Western countries shelve plans to censure Iran at UN nuclear meet
Western powers will not censure Iran over its lack of cooperation with the UN nuclear watchdog at its Board of...
Geostrategy
Apple’s changes contradicts European rules, 34 firms complain
Brussels, Belgium - Changes Apple is making to its services in the European Union "make a mockery" of new antitrust rules...
Business
Business
Google first paying customer for Wikipedia’s commercial venture
Wikipedia, one of the world's most visited websites, is free to use, updated by volunteers and relies on donations to...
- Google said it had already made deals with hundreds of news outlets across Europe, Agence France-Presse among them.
- Google has previously given money to Wikipedia through donations and grants.
Business
Oil, stocks fall again as economic recession looms large
Surging energy costs are fueling global inflation, with official data Wednesday showing the British annual rate hitting a fresh 40-year...
- Oil prices were feeling the heat from recessionary fears, with both main contracts tanking more than five percent at one point.
- Crude and gas prices have soared in recent months after major economies lifted pandemic lockdowns and invasion of Ukraine.
Business
Global personal luxury goods market hits US$300bn
The market benefited from an exuberant 2021 holiday shopping season across the regions, with a seven percent increase over the...
- Global personal luxury goods experienced a remarkable performance in the first quarter 2022
- Luxury brands enjoyed growth from a strong holiday shopping season, maintain momentum in the US
Business
Oil uncertainty may stay for next five years: ExxonMobil CEO
ExxonMobil has taken a 6.25 percent stake in the expansion of Qatar's North Field, which contains the world's biggest natural...
- Energy markets have been roiled by the Ukraine war as Russia has reduced some exports and faced sanctions.
- The CEO was speaking ahead of ExxonMobil's unveiling as the 4th global partner for Qatar's natural gas expansion.
Business
Air traffic to reach full capacity by 2023 despite uncertainty
Air passengers are expected to hit 83 percent of pre-pandemic levels this year and the aviation industry's return to profit...
- Industry losses are expected to drop to $9.7 billion in 2022, an improvement from $42.1 billion in 2021.
- The aviation industry was sent reeling by the pandemic, with passengers down by 50 percent in 2021.
Business
Germany declares emergency steps to meet energy demand
Berlin has managed to reduce the share of its natural gas supplied by Russia from 55 percent before the invasion...
- The move comes after Moscow turned up the pressure on Western allies, sharply reducing flows of natural gas.
- Germany is among several European countries that are highly reliant upon Russian gas for their energy needs.
Business
Italy’s Eni joins giant Qatar gas project after Russian cuts
Eni will own a stake of just over three percent in the $28 billion North Field East project, the world's...
- The project's LNG -- the cooled form of gas that makes it easier to transport -- is expected to come on line in 2026.
- It will help Qatar increase its liquefied natural gas production by more than 60 percent by 2027.
Economy
Bank of England hikes interest rate for fifth consecutive time
British economic output declined for the second month in a row in April, weighed down by rocketing prices that are...
- BoE policymakers agreed at a regular meeting to increase the cost of borrowing by a quarter-point to 1.25 percent.
- Pound fell 1 percent against the dollar following the announcement, one day after the Federal Reserve hiked US interest rates.
Business
Ministers wrangle through night to salvage WTO deals
Ministers were frantically haggling through the night into Thursday at the World Trade Organization in a bid to salvage deals...
- The global trade body'S members added on an extra fifth day of talks to try to break the deadlock gripping the WTO headquarters in Geneva
- Ministers at WTO meeting are also discussing the possibility of imposing a temporary waiver on Covid-19 vaccine patents
Geostrategy
UN chief says women ‘essential’ to peace talks in global conflicts
In many areas, men in power have actively worked to exclude women, said Guterres, citing Afghanistan, where "nearly 20 million...
- According to Guterres, less female representation in peace negotiation from Ukraine to Afghanistan shows that "patriarchy is failing us"
- He underlined the impact of what he termed "the recent shift away from inclusive politics," saying it "shows once again that misogyny and authoritarianism are mutually reinforcing
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Western countries shelve plans to censure Iran at UN nuclear meet
Western powers will not censure Iran over its lack of cooperation with the UN nuclear watchdog at its Board of...
Geostrategy
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Iran says US ‘can not renege’ on deal to transfer $6bn via Qatar
Tehran, Iran-- Iran said the United States "can not renege" on an agreement to transfer $6 billion in frozen funds through...
Disasters cause crop losses worth $3.8trn over 30 years, says FAO
PARIS, FRANCE - Natural and man-made disasters have caused $3.8 trillion in crop and livestock loses over 30 years, the UN's...
Economy
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Economy
World economy resilient, says IMF; keeps growth forecast unchanged
The IMF kept its 2023 global growth forecast unchanged but warned that the economy is "limping along" as inflation remains...
- Inflation, which has fallen sharply since last year, is predicted to remain elevated at 6.9 percent this year.
- Central banks across the globe have raised interest rates sharply in efforts to contain inflation.
Geostrategy
Israel imposes total siege on Gaza after Hamas attack
Israel imposed a total siege on the Gaza Strip and cut off the water supply as it kept bombing targets...
- Israeli Prime Minister Benjamin Netanyahu threatened that "what Hamas will experience will be difficult and terrible ... We are going to change the Middle East."
- Israel said it had called up 300,000 army reservists for its "Swords of Iron" campaign.
Business
Dubai at top global ranking for attracting Greenfield FDI projects in H1 2023
DUBAI, UAE - Dubai remains the top global destination for attracting Greenfield Foreign Direct Investment (FDI) projects, with the emirate...
- During the first half of 2023, Dubai’s global share in the attraction of Greenfield FDI projects stood at 6.58 percent.
- The results align the Dubai Economic Agenda D33, which aims to double the size of the emirate’s economy over the next decade.