Author: HeraldStar

Egypt, one of the world’s largest wheat importers, has transferred the responsibility for importing strategic food commodities from its decades-old General Authority for Supply Commodities (GASC) to a military-affiliated agency. This move has raised concerns among global traders, disrupted established market practices, and injected uncertainty into international wheat markets. A New Player in Global Commodity Markets The newly empowered agency, the Mostakbal Misr Agency for Sustainable Development, was established by presidential decree in 2022 as part of the Egyptian Armed Forces. Originally tasked with land reclamation projects, its remit has expanded to include broader economic activities, including importing vital food…

Iran has significantly accelerated its uranium enrichment to 60% purity, edging closer to the 90% threshold required for weapons-grade material, the United Nations nuclear watchdog chief Rafael Grossi revealed on Friday. The International Atomic Energy Agency (IAEA) confirmed this alarming development in a confidential report to its member states, heightening tensions between Iran and Western nations. Expanding Enrichment Capacity Grossi, speaking at the Manama Dialogue security conference in Bahrain, disclosed that Iran’s uranium production at 60% purity is set to expand by seven to eight times its current capacity. This escalation means Iran could produce more than 34 kilograms of…

Romania’s top court has annulled the ongoing presidential election due to allegations of Russian meddling, throwing the nation into political turmoil. The second-round vote, scheduled for Sunday, has been canceled, and the electoral process will be restarted, the court announced on Friday. The annulment comes as far-right candidate Calin Georgescu, a pro-Russian figure, faced off against centrist pro-EU leader Elena Lasconi. Georgescu’s unexpected surge to a first-round victory after initially polling in single digits raised questions about election integrity. In its decision, the court cited the need to “ensure the fairness and legality of the electoral process.” However, a detailed…

Islamabad, December 4: Qaiser Nawab, President of the Belt and Road Initiative for Sustainable Development (BRISD), met Deputy Chairman Senate Syed Aal Khan Nasar at his chamber in the National Assembly of Pakistan to discuss strengthening collaboration and advancing Belt and Road Initiative (BRI) projects. During the meeting, Mr. Nawab briefed the Deputy Chairman on BRISD’s efforts to bolster Pakistan-China friendship and highlighted his recent participation at COP-29 in Azerbaijan, where he represented Pakistan’s youth and climate priorities. He emphasized BRISD’s role in promoting sustainable development and aligning with the flagship China-Pakistan Economic Corridor (CPEC) projects. Deputy Chairman Nasar commended…

Islamabad, December 4: President BRISD, Qaiser Nawab, held a meeting with MPA Muhammad Ajmal Khan Chandia, Parliamentary Secretary for Higher Education Punjab, to explore collaborative initiatives for youth development in Muzaffargarh. Discussions focused on higher education, IT, and skills training programs. Mr. Nawab lauded Mr. Chandia’s efforts to uplift education and opportunities for youth, praising his advocacy and commitment to progress in his constituency. Mr. Chandia, a sportsman and advocate for youth inclusion in policymaking, appreciated Mr. Nawab’s global efforts to highlight Pakistan’s potential and his support for youth empowerment. Both agreed to finalize a plan for skills development and…

Britain’s Health Security Agency (UKHSA) reported on Friday the detection of another case of the new Mpox variant, clade Ib, marking the fifth confirmed case in the country in recent weeks. The case, identified in Leeds, involves an individual who had recently returned from Uganda, a country currently experiencing community transmission of the variant. UKHSA emphasized that while this new strain is linked to a global health emergency declared by the World Health Organization (WHO) in August, the risk to the general population remains low. The patient is now receiving specialist care, and UKHSA reassured the public that previous cases,…

Oil prices fell on Friday, extending a weekly decline of over 3%, as easing concerns over supply disruptions from the Israel-Hezbollah conflict and expectations of increased global oil supply in 2025 pressured the market. Brent crude dropped by 34 cents, or 0.46%, closing at $72.94 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 72 cents, or 1.05%, settling at $68, following the Thanksgiving holiday. For the week, Brent lost 3.1%, and WTI dropped 4.8%. The market saw reduced trading activity due to the U.S. public holiday, and the risk premium associated with the Middle East conflict has diminished…

Gazprom, Russia’s largest gas producer, posted a loss of 53 billion roubles ($492.5 million) for the third quarter of 2024, driven primarily by an expected 20% increase in the profit tax rate for 2025. This marks a stark contrast to the 56.4 billion roubles ($529 million) profit the company recorded in the same period last year. Despite this quarterly setback, Gazprom reported a significant rise in its nine-month net income, reaching 990 billion roubles, up from 353 billion roubles in 2023. The positive performance is attributed to higher gas prices, increased supplies, and strong oil sales, as well as the…

November 24, Baku: The COP29 Presidency of Azerbaijan today announced the agreement of the Baku Finance Goal (BFG), a new commitment to channel $1.3tn of climate finance to the developing world each year. Success on the COP29 Presidency’s top priority for the UN Climate Summit represents a significant uplift from the previous climate finance goal of $100 billion and will unlock a new wave of global investment. The Baku Finance Goal contains a core target for developed countries to take the lead on mobilizing at least $300 billion per year for developing countries by 2035. This represents a $50bn increase on…

The push for a green hydrogen market in Germany is largely reliant on public funding, according to energy utility E.ON, which highlighted that only 9% of the country’s 2030 target for electrolysis capacity is currently under construction or has received investment decisions. Despite this, government-backed schemes have been the primary factor accelerating progress. E.ON’s research with the EWI energy institute reveals that high electricity costs and unclear regulations are hindering private investment, making hydrogen production seem unaffordable. Germany aims to develop its own green hydrogen capacity to decarbonize industries, but without better regulatory clarity and cost control, it risks losing…