The World Bank to finance extra COVID-19 vaccines for low-income nations
Economy

The World Bank to finance extra COVID-19 vaccines for low-income nations

On Monday, the World Bank introduced a new channel to allow developing countries to purchase COVID-19 vaccines collectively through the Covax facility. The Covax facility was set up to ensure access to vaccines for 92 developing territories with the cost covered by donors. Covax is co-led by the World Health Organization (WHO), the Gavi vaccine alliance, and the coalition for Epidemic Preparedness Innovations. The Gavi chief executive Seth Berkley said in a statement that the financial mechanism will allow Covax to unlock additional doses for a subsidized rate and the middle-income countri

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Israel to cut 85% of emission by mid-century
Economy

Israel to cut 85% of emission by mid-century

Israel government reports that they will cut the emission of carbon by 85% from 2015 levels by 2050. Israelian prime minister said the decision will be helpful in gradually shifting to a low carbon economy. They signed the Paris climate deal and set themselves an interim goal of cutting emissions by 27% by 2030. The plan is to target emissions from the transport sector, electricity sector, and municipal waste. However, critics aim for more ambitious targets for renewable energy and bigger economic incentives for change. Since the industrial era has begun, the world has warmed up by about 1

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Oil producing nations come together to control prices
Economy

Oil producing nations come together to control prices

Nations producing oil have agreed to increase their outputs and reduce the prices for the same. It aims to ease the pressure on the world economy. From August the OPEC and the partners such as Russia focus on boosting the supply for oil after the price hike for two-and-half-year highs during the COVID-19 Pandemic. The increase in Brent crude oil for this year is up by 43% which is almost $74 a barrel. Due to the pandemic, last year OPEC decided to cut the production by a record of 10 million barrels per year (BPB). However, after the economies reopened this year the price of oil surged whi

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Pacific Rim leaders discuss  Economic Strategies against pandemic
Economy

Pacific Rim leaders discuss Economic Strategies against pandemic

Pacific Rim leaders will gather virtually to discuss the strategies for helping the economies rebound from the resurgent COVID-19 pandemic. The Pacific Rim includes world leaders such as the U.S. President Joe Biden, China’s Xi Jinping, Japan’s Yoshihide Suga, and Vladimir Putin of Russia. On Friday, New Zealand Prime Minister Jacinda Ardern will chair the special leader’s meeting. The meeting includes a 21-member Asia-Pacific Economic Cooperation forum. White House stated that there was a telephonic conversation between Biden and Ardern ahead of the leader’s retreat to discuss U.S

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Sweeping climate change plan unveiled by the European Union
Economy

Sweeping climate change plan unveiled by the European Union

The European Union is all set in becoming carbon neutral by unveiling its most ambitious plan towards climate change. By this decade the EU aims to tackle climate change by turning green goals into concrete action. The EU’s executive body sets out a sedulous study on how the bloc’s 27 member states can meet their collective goal and reduce greenhouse gas emission by 55%. This plan is yet to be approved. European Commission President Ursula Von Der Leyen said: “By acting now we can do things another way and choose a better, healthier, and more prosperous way for the future.” T

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China’s economic growth halves in the second quarter
Economy

China’s economic growth halves in the second quarter

There is a steep fall seen in China's economic market as compared to the first three months of the current year. This growth has halved in this quarter. The recovery momentum was highly affected by the slow manufacturing, higher costs of the raw materials and new      COVID-19 outbreaks. It was expected to rise by 8.1% in a Reuters poll of economists. After the COVID-19 crisis, the world's second-largest economy bounced strongly but experts suggest some loss to be momentum. Quarterly Gross domestic product (GDP) in the April-June period expanded to 7.9%, the Nation

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The United States vows to work with Australia to oppose China’s ‘unfair’ trade practices
Economy

The United States vows to work with Australia to oppose China’s ‘unfair’ trade practices

The Biden administration vowed that they have “Australia’s back” to push back against China’s “unfair” trade practices. The Morrison government seeks international support on Australian wine to fight against Beijing’s tariffs.  Australia is yet to receive the request to join the consultation on the more recently launched challenge against China's tariffs on Australian wine. European Union is also set to join the third party if the dispute between Australia and China moves to another level at the World Trade Organization. Australia has larger trade litigation specialists

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G7 Leaders Sign Carbis Bay Declaration
Economy

G7 Leaders Sign Carbis Bay Declaration

G7 nations Canada, France, Germany, Italy, Japan, the UK, and the US have decided to sign the ‘Carbis Bay Declaration’, a historic statement setting out a series of concrete commitments to prevent any repeat of the human and economic devastation wreaked by coronavirus. G7 leaders are going to commit to using all their resources to prevent a global pandemic from ever happening again. The presidency for G7 Leaders’ Summit 2021 is held by the UK and has invited India, along with Australia, South Korea and South Africa, as guest countries. The agenda of this declaration is for global act

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Asean Initiative On Myanmar
Economy

Asean Initiative On Myanmar

An emergency summit in Jakarta was attended by the team member states of Association of South East Asian Nations (ASSEAN) including Myanmar addressed the ongoing crisis in Myanmar since February 2021 coup by its military. Since the coup, the junta has taken over the country’s governance, over 700 people had lost their lives, thousands of civilians have been arrested, & the country has been trying to disintegrate the civil conflict. Consensus reached by the participating countries in the emergency summit is for 5 key points. It is an important way forward for dealing with the fallout of

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Are pushed-up oil prices the result of Gulf Rivalry?
Economy

Are pushed-up oil prices the result of Gulf Rivalry?

The United Arab Emirates and Saudi Arabia are in a bitter public rift over the oil production quotas this week that has pushed oil prices to a six-year high. These two countries are the biggest oil-producing nations in the world which left the energy markets in oblivion over the oil prices. For the past eighteen months Organization of the Petroleum Exporting Countries, Opec+ which comprises 23 nations is trying to cope up with the global economic crisis caused due to novel coronavirus. Saudi Arabia and Russia had to extend their output curbs for another eight months after the UAE rejected

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