GENEVA – Six African countries have been chosen to establish their own mRNA vaccine production, the World Health Organization said Friday, with the continent largely shut out of access to Covid jabs. Egypt, Kenya, Nigeria, Senegal, South Africa and Tunisia were selected as the first recipients of technology from the WHO’s global mRNA vaccine hub, in a … Read more
KARACHI: Rising geopolitical tension, fears of supply disruption and a surge in the post-Covid demand are dragging crude oil prices towards $100 a barrel in the international market sooner than earlier predicted, risking the fragile global growth, analysts and industry players said. Experts say oil at $100/barrel has become a high probability, as the markets … Read more
KARACHI: The movement of international oil prices will decide the fate of the rupee during the next week. Currently, the rupee is stable, owing to the inflows received from a lending agency and the proceeds of the Sukuk bond. The exchange rate for the week ended February 11, 2021 closed at Rs174.71 against the greenback … Read more
In 1785, Robert Burns reflected on how humanity has come to dominate our planet: “I’m truly sorry man’s dominion, has broken nature’s social union,” he wrote. The Scottish poet’s words still ring true two centuries later. Man-made climate change threatens our planet’s ecosystem and the lives and livelihoods of millions of people. From the IMF … Read more
BEIJING: Eddy Chan has always felt lucky to have an “exciting career” which highlights both speed and stability, express delivery. “Even more lucky, I am honoured to participate in and witness the burgeoning express delivery industry in China,” said Eddy Chan, FedEx senior vice president and FedEx China president. “FedEx is committed to continuously strengthening … Read more
WASHINGTON: The world is changing. From Covid-19 and climate change to digitalisation and diverging demographics, the IMF’s member countries are confronting new challenges. The impacts of these challenges are being felt unevenly across countries and will inevitably play out in their balance of payments, potentially undermining global economic stability. It is therefore important that the … Read more
KARACHI: The Pakistan equity market is witnessing a rising trend of foreign investment, as the country’s economy is returning to normalcy after some relief from the Covid-19 pandemic. “The local market is expected to attract net inflow of $150 to $200 million in 2022, as the country make progress with the International Monetary Fund (IMF), … Read more
KARACHI: Moody’s has assigned a B3 rating to the proposed US dollar-denominated trust certificates (Sukuk) issuance by the government of Pakistan, a statement said. The Sukuk will be issued through the Pakistan Global Sukuk Programme Company Limited, a special purpose vehicle, which is wholly-owned by the government and whose debt and trust certificate issuances are, … Read more
PARIS: Global companies and financial institutions with the highest potential for curbing deforestation are largely failing to do so, undermining pledges to protect forests made at the COP26 climate summit in November, a report said on Thursday. The Forest 500 analysis by non-profit research group Global Canopy graded 350 companies most responsible for producing, using or … Read more
TOKYO: Japan’s industrial production surged a record 7.2 per cent in November compared to the previous month, with auto output rebounding from a decline triggered by a global semiconductor shortage and supply chain disruptions, government data revealed on Tuesday. The seasonally adjusted production index for factories and mines stood at 97.7 against the 2015 base … Read more
KARACHI: Fatima Fertilizer became the first company within the global fertiliser industry to have clocked 60,220,000 safe man-hours, which is the highest accomplishment within the global fertiliser industry, a statement said. This landmark achievement was only made possible by demonstrating the highest safety performance through the implementation of world-class safety standards and industry best practices, … Read more
RABAT: Morocco’s economy has rebounded with GDP in 2021 projected to grow 6.3 per cent on the back of a rapid response to the coronavirus pandemic, the International Monetary Fund (IMF) said on Friday. “Thanks to a very successful vaccination campaign and the prompt response of the authorities, the health crisis has been placed under control … Read more
RIYADH: Saudi Arabia, the UAE and Kuwait will lead the Middle East with new ‘mega’ petrochemicals projects after a recent slowdown, Arab News quoted the CEO of Arab Petroleum Investments Corp, known as APICORP, told S&P Global Platts. Most of the mega projects have ended and there is a new cycle now, according to Ahmed … Read more
RIYADH: Stagnation is more of a risk to the global economy in 2022 than stagflation, Arab News quoted a report from Japanese company Nomura Holdings, as showing. In a 2022 outlook report released on Friday, December 10, economists at the firm warned that many countries will see a “dominance of cost-push inflation, the bad type of inflation … Read more
