Author: Steven Sahiounie

A record $1 out of every $10 spent globally in 2024 will be on travel as people briskly book hotels, cruises, and flights

In banks, shops and businesses across Libya, confusion, fear and snagged transactions reveal the immediate costs of a factional struggle for control over the central bank that analysts say could get worse. While the United Nations is holding meetings with rival political leaders to try to resolve the crisis, many ordinary transactions appear to be impossible and many state salaries remain unpaid, Libyans contacted by Reuters said. “We have transactions and payment deadlines with obligations that must be met on time, but the clearing system isn’t working. If someone wants to receive money at a specific bank, the situation is currently unstable,” said…

Libya’s two legislative bodies agreed on Tuesday to appoint jointly a central bank governor, potentially defusing a battle for control of the country’s oil revenue that has slashed production. The House of Representatives based in Benghazi, in eastern Libya, and the High State Council in Tripoli in the west signed a joint statement after two days of talks hosted by the UN Support Mission in Libya. They agreed to appoint a central bank governor and board of directors within 30 days. Libya’s central bank is the sole legal repository for Libyan oil revenue, and it pays state salaries across the country. The two chambers…

Two leaders of the US Consumer Products Safety Commission are calling for the agency to investigate e-commerce retailers Shein and Temu after “deadly baby and toddler products” were sold on both websites, according to a letter posted on the US CPSC website on Tuesday. US CPSC Commissioners Peter Feldman and Douglas Dziak want the agency to evaluate how Singapore’s Shein, China’s Temu and other foreign-owned e-commerce platforms comply with its rules, handle relationships with third-party sellers and represent imported products. Shein and PDD Group’s Temu, which both ship cheap merchandise into the US from China, are raising “specific concerns” for the Commission for their…

A sanctioned central banker is to represent Russia on the board of the Washington-based International Monetary Fund, the current holder of the post said on Tuesday.

British luxury fashion label Burberry is set to exit London’s FTSE 100 after 15 years at the top-tier index, the stock exchange announced Wednesday, as analysts cited strategic mistakes and weak demand from China. The relegation will “take effect from the start of trading” on September 23, the exchange’s FTSE Russell subsidiary said in a statement. Burberry, whose former chief executive hastily departed in July following poor company earnings, and the global luxury sector as a whole have been hit by strains in China’s economy, the world’s second biggest. The exit of Burberry — a 168-year-old label famous for its…

The US, Britain, and the EU are expected to sign the first international treaty on the use of AI that is legally binding, the Financial Times reported on Thursday.

Ukraine’s decision to end an agreement allowing Russia to pump gas via its territory will hurt Europe more than it will Moscow, Russian President Vladimir Putin said on Thursday.

South African President Cyril Ramaphosa said on Thursday that he did not believe Chinese investments in Africa were pushing the continent into a “debt trap” but were instead part of a mutually beneficial relationship.

Malaysia Airlines said on Friday it had found a “potential issue” with the engine of an Airbus A350-900 aircraft in its fleet but added that it had been resolved.