All posts tagged: world-economy

Russia marks two years of war in Ukraine, looking confident amid gains

Russia marks two years of war in Ukraine, looking confident amid gains

A Ukrainian soldier in a shelter at his fighting position in the direction of Bakhmut, Donetsk Oblast, Ukraine, 20 February 2024. Anadolu | Anadolu | Getty Images When Russia invaded Ukraine two years ago, the stout resistance mounted by the country’s armed forces and overwhelming Western support for Kyiv — along with some obvious military overreach by Moscow — raised hopes that Ukraine’s outnumbered and outgunned army could beat back the invading forces. Fast forward two years and hopes of a Ukrainian victory look diminished and increasingly hollow, as do Western pledges to support Ukraine “for as long as it takes.” As it stands, billions of dollars worth of American military aid remains unapproved with further struggles likely ahead, as war and funding fatigue grow in the run up to the U.S. presidential election — a vote that could see an administration installed that’s less sympathetic to Ukraine’s war needs. On the battlefield in Ukraine, meanwhile, the front lines have been broadly static for months, save for recent gains that have been made by Russian …

EU considering sanctions on Chinese firms supporting Russia’s war machine

EU considering sanctions on Chinese firms supporting Russia’s war machine

This pool photograph distributed by Russian state owned agency Sputnik shows Russia’s President Vladimir Putin (R) and China’s President Xi Jinping heading to a group photo session during the third Belt and Road Forum for International Cooperation at the Great Hall of the People in Beijing on October 18, 2023. Grigory Sysoyev | AFP | Getty Images The European Union is looking to sanction Chinese firms that it believes have helped Russia circumvent Western penalties, looking to slap measures against these mainland China businesses for the first time since the war began, three EU officials told CNBC. The 27-member bloc is working on a 13th package of sanctions in the wake of Russia’s full-scale invasion of Ukraine, which could be ready later this month to mark the second-year anniversary of the war. One of the EU officials, who did not want to be named due to the sensitive nature of the talks, said: “Chinese companies and entities from other third countries, which are involved in supporting Russia to circumvent sanctions” will feature in the next …

Israeli forces rescue 2 hostages in dramatic Gaza raid

Israeli forces rescue 2 hostages in dramatic Gaza raid

Israeli soldiers operate in the Gaza Strip amid the ongoing conflict between Israel and the Palestinian Islamist group Hamas, in this handout picture released on Dec. 18, 2023. Israel Defense Forces | Via Reuters Israeli forces rescued two hostages early Monday, storming a heavily guarded apartment in the southern Gaza Strip and extracting the captives under fire in a dramatic raid that was a small but symbolically significant success for Israel. The operation killed at least 50 Palestinians, including women and children, according to Palestinian health officials in the beleaguered territory. The raid was celebrated in Israel, which has been seeking the release of more than 100 captives held by Hamas and other militant groups. But the operation also brought heavy airstrikes pounding on Rafah, the city on the southern edge of the Gaza Strip where 1.4 million Palestinians have fled to escape fighting elsewhere in the Israel-Hamas war. Dozens were killed. The plight of the hostages has profoundly shaken the nation and Israel has made freeing the dozens of remaining captives a top aim of its …

Musk denies selling Starlink terminals to Russia after Kyiv alleges use

Musk denies selling Starlink terminals to Russia after Kyiv alleges use

A Falcon 9 rocket launches a Starlink mission from Florida on Feb. 27, 2023. SpaceX Ukraine’s main military intelligence agency accused Russian forces of using Starlink terminals produced by Elon Musk’s SpaceX in occupied areas. Starlink has been adamant that its satellite networks have never operated or been marketed in Russia, after its terminals were delivered to Ukraine following the February 2022 invasion, in order to facilitate battlefield communications for Ukrainian forces. “A number of false news reports claim that SpaceX is selling Starlink terminals to Russia. This is categorically false,” Musk posted Sunday on the X social media platform, which he also owns. “To the best of our knowledge, no Starlinks have been sold directly or indirectly to Russia.” Kyiv’s Main Directorate of Intelligence (GUR) claimed Sunday that there was mounting evidence of the equipment being used by Russian forces in the partially-occupied eastern Ukrainian region of Donetsk. “Yes, there have been recorded cases of use of these devices by the Russian occupiers. This is starting to take on a systemic nature,” GUR spokesman …

Pakistan ex-PM Imran Khan aide says party aims to form government

Pakistan ex-PM Imran Khan aide says party aims to form government

Pakistan’s former prime minister Imran Khan (R) addresses his supporters during an anti-government march towards capital Islamabad, demanding early elections, in Gujranwala on November 1, 2022. Arif Ali | AFP | Getty Images A senior aide to Pakistan’s jailed former Prime Minister Imran Khan said on Saturday their party would try to form a government as it had won the most seats in Thursday’s general election. Interim party chief Gohar Ali Khan called on all institutions in Pakistan to respect the party’s mandate, telling a press conference in Islamabad that if complete results were not released by Saturday night, the party would hold a peaceful protest on Sunday. Khan and rival ex-Prime Minister Nawaz Sharif have both claimed victory. Independent candidates backed by Khan won the most seats, despite him being in jail and his party barred from the polls. Source link