The emergence of the Omicron variant has thrown early signs of recovery in the global supply chain into doubt across the world, including in the Middle East and North Africa, Arab News reported. “There may still be swings, but overall, I think the worst is over,” said Esben Poulsson, who chairs the International Chamber of Shipping, on … Read more
FRANKFURT: German exports bounced back in October from a slump caused by global supply chain bottlenecks, official data showed on Thursday, but analysts warned that the emergence of the Omicron coronavirus variant could cast a shadow over recovery prospects. Europe’s largest economy exported 121.3 billion euros’ ($137.4 billion) worth of goods in October, 4.1 per cent … Read more
BEIJING: The United States has announced a diplomatic boycott of the Beijing Winter Olympics to protest China’s human rights record, particularly its handling of Muslim minorities that Washington considers a form of genocide. Here’s what the move means. What is a ‘diplomatic boycott?’ Under the boycott, the Biden administration will not send any US diplomatic or … Read more
RIYADH: As the demand slightly outstrips supply, Moody’s Investors Service has changed the outlook for the global shipping industry to stable from positive for the next 12 to 18 months, Arab News reported. A report issued on Monday said the change is driven by tough comparisons with the very strong cash flows generated this year rather than … Read more
LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has suggested a three-pronged strategy for strengthening the economy, a statement said. Referring to heavy fall in the KSE-100 Index, LCCI president Mian Nauman Kabir said that it was temporary and the investors should not worry and expressed the hope that the stock exchange would start … Read more
Turmoil in global equity markets due to the new omicron variant could be an opportunity for investors to rebuild positions, JPMorgan, as saying. According to Bloomberg, the American investment bank suggested the latest evolution of the Covid-19 virus might ultimately be a positive for risk markets because it could signal that the end of the pandemic … Read more
ISLAMABAD: Rupani Foundation in partnership with Reenergia, Pakistan Institute of Economic Development (PIDE), and Karakorum International University (KIU), has formally inaugurated the GB Invest Initiative on November 29, 2021 in Islamabad and Gilgit, simultaneously. The launching ceremony was held at the National Press Club, Islamabad. This private sector-led GB Invest Initiative aims at mobilising the … Read more
ISLAMABAD: Daraz aims to host up to 300,000 small to medium enterprises (SMEs) in two years, its CEO said, as the firm seeks to bolster its position in its home market in the face of potential competition from global giant Amazon, Reuters reported. E-commerce growth in the country of 220 million is yet to take off fully, … Read more
Saudi Arabia is making the transition to a more diversified economy, after being reliant upon oil for much of the past century, a trend sparked by Vision 2030 as well as commitments made at the COP26 Summit last month, Arab News reported. While corporate giants such as Aramco and Sabic continue to dominate the economy, a culture … Read more
PARIS: Whether it is the heating bill, pump prices or making the weekly run to the supermarket, consumers are having to dig deeper and deeper into family budgets. Inflation is complicating the recovery of individual consumers from the pandemic and putting the recovery of the global economy at risk. What does the data say? Inflation figures … Read more
RIYADH: Spending on international travel is set to rise by 9.3 per cent in 2021 and by a massive 93.8 per cent in 2022, Arab News quoted a new report forecast. The positive projections follow the slump the sector experienced last year – a 69.4 per cent decline in 2020, according to the World Travel and Tourism … Read more
PARIS: The head of the International Energy Agency on Wednesday called on Opec and its allies to take measures to help bring oil prices down to “reasonable levels”. “I very much hope to see in the next meeting or meetings they… make the necessary steps in order to comfort the global oil markets and help … Read more
KABUL: At a Kabul market, coal is arriving by the tonne as the winter cold sets in. Even as prices rise, Afghans have a few options but to burn it for heat, creating some of the world’s most dangerous air. “Pollution causes serious respiratory diseases … All Afghans know what coal does,” customer Amanullah Daudzai, dressed … Read more
DUBAI: It seems only fitting that the world’s biggest computer chip, developed by US-based Cerebras, be deployed in the Middle East, home to some of the world’s entertaining superlatives, biggest tower, deepest swimming pool, among many other ‘firsts’, Arab News reported. But this chip, roughly 9 inches on each side, promises more than just entertainment and a … Read more
