Situation in Red Sea has a limited impact on food exports so far, says FAO
ROME, ITALY – The situation in the Red Sea has not yet been reflected in the pace of prices for...
Economy
Cryptocurrency Ether witnesses meteoric rise since launch
NEW YORK, US – Bitcoin has captured the limelight in recent weeks as it surged to a new record high, yet...
Business
Geostrategy
UN, Russia hold talks on grain, fertilizer exports
United Nations chiefs held talks with Russian officials on the Black Sea agreements on exporting grain and fertilizers, eight days...
- The talks took place behind closed doors at the UN Palais des Nations headquarters in Geneva.
- No statement has yet been issued following the meeting.
Economy
Global food import bill to jump to record $1.9 trillion: FAO
The new forecast would mark "an all-time high", and is due to the depreciating values of currencies against the US...
- Ukraine and Russia are agricultural superpowers, with more than 30 nations reliant on them for wheat and sunflower oil exports.
- Sub-Saharan Africa, already hard-hit by malnutrition, is expected to spend $4.8 billion more on food imports, despite a decrease in volumes.
Geostrategy
UN, Russia to discuss black sea deal on grain, fertilizer export
GENEVA, SWITZERLAND - UN chiefs are to hold talks with Russian officials in Geneva on Friday on the Black Sea...
- The 120-day Black Sea Grain Initiative, a UN-led deal agreed with Moscow and Kyiv, runs out on November 19.
- Ukraine is one of the world's top grain producers and the Russian invasion had blocked 20 million tons of grain
Business
ArcelorMittal Q3 profit at $993m
Firm is suffering from slowdown in China's economic growth.
- The steelmaker said it had reduced European gas consumption by 30 percent amid soaring costs.
- ArcelorMittal said in September that it would shut down two of its blast furnaces in Europe over high energy prices and lower demand.
Market Report
Global stocks move higher as US voters cast ballots
Global stock markets mostly moved higher as Americans headed to the polls in midterm polls. The dollar got back some...
- Investors are waiting on US inflation data due on Thursday for a pointer on the interest path ahead.
- The broader S&P 500 and tech-heavy Nasdaq wobbled around before moving higher.
Economy
Food prices declined in October, says Jordan trade minister
AMMAN, JORDAN - Jordan Minister of Industry, Trade and Supply and Minister of Labor Yousef Shamali said Monday that food...
- The minister attributed the decline to falling oil prices and its impact on production and transport costs.
- He said that the fall in the prices of food is also due to measures taken by the government.
Geostrategy
‘UAE President’s speech at COP27 outlined vision for climate action’
SHARM EL SHEIKH, EGYPT - UAE Minister of Industry and Advanced Technology Dr. Sultan bin Ahmed Al Jaber said that...
- UAE Minister of Industry said effective climate action accelerates opportunities for sustainable economic and social development.
- The minister said that the President's speech emphasized that continuity and perseverance are at the core of the UAE’s strategy.
Geostrategy
COP27: Choose climate solidarity or collective suicide, UN chief tells world leaders
Humanity is in "the fight of our lives" as climate change intensifies droughts, floods and heatwaves, UN chief Antonio Guterres...
- The UN chief called for a "historic" deal between rich countries and emerging economies that would aim to reduce emissions.
- The UN chief said the target should be to provide renewable and affordable energy for all.
Market Report
Stocks rise, oil falls tracking China lockdown policy
Stock markets mostly rose, extending last week's strong gains, while oil prices fell after China reaffirmed its commitment to its...
- The dollar was down against key rivals ahead of this week's US midterm elections.
- Global markets and oil prices were buoyant last week on hopes Beijing may begin to roll back policies aimed at stamping out the disease within its borders.
Economy
WTO urges countries to lift green trade barriers
The World Trade Organization urged countries to abolish trade barriers in environmental goods and services to help fight climate change....
- Trade is a force for good for climate and part of the solution for achieving a low-carbon, resilient and just transition, the WTO said.
- Reducing tariffs and non-tariff measures on energy-related environmental goods could increase exports of these products by five percent by 2030, the WTO said.
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Situation in Red Sea has a limited impact on food exports so far, says FAO
ROME, ITALY – The situation in the Red Sea has not yet been reflected in the pace of prices for...
Economy
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UAE presents its maritime contributions at IMO meet in UK
DUBAI, UAE - Presenting its category B candidacy in the International Maritime Organization (IMO) Council at the organization’s focus group...
Business
Dubai Future Forum calls for creation of global framework
DUBAI, UAE: Governments and the United Nations should create an internationally adopted framework specifically designed to help solve global challenges,...
Geostrategy
Stock markets on hold as investors await key US inflation data
Stock markets were mostly in wait-and-see mode as investors eyed the release this week of key US inflation data that...
Market Report
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Geostrategy
Hamas frees more captives in Gaza as truce extension mooted
Hamas released a third group of hostages including a four-year-old American girl with more Palestinian prisoners set to be freed...
- The exchanges under a four-day ceasefire that started Friday have been the first relief for captives' families.
- United States President Joe Biden announced that the 13 released included a four-year old American girl..
Geostrategy
Every industry should be held accountable on climate, says COP28 president
Paris, France - The president of a pivotal UN climate summit defended on Saturday the large presence of industry representatives at...
- "Everyone needs to be part of this process and everyone needs to be held responsible and everyone needs to be held accountable," COP28 president Sultan Al Jaber said
- "That includes all industries and in particular heavy emitting industries like aviation, transportation, aluminum, cement, steel, as well as the oil and gas industry," he added
Economy
ADB plans to invest US$100bn to maximize climate impact
MANILA, PHILIPPINES - Setting the scene for a low-carbon and climate-resilient Asia and the Pacific, the Asian Development Bank (ADB)...
- By 2030, more than 55 percent of the population of Asia and the Pacific will live in urban areas, driving up demand for urban-related services.
- If urban areas continue along the same growth trajectory, Asian cities could contribute over half of the rise in global GHG emissions in the next 20 years.