All posts tagged: Business and Economy

Zimbabwe’s illegal forex dealers use WhatsApp to find clients, evade police | Police News

Zimbabwe’s illegal forex dealers use WhatsApp to find clients, evade police | Police News

[ad_1] Harare, Zimbabwe – The entrance to the main gate at the Budiriro shopping centre, a busy mall south of Zimbabwe’s capital Harare, used to be a hive of activity where informal forex dealers had set up makeshift “offices” on the pavement. Now the area is all but abandoned. The smartly dressed young boys and middle-aged men who would stealthily trade foreign currency with shoppers have not set foot there in weeks to avoid police raids. In Zimbabwe, which has been beset by a decades-long economic crisis characterised by hyperinflation, a 54 percent unemployment rate and highly volatile local currencies, the more stable United States dollar is the preferred medium of exchange. Everyone from state utilities to street vendors accepts payment in US dollars. Because of the popularity of the greenback, black market forex dealing is a thriving side hustle with thousands earning a living from the practice. In April, in the government’s latest attempt to stabilise the economy, Zimbabwe’s central bank launched a new currency, Zimbabwe Gold, or ZiG. Soon after, Zimbabwean police began …

‘Destruction of jobs’: India election turns spotlight on a dream gone sour | India Election 2024

‘Destruction of jobs’: India election turns spotlight on a dream gone sour | India Election 2024

[ad_1] Mumbai, India — Ever since he can remember, Rohit Kumar Sahu knew he wanted to go to college and get a well-paying, white-collar job. His father delivered courier packages across the eastern Indian city of Ranchi on a bicycle, and Sahu had no idea how to realise his dream. He signed up for a job with the food delivery app Zomato, thinking this could be his path to earning money to pay for college fees. Sahu began with just a few hours of work so he could attend college alongside his job, but he could’t make enough deliveries on his bicycle — and that meant he couldn’t earn much. He took a loan from friends and a finance company and bought a scooter so he could take on more work. Even as the loan repayments kicked in, Zomato reduced its payment to delivery workers like Sahu, and he got fewer deliveries as more drivers joined the app. Sahu scaled up his work to as much as 14 hours a day, going to college only …

Turkey says it halts trade with Israel over Gaza aid access | Israel War on Gaza News

Turkey says it halts trade with Israel over Gaza aid access | Israel War on Gaza News

[ad_1] Turkey’s Ministry of Trade cites humanitarian crisis in Gaza for its decision to suspend imports and exports. Turkey has halted exports and imports to and from Israel, the Turkish Ministry of Trade says, citing the “worsening humanitarian tragedy” in Gaza. “Export and import transactions related to Israel have been stopped, covering all products,” the ministry said in a statement on Thursday. “Turkey will strictly and decisively implement these new measures until the Israeli Government allows an uninterrupted and sufficient flow of humanitarian aid to Gaza.” The announcement came after Israel’s foreign minister said Turkish President Recep Tayyip Erdogan was breaking agreements by blocking ports from handling Israeli imports and exports. “This is how a dictator behaves, disregarding the interests of the Turkish people and businessmen, and ignoring international trade agreements,” Israel Katz posted on X. .@RTErdogan is breaking agreements by blocking ports for Israeli imports and exports. This is how a dictator behaves, disregarding the interests of the Turkish people and businessmen, and ignoring international trade agreements. I have instructed the Director General of …

Gazprom falls to first annual loss in 20 years as trade with Europe hit | Business and Economy News

Gazprom falls to first annual loss in 20 years as trade with Europe hit | Business and Economy News

[ad_1] Results highlight the dramatic decline of Gazprom since Russia launched its full-scale invasion of Ukraine in 2022. Kremlin-owned gas giant Gazprom has said it plunged to a net loss of 629 billion roubles ($6.9bn) in 2023, its first annual loss in more than 20 years, amid dwindling gas trade with Europe, once its main sales market. The results released on Thursday highlight the dramatic decline of Gazprom, which since the collapse of the Soviet Union has been one of Russia’s most powerful companies and was often used as leverage to solve disputes with its neighbours, such as Ukraine and Moldova. Analysts had expected net income of 447 billion roubles ($4.81bn), according to the Interfax news agency. According to Reuters analysis, it was Gazprom’s first annual loss since the late 1990s/early 2000s, when Alexei Miller, an ally of President Vladimir Putin, took over the company in 2001. Gazprom’s 2023 loss followed a net profit of 1.2 trillion roubles (12.9bn) in 2022. The company, now based in St Petersburg, made heavy losses in the late 1990s …

Former Binance CEO CZ sentenced to four months | Crypto News

Former Binance CEO CZ sentenced to four months | Crypto News

[ad_1] Changpeng Zhao, the former chief executive of Binance, was sentenced on Tuesday to four months in prison after pleading guilty to violating US money-laundering laws at the world’s largest cryptocurrency exchange. The sentence was imposed by United States District Judge Richard Jones in Seattle, who rejected prosecutors’ request that the 47-year-old Zhao serve a three-year term. Once considered the most powerful person in the cryptocurrency industry, Zhao, known as “CZ,” is the second major crypto boss to be sentenced to prison after Sam Bankman-Fried. In March, Bankman-Fried received 25 years behind bars for stealing eight billion dollars from customers of his now-bankrupt FTX exchange. Zhao pleaded guilty in November to one count of failing to take required anti-money-laundering measures and stepped down as Binance agreed to pay $4.3bn to settle related allegations. US officials said Zhao deliberately looked the other way as people conducted transactions that supported child sex abuse, the illegal drug trade and “terrorism”. “I failed here,” Zhao said before US District Judge Richard A Jones issued the sentence. “I deeply regret my failure, and I …

