91% of new renewable projects now cheaper than fossil fuels alternatives
Abu Dhabi, UAE -- Renewables maintain their cost leadership in global power markets, IRENA’s new report on Renewable Power Generation...
Geostrategy
Iran says will not halt nuclear enrichment ahead of European talks
Iran is scheduled to meet Britain, France and Germany in Istanbul on Friday, to discuss its nuclear programme, with Tehran...
Geostrategy
Economy
Markets drop as Fed and European central banks hike rates
European markets were down in afternoon trades, with London's FTSE 100 shedding 0.5 percent after the Bank of England raised...
- The world's major central banks are rushing to ramp up rates to dampen red-hot global consumer prices, but traders fear rising borrowing costs will herald recession.
- In Asia, Indonesia and the Philippines also tightened monetary policy but the Bank of Japan bucked the global trend as it left its status quo in place.
Economy
UN chief wants ‘action’ to address climate loss, damage payments
UN Secretary-General Antonio Guterres called on governments to tackle "four burning issues" between now and COP27: greater ambition to keep...
- The UN chief spoke about the flood in Pakistan and reminded world leaders of the Paris accord goal of limiting long-term warming to 1.5C above pre-industrial levels
- Developing nations argue that historic polluters have a moral imperative to pay for the loss and damage, but the idea was shot down by rich nations at COP26
Business
UN succeeds in raising US$75m to salvage oil tanker off Yemen
The decaying 45-year-old FSO Safer, long used as a floating storage platform and now abandoned off the rebel-held Yemeni port...
- UN officials last month warned that the ship was a ticking environmental time bomb requiring immediate action
- It warned a spill could destroy ecosystems, shut down the fishing industry and close the lifeline Hodeida port for six months
Economy
Europe throws billions at energy crisis
Hundreds of billions of euros and counting have been shelled out so far since Russia invaded its pro-Western neighbor in...
- The public spending has continued even though European Union countries already accumulated mountains of new debt
- But some leaders have taken pride at their use of the public purse to battle this new crisis, which has sent inflation soaring
Geostrategy
Truss at UN vows UK military aid ‘until Ukraine prevails’
Truss became the latest Western leader at the UN General Assembly in New York to rail against Russian President Vladimir...
- Truss's comments came amid growing resentment in some quarters of the developing world over the West's massive spending on weapons for Ukraine
- The Conservative leader also said that the United Kingdom was committed to spending three percent of its GDP on defense by 2030
Business
Saudi Arabia emerges as one of the world’s top eSports hubs
The PUBG Mobile tournament was part of Gamers8, a summer festival spotlighting Saudi Arabia's emergence as a global eSports dynamo...
- Saudi Arabia's interest in gaming and eSports comes from the very top, with Crown Prince Mohammed bin Salman said to be an avid "Call of Duty" player
- Saudi gamers are revelling in their country's newfound status and the eye-watering prize pools it brings
Business
Aviation leaders warn travelers of higher ticket prices
Warning travelers around the world of more price pain, the IATA head and Qatar Airways chief have said that the...
- IATA says airlines posted losses of $180 billion in 2020 and 2021 and expects another $9.7 billion in losses this year
- Akbar Al Baker said Hong Kong's aviation sector had been "devastated" by Covid restrictions, the city was no longer a global aviation hub
Anxiety among Tehran women after headscarf death
Amini, a Kurd, had been detained for allegedly wearing a hijab headscarf in an "improper" way, and died at a...
- In Iran, women, regardless of their faith, are required to cover their hair, and the morality police bans them from wearing coats above the knee
- Activists said Amini had suffered a fatal blow to the head, a claim denied by officials, who have announced an investigation
Geostrategy
US announces $2.9 billion for resolving global food insecurity
The White House said food supplies are being dangerously disrupted by "the compounding impacts of the pandemic, the deepening climate...
- The White House said food supplies are being dangerously disrupted by "the compounding impacts of the pandemic, the deepening climate crisis, rising energy and fertilizer costs.
- The US aid "builds on the $6.9 billion in US government assistance to support global food security already committed this year," a statement said.
Economy
IMF condemns Lebanon’s ‘very slow’ progress on reforms
Lebanon and the IMF reached a conditional agreement on the loan in April to help the country stem its economic...
- The IMF conditioned the funds on a series of measures, notably parliament approving a 2022 budget and a reformed bank secrecy law as well as restructuring the banking sector.
- Lebanese have grown increasingly desperate after nearly three years of economic meltdown, with at least seven people storming their own banks last week to withdraw frozen savings.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
91% of new renewable projects now cheaper than fossil fuels alternatives
Abu Dhabi, UAE -- Renewables maintain their cost leadership in global power markets, IRENA’s new report on Renewable Power Generation...
Geostrategy
Company News
Latest News
Sweden Quran burner arrested in Norway, faces deportation
OSLO, NORWAY – An Iraqi refugee in Sweden who stoked international outrage by repeatedly desecrating the Quran last year has been...
Geostrategy
Electric cars credited with lower CO2 emissions in US neighborhoods
LOS ANGELES, US – The booming use of electric vehicles in parts of California is reducing CO2 emissions in those areas,...
Business
Britain expands investigation into Vodafone-Three UK merger
London, United Kingdom - Britain's competition regulator deepened Thursday its probe into Vodafone's planned merger of British mobile phone operations with...
Business
Most Read
Geostrategy
Who recognises the existence of a Palestinian state?
Paris, France -- Israel's almost six-months-old war in Gaza since the October 7 attack has revived calls for Palestinians to be...
- According to the Palestinian Authority, which rules parts of the occupied West Bank, 137 of the 193 UN members already recognize a Palestinian state.
- Spain's left-wing Prime Minister Pedro Sanchez has announced plans to soon recognize a Palestinian state.
Geostrategy
‘Shocking increase’ of children denied aid in conflicts: UN
In addition to access to humanitarian aid, the UN's report on children and armed conflict also lists the number of...
- UN report published last year recorded nearly 4,000 confirmed cases of aid being denied to children
- Half of the cases in last year's UN report were of Israeli forces denying aid to children in Gaza
Business
Apple explores making personal robots
It is working on a robot that may be helpful to people.
- Apple is reported to have transferred employees from the shuttered car division to generative artificial intelligence projects
- The robot project is being overseen by Apple’s hardware engineering division and its AI and machine learning group