While the move has been rumored for weeks, the company confirmed that the board of directors approved the “strategic” decision to shut down the loss-making mobile division on Monday. The South Korean tech powerhouse, which was once the world’s third-largest handset maker, expects to fully wind down the unit’s operations …
Read More »Global banks bracing for losses amid US hedge fund collapse
The sudden liquidation of the New York-based billionaire Bill Hwang’s Archegos Capital Management ignited a fire sale of more than $20 billion in assets that has left some of the world’s biggest investment banks bearing billions of dollars of losses. According to billionaire investor Mike Novogratz, the collapse of Hwang’s …
Read More »China’s new partnership with Iran is not a full alliance, but enough to undermine US sanctions & rock global status quo
In the midst of a spat of tensions between China and the West, Beijing’s Foreign Minister Wang Yi spent the weekend in Iran, another country that has borne the brunt of confrontation with the United States over the past few years. Sweeping the Middle East on his diplomatic tour, in …
Read More »Global carriers forced to reroute ships to avoid massive Suez Canal traffic jam
Two container ships operated by French shipping and logistics giant CMA CGM Group changed course and were heading towards the Cape of Good Hope, the company revealed on Saturday. At the same time, the group is considering alternative maritime, rail, and air routes for cargo yet to be loaded, while …
Read More »Traffic jam at Suez Canal sends global shipping costs soaring
The traffic jam has trapped freighters with goods and oil products worth over $10 billion, according to the latest estimates by Bloomberg. The agency added that the losses the global economy will eventually sustain are currently difficult to access. The cost of delivering a standard dry-cargo container with a total …
Read More »Turkey expects tourism to surge by up to 70% amid global Covid-19 vaccination drive
Turkey is expected to see an increase in tourist flows of up to 70% in 2021, according to Firuz Baglikaya, who heads the Association of Turkish Travel Agencies (TURSAB), as immunization against coronavirus picks up the pace in Turkey and around the world. “More than 400 million people have been …
Read More »UN raises global economic growth outlook on increased US consumer spending
UNCTAD expects the global economy to grow by 4.7% in 2021 compared to the previously forecast 4.3%. “The global recovery that began in the third quarter of 2020 is expected to continue through 2021, albeit with a good deal of unevenness and unpredictability, reflecting epidemiological, policy and coordination uncertainties,” the …
Read More »China rolls out Covid-19 pass for international travel as global debate over a common health passport heats up
An image of the document shared online shows that it contains passport information as well as Covid-19 test results and vaccination details. The certificate will be available in digital and paper form. China’s Ministry of Foreign Affairs said on Monday that the world economy is in “urgent need of recovery” …
Read More »Global food prices continue to rise with poorest countries hit hardest
The agency said that its food price index jumped by 2.4 percent month-on-month to reach 116.0 points in February. The gauge, which tracks monthly changes in the international prices of commonly-traded food commodities, is also 26.5 percent higher than it was a year earlier. The latest increase has become the …
Read More »As global carriers rush to order new aircraft RT’s Boom Bust questions quick recovery of travel demand
United has moved up the delivery of 40 Boeing 737 MAX aircraft to 2022 and altogether has 188 orders for the single-aisle max jets. The deal comes as United continues to push for a third government bailout. As the fourth-largest US carrier plans to purchase dozens of airplanes while seeking …
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