Author: Editorial Desk

For moving towards sustainable aviation, Vermont-based electric aircraft manufacturer Beta Technologies has announced a major expansion of its facility at Plattsburgh International Airport. This expansion, supported by a $20 million grant from the state of New York, is set to transform the site into a state-of-the-art flight test and aircraft delivery center. The grant, sourced from the Empire State Development’s Regional Economic and Community Assistance program, is part of a larger $41 million initiative to enhance Beta’s existing facility. This project, in partnership with Clinton County, aligns with Governor Kathy Hochul’s vision of fostering innovative industries in the state. Governor…

At the 28th session of the United Nations Framework Convention on Climate Change’s Conference of the Parties (COP28), currently unfolding in Dubai, a crucial discussion point emerges from the United Nations Conference on Trade and Development (UNCTAD). The agency presses for rapid measures to curb the carbon emissions in the maritime sector, an industry pivotal to the global economy and at risk of soaring its carbon footprint parallel to the growth in global trade. The COP28, spanning two weeks and attracting over 70,000 participants, is recognized as the largest climate conference to date. Distinguished attendees range from world leaders of…

Brazil’s recent strategy to rejuvenate its petrochemical sector involved modifying import tariffs on polymers. Targeting the enhancement of local producers like Braskem, this policy shift diverges from previous governmental decisions. Policy Transformation Brazil’s Chamber of Foreign Commerce (Gecex-Camex) recently increased import tariffs on a slew of polymers such as HDPE, LDPE, LLDPE, PP copolymers and homopolymers, PVC, and PS. These rates escalated from 11.2% to 12.6%, partially overturning a 2022 decision to lower them. This move is designed to enhance the profitability of Brazilian producers. Significantly, countries within the Mercosur trade bloc, including Argentina, Paraguay, Uruguay, and associate member Colombia,…

South Korea expects a 7.9% jump in exports next year, predominantly due to a rebound in the semiconductor sector. This forecast from the Korea International Trade Association (KITA) marks a sharp turnaround from two years of trade downturn. KITA aligns these projections with global economic growth in the upper 2% range for 2024. The financial landscape, including the won-dollar exchange rate and international oil prices, is expected to see notable changes. The won is projected to stabilize in the mid-1,200 won range against the dollar, while Brent crude oil prices might climb to $90 per barrel, a 4.65% rise from…

2022’s global economy, including Morocco’s economic landscape, experienced unprecedented turbulence, marked by a drastic reduction in growth and a spike in inflation. The Economic, Social and Environmental Council’s 12th annual report offers a detailed analysis of these challenging times, with a special emphasis on Morocco’s economic resilience and adaptation. Global economic growth fell sharply from 6.3% to 3.4%, while inflation escalated from 4.7% to 8.7%, largely due to the Russo-Ukrainian war’s impact. The report sheds light on the influence of these global events on commodity prices and inflation. The Moroccan economy, specifically, saw growth drop from 8% to 1.3% in…

Oil prices experienced a modest uptick on Wednesday, propelled by a mix of anticipatory investor behavior and supply disruptions. The global oil market is closely monitoring the upcoming OPEC+ meeting, where pivotal decisions on output policies for the forthcoming months are expected. Concurrently, a storm in the Black Sea region has unsettled the supply chain, further influencing oil prices. Brent crude futures edged up to $81.71 a barrel, and US West Texas Intermediate (WTI) crude futures experienced a 0.2 percent increase to $76.58 a barrel. These changes follow a 2 percent gain on Tuesday, driven by speculation over OPEC+’s potential…

India embarks on an ambitious journey to double its value-added seafood production by 2030, setting a target of $1.6 billion. The Marine Products Exports Development Authority (MPEDA) spearheads this initiative, recognizing the growing global demand and higher profit margins associated with value-added seafood products. MPEDA Chairman D V Swamy highlights the strategic focus on this sector, aiming for a 20 percent value addition by 2030. This move responds to shifting consumer preferences and increasing competition from nations like Thailand, Vietnam, and China. India’s seafood exports have already marked significant achievements, reaching $8.09 billion in the most recent fiscal year, with…

The diamond industry, especially in Antwerp’s bustling diamond district, is embracing cutting-edge technology to ensure the ethical sourcing of gemstones. This pivotal shift, primarily to circumvent the repercussions of Russia’s 2022 Ukraine invasion, involves using blockchain for authenticating diamond origins, confirming they originate from legitimate mines in Africa, Australia, or Canada, rather than Russia. This move is crucial as Russian diamonds, previously a third of the global market, face G7 sanctions. Belgian industry insiders predict a gradual implementation of these sanctions to mitigate market disruption. Major traders and jewelry brands are now implementing sophisticated tracking technologies to ascertain the origins…

Saudi Arabia’s housing market showcased remarkable vigor during the third quarter of 2023, with total transactions soaring to $12.23 billion (SR45.9 billion). This trend, revealed in a CBRE report, highlights the Saudi real estate sector’s strength against a backdrop of global economic fluctuations. Market Overview: CBRE’s report details a notable surge in apartment prices in Saudi Arabia’s capital, witnessing a 16.1% year-over-year increase, reaching SR4,780 per square meter. This growth reflects robust demand within the residential property sphere, particularly in urban areas. Alkhobar and Dammam also experienced upticks in apartment prices, albeit more modestly, with increases of 2.9% and 2.4%…

Indian exporters are meticulously tracking the influenza developments in China, concerned about its potential repercussions on international supply chains and trade. The Indian government assures preparedness for any complications from this health crisis, focusing on the outbreak of H9N2 and respiratory illnesses in children in China. The Union Health Ministry considers the immediate threat to India from China’s H9N2 avian influenza cases and respiratory illness clusters as minimal. The World Health Organization’s acknowledgment of the situation adds a layer of international attention. Business leaders from India’s export sector express caution. Rafeeq Ahmed, Chairman of Farida Group, underscores the criticality of…