcing messaging. AdQuick makes it easy, intuitive, and data-driven—so you can treat real-world campaigns like any other digital channel.

Learn more, visit AdQuick.com

THE TEAM

✍️ Zinal Dedhia, Kudrat Wadhwa | ✂️ Rohini Chatterji | 📹️ Maitrayee Iyer | 🎧 Joshua Thomas

🤝 Reach 80k+ CXOs? Partner with us.

✉️ Got questions or feedback? Reach out.

💰 Like The Core? Support us.