Jobless engineers, MBAs: The hidden army of Indian election ‘consultants’ | India Election 2024

Jobless engineers, MBAs: The hidden army of Indian election ‘consultants’ | India Election 2024

[ad_1] “How many tennis balls can fit in a passenger plane?” Neeraj, a young economics graduate from the premier Indian Institute of Technology (IIT), was given 15 minutes to solve this question during his interview rounds at Nation With Namo (NwN), one of the in-house political consultancies of India’s governing Bharatiya Janata Party (BJP). He got the calculation right and joined a small team of graduates from India’s top universities who were dispatched to the eastern state of Tripura to conduct surveys, collect and analyse voter data for elections that were due in February last year. Their job was to identify who was not voting for the BJP, separate them into demographic cohorts – age, gender, caste, tribe, religion – find a common concern, issue or fear and strategise how to exploit that in the BJP’s favour. And they were to do all this while staying under the radar. “All of us who go through the Joint Entrance Examination (JEE) are good at solving problems,” said Neeraj, who asked for his name to be changed …

US House approves aid package worth billions for Ukraine, Israel | Politics News

US House approves aid package worth billions for Ukraine, Israel | Politics News

[ad_1] The Democratic-majority Senate is expected to vote on the bill next week, sending it to President Joe Biden to sign into law. The United States House of Representatives with broad bipartisan support has passed a $95bn legislative package providing security assistance to Ukraine, Israel and Taiwan, despite bitter objections from Republican hardliners. The legislation proceeded on Saturday to the Democratic-majority Senate, which passed a similar measure more than two months ago. US leaders from Democratic President Joe Biden to top Senate Republican Mitch McConnell had been urging embattled Republican House Speaker Mike Johnson to bring it up for a vote. The Senate is expected to pass the measure next week, sending it to Biden to sign into law. The bills provide about $61bn to address the conflict in Ukraine, including $23bn to replenish US weapons, stocks and facilities; $26bn for Israel, including $9bn for humanitarian needs; and $8bn for the Asia Pacific, including Taiwan. Zelenskyy thanks the House Ukrainian President Volodymyr Zelenskyy expressed his thanks, saying US lawmakers moved to keep “history on the …

Boeing hit with 32 whistleblower claims, as dead worker’s case reviewed | Business and Economy News

Boeing hit with 32 whistleblower claims, as dead worker’s case reviewed | Business and Economy News

[ad_1] Boeing has been the subject of 32 whistleblower complaints with the workplace safety regulator in the United States during the past three years, newly obtained documents reveal, amid mounting scrutiny of standards at the beleaguered aircraft maker. The figures shed light on the extent of alleged retaliation by Boeing against whistleblowers as the Virginia-based company is facing mounting questions over its safety record and standards. The Occupational Safety and Health Administration (OSHA), which handles claims of retaliation against workers who blow the whistle on their employer, received the complaints of retaliation between December 2020 and March of this year, according to a table of figures compiled last month by officials at the agency. The documents, obtained exclusively by Al Jazeera via a freedom of information request, do not provide details of the alleged workplace violations or alleged retaliation by Boeing in each case. However, 13 of the complaints were filed under a statute that protects whistleblowing related to aviation safety, specifically. Fifteen of the complaints were filed under a statute related to workplace safety, …

Why is Germany maintaining economic ties with China? | Business and Economy

Why is Germany maintaining economic ties with China? | Business and Economy

[ad_1] German Chancellor Olaf Scholz has been on a three-day visit to China in a bid to shore up economic ties. Germany is China’s biggest European trade partner. But, Berlin also sees Beijing as a competitor and a rival. And – in its first-ever “strategy on China” launched last year – pledged to reduce German dependence on the Chinese market. But, during his visit last week to China, the German Chancellor signalled his intentions to maintain business ties. That may have angered some of Olaf Scholz’s closest allies. The European Union has launched several investigations into exports of Chinese green technology to protect European industry from competition. Are Nigeria’s reforms working? We speak to the president of the United Nations General Assembly on sustainability. [ad_2] Source link

Inside the pressures facing Quebec’s billion-dollar maple syrup industry | Business and Economy News

Inside the pressures facing Quebec’s billion-dollar maple syrup industry | Business and Economy News

[ad_1] Saint-Urbain-Premier, Quebec, Canada – In clear safety glasses and heavy beige overalls, Jean-Francois Touchette is in his element. All around him are pipes, tubes, temperature gauges and various humming instruments: all the machinery needed to turn tree sap into maple syrup. Touchette’s syrup operation is a small one, run out of a modest, two-storey wooden building at the end of a long dirt driveway in rural Quebec. But as winter turns to spring, Touchette — like thousands of other maple growers in the Canadian province — faces pressure to collect, boil and bottle his harvest. “It’s a small factory. I’m really at a small scale, but it’s the same, same, same [setup] as the bigger ones,” he told Al Jazeera on a sunny morning in early April, one of the last days of this year’s maple season. “I produce 650 gallons [about 2,500 litres] a year — 15, 17 barrels.” Maple syrup is one of Quebec’s most iconic products: No other country or province produces as much of the sticky, sweet topping, often drizzled …