Bangladesh turns to ADB, World Bank for funds: Report | Business and Economy News

It’s in search of $1bn from every lender because the economic system is buffeted by power value shocks from the Ukraine warfare.

By Bloomberg

Bangladesh is in search of help from the World Financial institution and Asian Improvement Financial institution amid efforts to bolster its international trade reserves, in line with folks acquainted with the matter.

The federal government wrote letters to the 2 lenders in search of $1 billion every from them to assist the economic system address the ripple results of the warfare in Ukraine and power value shocks, stated the folks, who requested to not be named as a result of the matter is just not public but.

The requests come days after the federal government sought a mortgage from the Worldwide Financial Fund, in a transfer seen as a pre-emptive measure to shore up the nation’s international trade reserves amid issues over contagion dangers. South Asian neighbors Sri Lanka and Pakistan are already in talks with the IMF for loans to tide over crises of their respective economies.

“Not solely the IMF, however we will even go to the World Financial institution and the ADB,” Bangladesh Finance Minister AHM Mustafa Kamal stated at a media briefing in Dhaka on July 27. Telephone calls to Kamal, and Sharifa Khan, secretary of the financial relations division — a authorities unit that mobilizes exterior help — remained unanswered.

Bangladesh’s international trade reserves slipped to $39.48 billion as of July 27 from $45.7 billion a 12 months earlier. The nation’s commerce deficit widened to a report $33.3 billion within the fiscal 12 months ended June.

The federal government and the ADB opened preliminary discussions on at the very least 4 initiatives, together with $250 million in loans for financial restoration from the pandemic, one of many folks stated.

One other venture to assist rebuild after floods that devastated the northeastern area is predicted to obtain as a lot as $250 million in loans. Discussions are ongoing between the federal government and the ADB, the individual stated, with out giving extra particulars.

On Wednesday, Kamal advised a press convention in Dhaka that the stress on client costs would ease in a month, and the taka would stabilize.

The economic system would get again on observe “very quickly,” he added.

Is the world edging towards an ‘accidental’ nuclear war? | TV Shows

From: Inside Story

UK Nationwide Safety Adviser warns of warfare attributable to communication breakdown between the West, Russia and China.

The West might by chance stumble right into a nuclear conflict with Russia or China, in response to the UK’s nationwide safety adviser Stephen Lovegrove.

He says communication channels between the West and its rivals have collapsed, citing Russia’s invasion of Ukraine because the clearest instance of this breakdown.

He says the battle is just the start of a broader contest for a successor to the post-Chilly Struggle worldwide order.

So, what’s wanted to revive world safety?

Presenter: Imran Khan

Visitors:

Sahil Shah – Nuclear non-proliferation and disarmament analyst

Fabrice Pothier – CEO, Rasmussen International

Alexander Titov – Lecturer in trendy European historical past, Queen’s College Belfast

World Championships: Nigerian Tobi Amusan wins 100m hurdles gold | Athletics News

Amusan broke the world report earlier on Sunday by clocking 12.12 seconds within the semi-final at Hayward Area.

Nigerian Tobi Amusan has stormed to victory on the 100 metres hurdles last on the World Championships held in Eugene, United States, changing into the primary athlete from her nation to win gold at such an occasion.

The 25-year-old’s 12.06-second efficiency on Sunday was initially introduced as a world report, however was later dominated ineligible because the wind velocity exceeded the authorized restrict.

Amusan had damaged the world report earlier within the day by clocking 12.12 seconds within the semi-final at Hayward Area.

Within the last, she recovered from a barely slower begin to placed on a pristine efficiency over the boundaries, 0.17 seconds away from silver medallist Britany Anderson of Jamaica.

“The aim was to come back out and to win this gold,” stated Amusan.

“I consider in my talents, however I used to be not anticipating a world report at these championships. You recognize, the aim is at all times simply to execute nicely and get the win. So the world report is a bonus.”

Puerto Rico’s Olympic champion Camacho-Quinn accelerated on the halfway mark however misplaced an in depth battle with Anderson over the ultimate strides after hitting the final hurdle, going residence with bronze in her first World Championships.

“I bought my nerves, to be trustworthy. It type of confirmed on my face, however I’m simply glad to come back out right here,” stated Camacho-Quinn.

“From this level on, it’s only going to be sooner … I believe we had the perfect occasion of the entire world champs.”

Anderson informed reporters she was happy along with her efficiency, regardless of clipping some hurdles.

“I really feel like everyone seems to be so excited now,” she stated. “I got here out right here to do what I needed to do, and I did it.”

The ultimate was with out 2019 champion Nia Ali and medal contender Alaysha Johnson, each of america, after they hit hurdles and crashed out within the opening spherical.

US Olympic silver medallist Kendra Harrison, whose 2016 report Amusan broke within the semi-final, was disqualified.

