Author: Steven Sahiounie

Just like many other countries across the world, Pakistan’s industrial manufacturing sector has suffered some serious setbacks.  A report by AFP on Sunday details how the textile industry in Pakistan is losing pace amid a highly competitive global market. Just like many other countries across the world, Pakistan’s industrial manufacturing sector has suffered some serious setbacks. Not only this is owed to disruptions in global supply chains that followed the COVID pandemic, but also to the high energy costs that were triggered by the conflict in Ukraine. As Pakistan’s textile industry accounts for 60 percent of the country’s exports, the prospects for…

The International Longshore and Warehouse Union of Canada accepted the new deal after 75% of union members voted in favor during the ratification vote. A tentative labor deal has been reached for workers at Canada’s Vancouver port and across harbors extending along the country’s Pacific coast, according to the worker’s union, International Longshore and Warehouse Union of Canada (ILWU), on Friday. More than 7,000 port workers across 30 British Columbia ports had gone on strike over the past month, paralyzing multiple industries across Canada and, according to AFP, disrupting about CAD$10 billion in trade. The ILWU announced that the agreement was supported by…

Moscow says it will continue 300,000 bpd voluntary oil output cuts through September. Moscow says it will continue 300,000 bpd voluntary oil output cuts through September. Russia is fully committed to agreements reached within the framework of the OPEC+ alliance, Russian Deputy Prime Minister Alexander Novak said on Friday. Russia is “fully committed” to agreements reached during the OPEC+ meeting, Russian Deputy Prime Minister Alexander Novak said on Friday. The consortium of the world’s largest oil powers announced following discussions earlier in the day that no recommendations were introduced to change the current oil output quotas. Members of the energy…

Austria has been lagging behind other European countries on digital payments Austrian Chancellor Karl Nehammer has proposed that the country enshrines the use of cash in its constitution, to ease fears that a citizen’s right to use paper money and coins will disappear. According to a three-point plan issued on Thursday, the right to cash would be protected in the constitution, while the national bank would be obliged to provide the necessary cash flow to sustain a cash economy. The plan would oblige the country’s bankers to locate outlets at a reasonable proximity to citizens, as payments using cash must…

Berlin used to import around half of its gas and more than a third of its oil from the sanctions-hit nation Gas supplies from Russia have contributed to boost the growth of Germany’s industry, Michael Lewis, the new chief executive at that EU nation’s major utility company Uniper, has said. Supplies of Russian gas and oil to the EU’s biggest economy were either significantly reduced or entirely halted following the military operation in Ukraine, as Brussels imposed round after round of anti-Russia sanctions, while Moscow retaliated by slashing fuel deliveries and imposing a new payment system. “Ties with Russia were…

Bilateral trade has been expanding rapidly amid Western sanctions against the two countries Moscow and Tehran have discussed cooperation between their special trade zones, in a bid to boost commerce and investment, Russia’s Economic Development Ministry said on Thursday after a videoconference with Iranian colleagues. Deputy Minister Dmitry Volvach informed the Iranian officials about the creation of the Technology and Logistics Union in Russia. “The activities of the union are aimed at deepening trade, economic, transport and logistics cooperation between Russia and the countries of the Caspian region and states gravitating towards the North-South international transport corridor,” Volvach was quoted by…

The costs have surged to 12-year highs Prices for chocolate-making ingredient cocoa jumped to the highest level in more than 12 years last week, amid growing concerns about future production at a time when available stocks are already low. New York cocoa futures rose to $3,552 per metric ton, peaking earlier at $3,569 per ton, which is the highest price for the commodity since March 2011. Experts have attributed the spike in prices to declining global supply of the product. “I don’t think we ever had three consecutive years of deficit,” soft commodities analyst Judith Ganes told Reuters, adding that crops…

The world’s second-largest oil exporter had previously announced a production cut of 500,000 barrels per day Russian oil producers will reduce exports by 300,000 barrels per day (bpd) starting from September, according to Deputy Prime Minister Alexander Novak, who said the move will help to ensure balance of supply and demand on the global market. The world’s second-largest oil exporter after Saudi Arabia, Russia has already pledged to curb production of crude by some 500,000 bpd, or nearly 5% of its output, from March until the end of this year. “As part of efforts to ensure the oil market remains…

Israeli occupation forces opened fire at a Palestinian vehicle, killing three Palestinians, in the village of Arraba, south of the occupied West Bank city of Jenin. The Ministry of Health confirmed in a statement that the Israeli forces killed three Palestinians, and prevented medical crews from approaching the targeted vehicle. Israeli forces seize the targeted vehicle with the Palestinians inside of it as the army withdrew from Arraba, according to eyewitnesses. Source: WAFA

Tokyo opted to highlight “Russia’s nuclear threat” instead of condemning those responsible for leveling the city in 1945 Japanese officials have marked the 78th anniversary of the nuclear bombing of Hiroshima without naming the US as the country responsible. Despite the US carrying out the only two offensive uses of nuclear weapons in history, they chose instead to condemn Russia for its supposed “nuclear threat.” “Japan, as the only nation to have suffered atomic bombings in war, will continue efforts towards a nuclear-free world,” Prime Minister Fumio Kishida said in a speech on Sunday. The path to such a world is becoming “increasingly…