LONDON: The British economy will avoid falling into recession this year, according to upgraded growth forecasts Tuesday from the International Monetary Fund. In its latest assessment of the UK economy, the Washington-based fund said domestic demand had proven more resilient than anticipated in the face of the surge in energy costs. The IMF now thinks the British economy will grow by a still-modest 0.4 percent this year partly as a result of higher wages, up from its previous prediction just a...
COLOMBO: Saudi Arabia and Sri Lanka are broadening their political consultation and expanding bilateral cooperation to over 60 areas, officials of both countries have told Arab News after their first joint committee meeting. A delegation of Sri Lankan officials was in Riyadh over the weekend for the first session of the Saudi-Sri Lankan Joint Committee, which was established to expand bilateral engagements. The session was co-chaired by Saudi Vice Minister for Human Resources Dr. Abdullah Abu...
BRUSSELS: The European Union’s foreign policy chief said Tuesday that the US green light to allow Ukrainian pilots to get training to fly F-16s has created an inexorable momentum that will inevitably bring the fighter jets to the Ukrainian battlefield. “You know, it’s always the same thing: we discuss, at the beginning everybody is reluctant,” said Josep Borrell, giving the example of the long debate and initial opposition to the dispatch of advanced Leopard battle tanks to Ukraine.
MADRID: Seven people accused of racially abusing Real Madrid player Vinícius Júnior have been arrested in Spain, police said Tuesday. Three were detained in Valencia for alleged abuse against Vinícius in a Spanish league match on Sunday. Four were arrested in Madrid for allegedly hanging an effigy of the player off a highway bridge in January. The arrests come after an outpouring of support for Vinícius after he said he was abused in Valencia. The case prompted widespread reaction from sports...
RIYADH: The Forbes Middle East Women’s Summit, being held for the first time in Riyadh, has set the stage alight with dozens of inspirational speakers from diverse backgrounds and industries. On Monday, the second day of the event, hundreds of delegates listened to presentations from women involved in sectors such as technology, healthcare, fashion and beauty, and travel and tourism. A panel discussion on championing representation in beauty featured Somali American activist and fashion...
MANILA: The Philippine Economic Zone Authority has announced it is promoting the domestic halal industry in the country to tap into the rapidly growing regional and global markets. With the world’s Muslim population accounting for about 1.8 billion people, the global halal market is estimated to be worth more than $7 trillion. A third of it is contributed by the halal food and beverage industry, but the market also covers recreation, travel, financial services, fashion, and many other...
DUBAI: The Saudi Fashion Commission, in partnership with the French Embassy and Alliance Francaise in the Kingdom, announced on Tuesday the launch of “France & Fashion Days” — a new initiative that will bring together fashion fans for conferences, workshops, exhibitions and training. The two-day event, which will take place at Art Pur Foundation in Riyadh, on May 27 and 28, aims to further strengthen ties between Saudi and France through fashion. The event will be inaugurated by French...
RIYADH: Transition investment could be the linchpin in the UAE’s efforts to meet the global funding gap of $4.3 trillion per year to achieve the UN Sustainable Development Goals by 2030, a research report indicated. New York University Abu Dhabi’s Transition Investment Lab in its annual report suggested that the UAE’s institutional investors should focus on transition investment — a strategy aimed at achieving socio-economic impact along with financial returns — to overcome the funding gaps.
YANGON: The United Nations launched on Tuesday an appeal for $333 million in emergency funding for 1.6 million people it said were affected after deadly Cyclone Mocha tore through Myanmar. Mocha brought lashing rain and winds of 195 kilometers per hour to Myanmar and neighboring Bangladesh on May 14, collapsing buildings and turning streets into rivers. Myanmar’s junta has given a death toll of 148 people, mostly from the persecuted Rohingya minority in western Rakhine state.
BEIJING: There were no survivors after a fishing vessel carrying 39 crew members from China, Indonesia and the Philippines capsized last week in the Indian Ocean, according to an initial government probe released on Tuesday. The Chinese vessel overturned on May 16, with 17 Chinese, 17 Indonesians and five Filipinos on board. “From an analysis of the ship’s capsizing it is preliminarily judged that there are no survivors from the ship,” Beijing’s transport ministry said in an official social...
HONG KONG: Hong Kong Chief Executive John Lee condemned an unusual rise in the number of withdrawal requests to the city’s organ donation system, saying Tuesday that police would investigate suspicious cases. According to the government, the city’s centralized organ donation registration system received nearly 5,800 withdrawal applications in the five months since December, when the government raised the possibility of establishing an organ transplant mutual assistance program with mainland...
LOS ANGELES: LeBron James is reportedly considering retirement from basketball after the Los Angeles Lakers were swept out of the NBA playoffs by the Denver Nuggets on Monday. ESPN reported that the 38-year-old was thinking about “walking away” from the sport after the Lakers’ defeat brought the curtain down on his 20th season in the league. Chris Haynes, a reporter for the TNT broadcaster, said in a separate tweet citing league sources that James’s retirement was “under consideration.”