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China overtakes US in global wealth race FILE PHOTO. © Reuters / Dado Ruvic
China has overtaken the US as the nation which has amassed the biggest net worth as global wealth surges, a fresh report by McKinsey & Co suggests.
Chinas wealth skyrocketed over the past two decades, the consulting company said according to Bloomberg,... |
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US workers quitting reaches record high, job openings edge down A job posting is shown on the window of a retail store looking for seasonal workers at a shopping mall in Carlsbad, California, US, November, 9, 2021. (Reuters photo)
The number of Americans voluntarily quitting their jobs rose to a record high in September while job openings stayed stubbornly above... |
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UK house prices soar again, fueled by dearth of sellers: RICS Construction workers build a new house in Aylesbury, Britain August 6, 2020. (Reuters photo)
House price inflation in Britain picked up last month, propelled by a shortage of sellers that suggested further price rises lie ahead, a closely watched survey showed on Thursday.
The Royal Institution of... |
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US food banks struggle to feed hungry amid surging prices A volunteer packs onions in the warehouse of the Alameda County Community Food Bank in Oakland, Calif., on Nov. 5, 2021.
US food banks already dealing with increased demand from families sidelined by the pandemic now face a new challenge - surging food prices and supply chain issues walloping the... |
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IMF Blocks Afghanistans Access to Emergency Reserves The International Monetary Fund has suspended Afghanistans access to IMF resources, including around $440 million in new monetary reserves, due to a lack of clarity over the countrys government after the Taliban took control of Kabul, Reuters reported on Thursday.
The IMFs announcement came amid... |
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Economic espionage The Israeli firm NSO is grappling with the fallout of a vast electronic espionage scandal. It turns out that it spied on many politicians, media personnel and business executives, without their knowledge. Not surprisingly, many people are angry. In this edition of Economic Divide, we will look at the... |
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US calls on OPEC and its allies to pump more oil In this file photo pump jacks operate near Loco Hills on April 23, 2020 in Eddy County, New Mexico. (AFP photo)
US President Joe Bidens top aides are pressuring OPEC and its allies to boost oil output to tackle rising gasoline prices that they see as a threat to global economic recovery.
Bidens national... |
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Production not affected after fire at Iranian petrochemical plant This file photo shows a view of the Kharg Petrochemical Complex in the Persian Gulf.
There were no casualties from a fire that broke out at a storage tank in a petrochemicals plant on Irans Persian Gulf island of Kharg on Tuesday, the companys spokesman says.
According to the Iranian Ministry of... |
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Taliban collecting 200 million AFN daily from captured border posts Some members of Afghanistans Wolesi Jirga (Lower House of Parliament) said on Sunday that more than 60% of customs revenue is now being collected by the Taliban after they captured border crossings.
MPs said this amounts to about 200 million AFN a day.
The financial and budget commission of the... |
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UK petrol prices hit eight-year high, with more rises expected Drivers queue for petrol at a service station in Boroughbridge, northern England, June 13, 2008. (Reuters photo)
British motorists are being hit in the pocket as petrol prices reach an eight-year high following nine successive months of spikes, according to latest RAC figures.
The increases in petrol... |
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US renews sanctions waiver for Iraq to import Iranian energy Washington extends Iraq sanction waiver so the country can continue to import energy from Iran.
The United States has allowed Iraq to continue to import gas and electricity from Iran until the start of December as part of Washingtons temporary waivers from sanctions imposed on Iran since 2018.
An... |
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Anti-corruption efforts need to be stepped up: UN report Stepping up ongoing efforts to address corruption in Afghanistan remains critical, the UN said Wednesday in a new report.
UNAMAs fifth annual anti-corruption report, titled "Afghanistans Fight against Corruption: Stepping up integrity, transparency and accountability," finds that Afghanistan has... |
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UK government failing to reshore jobs from overseas: Labour The City of London financial district is seen with office skyscrapers commonly known as Cheesegrater, Gherkin and Walkie Talkie seen in London, Britain, January 25, 2018. (Reuters photo)
The British government has been sharply criticized by Labour over its failure to help businesses "reshore"... |
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Irans July exports steady as OPEC pumps record crude: Report Irans July crude output remains steady despite a major surge in production by OPEC members.
Iran has pumped steady amount of crude in July despite a 15-month record production reported by the Organization of Petroleum Exporting Countries (OPEC), a survey shows.
Reuters news agencys analysis of... |
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Nearly 6 in 10 Americans blame Bidens policies for inflation spike: Poll A shopkeeper works inside his retail store as the phase one reopening of New York City continues during the outbreak of the coronavirus disease (COVID-19) in the Brooklyn borough of New York City, New York, US June 9, 2020. (Reuters photo)
Almost 6 in 10 Americans say that policies adopted by the... |
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650,000 UK firms in serious financial distress despite ending of lockdown: Experts People walk past shops, as the coronavirus disease (COVID-19) restrictions begin to ease, in Manchester, Britain, April 9, 2021. (Reuters photo)
The number of British businesses in immense financial distress has soared by a quarter to 650,000 during the past year, according to insolvency specialists.