Nigeria's Tobi Amusan reacts after setting a world record in the women's 100m hurdles final during the World Athletics Championships at Hayward Field in Eugene, Oregon on July 24, 2022. (Photo by Jim WATSON / AFP)
Tobi Amusan celebrates after successful the ladies’s 100 metres hurdles last in the course of the World Athletics Championships at Hayward Area in Eugene, Oregon [Jim Watson/AFP]

Pope Francis urges world leaders to act on extreme weather | Climate Crisis News

Pope Francis has referred to as on world leaders to heed the Earth’s “refrain of cries of anguish” stemming from local weather change, excessive climate and lack of biodiversity.

In a message on Thursday for the World Day of Prayer for the Care of Creation, he urged nations to confront local weather change with the identical consideration as world challenges like wars and well being crises, saying world warming hurts the poor and Indigenous populations most.

Francis mentioned wealthy nations have an “ecological debt” as a result of it’s they who had induced essentially the most environmental air pollution over the previous two centuries, marring nature’s tune.

“Tragically, that candy tune is accompanied by a cry of anguish. And even higher: a refrain of cries of anguish. Within the first place, it’s our sister, Mom Earth, who cries out. Prey to our consumerist excesses, she weeps and implores us to place an finish to our abuses and to her destruction,” he wrote.

Emergency companies have battled wildfires throughout swathes of southern Europe amid brutal heatwaves this week, prompting warnings that the combat towards local weather change must be stepped up.

The attraction got here just a few days earlier than the pope is because of depart for a visit to Canada, the place he’ll meet with Indigenous folks in Iqaluit, within the Canadian Arctic, which is a part of the fastest-warming a part of North America.

“Uncovered to the local weather disaster, the poor really feel much more gravely the affect of the drought, flooding, hurricanes and warmth waves which can be turning into ever extra intense and frequent,” Francis mentioned.

“Likewise, our brothers and sisters of the Native peoples are crying out. Because of predatory financial pursuits, their ancestral lands are being invaded and devastated on all sides, frightening a cry that rises as much as heaven.”

Francis repeated an attraction “within the title of God” that he first made final yr to the mining, oil, forestry, actual property and agribusiness industries to “cease destroying forests, wetlands, and mountains, to cease polluting rivers and seas, to cease poisoning meals and other people”.

The pope, who in 2015 wrote a serious encyclical on environmental safety, mentioned the UN’s COP15 summit on biodiversity, to be held in Canada in December, presents an enormous alternative for an settlement to halt the destruction of ecosystems and the extinction of species.

He mentioned COP15 may assemble a transparent moral foundation for the adjustments wanted to save lots of biodiversity, assist conservation and provides precedence to weak populations, together with Indigenous peoples.

He referred to as for the “efficient implementation” of the 2016 Paris local weather change settlement, whose objective is to restrict the rise in common world temperature to 1.5 levels C (2.7 levels Fahrenheit).

In the meantime, a prime Vatican cardinal endorsed requires a fossil fuels nonproliferation treaty and mentioned all new exploration and manufacturing of oil have to be phased out to stop world temperatures from rising to a “precipice”.

“The planet already is 1.2 levels hotter, but new fossil gas tasks every single day speed up our race in the direction of the precipice. Sufficient is sufficient,” Cardinal Michael Czerny, a Canadian Jesuit who runs the Vatican’s ecology and growth workplace, mentioned.

“All new exploration and manufacturing of coal, oil, and fuel should instantly finish, and current manufacturing of fossil fuels have to be urgently phased out,” Czerny added.

With the world in ‘turmoil’, a new ‘Quad’ comes into place | Business and Economy News

New Delhi, India–The primary assembly of heads of state and authorities of India, Israel, america and the United Arab Emirates (UAE) — dubbed the West Asian “Quald presumably see the announcement of a three way partnership partnership on storage amenities for power from renewables and one other on the institution of meals corridors.

Also referred to as the “I2U2,” the assembly on Thursday will convey collectively the prime ministers of India and Israel (I2) – Narendra Modi and Yair Lapid — and the presidents of the US and the UAE (U2), Joe Biden and Mohammed bin Zayed al Nahyan. The brand new alignment is ready in opposition to the backdrop of financial and political dangers in an more and more unsure world with excessive inflation, hovering meals and gasoline costs and a pandemic that upended established methods of doing enterprise.

Becoming a member of the West Asia Quad is a part of the “hedging” technique adopted by a lot of international locations, Talmiz Ahmed, former Indian ambassador to Saudi Arabia, Oman and the UAE, instructed Al Jazeera. “With the world in turmoil, nobody is aware of what is going to work. So international locations are hedging their bets” and becoming a member of and forming teams that they assume will work greatest for them, Ahmed stated.

