Dubai Floods: UAE Receives Record Rains in 75 years
The Global Economics
by Riya Thomas
5h ago
Dubai Airport has been adversely affected by the torrential rains. Flights are being constantly delayed in one of the busiest airports in the world Dubai is battling record floods that were the aftermath of massive torrential rains that hit the desert area this week. Usually, the country receives less than 100mm (3.9in) a year of rainfall on average. But on Tuesday, UAE received up to 259.5mm (10.2in) of rain. This is the most rain the country received in 75 years. The news agency called the rains a “historic weather event” that exceeded “anything documented since the start of data collection ..read more
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Vietnam Undertakes Rescue Effort of $24 Billion for SCB Amidst Financial Fraud
The Global Economics
by Riya Thomas
5h ago
In the middle of all this chaos, SCB found itself gushing deposits, alarming 80% depletion recorded by December 2023 Vietnam had undertaken the “unprecedented” rescue of Saigon Joint Stock Commercial Bank (SCB), a lender at the center of Vietnam’s largest financial scandal. Vietnam’s efforts were disclosed through confidential bank documents, according to Reuters reports. The sources comment that without the lending, SCB will collapse and if the lending continues there are high chances of the state treasury drying up. So SCB collapse poses a dangerous threat to Vietnam’s financial system. The ..read more
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Samsung Receives $6.4 bn from the US Government to Boost Chip Production
The Global Economics
by Riya Thomas
3d ago
Samsung plans to invest over $40 billion in the sector including two foundry fabrication sites Biden administration to boost the semiconductor industry in the United States, has introduced plans to award Samsung Electronics Co. as much as $6.4 billion in grants. This investment is expected to bolster chip production in Texas. The investment hopes to mark an important moment in the nation’s efforts to fuel domestic semiconductor manufacturing.   Samsung plans to invest over $40 billion in the sector including two foundry fabrication sites that will produce 4-nanometer and 2-nm logic c ..read more
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Navigating the Troubled Waters: Understanding Thames Water’s Crisis
The Global Economics
by Riya Thomas
3d ago
Thames Water is the UK’s largest water and sewage supplier and currently, it is in deep trouble. The Thames Water crisis has far-reaching consequences that will affect millions of people. The financial issues faced by the company could drive it to temporary nationalization, creating problems for the current government.    What is the Thames Water Crisis? The company is currently going through serious financial troubles due to a large number of factors. The main issue is the wobbling £16 billion debt burden along with an urgent need for £3 billion to fix or revamp its old infrastructu ..read more
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Nigeria’s Economic Revival: Challenges and Prospects for the Future
The Global Economics
by Riya Thomas
5d ago
Nigeria’s economic recovery in its present condition is not an easy task and the government has to deal with issues like inflationary pressures and currency devaluation Nigeria, the West African nation, has been struggling with systematic challenges that have stalled its economic growth for years now. The Nigerian economy had been torn by a heap of difficulties from corruption to poor management of oil reserves to security threats. The current president Bola Tinubu is trying to turn things around by revising the policies and enhancing the lives of citizens.        ..read more
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Global Markets React to U.S. Inflation Data: Yen stoops to 34-yr low
The Global Economics
by Riya Thomas
1w ago
Wall Street’s stumble overnight is sending shockwaves across the markets. The Asian financial markets are reacting to the latest US inflation figures and Wall Street’s stumble overnight is sending shockwaves across the markets. Investors are adjusting accordingly, changing their strategies amidst uncertainties surrounding Federal Reserve policies and global economic outlooks. The persisting inflation will decide how much the Federal Reserve will ease this year. As a result of all this, the US dollar had soared to a 34-year high against the struggling yen.  The US stock futures on the othe ..read more
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Myanmar’s Military Junta Faces Mounting Challenges Amidst Border Losses and Internal Struggles
The Global Economics
by Riya Thomas
1w ago
Junta’s grip on power has been challenged since it seized control in a coup three years ago, overthrowing the democratically elected government led by Aung San Suu Kyi In the heart of Southeast Asia, Myanmar finds itself at a significant moment as its military junta contends with a series of setbacks, both on the battlefield and within its ranks. Recent reports indicate that the junta is on the verge of losing control over the major trading town of Myawaddy on the eastern border with Thailand. This latest blow comes amidst a string of defeats, including the loss of crucial territories along th ..read more
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The Decline in Birth rates: Europe’s Struggle with Aging Population
The Global Economics
by Riya Thomas
1w ago
Europe is currently going through what could be said as a “staggering social change” caused by the significant decline in birth rates. The low birth rates are creating a major shift causing serious concerns. The international medical journal, ‘The Lance’, recently published a global fertility study and mentioned “Fertility is declining globally, with rates in more than half of all countries and territories in 2021 below replacement level”. In more than half of the countries, the fertility rate is falling below the replacement levels. The consequences for these are strong, especially in Western ..read more
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10 Million in Pakistan on the Brink of Poverty: The World Bank Report
The Global Economics
by Riya Thomas
1w ago
Pakistan’s economy continues to face challenges due to high inflation and low foreign reserves Nearly 10 million people in Pakistan are on the brink of slipping into poverty according to the biannual reports released by The World Bank. Pakistan has been undergoing a severe economic and political crisis for the past few years. The World Bank’s report further sheds light on the sluggish economic growth rate of 1.8%. This is intertwined with sky-high inflation which is at a rate of 26% in the current financial year.   The biannual Pakistan Development Outlook by the Washington-based lender i ..read more
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Big Banks to Reveal Climate Funding Ratio as Part of New York City Deal  
The Global Economics
by The Global Economics
2w ago
New York City Comptroller Brad Lander has agreements with Citigroup, JPMorgan, and Royal Bank of Canada (RBC) that require the disclosure of a new climate metric. The three banks will make public their funding ratios for fossil fuel projects and low-carbon energy projects, according to Lander, who is in charge of public retirement assets.  In exchange, shareholder motions demanding the disclosures at each bank have been withdrawn by retirement funds Lander assists in managing.  Disclosing Authority Aims to Hold Banks Accountable on Climate Pledges  Lander commented that the incr ..read more
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