Global Economy

Online Desk The pandemic has not fundamentally altered the longterm growth outlook for commercial aviation, with an 82 percent increase in jets seen through 2041, according to a Boeing forecast released Saturday. The company projected a total global fleet of 47,080 over the next two decades, compared with 25,900 in 2019, with half of deliveries replacing jets that will be ...

International Desk The euro has fallen below the dollar for the first time in nearly 20 years as the war in Ukraine pushes the single currency down. A single euro bought $0.998 on the foreign exchange market at 12:45 GMT, down by 0.4% in the day’s trading. Fears that Russia may restrict Europe’s supplies of energy have increased the chances ...

International Desk Argentina wants the BRICS emerging economies to admit it as a full member, President Alberto Fernandez said on Friday at the group’s 14th summit. “Argentina wants to join this space and offer its contributions as a member of it,” Fernandez said via video link. The BRICS nations, comprising Brazil, Russia, India, China and South Africa, account for over ...

Online Desk Central banks have ramped up their battle against runaway inflation, a necessary remedy that could have the adverse side effect of tipping countries into recession, analysts say. Just this past week, the US Federal Reserve announced its biggest interest rate hike in almost 30 years, followed by the fifth straight increase by the Bank of England and the ...

International Desk Iran said on Thursday it has received $1.6 billion from Iraq to settle part of the debts it has sought from its neighbour since 2020 for the supply of gas. “After months of negotiations, $1.6 billion in arrears… for gas exports to Iraq have been received,” Iranian Oil Minister Javad Owji said, quoted by Shana news agency. Baghdad ...

Business Desk Long-sought WTO agreements on fisheries subsidies and a Covid vaccine patent waiver moved a step closer to completion Saturday after negotiators finalised texts for ministerial review, but significant obstacles remained in hammering out a final deal. Diplomats have been in round-the-clock talks to hammer out texts on several thorny topics before the World Trade Organization’s first high-level meeting ...

Business Desk Russia is able to pay its foreign debts, Governor of the Bank of Russia Elvira Nabiullina said at a press conference on Friday. “From the point of view of financial resources, we have the possibility and the ability. We also have the desire to pay, and the Finance Ministry has shown all options. Typically, problems with paying sovereign ...

Online Desk Investors, bankers, and entrepreneurs have been discussing the chances of a coming recession for months. Now the world’s premier international credit institution is joining the chorus that a recession is likely, and warns that something even worse might be on the horizon. Global economic growth is expected to slow down before the end of the year, and most ...