The summit assembly is to happen on the second day of Biden’s three-stop July 13-16 tour of Israel, the occupied West Financial institution and Saudi Arabia. That is Biden’s first go to to the area since he took workplace in January final 12 months. Modi is to take part within the meet just about.

The I2U2 is aimed to “encourage joint investments” in six mutually recognized areas comparable to water, power, transportation, house, well being, and meals safety, in line with an Indian authorities assertion on Tuesday. It intends to mobilise private-sector capital and experience to assist modernise the infrastructure, develop clear power for industries, enhance public well being, and promote the event of important rising and inexperienced applied sciences, the assertion stated, including that the “initiatives can function a mannequin for financial cooperation and provide alternatives for our businesspersons and staff”.

Briefing reporters final month in Washington, DC, US State Division Spokesperson Ned Worth had additionally underlined the financial agenda of the grouping.

“Every of those international locations are technological hubs,” he stated whereas India was additionally “a large market. It’s a huge client market”.

Expectations from the Summit

With all of the leaders taking part in Thursday’s summit, it’s seen as a transfer to institutionalize the so-called West Asian Quad which, in flip, gives a framework that can assist convert “government-to-government beliefs into concrete programmes that can enable business-to-business interactions,” stated Pramit Pal Chaudhuri, fellow on the New Delhi-based Ananta Aspen Centre assume tank.

As an example, the potential announcement of a enterprise in renewable power storage.

“The storage of power generated from renewables is most crucial. At current there are not any applied sciences for this,” an Indian power ministry official who shouldn’t be authorised to talk to the media, stated, including that electrical energy generated from a renewable supply was linked instantly to a grid with out storing it. The brand new enterprise three way partnership would take a look at important storage know-how, the official added.

This might feed into India’s efforts to succeed in net-zero emissions by 2070, a purpose introduced by Prime Minister Modi in Glasgow, Scotland, final 12 months. On the time, India additionally introduced plans to triple its renewable power capability to 500 gigawatts (GW) by 2030 from 157GW in March 2022.

“Power storage applied sciences have a key function to play in advancing the decarbonisation of the ability and mobility sectors. By serving to handle the intermittency of renewable power [RE] era, storage can facilitate deeper RE penetration into the electrical energy grid,” stated Arjun Dutt, programme lead for Power Finance on the Council on Power, Surroundings and Water assume tank. “Amid an advanced geopolitical panorama, the higher decentralisation of provide chains of key applied sciences is a precedence for a lot of international locations.”

The summit can also be anticipated to yield an announcement on a meals hall between India and the UAE. The joint hall revolves round plans by UAE buyers just like the Dubai-based Emaar Group to take a position as much as $5bn in mega meals parks in India and one other $2bn in contract farming, sourcing of agro commodities and associated infrastructure. Whereas the concept of the hall was mooted three years in the past and is aimed toward guaranteeing meals safety for the UAE, it has turn out to be extra vital now given the worldwide meals disaster, pushed partly by grains caught in ports on the again of the Russia-Ukraine conflict.

The conflict in Ukraine and rising inflation and meals costs are among the many topics on the desk for the leaders on the summit, apart from the Iran nuclear deal.

The thought of a joint meals hall for the UAE’s meals safety was impressed by India’s strategic petroleum reserve in Padur in southern India which is in partnership with the Abu Dhabi Nationwide Oil Firm. Equally, the UAE might have a meals reserve in India, Indian officers related to the meals hall venture.

“The meals hall between India and UAE is useful for each international locations,” stated Siraj Hussain, a former agriculture secretary.

In 2020, India exported meals together with cereals, sugar, fruits, greens, tea, meat and seafood, amongst others, price $1.89bn and imported meals gadgets for $363m.

With a bilateral commerce of $59bn, the UAE was already India’s third-largest buying and selling associate after China and the US for 2019-20, as per the most recent authorities information.

With the India-UAE free commerce pact in place, commerce in items between the 2 international locations is anticipated to clock in at greater than $100bn and commerce in providers to greater than $15bn inside 5 years. India can also be taking a look at concluding a free-trade pact with Israel, all of which is probably going to offer a further increase to the regional Quad.

“A proper settlement with India can present long run meals safety to UAE for a number of meals gadgets,” Hussain added.

Anthony Albanese, Australia's prime minister, US President Joe Biden, Fumio Kishida, Japan's prime minister, and Narendra Modi, India's prime minister, from left to right, in Tokyo, Japan
India, together with US, Australia and Japan, is already a part of the current Quad that got here into place in 2017 in opposition to China [File: Yuichi Yamazaki/Getty Images]

The West Asia “Quad”

The 2 bulletins – when made – will intention to offer a sure diploma of credence to a grouping that its critics have trashed as “devoid of logic” and of “no strategic worth”.

