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Nepal PM says global order is broken in fighting climate crisis | Climate

‘Hit by the climate we didn’t warm, hit by the wars we didn’t start.’
Nepal’s Prime Minister Balendra Shah was applauded at the UN General Assembly, as he highlighted how the world is failing countries on the frontline of the climate crisis.

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By the Numbers: Key Trends Driving Private Lending, Finance Talent, and Global Shipping

Key data points tracking shifts in private credit, finance talent, and global shipping costs.

This article appears in the September 2026 issue of Global Finance Magazine.

Each month, Global Finance readers can look forward to our “By the Numbers” feature: A spotlight with key industry metrics that highlight a market in transition. This edition brings you three charts: a break down the numbers driving strategic moves across private lending, corporate talent, and global trade.

US Private Credit Lender Leaderboard for Q2 2026

Despite a significant drop in deal volume from the previous quarter, driven by higher financing costs, interest-rate uncertainty, and a possible AI-driven market correction, direct lenders are still finding opportunities.

Audax led the field by a wide margin, closing 62 deals in the second quarter — 16 more than second-place TPG Twin Brook (46) and 19 ahead of MidCap Financial (43), according to 9fin data. That gap at the top suggests deal flow is concentrating among a handful of active lenders even as overall volume contracts.

Audax led the field by a wide margin, closing 62 deals in the second quarter — 16 more than second-place TPG Twin Brook (46) and 19 ahead of MidCap Financial (43), according to 9fin data. That gap at the top suggests deal flow is concentrating among a handful of active lenders even as overall volume contracts.

Apollo (37), Churchill (36) and Barings (34) formed a tightly bunched second tier, each within three deals of the next. Apogem (32), Blackstone (30), Monroe (27) and Jefferies Credit Partners (25) rounded out the top 10.

Smaller, middle-market-focused shops like Audax and Twin Brook outpaced Blackstone this quarter despite its scale, making the firm’s eighth-place finish notable. Lenders with flexible mandates—rather than the biggest balance sheets—will likely keep writing checks amid higher financing costs and rate uncertainty.


The Finance Workforce Evolution 2024 – 2030

Gartner projects traditional finance talent will shrink to 20% of the workforce, while dedicated digital finance talent grows to another 20% — and 60% of the workforce will be made up of "nondedicated" digital finance talent, employees who blend finance expertise with data, automation and technology skills rather than fitting neatly into either camp.
Source: Gartner

Gartner reports that traditional talent still overwhelmingly staff today’s finance function, with 85% holding conventional backgrounds and just 15% dedicated to digital skills. That balance will flip within four years.

Gartner projects traditional finance talent will shrink to 20% of the workforce. Dedicated digital finance talent will likely grow to another 20% — and 60% of the workforce will be made up of “nondedicated” digital finance talent, employees who blend finance expertise with data, automation and technology skills rather than fitting neatly into either camp.

The shift means the finance department of 2030 will look less like a roomful of accountants and more like a hybrid team built around technology fluency, with only one in five employees carrying a purely traditional finance profile.


Dry Bulk Shipping Market Growth

Increased geopolitical risk, fuel costs, insurance premiums, and operating expenses are fueling a steady growth in shipping costs for the foreseeable future.

Increased geopolitical risk, fuel costs, insurance premiums, and operating expenses are fueling a steady growth in shipping costs for the foreseeable future

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AI corporate leaders tell UN the industry needs global regulation | United Nations News

The heads of several major AI firms told the United Nations Security Council (UNSC) their industry urgently needed global oversight to avoid dangers that could threaten the whole world.

“If managed poorly, I even believe AI could be a risk to humanity as a whole,” Dario Amodei, the chief executive officer of Anthropic, told members of the body on Wednesday.

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Sam Altman, the head of rival company OpenAI, echoed his concerns, telling the 15-member council tasked with tackling major crises globally that humanity could “lose control of the future of AI”.

The meeting, which coincides with the UN General Assembly (UNGA) gathering in New York City, was convened by France and comes at a time when experts are increasingly warning that the rapid development of AI needs more human oversight to ensure it does not slip out of control and cause a global catastrophe.

Altman and Amodei called on world leaders to take action.

“If AI is to be democratic, the most important decisions cannot be made by labs in San Francisco alone,” Altman told members. “They must be shaped through democratic processes and by governments accountable to the people they serve.”

Their concerns were shared by several representatives on the council, including the foreign ministers of France and the United Kingdom, who said the international community needed to step in and create common frameworks for how the technology should be controlled.

Hugging Face CEO Clement Delangue, whose company has come under attack by out-of-control AI models in recent months – incidents used by the other companies as evidence of the need for more safety measures – told the UNSC his company had relied on the technology to defend itself in those same incidents.

Delangue said Hugging Face had relied on a Chinese AI model to help defend against the attack by OpenAI’s AI agents, because it faced fewer restrictions than comparable US tools.

“We were attacked by AI, but more importantly, we defended ourselves with AI,” he told the council.

US and China reluctant to impose restrictions

In the United States, though, where the largest and most influential companies developing AI are based, the administration of US President Donald Trump has baulked at imposing new guardrails on the industry.