Begbies... |
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Government Stops Budget to Development Projects The government has stopped all procurement processes and the budget for development projects due to a reduction in its revenues and an increase in expenses of the security forces, the Ministry of Finance said.
The ministry said that based on the decision, the budget for "optional projects" has been... |
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Boeing 777X realistically wont win certification approval before mid-2023: US FAA A Boeing 777X airplane takes off during its first test flight from the companys plant in Everett, Washington, US January 25, 2020. (Reuters photo)
The US Federal Aviation Administration (FAA) has told Boeing Co. that its planned 777X would not receive approval for an important step in the certification... |
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Business group urges Biden to lift Europe travel ban, revive economies EU countries have reopened their borders to Americans who are vaccinated or test negative for COVID-19, but the United States has not reciprocated.
The Biden administration is under pressure from a major business group and diplomats to scrap a travel ban on Europeans, as investment from the continent... |
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Iran turns a corner with production from giant oil layer An Iranian company has begun production from an offshore oilfield in the Persian Gulf. (Photo by Shana)
An Iranian company has started oil production from the Asmari layer of the Abuzar field for the first time, marking a new milestone in the countrys sprawling petroleum industry.
Despite having... |
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US unveils criminal charges against two Israelis in insider trader scheme File photo of Audrey Strauss, acting US Attorney for the Southern District of New York
US prosecutors in New York City have revealed criminal charges against two Israeli traders for illegal trading in several biotechnology and healthcare companies in connection with a sprawling international insider... |
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Developer officially cancels Keystone XL pipeline project blocked by Biden A TC Energy pump station sits behind mounds of dirt from the Keystone XL crude oil pipeline as it lies idle near Oyen, Alberta, Canada February 1, 2021. (Reuters photo)
The Canadian pipeline company that had long sought to build the Keystone XL pipeline has announced it officially terminated the project... |
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Afghanistan and Turkmenistan to sign marble export agreement Minister of Foreign Affairs Mohammad Haneef Atmar and Foreign Minister of Turkmenistan Rashid Meredov, have discussed Afghanistan exporting marble to Turkmenistan.
In a statement issued by the Afghan foreign ministry, MoFA said the Afghan delegation provided comprehensive information to their Turkmen... |
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US worker shortage is real and getting worse by the day: Chamber of Commerce The US labor short is a "national economic emergency" that is getting worse by the day, the Chamber of Commerce said.
The US labor shortage is holding back the countrys economic recovery from the Covid-19 pandemic, according to the US Chamber of Commerce.
The labor shortage is hitting industries... |
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US manufacturers blame Trump-era tariffs for swelling inflation: WSJ Steel pipes being loaded for export in Handan, China, in April. (Photo via The Wall Street Journal)
American manufacturers believe that the Trump-era import tariffs are to blame for swelling inflation across the United States, a report says.
The administration of former president Donald Trump implemented... |
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Chinese consortium meets with Ghani over $400 million power project A group of Chinese investors met with President Ashraf Ghani on Saturday to discuss the possibility of establishing a coal-fired power plant in the country.
The Presidential Palace (ARG) said in a statement the group plans to invest $400 million in the energy-generating project.
The plan is for the... |
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HSBC exits loss-making US retail banking as part of Asia pivot An HSBC bank is pictured during the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, US, October 19, 2020. (Reuters photo)
HSBC (HSBA.L) announced it is withdrawing from US mass market retail banking by selling some parts of the money-losing business and... |
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UK wont commit to halting new oil exploration despite climate report A section of the BP Eastern Trough Area Project (ETAP) oil platform is seen in the North Sea, about 100 miles east of Aberdeen in Scotland, February 24, 2014. (Reuters photo)
The United Kingdom will not commit to halting new oil exploration in the North Sea, a government energy body told Reuters,... |
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Biden says Nord Stream 2 sanctions waived because pipeline nearly done & fighting it now would be counterproductive with allies FILE PHOTO: Workers are seen at the construction site of the Nord Stream 2 gas pipeline, near the town of Kingisepp, in Russias Leningrad region. © Reuters / Anton Vaganov
US President Joe Biden has claimed that he took office too late to stop the Nord Stream 2 pipeline linking Russia and Germany,... |
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World Bee Day: Depending on the survival of bees The UN General Assembly has designated May 20 as World Bee Day to raise awareness of the importance of bees, support for beekeeping and the effects of bee pollination on sustainable development of agriculture and food supply.
According to the UN, bees are under threat. Present species extinction rates... |
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General Soleimani highly charismatic, conqueror of hearts: Daughter
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