“We consider that there will probably be many extra initiatives that can emerge cementing the group’s credentials. These will probably be sensible efforts that can present that the I2U2 is greater than a speaking store,” stated the  Indian power ministry official quoted above.

The primary assembly of the I2U2 grouping came about on October 18 final 12 months throughout a go to to Israel by Indian International Minister S Jaishankar, who joined his then counterpart Lapid for the talks, with UAE International Minister Abdullah Bin Zayed Al Nahyan and US Secretary of State Antony Blinken becoming a member of from their respective capitals.

An Israeli readout of the October discussions stated the 4 international locations had “determined to ascertain a global discussion board for financial cooperation” exploring “prospects for joint infrastructure initiatives within the fields of transportation, know-how, maritime safety, and economics and commerce, in addition to for added joint initiatives”.

The I2U2 got here collectively on the again of the momentum created by the Abraham Accords — brokered by the Trump administration two years in the past to normalize ties between Israel and Arab international locations together with Bahrain, the UAE and Morocco.

India, together with US, Australia and Japan, is already a part of the current Quad that got here into place in 2017 in opposition to China, seen as belligerent within the Indo-Pacific area.

Analysts are divided over whether or not China is an element for the I2U2 coming collectively in West Asia.

Akshobh Giridharadas, analyst on the New Delhi-based Observer Analysis Basis (ORF) assume tank, says that the West Asian Quad “displays the Biden administration’s alacrity at a China containment coverage”.

“For Washington, there’s a categorisation of enemies: the historic one in Iran; the cyclical one in Russia; and the brand new strategic one in China,” he wrote in an article for the ORF including that as Beijing will increase its engagement with the UAE and Israel, Washington needs to “negate” Chinese language presence within the area, whether or not by means of army or political means, or commerce. “Regardless of the historic and lengthy alliance with Abu Dhabi and Tel Aviv, there’s concern over Beijing’s affect within the area.”

Anantha Aspen’s Chaudhuri disagrees. The UAE, he says, is the “main driver” of the I2U2 with its want to form the post-American and the post-oil way forward for the Persian Gulf. “It needs to turn out to be an financial and technological hub which is why India, Israel and the US are essential to the endeavor,” he instructed Al Jazeera.

P R Kumaraswamy, a professor at Jawaharlal Nehru College in New Delhi and an skilled on West Asian affairs, agrees.

“India has had good relations on the bilateral stage with Israel, the US and the UAE. This has now been elevated to a regional grouping. That is new for Israel and India as Israel has by no means been a part of a regional grouping within the area earlier than [the Abraham Accords],” Kumaraswamy stated.

Previous to the accords, India needed to hold its ties with Israel and the Arab states separate. Now with the pacts in place, India can enter right into a regional pact which is “an infinite departure from the previous,” Kumaraswamy stated, including that the I2U2 enhances India’s want for a higher function on the worldwide stage. “It’s not an anti-Iran or an anti-China grouping,” he added.

As China tightens grip, Hong Kong’s luster as ‘world city’ dims | Business and Economy

Hong Kong, China – German entrepreneur Joseph liked his life in Hong Kong. When not tending to his logistics firm, he would take pleasure in strolls alongside the waterfront promenade, weekend brunches within the upscale Soho district and foot and again massages to alleviate the each day stresses of life.

However lower than two years after organising his enterprise in Hong Kong, Joseph in January determined he may see no future within the metropolis and relocated to Singapore.

“Many potential buyers are hesitant to spend money on Hong Kong as they don’t assume it’s a protected location to start out an organization any extra,” the 28-year-old skilled, who requested to be referred to by first identify, advised Al Jazeera.

“I can see that town modified in entrance of my eyes. Hong Kong has been one of the cosmopolitan cities however the protests and COVID restrictions imply that benefit is fading…Traders don’t really feel legally protected as a result of they don’t know if there’s nonetheless neutrality in Hong Kong’s judicial system, whereas the authorized system in China is filled with gray areas. There are sufficient uncertainties in companies, why do we wish extra?”

As Hong Kong marks the twenty fifth anniversary of its return to Chinese language sovereignty, town’s standing as a world monetary and enterprise hub is unsure like at no level because the handover.

Hong Kong flags hang at an arcade
Hong Kong is marking 25 years because the metropolis’s return to Chinese language sovereignty [File: Joyce Zhou/Reuters]

Tens of 1000’s of residents have exited the previous British colony as Beijing’s tightening authoritarian management and strict pandemic restrictions aimed toward aligning with China’s “zero-COVID” technique dramatically reshape life within the metropolis.

Greater than 120,000 folks, locals and expatriates alike, departed in 2020 and 2021, with tens of 1000’s extra anticipated to comply with this 12 months.

