Author: Steven Sahiounie

Demand for machinery, equipment, and metals slumped in October, data shows New orders for German-made industrial goods dropped unexpectedly in October amid the energy crisis and weak global demand, provisional data from the country’s federal statistics office Destatis showed on Wednesday. Factory orders in manufacturing were down 7.3% year-on-year and down 3.7% from September. The figures defied analysts’ predictions of a 0.2% increase month-on-month. Destatis attributed the slump mainly to the performance of the machinery and equipment sector, where new orders declined by 13.5% from September, when there was a 9.8% rise in new orders. Demand was also down in…

Washington is seeking to reduce the Kremlin’s crude export revenues The US Treasury Department has called on the G7 to tighten control over the Russian oil trade amid Moscow’s growing shipments, Axios reported on Wednesday, citing a memo. The G7 and EU countries imposed a price limit on Russian seaborne oil sales last year. The measure bans Western companies from providing insurance and other services to shipments of Russian crude unless the cargo is purchased at or below the $60-per-barrel price cap. Similar restrictions were introduced in February for exports of Russian petroleum products. The measures were intended to substantially…

The world’s fourth-largest economy saw a sharp contraction in the third quarter The Japanese economy contracted by almost 3% in the third quarter of 2023, suffering its first decline in a year as inflation weighed on household consumption and corporate investment slowed, revised data showed on Friday. GDP in the world’s fourth-largest economy shrank by an annualized 2.9% between July and September, worse than a previously estimated 2.1% contraction and market forecasts for a 2% decline, according to data from the Cabinet Office. “Weakness in personal consumption is likely to continue for the foreseeable future, as real disposable income…

The complaint is related to steel and aluminum tariffs imposed during the Trump administration The EU is considering reopening a case at the World Trade Organization (WTO) against the US over steel and aluminum tariffs, Bloomberg reported on Friday, citing people familiar with the matter. The trade row started in 2018 when then-US President Donald Trump imposed tariffs on European steel and aluminum, citing national security concerns. The measure prompted the EU to retaliate with its own levies, causing uncertainty even in unrelated industries, Bloomberg said. The dispute saw the allies hit each other with tariffs on goods worth…

Winter deliveries to Asia will start along the Northern Sea Route next month Moscow plans to start year-round LNG deliveries to Asia via Russia’s Arctic waterways, Sergey Zybko, head of the Northern Sea Route (NSR) operator, announced this week. Speaking during the “Arctic: present and future” forum, Zybko said the launch of the pilot program is scheduled for next month. “Starting from January, gas carriers will move under icebreaker support, including during those months when they never sailed before – March, April and May. This will mean year-round navigation,” he said. Navigation in the eastern part of the NSR usually…

Hamas has recounted its most recent battleground gains against the Israeli military, which has brought the Gaza Strip, where the Palestinian resistance movement is headquartered, under a ferocious war. Speaking on Friday, Abu Ubaida, spokesman for the al-Qassam Brigades, which is Hamas’ military wing, said the movement had unleashed “intensive rocket barrages” towards Tel Aviv and other targets across the occupied territories. “They (resistance’s fighters) also targeted Zionist forces and vehicles entrenched in their positions with anti-armor shells and anti-personnel explosives, clashed with them at point-blank range,” the official said. The confrontation, he added, had resulted in “inflicting confirmed deaths…

Iran’s deputy permanent representative to the United Nations has reiterated the country’s call for an immediate end to the Israeli genocidal war on Gaza, termination of all forms of military support to the Tel Aviv regime, and complete cessation of hostilities. Zahra Ershadi made the plea at a UN General Assembly meeting entitled “Strengthening of the coordination of humanitarian and disaster relief assistance of the United Nations, including special economic assistance” in New York on Friday. Ershadi pointed out that the international community continues to face one of the exceptional challenges and largest tests in its history of humanitarian emergencies, given…

 Pro-Palestinian rallies continue across the world to demand an end to Israel’s brutal aggression against the besieged Gaza Strip. Amidst a “Shut Down Wall Street” protest in lower Manhattan, hundreds rallied against the US veto on a UN ceasefire resolution, demanding an end to American financial aid to Israel in the wake of the Israeli war’s devastating toll in Gaza. A similar rally was held in the occupied West Bank city of Ramallah to show support for Gaza. The demonstration came as violence had also surged in the West Bank, where Israeli forces shot dead six Palestinians on Friday, the…

Israel has killed at least 47 Palestinian athletes since the onset of the current war on the besieged Gaza Strip, the Palestinian Olympic Committee says. In a statement, cited by Palestine’s official WAFA news agency on Friday, the committee said that the “Israeli destruction machine” had killed at least 47 athletes from various team and individual sports plus 17 technicians and administrators since the beginning of the war. It added that Israeli forces had also arrested five athletes and other sports-related employees and inflicted many physical injuries on Palestinian athletes. Those killed include Yasmine Sharaf, a six-year-old karate player, who had dreamed…

Washington has vetoed a resolution demanding a humanitarian cessation of fighting in the Israel-Hamas war The US has cast the lone dissenting vote against a proposed UN Security Council resolution that would have demanded a humanitarian ceasefire in the Israel-Hamas war, amid rising civilian casualties in Gaza. Thirteen member states voted in favor of the resolution, which was put forward by the United Arab Emirates on Friday in New York. The UK abstained, leaving Washington diplomatically isolated in blocking the measure. “What is the message we are sending Palestinians if we cannot unite behind a call to halt the relentless bombardment of…