US aerospace manufacturers insist they have no use for tariffs
New York, United States -- US airlines and aerospace manufacturers insist they have no use for tariff protections, warning that the proposed Trump administration levies could eat into the healthy trade surplus the sector has enjoyed for more than 70 years. At the request of President Donald Trump, Commerce Secretary...
AI disinformation potential sparks fears for US 2024 race
Campaigns on both sides of the political divide are likely to harness this technology -- which is cheap, easily accessible and whose advances have vastly outpaced regulatory responses -- for voter outreach and to churn out fundraising newsletters within seconds. But technologists also warn of bad actors exploiting AI to...US debt deal faces tough sell in Congress to avoid default
The agreement announced Saturday by President Joe Biden and Republican leader Kevin McCarthy after weeks of crisis talks offers a path back from the default precipice, but it is far from certain that the compromises it contains can garner the support it requires from both sides of the aisle.UN chief ‘shocked’ at Sudan army chief’s demand to dismiss envoy
The UN chief was "shocked" by Burhan's letter, which requested "the nomination of a replacement" to Perthes and accused him of committing "fraud and disinformation" in facilitating a political process. Burhan and his rival Mohamed Hamdan Daglo were meant to meet for negotiations on April 15, the day Khartoum became...UN backs Sudan envoy as army seeks his replacement
NEW YORK, US - United Nations chief Antonio Guterres said he was "shocked" by a letter from Sudanese army chief Abdel Fattah al-Burhan, reportedly requesting the replacement of special envoy Volker Perthes amid a brutal war with paramilitaries.Guterres "is proud of the work done by Volker Perthes and reaffirms his full confidence in...Saudi, US mediators see ‘improved respect’ for Sudan ceasefire
Within minutes of the ceasefire taking effect late Monday, witnesses in the capital Khartoum reported air strikes and gunshots. The one-week truce is the latest in a series of agreements that have all been systematically violated, with the army and the paramilitary Rapid Support Forces (RSF) accusing each other of...EU backs WTO deal banning harmful fisheries subsidies
Brussels, Belgium -- The European Union approved a historic agreement banning harmful fisheries subsidies on Thursday, joining a small group of countries that include the United States.After more than two decades of negotiations towards banning subsidies that encourage overfishing and threaten the sustainability fish stocks worldwide, a deal, albeit watered...US debt ceiling talks ‘unnecessary’ for global economy: IMF chief
International markets have been unnerved by the battle between US President Joe Biden and opposition Republicans on US borrowing limits with an early June deadline looming. Some Republicans have questioned whether a quick agreement with the US administration is necessary to avert a painful default.Oman’s Sultan to visit Iran on President Ebrahim’s invitation
Oman has close ties with Iran and played a mediating role between Tehran and Washington in the build-up to a nuclear deal reached in 2015. Stop-start talks began in April last year to restore the deal, after the US unilaterally withdrew from it in 2018, prompting Tehran to roll back...Netflix widens password-sharing crackdown worldwide
As growth at Netflix cooled last year, the Silicon Valley-based streaming giant set out to nudge people watching for free with shared passwords to begin paying for the service without alienating subscribers. The launch of an ad-subsidized offering around the same time as a crackdown on password sharing is no...Apple to tie up with Broadcom for 5G telecom networks
The company will collaborate with US tech firm Broadcom in order to make "cutting edge" parts for wirelessly connecting to high-speed 5G telecom networks. Apple however did not specify how many billions of dollars it would be putting into the alliance, but said it is part of a commitment to...Sporadic shelling as combat eases after Sudan ceasefire
Sporadic artillery fire still echoed in Sudan's capital, but residents said fighting had calmed following a US and Saudi-brokered ceasefire, raising faint hopes in the embattled city. The truce, to allow desperately needed humanitarian aid for civilians, took effect Monday night only to be quickly marred by more gunshots and...Saudi energy minister warns oil short-sellers ahead of OPEC+ meet
Speaking on the sidelines of the Qatar Economic Forum, Saudi Arabia's Minister of Energy Prince Salman said OPEC+ pursued three goals of vigilance, initiative and proactiveness. He added that the inaccurate forecasts of the International Energy Agency led to price volatility in the energy market last year and in the...Biden-McCarthy ‘productive’ debt ceiling talks fail to uplift markets
After their latest get-together on Monday, the Republican Speaker said: "I felt we had a productive discussion. We don't have an agreement yet, but I did feel the discussion was productive in areas (where) we have differences of opinion." He added that negotiators would "work through the night" to move...Allen & Overy to merge with US peer
The merged firm will have a combined revenues of $3.4bn.Air strikes hit Khartoum as factions agree Saudi-US mediated ceasefire