In a survey carried out by the American Chamber of Commerce of Hong Kong final 12 months, greater than 40 % of expats stated they have been planning to go away or contemplating it, largely as a result of issues over a draconian nationwide safety regulation imposed by Beijing in 2020, stringent COVID restrictions that restrict worldwide journey and a bleak outlook for town’s future competitiveness.

On the similar time, fewer professionals are shifting to the territory, with the variety of purposes for work visas dropping from 41,592 in 2018 to 14,617 in 2020, based on authorities information.

INTERACTIVE_HONGKONG_CHINA_GDP_JUNE30_2022

From humble beginnings as a fishing village, Hong Kong reworked into a world enterprise hub with a vibrant inventory market usually ranked alongside Singapore, London and New York.

After Hong Kong was ceded to Britain below the Treaty of Nanking that ended the First Opium Warfare in 1842, the territory turned a regional centre for monetary and industrial companies.

Through the Seventies and Nineteen Eighties, town transitioned away from manufacturing to monetary companies as factories, initially staffed by low cost labourers from mainland China, sought cheaper labour abroad.

Underneath the “Open Door” financial reforms initiated by Chinese language President Deng Xiaoping in 1978, town’s integration with China deepened, spurring vigorous worldwide funding and commerce.

5 years later, the Hong Kong greenback was formally pegged to the US greenback, after uncertainty over the then colony’s future resulted in a pointy depreciation of the foreign money.

Soldiers stand in salute with the Chinese and British flags
Underneath the phrases of Hong Kong’s return to China, Beijing promised to protect town’s lifestyle for at the least 50 years [File: Dylan Martinez/Reuters]

Underneath the phrases of Hong Kong’s return to China in 1997, Beijing promised to protect town’s lifestyle, together with civil liberties and political freedoms not out there in mainland China, for at the least 50 years below the precept of “one nation, two methods”.

These freedoms, nonetheless, have quickly declined amid a sweeping crackdown on dissent that has virtually worn out town’s pro-democracy opposition and compelled the closure of unbiased media retailers and dozens of civil society organisations.

Incoming Hong Kong Chief Govt John Lee has pledged to strengthen Hong Kong’s status as a world monetary centre, with out providing a timetable for reopening town to the world.

Lee, a former safety chief who ran unopposed in an election tightly managed by Beijing, has hailed the nationwide safety regulation for restoring order and stability and described the implementation of “one nation, two methods” because the handover as “resoundingly profitable”.

However for worldwide corporations, the uncertainty created by the regulation, which has resulted in additional than 200 arrests and instituted vital modifications to town’s feted British-inherited authorized system, has turn out to be a serious supply of tension, based on Michael Davis, a former regulation professor on the College of Hong Kong.

“The imprecise nationwide safety regulation causes appreciable uncertainty about acceptable behaviour for worldwide corporations,” Davis advised Al Jazeera.

“The strain on the courts that has accompanied enforcement has seemingly decreased confidence within the rule of regulation, which has traditionally been town’s distinguishing attribute to draw worldwide enterprise.”

Davis stated worldwide companies additionally face strain to help Beijing’s insurance policies “whereas on the similar time these corporations face strain in democracies the place they function to not help such repressive insurance policies, on the threat of market exclusion”.

Medical staff oversee travel queues in airport
Hong Kong’s strict quarantine guidelines have spurred an exodus of expats from town [File: Bloomberg]

For Joseph, who led the Asia operations of a logistics agency earlier than organising his personal firm, Hong Kong’s fading attraction is plain.

“Hong Kong had many benefits like simple money influx and outflow, and the regulation system is near Britain’s frequent regulation system,” he stated. “It was politically and judicially steady. On the time my former firm may select [to set up the Asia headquarters] between Singapore and Hong Kong, and we selected Hong Kong because it was the gateway to China.”

Hong Kong’s strict COVID restrictions, which as soon as included 21 days of necessary lodge quarantine for incoming travellers, have additional broken town’s attract.

Regardless of branding itself as “Asia’s World Metropolis”, the territory stays one of many few locations outdoors China to quarantine arrivals, whereas its “circuit-breaker” coverage of suspending flight routes linked to COVID instances frequently leaves travellers stranded abroad.

“This [policy] escalates the fee for expatriates to go to their household in international international locations,” Vera Yuen, a lecturer of economics on the College of Hong Kong, advised Al Jazeera.

“The quarantine requirement has been later modified to seven days, however the circuit-breaker coverage has been upheld. It was too late to maintain these folks in Hong Kong, particularly when put next with a lot of the remainder of the world, during which quarantine measures are now not in place. As uncertainty prevails, one other outbreak can result in stricter measures once more. They determined to relocate to a spot that offers them extra private freedom.”

