Author: Editorial Desk

Global Stock Markets felt the sting of uncertainty as British defense stocks reeled in response to turbulence in Russia. A botched uprising by the Wagner Group, a private military contractor, led to significant ripples in the financial world, pushing the FTSE 100 – the UK’s blue-chip benchmark – to a three-month low. This setback cast a grim shadow over the start of the trading week, particularly impacting Britain’s defense industry. BAE Systems, the UK’s top defense corporation, bore the brunt of the fallout, seeing its shares plummet by 3.1% and sink to the bottom of the FTSE 100. “Defense stocks…

Experiencing its harshest economic crisis yet, Sri Lanka’s financial predicament sends ripples across the globe. This week saw the island nation declare a five-day halt to its financial markets as it takes on the herculean task of restructuring its towering domestic debt, a colossal sum exceeding $51 billion. This bold step emerges from the ashes of the country’s default on its foreign debt and ensuing bankruptcy declaration in the past year. Nandalal Weerasinghe, Central Bank governor, described the short-term market shutdown as a strategic move, aimed at mitigating turbulence while parliament discusses debt restructuring plans. “Markets should not function when…

Amidst the New Global Financing Pact Summit in Paris, Egypt-Africa diplomatic relations took center stage as a consequential meeting between Egypt’s President Abdel Fattah el-Sisi and South Africa’s President Cyril Ramaphosa unfolded. This remarkable interaction was a testament to their mutual resolve and unity, highlighting the prospects of amplified African cooperation. During this significant encounter, Presidents El-Sisi and Ramaphosa crystallized their shared ambition to intensify bilateral and regional cooperation. This strategic dialogue arose from the acknowledgment of Africa’s aggregate potential and might. Both leaders underscored the imperative for durable intra-African alliances to grapple with and overcome the continent’s challenges. Throughout…

Signifying a technological quantum leap, Oryx Energies, the Swiss energy titan, has forged a partnership with GEP, a landmark move designed to revamp their supply chain and procurement operations across Africa’s Energy Sector. This strategic alliance underlines Oryx Energies’ commitment to harnessing digital innovation in all its forms. Recognized as a prominent entity within Africa’s oil and gas sphere and a reliable provider of energy products and services, Oryx Energies has its sights set on artificial intelligence (AI) technology to bring about a radical transformation in spend management. After a rigorous selection procedure, Oryx Energies decided to adopt GEP’s AI-centric…

Amazon’s new investment in India is a manifestation of its vision to overhaul the country’s digital domain. Embracing this ambition, the American eCommerce giant has unveiled a dynamic investment strategy. The blueprint anticipates an extra injection of $15 billion into the Indian economy over the next seven years, thereby escalating the company’s total projected investment to an impressive $26 billion by 2030. The ground-breaking announcement originated from a pivotal meeting between Amazon’s CEO, Andy Jassy, and the Indian Prime Minister, Narendra Modi, held in Washington, D.C. The gathering underscored Amazon’s resolute pledge to bolster India’s thriving digital economy. Jassy expressed…

The burgeoning demand for plant-based alternatives is giving a significant push to the Vegan Fish Sauce Market, predicted to expand at a Compound Annual Growth Rate (CAGR) of 8.9% between 2023 and 2033. According to ‘Future Market Insights’ (FMI) report, the market is set to cross the US$ 67.8 million mark in 2023 and further skyrocket to an estimated value of US$ 146.5 million by 2033. The boom in vegan alternative packaged foods and condiments derived from a variety of plant-based sources, such as soy, pea, or novel cultured meat, is encouraging market leaders to introduce a range of plant-based…

Dubai Customs has taken a significant step towards sustainable economic growth by introducing a series of comprehensive customs policies. The strategy springs from the UAE’s economic partnership agreements with global and regional trade powerhouses – India, Israel, Indonesia, and Turkey. These agreements are expected to markedly uplift the quality and quantity of trade exchange, initiating a key growth phase for the UAE’s foreign trade. Notably, the sector celebrated a 17% surge last year, culminating in a trade volume of AED2.233 trillion. The new customs policies are designed to refine and amplify trade exchanges with the UAE’s partnership countries. They set…

The recently released International Energy Agency’s report, Oil 2023: Analysis and Forecast to 2028, uncovers an “unprecedented sea change” in world oil trade flows. International embargoes on Russian energy exports have significantly disrupted global oil trade, a situation that’s unlikely to revert to the old state of affairs anytime soon. Russian crude, approximately 2.5 million barrels per day (mb/d), was pulled back from Europe and the G7 countries. Another 2 mb/d of products are now searching for new markets. This has occurred due to embargoes on Russian crude and oil products by the European Union (EU) and G7 nations. To…

MIT engineers have announced the development of a soft, Printable Metalfree Electrode, marking a significant advance in the field of electronic implants. The innovative, Jell-O-like material might one day replace traditional metals as electrical interfaces for devices such as pacemakers and cochlear implants. Electronic implants are highly diverse, ranging from traditional pacemakers and cochlear implants to innovative microchips for the brain and retina aimed at enhancing vision, treating depression, and restoring mobility. These devices typically use electrodes, small conductive elements that attach to target tissues to stimulate muscles and nerves. Current electrodes are mostly made from rigid metals, which, over…

Saudi Arabia and Kazakhstan made headway in the global energy landscape by inking a memorandum of understanding (MoU) on Monday. The agreement seeks to enhance cooperation across an array of energy-related areas, paving the way for the two nations to embark on a new era of economic partnership. The meeting that culminated in this major alliance took place in Riyadh, where Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman, convened with his Kazakhstan counterpart, Almasadam Satkaliyev. The objective was to strategize on how best to leverage their countries’ collective energy resources and expertise. Key points of the agreement encompass…