The ceasefire "may be extended with the agreement of both parties," a joint statement issued after talks in Jeddah said. "Unlike previous ceasefires, the Agreement reached in Jeddah was signed by the parties and will be supported by a US-Saudi and international-supported ceasefire monitoring mechanism," it said.TRENDS Poll: 36% believe GCC banks threatened by US, Europe banking crisis
Due to the GCC's strong linkages with the global banking system, concerns have risen that the banks in the region will face the same struggles.After hitting Russia with new sanctions, G7 leaders visit Hiroshima memorial
G7 leaders, including the heads of nuclear-armed Britain, France and the United States, arrived at the city's Peace Park to a sodden red carpet welcome from Prime Minister Fumio Kishida, who is from Hiroshima. The leaders were also scheduled to speak with survivors of the bomb, which killed some 140,000...Investcorp acquires Jianuo
Jianuo is a leading provider of specialty premium components.Tunisia sentences opposition chief to one year’s prison on terrorism charge
Ghannouchi, 81, a former speaker of parliament, was arrested last month over different accusations, part of what Human Rights Watch (HRW) called last week a move "to neutralise the country's largest political party". He had appeared in court at the end of February on the terror-related charges after being accused...ECB fines Goldman Sachs US$7.2m for misreporting capital needs
BERLIN, GERMANY - The European Central Bank (ECB) has fined US financial giant Goldman Sachs US$7.2 million (6.63 million euros) for misreporting its capital needs, it said on Monday.Goldman Sachs Bank Europe was found to have "breached credit risk reporting rules" in 2019, 2020 and 2021, the ECB said in a...European Union backs Microsoft’s Activision Blizzard takeover
The deal is also under threat in the US, where last year the Federal Trade Commission launched a legal action to block it, one of Washington's biggest ever interventions to stop tech industry consolidation. Microsoft launched its bid for Activision Blizzard early last year to create the world's third biggest...Stock markets advance on US debt, elections
Major stock markets advanced after President Joe Biden said he was "optimistic" about finding an agreement on averting a first-ever US default. Stock markets in Europe and Asia kicked the week off with gains amid growing hopes the Democrats and Republicans will reach a deal to avert a US government...Large scale job losses if US defaults, warns government
President Joe Biden's administration again warned of "catastrophic" consequences for the US economy including huge job losses if the country defaults, as negotiations to forge a debt deal are expected to resume this coming week. For weeks US policymakers, bankers and the White House have warned that the country is...EU’s imports in high-tech products worth $524bn in 2022
BRUSSELS, BELGIUM - The EU imported US$524 billion (€482 billion) worth of high-tech products from extra-EU countries in 2022 (+22 percent compared with 2021), according to an estimate published by Eurostat, the statistical office of the European Union .Exports to these countries reached US$485 billion (€446 billion) (+16 percent compared...Advertising executive Linda Yaccarino is new CEO of Twitter
Elon Musk has chosen top ad executive Linda Yaccarino to take the day-to-day reins of Twitter as he fights to reverse the tide at the struggling platform he bought for US$44 billion last year. Yaccarino is a highly respected advertising executive who stepped down from NBCUniversal "effectively immediately" on Friday.US to bolster presence in Gulf after Iran threat, says White House
The United States said it was sending reinforcements to the Gulf after what it called increasing harassment by Iran of ships in the oil-rich waters. "The Department of Defense will be making a series of moves to bolster our defensive posture" in the Gulf, National Security Council spokesman John Kirby...Allianz Q1 posts net profit $2.2bn
Firm said the profit was driven by higher prices for policies.Toshiba profit down 35%
Operating profit dropped 30.4% to 110.55 billion yen.Turkey says Ukraine grain deal nearing agreement
The Black Sea Grain Initiative, in place since July after diplomacy by the United Nations and Turkey, allows Ukraine grain exports via port, helping ease shortages and resulting price spikes triggered by Russia's invasion of the breadbasket nation. More than 30 million tonnes of grain and agricultural products have been...Cash-strapped Lebanese soldiers moonlight as mechanics, waiters
On average, a soldier used to earn about $800 a month before the crisis, but the value of the Lebanese currency, the pound, has since crashed and salaries are now worth around just $100. Since June last year, Qatar and the United States have announced millions to help prop up...Saudi Arabia, US leading diplomatic drive for Sudan truce, end to fighting
fighting and looting raged most of Thursday in the capital Khartoum and US diplomats were frank about the obstacles in the nearly week-long talks in Jeddah. "This is not a ceasefire. This is an affirmation of their obligations under international humanitarian law," said a US official involved in the talks,...US default would have serious repercussions, says IMF
The International Monetary Fund warned of severe consequences if the US defaults on its debt, ahead of a rapidly-approaching deadline for the country to raise or suspend its borrowing limit. Republicans and Democrats remain sharply divided over the debt ceiling. Republicans in Congress insist that President Joe Biden's administration agree...Global stocks mostly drop on eve of key US inflation data
