Economy
Global public debt is expected to reach a record $100 trillion this year, the IMF said Tuesday, warning that the fiscal outlook for many countries may be even “worse than expected.” In its latest report on fiscal policy, the International Monetary Fund said it expects global public debt to hit
Economy
Britain’s new Labour government will on Thursday take a key step toward delivering major reforms to workers’ rights when it presents its employment bill to parliament, pitting unions against businesses. Almost 100 days since Keir Starmer became prime minister following his Labour party’s landslide general election win, Britain
Economy
Oil prices rose sharply on Friday, and were on track for 10 percent weekly gains as investors weighed the prospect of a wider Middle East conflict disrupting crude flows after President Biden said the US was discussing an Israeli attack on Iranian oil facilities. Brent crude futures were up $1.
Economy
Denmark must answer accusations at the European Court of Justice (ECJ) on Monday that its policy of demolishing minority-heavy neighbourhoods to promote integration amounts to racial discrimination. The Nordic country in 2018 introduced what it called a ghetto package, a controversial plan to radically alter certain residential zones, including by
Economy
Egypt’s central bank as expected left its overnight interest rates on hold on Thursday, saying inflation pressures had subsided but that economic growth had softened. The lending rate remained at 28.25 percent, while the deposit rate stood at 27.25 percent, the bank said in a statement. It
Economy
A record $1 out of every $10 spent globally in 2024 will be on travel as people briskly book hotels, cruises, and flights, according to an annual report by the World Travel and Tourism Council, a non-profit membership organization. The travel and tourism industry’s contribution to global gross domestic
Economy
Algeria has been authorized to become a member of the BRICS New Development Bank (NDB), the bank’s president, Dilma Rousseff, said on Saturday. A multilateral development bank, the NDB was established by the BRICS group of developing countries — Brazil, Russia, India, China and South Africa — in 2015. Bangladesh, Egypt,
Economy
The United States gave its backing Tuesday to UN efforts to resolve differences between Libya’s rival administrations over the mangement of the central bank without cutting off vital oil income. The US embassy said the move by the UN Support Mission in Libya “offers a path forward to resolve
Economy
Oilfields in eastern Libya that account for almost all the country’s production will be closed and production and exports halted, the eastern-based administration said on Monday, after a flare-up in tension over the leadership of the central bank. There was no confirmation from the country’s internationally recognized government
Economy
Oil prices were little changed on Friday, on track to end the week lower, as downward revisions to US employment data raised concerns over demand and renewed ceasefire talks in Gaza eased worries about supply disruptions, according to Reuters. Both Brent crude futures and US West Texas Intermediate crude futures
Economy
An Algerian oil tanker set sail Thursday for power-hungry Lebanon, official media said, with 30,000 tons of fuel destined to restart turbines in the country grappling with years of economic meltdown. Clashes in Lebanon’s south since last October has only added to the troubles of a country which
Economy
Pakistan is making good progress with the International Monetary Fund and hopes to get board approval in September for a new $7 billion loan program, Pakistan’s Finance Minister Muhammad Aurangzeb said on Wednesday. Pakistan and the IMF reached an agreement for the 37-month loan program in July. The IMF
Economy
Oil prices edged lower on Tuesday as Israel accepted a proposal to tackle disagreements blocking a ceasefire deal in Gaza, helping ease concerns over supply disruptions in the Middle East, according to Reuters. Brent crude was down 67 cents, or 0.86 percent, at $76.99 a barrel, as of
Economy
Pakistan’s economy could lose up to $300 million due to Internet disruptions caused by imposition of a national firewall, the Pakistan Software Houses Association (P@SHA) said in a press release on Thursday. Islamabad is implementing an Internet firewall to monitor and regulate content and social media platforms, according
Economy
The pound rose on Tuesday after data showed Britain’s unemployment rate unexpectedly fell in June, although wage growth slowed. Figures showed the UK jobless rate dropped to 4.2 percent in June, down from 4.4 percent in May - defying expectations for a small rise. Sterling was last
Economy
US based short-seller Hindenburg Research in a new report released on Saturday alleged that the chairperson of India’s market regulator Madhabi Puri Buch previously held investments in certain offshore funds that were also used by Adani Group. In a late night press statement, Buch denied these allegations and called