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China’s industrial profits decline, worsening economic gloom

BEIJING: Annual profits at China’s industrial firms extended a double-digit decline in the first five months as softening demand squeezed margins, reinforcing hopes of more policy support to bolster a stuttering post-COVID economic recovery.  The 18.8 percent year-on-year slump in profits came on top of the 20.6 percent contraction in January-April, and added to evidence of an economy that was losing steam on many fronts in May including retail sales, exports and property investment as the youth jobless rate scaled a fresh high of 20.8 percent. 
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Prigozhin’s Uprising Threat Echoes Russia’s History of Failed Wars

Putin may yet suffer the fate of many czars before him: a military uprising fueled by the blowback of a failing war.

The post Yevgeny Prigozhin’s Threatened Uprising Against Putin Echoes Russia’s History of Wars Gone Bad appeared first on The Intercept.

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.
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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.
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UAE Central Bank Predicts 4.3% Growth for Emirates in 2024

RIYADH: A rebound in oil and non-oil activities is expected to help the UAE maintain its projected growth rate of 4.3 percent in 2024, the latest quarterly report from the apex bank showed.     In its economic review report for the first quarter, the Central Bank of the UAE forecast the country’s oil and non-oil gross domestic product in 2024 will grow at 3.5 percent and 4.6 percent, respectively.
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

Egyptian Health Tech to Save Saudi Lives After Acquisition

CAIRO: Saudi Arabia’s health care sector has gained a new entrant from Egypt aimed at addressing the challenges posed by delayed medical reports and improving patient outcomes.  Founded in 2017, Rology has secured its position in the Saudi market after sealing the acquisition of its counterpart Arkan United.  In an interview with Arab News, Amr Abodriaa, CEO and co-founder of Rology, expressed the significance of this move in establishing a leading position in the Saudi market. 
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Hamas: Gaza ceasefire efforts reset | TOME

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CAIRO: The Palestinian militant group Hamas said on Friday that efforts to find a Gaza Strip truce deal were back at square one after Israel effectively spurned a plan from international mediators, and the White House said it was trying to keep the sides engaged “if only virtually.” Hamas said in a statement it would consult with other Palestinian factions on its strategy for talks to halt seven months of war triggered by its deadly Oct. 7 attack on Israel.

Indian historian fights far-right with makeup videos | TOME

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Ruchika Sharma combines her passion for history and eyeshadow, taking on myths about the past shaping India's present.

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Indian historian fights far-right with makeup videos | TOME

Features 0
Ruchika Sharma combines her passion for history and eyeshadow, taking on myths about the past shaping India's present.

US report on Israeli violations in Gaza | TOME

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Report says that incomplete information from Israel made it difficult to assess specific cases of possible violations.

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Elon Musk Plans Robotaxi Launch in China, State Media Reports

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Tesla CEO last month made an unannounced visit to Beijing for talks with Chinese Premier Li Qiang.

Boeing delays Starliner capsule launch due to valve issue

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Cancellation of inaugural crewed space mission comes as Boeing is under fire over safety record at its aviation arm.

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