Author: Steven Sahiounie

German Chancellor Olaf Scholz’s assurance that “there is no reason to be concerned” fails to assure the financial market sending many European bank shares tumbling as the week comes to a close. Bank shares have tumbled, jolting stock markets as fears about the health of the financial sector resurfaced, with Deutsche Bank now in the eye of the storm. German lender Deutsche Bank’s shares nosedived by as much as 14 percent on Friday as the cost of insuring against the bank defaulting on its debt spiked. It closed 8.5 percent lower. Other big European banks also fell on Friday, including…

The IMF Managing Director Kristalina Georgieva says that 2023 would be another challenging year, with global growth slowing to below 3 percent due to scarring from the pandemic, the war in Ukraine and monetary tightening. International Monetary Fund chief Kristalina Georgieva has said that risks to financial stability have increased and called for continued vigilance although actions by advanced economies have calmed market stress. The IMF managing director reiterated on Sunday her view that 2023 would be another challenging year, with global growth slowing to below 3 percent due to scarring from the pandemic, the war in Ukraine and monetary…

A former John Lewis boss has said it would be a “tragedy” if the retailer changed its ownership model, which has been in staff hands for 70 years. Andy Street, managing director from 2007 to 2016, told the BBC’s Sunday with Laura Kuenssberg that John Lewis went beyond being a shop. The firm is considering selling a stake in its business, meaning it would no longer be fully owned by its employees. It comes after the retailer reported a £234m loss last year. His comments echo those from brand expert Mary Portas, who wrote an open letter to the partnership this…

Energy giant Ovo has launched its first deal for customers cheaper than the government’s cap on household bills. The firm will offer a fixed 12-month tariff of £2,275 for existing customers, at a time when the government is limiting typical household bills to £2,500. It comes as falling wholesale gas prices start feeding through to bills. One expert urged caution on Ovo’s deal, predicting there would be cheaper deals in the months to come. Ovo Energy, which provides power to more than four million homes, said it was launching the tariff because customers wanted “the security of a long term…

The UK is poorer than it would have been, partly due to the war in Ukraine, but also the pandemic, Levelling Up Secretary Michael Gove has admitted. But he said ministers were taking action on the soaring cost of living, including giving help on energy bills. The head of the independent forecaster, the Office for Budget Responsibility (OBR), said living standards were seeing their biggest squeeze on record. Richard Hughes said Brexit and poor productivity had also hurt growth. And he warned living standards would not return to pre-pandemic levels for at another five to six years. Asked whether he…

Interest rate hikes to battle inflation have created “stresses and vulnerabilities,” the fund’s head Kristalina Georgieva has said The world economy is headed for a difficult year, as the fallout from the recent banking crises and the formation of rival economic blocs triggered by the Ukraine conflict threaten to undermine global economic stability, the head of the International Monetary Fund (IMF), Kristalina Georgieva, said at the China Development Forum on Saturday. According to Georgieva, 2023 will be “challenging” and is likely to see global growth slowing to below 3% “as scarring from the pandemic, the war in Ukraine, and monetary tightening weigh…

Putin adds that the construction of the weapons storage facility in Belarus is due to be completed on July 1. According to German media, Russia’s decision to place tactical nuclear weapons in Belarus has been criticized by the German Foreign Ministry on Sunday, labeling it an “attempt at nuclear intimidation,” German media reported. This comes a day after Russian President Vladimir Putin announced the agreement between Moscow and Minsk to deploy tactical nuclear weapons in Belarus, while ensuring conformance with international commitments and laws. Putin pointed fingers at the US for having stationed its tactical nuclear weapons on lands…

Heads of government are also expected to attend the Arab Development Summit in Mauritania and the Arab-African Summit in Saudi Arabia this year as well.  On Sunday, the League of Arab States’ (LAS) Assistant Secretary-General, Hossam Zaki, confirmed that the 32nd summit of the LAS is due to take place in Saudi Arabia on May 19 this year. “The 32nd Arab summit is expected to be held in the Kingdom of Saudi Arabia on May 19,” Zaki said in his statement, adding that heads of government are also expected to attend the Arab Development Summit in Mauritania and the Arab-African…

Progress toward an agreement had stalled earlier this month due to Berlin’s demand for exemptions Germany and the EU have reached an agreement in their dispute over Brussels’ plan to ban combustion engines starting in 2035, EU officials announced on Saturday. According to tweets by European Commission Vice-President Frans Timmermans and German Transport Minister Volker Wissing, Brussels has agreed to allow new vehicles with combustion engines to be registered even after 2035 if they use climate-neutral fuel. “We have found an agreement with Germany on the future use of e-fuels in cars,” Timmermans wrote on Twitter. The initial EU proposal…

The State of Palestine condemned in the strongest terms Israel’s continued provocations and aggression against both the worshippers and the sanctity of Holy Sites in Jerusalem, particularly in and around Al-Haram Al-Sharif. The ministry of foreign affairs and expatriates, in a statement, condemned Israeli occupying forces’ aggression against worshippers during the holiest month of the year, in grave violation of the historic, legal, and political status quo of Jerusalem. It also condemned the unlawful detention of worshippers followed by the forced invasion of Jewish settlers into Al-Haram Al-Sharif under the protection of Israeli occupying forces. “Israel, the occupying Power, is…