Many native residents, too, have misplaced hope within the metropolis.

Ip, a 30-year-old monetary employee, stated she plans to maneuver to the UK within the close to future because of the “more and more undesirable surroundings”.

“I’m working in a British firm, however many British and European coworkers resigned and returned to their house international locations,” Ip advised Al Jazeera, asking to be recognized by her surname solely. “I feel Hong Kong corporations will lose their worldwide nature.

“In the long term, the asset administration business may see decrease demand as a result of much less asset inflows. Coupled with a questionable [national] training right here for my future children and town’s lack of innovation previously 25 years, I do wish to depart Hong Kong,” Ip added.

Shanghai-Hong Kong Stock Connect logo on a screen with man using cellphone in front
Hong Kong’s monetary system is changing into more and more built-in with mainland China [File: Brent Lewin/Bloomberg]

No matter Hong Kong’s future holds, there may be little doubt will probably be extra intently sure to China. Already, greater than half of the businesses listed on the Hong Kong Inventory Trade (HKEX) are from the mainland.

Yuen, the economics lecturer, stated China hopes to make use of Hong Kong to attain financial targets together with the internationalisation of the renminbi (Chinese language foreign money) via “internet hosting RMB-denominated bonds and being an off-shore centre of RMB change”.

“Hong Kong’s inventory market is more and more dominated by mainland corporations,” she stated.

In 2014, the Shanghai-Hong Kong Inventory Join was launched to offer mutual fairness entry between the Hong Kong and mainland markets, adopted by an enlargement two years later to incorporate Shenzhen, permitting mainland buyers entry to smaller corporations in Hong Kong.

In 2018, a change within the guidelines for weighted voting rights led to a wave of mainland Chinese language firm listings, together with e-commerce big Alibaba Group in November the next 12 months. Final 12 months, Wealth Administration Join was launched to offer entry to funding merchandise amongst Guangdong province, Hong Kong and Macau.

Whereas Hong Kong’s freedoms and worldwide character have suffered, town’s rising alignment with China has been accompanied by rising wealth. Since 1997, town’s financial system has greater than doubled, with gross home product (GDP) reaching $368bn in 2021 – though GDP shrank 4 % within the first quarter % year-on-year as pandemic restrictions weighed on development.

Davis, the regulation professor, predicted that Beijing would pour funding into Hong Kong so as to create a “dominant place” for mainland corporations and “undermine the standard prominence” of native and worldwide companies.

For Joseph, the times of Hong Kong as a gateway for international companies to entry China are previously.

“If I wish to arrange an organization to do Chinese language enterprise, I’d begin one in Shanghai as an alternative,” he stated.

UN, world leaders condemn US Supreme Court ruling on abortion | News

US Supreme Courtroom ruling described as ‘enormous blow’ to American girls’s reproductive rights and gender equality.

Worldwide condemnation has been swift following the US Supreme Courtroom’s choice to upend the constitutional protections for abortion contained within the landmark Roe v Wade ruling of 1973.

The controversial ruling on Friday signifies that roughly half of all US states are actually poised to ban abortions.

The US court docket’s choice was “a significant setback” and a “enormous blow to girls’s human rights and gender equality”, UN human rights chief Michelle Bachelet mentioned in a press release.

A spokesperson for UN Secretary-Basic Antonio Guterres mentioned limiting abortion entry doesn’t cease folks looking for the process “it solely makes it extra lethal“.

“Sexual and reproductive well being and rights are the inspiration of a lifetime of alternative, empowerment and equality for the world’s girls and ladies,” the secretary-general’s spokesman Stephane Dujarric informed reporters on Friday.

“Proscribing entry to abortion doesn’t stop folks from looking for abortion, it solely makes it extra lethal.”

World Well being Organisation (WHO) Director-Basic Tedros Adhanom Ghebreyesus mentioned he anticipated extra of the United State when it got here to the safety of girls’s rights.

“I’m very dissatisfied, as a result of girls’s rights should be protected. And I might have anticipated America to guard such rights,” he mentioned.

The French and British leaders condemned the ruling as a problem to girls’s freedoms.

“Abortion is a basic proper for all girls. It should be protected,” French President Emmanuel Macron mentioned on Twitter.

“I want to categorical my solidarity with the ladies whose liberties are being undermined by the Supreme Courtroom of the US,” he mentioned.

At a information convention, British Prime Minister Boris Johnson mentioned: “I feel it’s an enormous step backwards … I’ve at all times believed in a lady’s proper to decide on and I stick with that view and that’s the reason the UK has the legal guidelines that it does.”

Canada’s prime minister referred to as the information “horrific” and asserted: “No authorities, politician, or man ought to inform a lady what she will be able to and can’t do along with her physique. I need girls in Canada to know that we are going to at all times rise up on your proper to decide on.”

