Brazil Warns G20 Members Of Global Economic Challenges
Economy

Brazil Warns G20 Members Of Global Economic Challenges

Brazil's Finance Minister Fernando Haddad warned about global economic challenges as G20 finance leaders convened in Sao Paulo, grappling with divisions over Ukraine and Gaza conflicts. Haddad emphasized the need for G20 action on climate change and poverty amidst a "challenging" global economic environment. Regarding the economic part of the communiqué, Tatiana Rosito, the coordinator for Brazil's G20 financial track, reported successful discussions. Meanwhile, for Germany to agree to the statement, German Finance Minister Christian Lindner insisted on discussing geopolitical matters suc

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Abu Dhabi Sovereign Fund To Invest In AI and Space Tech This Year
Economy

Abu Dhabi Sovereign Fund To Invest In AI and Space Tech This Year

Abu Dhabi’s Mubadala Investment Co. plans significant investments in artificial intelligence and space technology this year, prioritizing the United States. Managing director Khaldoon Mubarak emphasized the shift from mere asset investment to fostering global progress at an investor conference in Abu Dhabi. They intend to deepen strategic investments in the UK, Europe, and France while expanding into healthcare, digital infrastructure, and financing, with an increased focus on Asia. Mubadala, controlling $276 billion of assets, aims to drive progress by investing in solutions for glob

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Vietnam Plans Union Reform To Avert Trade Woes
Economy

Vietnam Plans Union Reform To Avert Trade Woes

Vietnam intends to ratify the UN's Free Trade Union Convention this year, aiming to prevent trade disputes but possibly unsettling some foreign firms. The move addresses labour rights concerns, crucial for its extensive trade partnerships. Currently, Vietnam's sole national union operates within the Communist Party framework. The country, a manufacturing hub hosting major international corporations like Samsung and Intel, heavily relies on commerce, surpassing its domestic economy by 160%. By ratifying Convention 87, Vietnam aligns itself with global labour standards. While government o

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Brazil Partners With Largest Climate Finance Alliance To Boost Green Growth
Economy

Brazil Partners With Largest Climate Finance Alliance To Boost Green Growth

On Monday, Brazil joined forces with the world's largest financial climate coalition, the Glasgow Financial Alliance for Net Zero (GFANZ), to support funding for clean energy and environmental restoration projects, including reforestation efforts in the Amazon rainforest. The Brazilian development bank BNDES will collaborate with GFANZ to mobilise public and private financing for these initiatives, marking a significant step towards green growth. While specific investment figures and timelines were not disclosed, BNDES President Aloizio Mercadante emphasised the government's commitment

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WTO Seeks Modest Outcomes In Abu Dhabi At ‘Critical Juncture’ For Global Trade
Economy

WTO Seeks Modest Outcomes In Abu Dhabi At ‘Critical Juncture’ For Global Trade

On Monday, trade ministers from around the world gathered in Abu Dhabi for a World Trade Organisation (WTO) meeting amidst challenges for global trade. Headed by Ngozi Okonjo-Iweala, the WTO aimed for new commerce rules but downplayed expectations due to geopolitical tensions. More than three decades into its existence, the esteemed global supervisor is the cornerstone of 75% of global trade, working to create accords by consensus.  Okonjo-Iweala urged ministers to intensify negotiations, yet dismissed expectations of a deal on reforming the appeals court. Concerns arose over India

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WTO MC13: G33 Calls For Permanent Solution For Food Security
Economy

WTO MC13: G33 Calls For Permanent Solution For Food Security

Prior to the 13th WTO ministerial conference, the G-33, representing countries like India, China, and Indonesia, emphasised the necessity for a lasting solution concerning public stockholding for food security. This coalition dubbed the "Friends of Special Products," highlights the crucial role of public stockholding in ensuring food security and bolstering rural development, particularly in developing nations. Comprising 47 member nations, the G-33 advocates for flexibility in agricultural market access. With the commencement of WTO MC13 in Abu Dhabi, trade ministers from 164 countries ar

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UAE And Kenya Signed A Comprehensive Economic Partnership Deal
Economy

UAE And Kenya Signed A Comprehensive Economic Partnership Deal

On Friday, the UAE and Kenya finalised a comprehensive economic partnership agreement (CEPA), as announced by UAE Minister of Foreign Trade, Thani Al Zeyoudi. Kenya, recognised as East Africa's economic powerhouse, emerged as one of the initial African nations engaging in bilateral trade discussions with the UAE back in 2022. This initiative aligns with the UAE's strategic vision of diversifying its economy away from oil dependency. The non-oil trade volume between the UAE and Kenya witnessed a significant surge, totalling $3.1 billion in 2023, marking a notable 26.4% increase compared to

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Europe, Africa Oil Markets Tighten, Lending Support To Futures
Economy

Europe, Africa Oil Markets Tighten, Lending Support To Futures

Tightening physical oil markets in Europe and Africa, along with disruptions in Red Sea shipping and OPEC+ supply cuts, support oil futures prices. Brent crude futures show bullish signs, reaching $4.34 a barrel in backwardation, indicating tight, prompt supply. Due to Yemen's Houthi conflict and high refining margins, tanker diversions are increasing crude demand in Europe. Despite predictions of oversupply, US crude also experiences backwardation. OPEC+ aims for prices above $80 per barrel to balance budgets, with Brent trading near $84, which is up by 9% this year. Several factors co

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India Eases FDI Rules For Space Sector Allowing 100% In Making Satellite Components
Economy

India Eases FDI Rules For Space Sector Allowing 100% In Making Satellite Components

The Indian government announced significant reforms to its space sector to attract Foreign Direct Investment (FDI) and strengthen its global standing. The government now allows 100% FDI in satellite system manufacturing without official approval. Meanwhile, the regulations for launch vehicles have also been relaxed. These changes aim to position India competitively in the lucrative space market. India's space achievement in the lunar mission signals its ambitions for global space dominance. The new policy permits foreign firms to invest up to 100% in satellite manufacturing and up to 74% w

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PM Modi Inaugurates Projects Worth Over ₹30,500 Crore In J&K
Economy

PM Modi Inaugurates Projects Worth Over ₹30,500 Crore In J&K

On Tuesday, February 20, Prime Minister Narendra Modi launched multiple development projects in Jammu. These projects included education, railway, aviation, and road sectors worth INR 30,500 crore. PM Modi addressed a public rally at Maulana Azad Stadium in Jammu, distributing appointment letters to 1,500 newly recruited government employees and interacting with scheme beneficiaries under the 'Viksit Bharat, Viksit Jammu' programme. He inaugurated the Banihal-Khari-Sumber-Sangaldan railway line (48 km) and electrified the Baramulla-Srinagar-Banihal-Sangaldan section (185.66 km), initiating

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