The dollar wobbled following strong gains in the wake of Friday's solid US labor market figures, while oil prices dropped on Chinese data suggesting that recovery in the world's number two economy was still taking time. Focus is now on Wednesday's consumer price index report for April and the following...UAE among top three countries with high crypto use or ownership
According to Statista's Global Consumer Survey, countries in Africa, Asia, and South America have higher crypto adoption rates than Western countries. Indonesia with 29 percent, and Brazil with 28 percent are other top crypto users. The rate of crypto adoption in the United States is 16 percent.LinkedIn closes China service, citing ‘fierce competition,’ cuts 700 jobs
Microsoft-owned LinkedIn was one of the few US technology companies to successfully operate a social media site in China, where the internet is heavily regulated and censored. The US firm once achieved a rapid rise in the country, benefiting from a culture of connections, or "guanxi", in which one's contacts...Twitter canceling accounts that haven’t been used for a long time
Since Musk bought Twitter, the company has relaxed the moderation of content on the network, letting back many users banned because of messages inciting hatred or spreading misinformation. Market trackers say Twitter revenues have fallen as advertisers avoid the platform.UAE and US climate farming fund swells to US$13 billion
Thanks to the jump in the fund, the Agriculture Innovation Mission (AIM) for Climate, launched in 2021, now surpasses its US$10 billion target for the COP28 climate talks, to be held by the UAE in November. The changing climate is threatening food security as global warming increases the frequency of...Syria does not merit readmission into Arab League: US
"We continue to believe that we will not normalize our relations with the Assad regime and we don't support our allies and partners doing so either," State Department spokesman Vedant Patel said. The US opposes reconciliation with Syria and domestic law forbids any assistance for reconstruction without accountability for abuses...‘US needs $30bn to seal 14,000 unplugged offshore oil, gas wells’
The cost to secure thousands of inactive oil and gas wells in the US Gulf of Mexico could top $30 billion, as per research published weighing potential environmental damage against estimated price tag. With new US government funding available for plugging old fossil fuel wells, the authors focused on offshore...Iran seeks end to repeated delays for restoring nuclear deal
In March, International Atomic Energy Agency (IAEA) chief Rafael Grossi visited Tehran after his agency's inspectors in the country found uranium particles enriched to just under weapons-grade level.NASA sends two small satellites into orbit to track hurricanes
A second Rocket Lab-built vessel is due to launch in about two weeks carrying two more satellites to complete a small constellation of four storm-tracking satellites. The information gathered on rainfall, temperature and humidity could help scientists determine where a hurricane will make landfall and how intense it will be,...Jordanian-American committee discusses trade, food security
AMMAN, JORDAN - The ninth session of the Joint Jordanian-American Committee, which was held in the United States, discussed cooperation in trade, agriculture, food security and labor.Secretary General of the Ministry of Industry, Trade and Supply Dana Zoubi chaired Jordan's delegation and Deputy Representative of US Trade Jayme White represented...British coronation: World leaders congratulate Charles III, Camilla
Leaders in the United States and Europe sent congratulations to Britain's King Charles III and Queen Camilla on their coronation on Saturday, while China called for "cooperation" and "peace". Charles III was crowned monarch of the United Kingdom and 14 Commonwealth realms on Saturday at Britain's first coronation for 70...KSA, US confirm direct talks between Sudan factions
However, fighting continues in the Sudanese capital, where the conflict has already claimed around 700 lives and displaced nearly 450,000 civilians, reports suggest.Iran blames US and Israel for targeting its nuclear facilities
Tehran, Iran--Iran's head of Supreme National Security Council (SNSC) considers the United States to be responsible for all of Israel's actions targeting the Iranian nuclear facilities and the people working for the Islamic Republic's nuclear program.Ali Shamkhani made the remarks in a tweet on Friday. According to Mehr News Agency,...UAE delegation explores investment opportunities in US
“The United States is a long-standing trade and investment partner for the UAE – and an important ally in the battle to develop alternative sources of energy,” said Al Zeyoudi, UAE's Minister of State for Foreign Trade.Adidas posts Q1 loss
Its operating profit came in at 60m euros.Vote to decide HSBC split
The bank has urged shareholders to vote down the proposal.US authorities probe Goldman Sachs over Silicon Valley Bank collapse
Goldman has been criticized over its multiple roles with SVB, in which it was both advising the California bank and purchasing distressed debt in a deal that ultimately played a central role in SVB's collapse. SVB was seized by federal banking regulators on March 10 following a run on deposits...US national security advisor to visit Saudi Arabia, will meet Indian, UAE NSAs there
Jake Sullivan said that the meetings will help carry forward some very tangible initiatives that will be unlike anything they have seen in the region in recent years.