Norwegian Prime Minister Jonas Gahr Støre referred to as it a “a critical step backwards for girls’s rights” whereas Spanish Prime Minister Pedro Sánchez mentioned that “girls should be capable to resolve freely about their lives.”

Former President Donald Trump cemented the conservative majority within the Supreme Courtroom by appointing three justices throughout his four-year time period.

Trump’s administration additionally led a push on the United Nations towards the promotion of girls’s sexual and reproductive rights and well being as a result of it noticed such work as a code for abortion.

Trump reduce funding for UN Inhabitants Fund (UNFPA) – the UN’s sexual and reproductive well being company – claiming it “helps, or participates within the administration of, a program of coercive abortion or involuntary sterilisation”.

The UN mentioned that was an inaccurate notion. Trump’s successor President Joe Biden has restored the funding.

The UNFPA mentioned “a staggering 45 % of all abortions world wide are unsafe, making this a number one explanation for maternal demise”.

Practically half of all pregnancies worldwide are unintended and greater than 60 % of these could finish in abortion, the UNFPA mentioned.

America – together with 178 different nations – backed a 1994 programme that “recognised how lethal unsafe abortions are and urged all nations to offer post-abortion care to save lots of lives, no matter the authorized standing of abortion,” the organisation mentioned.

My body my choice
the US Supreme Courtroom on Friday upended constitutional protections for abortion contained within the landmark Roe v Wade ruling of 1973 [Evelyn Hockstein/Reuters]

Miami, Toronto, Mexico City named among 2026 World Cup co-hosts | World Cup

FIFA unveils record of 16 cities in United States, Canada, and Mexico that may host matches in 2026 World Cup.

FIFA has unveiled the 16 cities throughout the US, Canada, and Mexico that may host matches throughout the 2026 World Cup — the primary time in historical past that three nations will co-host the worldwide soccer championship.

“Stellar line-up of #WorldCup 2026 Host Cities unveiled,” FIFA, world soccer’s governing physique, tweeted on Thursday.

Eleven US cities have been chosen, alongside three Mexican cities – Guadalajara, Monterrey and Mexico Metropolis – and two in Canada, Toronto and Vancouver.

Within the US, matches shall be performed in Atlanta, Boston, Dallas, Houston, Kansas Metropolis, Los Angeles, Miami, New York/New Jersey, Philadelphia, Seattle, and within the San Francisco Bay Space.

FIFA has not stated which metropolis will host the finals.

Thursday’s announcement was met with pleasure from officers within the host cities, in addition to from nationwide soccer groups and associations within the three nations.

The Twitter account for the US males’s nationwide group responded with an ecstatic, “LET’S GOOOOO!!!!!” shortly after the announcement. “To have a World Cup on this nation goes to be superb, Christian Pulisic, the group’s 23-year-old star, additionally stated.

Philadelphia, situated in Pulisic’s house state of Pennsylvania, is likely one of the 11 US host cities. “I’ve performed in Philadelphia a few occasions and it’s a tremendous metropolis, and being from Pennsylvania myself, that’s actually terrific,” he stated concerning the choice.

The mayor of Mexico Metropolis, Claudia Sheinbaum, reacted to the information by tweeting, “The World Cup returns to town!”

“I can’t wait to welcome followers and gamers to our metropolis!” Vancouver Mayor Kennedy Stewart additionally stated on Twitter. “And I do know we’re particularly trying ahead to cheering on the Canadian Males’s Nationwide Group for the primary time ever on house soil!”

Canada Soccer President Nick Bontis congratulated Toronto and Vancouver for being chosen and thanked Edmonton, which had vied to host matches, for placing collectively its bid.  “The competitors for venue choice was essentially the most strong in FIFA’s historical past,” Bontis stated in a press release.

The 2026 event will mark the primary time in FIFA’s historical past that three nations play host to the World Cup, which happens each 4 years and is likely one of the hottest sporting occasions on earth.

The collection of the host cities comes simply days after Costa Rica secured the ultimate spot within the 2022 World Cup, with a victory over New Zealand on Tuesday.

The qualifying matches for the upcoming event, which shall be held in Qatar, have been crammed with drama and heartbreak.

Ukraine, reeling amid Russia’s continued invasion, had its hopes dashed in a defeat to Wales in early June, whereas Peru was knocked out by underdog Australia this week after shedding on penalty kicks.

Qatar Airways posts record $1.5bn profits before World Cup | Business and Economy News

Certainly one of Center East’s largest carriers, Qatar Airways carried 18.5 million passengers throughout 2021-22, a greater than 200 p.c leap from the earlier fiscal 12 months.

Qatar Airways, one of many Center East’s largest air carriers, introduced its income throughout the previous fiscal 12 months topped $1.5bn, marking the highest-ever earnings for the state-owned firm because it prepares to see a file surge in travellers for the upcoming FIFA World Cup soccer video games.

