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“World Bank Offers Repayment Pause to Nations in Crisis”

PARIS: The head of the World Bank said Thursday that the lender planned to introduce a “pause” mechanism for debtor countries in the event of them being hit by a crisis. Ajay Banga told a summit on financing the fight against climate change that the multilateral lender would adopt a new approach that “significantly expands the World Bank’s toolkit.” The most important measure would be offering “a pause on debt repayments so countries can focus on what matters when a crisis hits and stop worrying about the bill that is going come,” he added.
Business

Macron finalizes $100bn climate finance accord with leaders in France

PARIS: Wealthy nations finalized an overdue climate finance pledge to developing countries worth $100 billion on Friday and created a fund for biodiversity and the protection of forests, France’s president said, according to Reuters. Emmanuel Macron was speaking at a final panel of a summit in Paris where some 40 leaders, including two dozen from Africa, China’s prime minister and Brazil’s president had gathered to give impetus to a new global finance agenda.
Business

Egypt’s Central Bank Maintains Stable Interest Rates

CAIRO: The Central Bank of Egypt (CBE) kept its key overnight interest rates unchanged on Thursday, saying commodity prices appear to be falling and economic growth is likely to recover in the fiscal year that begins next week. As expected, the bank’s Monetary Policy Committee (MPC) left the lending rate steady at 19.25 percent and the deposit rate at 18.25 percent. Not one of 17 analysts polled by Reuters on Monday had forecast a change.
sport

Spurs draft Wembanyama and seek French phenom to end playoff drought

SAN ANTONIO: The world will be watching Victor Wembanyama, including San Antonio Spurs coach Gregg Popovich. The Spurs selected the French phenom with the top pick in Thursday night’s NBA draft that was held in New York. There was little to no doubt San Antonio would select Wembanyama, who is listed at 7-foot-4 but says he is 7-3. An emotional Wembanyama said hearing NBA Commissioner Adam Silver call his name brought him to tears, saying he has been waiting for the moment. “I’ve dreamed of this ... I got to cry.”
sport

UEFA President Apologizes for Champions League Final Issues in Paris and Istanbul

MANCHESTER: UEFA president Aleksander Ceferin admitted on Thursday that there were problems with this year’s Champions League final after fans were caught up in gridlocked traffic around the Ataturk Olympic Stadium in Istanbul. There were reports that some supporters had to get out of buses and walk for miles ahead of Manchester City’s 1-0 win against Inter Milan in European club soccer’s biggest game on June 10, with problems after the final as well.
Business

China announces $72 billion tax incentive for electric vehicles

RIYADH: China unveiled on Wednesday a 520 billion yuan ($72.3 billion) package of tax breaks over four years for electric vehicles and other green cars, as it seeks to boost auto sales. Weakening sales growth in the world’s biggest auto market has raised concern over China’s economic growth and while financial support was widely expected after an earlier government pledge to promote the industry, shares in major automakers jumped after the details were released.
Business

Riyadh Air orders 90 GEnx engines for Boeing 787 Dreamliner fleet

PARIS: Riyadh Air has finalized a deal for 90 GEnx-1B engines to propel its upcoming fleet, it was announced on Wednesday. The agreement also includes spare engines and a TrueChoice services package. The deal follows the Saudi airline’s recent wide-body order for 39 Boeing 787-9 Dreamliner aircraft. The signing ceremony took place at the Riyadh Air chalet during the Paris Air Show, where the airline introduced its new livery to the world.
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Gaza and Sudan Wars Fuel Hunger Crisis for 280 Million | TOME

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JEDDAH: More than 280 million people worldwide suffered from acute hunger last year in a food security crisis driven by conflicts in Gaza and Sudan, UN agencies and development groups said on Wednesday. Economic shocks also added to the number of victims, which grew by 24 million compared with 2022, according to a report by the Food Security Information Network. The report, which called the global outlook for this year “bleak,” is produced for an international alliance of UN agencies, the EU and governmental and non-governmental bodies.

Solomon Islands Support for US Agency’s Return Revealed

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Peace Corps found 'overwhelming support and enthusiasm' for return to Pacific island nation, report shows.

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Solomon Islands Support for US Agency’s Return Revealed

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Peace Corps found 'overwhelming support and enthusiasm' for return to Pacific island nation, report shows.

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