Nawaz Sharif claims victory amid vote rigging claims

Nawaz Sharif claims victory amid vote rigging claims

Campaign posters for Nawaz Sharif, Pakistan’s former prime minister, along a street ahead of Pakistan’s national election in Lahore, Pakistan, on Friday, Feb. 2, 2024.  Bloomberg | Bloomberg | Getty Images Pakistan’s former Prime Minister Nawaz Sharif declared victory on Friday in the country’s 2024 General Election, one that many Pakistanis and human rights groups are decrying as neither free nor fair. Sharif, 74, cited the Election Commission of Pakistan in saying that his party, the Pakistan Muslim League-Nawaz (PML-N), had won the largest share of the national vote. Multiple media reports said that independent candidates, backed by imprisoned ex-PM Imran Khan, were actually leading at the mid-way point of the vote-counting process. Polls closed Thursday at 5 p.m. local time after a day of voting that was marred by militant attacks and charges of electoral misconduct. The vote counting was hit by long delays with the Election Commission ordering the immediate release of the results in the early hours of Friday morning after more than 10 hours of waiting. The election, voting for which …

Milei lashes out at governors after key reform bill setback

Milei lashes out at governors after key reform bill setback

Argentines gather in front of the National Congress in Argentina to celebrate that the ruling party could not continue with the debate on the ‘Omnibus Law’ because they were losing the votes on each article of its general content, in Buenos Aires, Argentina on February 06, 2024. Anadolu | Anadolu | Getty Images Argentina’s president, Javier Milei, accused governors of seeking “to destroy” his sweeping economic reform bill, shortly after his ruling party abruptly withdrew the package from the floor of the country’s lower house. The so-called omnibus bill, which had received support in general terms from opposition lawmakers last week, was rejected on Tuesday during an article-by-article approval process. The package of measures is a core tenet of Milei’s push to reform Latin America’s third-largest economy. Among other issues, the bill seeks to privatize state entities, increase penalties for social protests and scale back some environmental protections. Milei’s Libertad Avanza party has pledged to send the bill back to committees to be debated when governors “understand that it is the people who need it, …

Argentina strike poses major test to Milei’s shock economic agenda

Argentina strike poses major test to Milei’s shock economic agenda

Javier Milei, Argentina’s president, during a special address on day two of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, Jan. 17, 2024. Bloomberg | Bloomberg | Getty Images Argentina’s largest labor union grouping on Wednesday is expected to hold a nationwide general strike to protest President Javier Milei’s shock economic agenda. The strike comes just 45 days after the right-wing leader took office, making it the fastest action of its kind into the term of a new Argentina government. Thousands of workers are poised to take the streets after a mobilization called by the opposition aligned Confederación General del Trabajo (CGT), the largest and most influential union in the country, and other union forces. The strike represents a significant test for Milei, who has announced sweeping measures to deregulate Latin America’s third-largest economy. Analysts said the general strike was unlikely to have a significant impact on Milei’s policies in the near term but warned the potential for the labor union’s movement to grow in both size and potency could become a serious …

Trump’s proposed 10% tariff plan would shake up every asset class: Strategist

Trump’s proposed 10% tariff plan would shake up every asset class: Strategist

Former U.S. President and Republican presidential candidate Donald Trump holds a rally in advance of the New Hampshire presidential primary election in Rochester, New Hampshire, U.S., January 21, 2024.  Mike Segar | Reuters Markets need to begin thinking about the structural impact of Donald Trump’s proposed 10% tariff increase, which “shakes up every asset class,” according to Michael Every, global strategist at Rabobank. The former president, and overwhelming favorite to secure the Republican nomination for the 2024 race, plans to impose a 10% tariff on all imported goods, trebling the government’s intake and aiming to incentivize American domestic production. Treasury Secretary Janet Yellen said earlier this month that the plan would “raise the cost of a wide variety of goods that American businesses and consumers rely on,” though she noted that tariffs are appropriate “in some cases.” Criticism of the policy has been relatively bipartisan. The Tax Foundation think tank highlights that such a tariff would effectively raise taxes on U.S. consumers by more than $300 billion a year, along with triggering retaliatory tax increases …

AI to impact 60% of advanced economy jobs, says IMF chief

AI to impact 60% of advanced economy jobs, says IMF chief

Artificial intelligence (AI) will impact 60 percent of jobs in advanced economies, IMF Managing Director Kristalina Georgieva told AFP, shortly before departing for the World Economic Forum in Davos, Switzerland. Issued on: 15/01/2024 – 00:21 1 min “Advanced economies, some emerging markets, are going to see 60 percent of their jobs impacted,” she said in an interview in Washington, citing an International Monetary Fund report published Sunday on the topic.  “And then it goes down to 40 percent, for emerging markets, 26 percent for low-income countries,” she added, referencing the IMF report, which notes that overall, almost 40 percent of global employment is exposed to AI. The IMF report notes that half of the jobs impacted by AI will be negatively affected, while the rest may actually benefit from enhanced productivity gains due to AI. “Your job may disappear altogether — not good — or artificial intelligence may enhance your job, so you actually will be more productive and your income level may go up,” Georgieva told AFP. While AI will initially have a lower …