Qatar Airways operates out of a brand new airport within the capital, Doha, on the japanese shoreline of the Arabian Peninsula, the place the World Cup can be held for the primary time within the Center East in November and December this 12 months.

The airline stated income reached $14.4bn, up 78 p.c in contrast with final 12 months. It carried 18.5 million passengers throughout the 2021-22 fiscal 12 months, a greater than 200 p.c leap from the earlier 12 months.

It’s a sharp reversal for Qatar Airways, which suffered a internet lack of $4.1bn within the earlier fiscal cycle due to the coronavirus pandemic and the grounding of its Airbus A380 and A330 wide-body jets.

The airline’s fortunes additionally mirror a world during which many countries have rolled out profitable vaccine campaigns, permitting journey to select again up.

“We have now pursued each enterprise alternative and left no stone unturned as we aimed to satisfy our targets,” stated Qatar Airways CEO Akbar al-Baker.

“Our strategic investments in a diverse fleet of contemporary, fuel-efficient plane has helped us overcome the numerous challenges associated to capability constraints whereas balancing industrial wants as swiftly as attainable.”

‘Selections to broaden’

Qatar Airways was buoyed throughout the pandemic’s hardest months with a $3bn lifeline from the Qatari authorities that helped hold its operations afloat because it struggled with long-haul journey restrictions introduced on by the virus.

Its major competitor, Dubai’s flagship Emirates Airline, additionally acquired a multibillion-dollar fee from the Dubai authorities throughout the pandemic.

The 2 airways function key financial mainstays for his or her respective international locations, which rely closely on vacationers and transit passengers.

The airline, nevertheless, stated this 12 months’s “file earnings are the results of choices made throughout the pandemic to broaden the Qatar Airways’ passenger and cargo networks”, together with a extra correct forecast of the worldwide market restoration and powerful value management.

The 25-year-old airline flies to greater than 140 locations, together with Atlanta’s Hartsfield, the place it competes with Delta for worldwide travellers on the world’s busiest airport for passenger visitors.

The airline’s model is already acquainted to European soccer followers, the place it has partnerships with FC Bayern München and Paris Saint-Germain. In the US, it has a model partnership with the Brooklyn Nets.

Australia beat Peru on penalties to reach Qatar World Cup 2022 | Qatar 2022 News

Substitute goalkeeper Redmayne the hero for Australia who sealed their World Cup place for the fifth successive time.

Australia’s substitute goalkeeper Andrew Redmayne saved the final penalty to safe his nation a spot at this yr’s World Cup in Qatar as they edged Peru 5-4 in a shoot-out following a 0-0 draw after additional time in an intercontinental qualifying playoff on Monday.

Redmayne danced throughout the purpose line earlier than diving to the best to cease a kick from Alex Valera and hand Australia’s soccer crew, dubbed the Socceroos, the win that sealed their fifth successive World Cup look.

Redmayne was introduced on by the Australian coach as the sport inched in the direction of penalty kicks.

The playoff between the Asian and South American qualifiers had been goalless after 120 minutes and was solely determined when Valera missed his aspect’s sixth penalty, giving Australia the win on the Ahmad Bin Ali Stadium in Doha.

Australia's Andrew Redmayne celebrates.
Australia’s Redmayne celebrates after saving a penalty through the shoot-out [Mohammed Dabbous/Reuters]

The winners, forty second on the planet rankings, claimed their sixth ticket to the World Cup and a Group D opening match towards defending champions France on November 22.

Peru, twenty second in FIFA’s checklist and who beat Australia 2-0 on the 2018 World Cup group stage, had been roared on by 10,000 followers, most of whom had flown midway across the globe for the playoff solely to see a irritating encounter between the rivals.

Australia’s Martin Boyle missed his aspect’s first penalty however all had been then profitable.

INTERACTIVE - Teams that have qualified for World Cup 2022 - June 12

It was a tragic finish to the night for the Peru followers who outnumbered their Australian opponents.

Daphne Beraun, a Peru fan who had travelled to Doha from London for the sport, stated his aspect “deserved to win”.

“We simply couldn’t end the probabilities we had. I’m nonetheless happy with this crew. All of Peru will likely be right now. However it’s unhappy,” he instructed Al Jazeera.

They stayed again effectively after the ultimate spot kick was saved, singing and dancing even after the gamers had walked down the tunnel.

A female Peru supporter wipes tears away.
There have been virtually 10,000 Peru supporters on the match in Qatar [Showkat Shafi/Al Jazeera]
A dejected Peru fan holding his head in his hands.
Dejected Peru supporters after their aspect’s loss [Showkat Shafi/Al Jazeera]