The administration’s representative at the UNSC meeting, Michael Kratsios, told members, “We totally reject all efforts by international bodies to assert centralised control and global governance of AI.”

Chinese President Xi Jinping is expected to discuss whether and how to regulate AI during a visit to Washington, DC, this week. The two countries are locked in a technological race to develop more powerful AI tools, a competition that experts say makes it less likely that either country would want to impose any major new restrictions on their efforts right away.

Yet there is a growing recognition at the UN of the danger AI potentially poses to the world, said Daniel Forti, head of UN Affairs at the International Crisis Group. Member states understand that “there will be much more of a need for international cooperation, setting some rules of AI, even if the biggest players are more focused on growth opportunities than on some sort of collaboration,” Forti said.

For several years, the UN has been participating in multilateral meetings to shape everything from protections for workers from AI in emerging economies and ensuring open access to this technology, to following how AI is used in military conflicts. In 2024, the UNGA unanimously passed its first resolution on AI, a nonbinding statement that called on member states to protect personal data, monitor AI for risks and safeguard human rights.

The adoption of AI has taken off dramatically since then, and with it have come dire warnings from environmental groups, human rights advocates, and even the tech moguls whose companies are developing the tech.

The future of AI “cannot be decided by a handful of countries or left to the whims of a few billionaires”, UN Secretary-General Antonio Guterres said at a global summit held earlier this year.

Last year, the UNGA formed two new bodies to deal with AI: the Independent International Scientific Panel on AI that brings together experts to provide governments with independent assessments, and the Global Dialogue on AI Governance, which provides a regular forum for discussing approaches to AI governance.

“The dangers are real and imminent,” Yoshua Bengio, a Canadian expert on AI and co-chair of the Independent International Scientific Panel, told the UNSC on Wednesday. “This council faces an unprecedented threat, one that none of its members would ⁠choose, that none can contain alone, and that does not respect the borders we defend.”

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20 countries propose global oversight body to manage AI dangers | Technology News

Countries including Germany, South Africa and Canada suggest international institution to set and enforce standards.

Twenty countries and the European Union have issued a call for international cooperation to ensure AI remains under human control, including the potential creation of a global oversight body to set and enforce standards.

The countries, including Germany, South Africa, Canada, Australia, the United Arab Emirates and Singapore, issued the joint statement on Monday as global leaders prepare to discuss the risks posed by rapidly advancing AI at the annual gathering of the United Nations General Assembly.

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The declaration, released by the office of Finnish President Alexander Stubb, calls on governments and industry to act immediately to ensure that AI is developed in line with international law and remains under “human direction, oversight and control”.

“To realise AI’s potential, industry, governments and society must act now,” the statement says.

“We must address these risks and strengthen oversight – without widening the gap between countries in access to the benefits of AI.”

The declaration urges countries to develop and coordinate “common standards”, share reports of serious safety incidents, and explore the establishment of an international institution to “set standards, enable verification, and convene states when capability thresholds are crossed”.

Signatories include German Chancellor Friedrich Merz, Norwegian Prime Minister Jonas Gahr Store, European Commission President Ursula von der Leyen, Kenyan President William Ruto, Kazakh President Kassym-Jomart Tokayev and Turkish Foreign Minister Hakan Fidan.

The United States and China, the world’s two leading AI powers, did not join the statement, which remains “open for endorsement” by other countries.

US President Donald Trump and Chinese President Xi Jinping are expected to discuss AI when they meet at the White House on Thursday for their third face-to-face summit in less than a year.

Washington and Beijing, which are in a race to dominate cutting-edge technologies, have both rebuffed calls to slow down AI development to ensure greater safety.

Other AI players not among the signatories include India, South Korea, Japan, the UK and France.

The declaration comes as the AI sector is engaged in a heated debate about safety following calls for a slowdown in development by top industry leaders.

In an essay earlier this month, Anthropic CEO Dario Amodei called on firms to “slow the pace” of development to mitigate risks, a proposal that was swiftly endorsed by rivals including OpenAI CEO Sam Altman and SpaceX and Tesla CEO Elon Musk.

Amodei’s call followed a series of cases of AI models engaging in unsanctioned malign activity, including an incident in July in which AI agents being tested by OpenAI hacked the AI start-up Hugging Face.

In the latest intervention by industry on Monday, OpenAI said the US should lead an international effort to develop technical standards for advanced AI.

“The United States is well positioned to lead because its AI industry is at the technical frontier, and it still stands in a privileged global network position in critical areas such as finance, trade, defense, technology, and information systems,” the San Francisco-based AI giant said in a blog post.

“Leading now will determine whether the United States shapes the global AI framework or watches a fragmented, uneven, and conflict-ridden system take hold around it.”

The UN-backed Independent International Scientific Panel on AI, which examined the Hugging Face incident, on Monday also added its voice to calls for new guardrails, saying the cyberattack had exposed the “unravelling” of existing safeguards.

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Antonio Guterres: Can the UN still meet today’s global crises? | US-Israel war on Iran

In this episode of On the Record, Al Jazeera’s James Bays sits down with United Nations Secretary-General Antonio Guterres, ahead of his final UN General Assembly before stepping down in December 2026. They discuss the situation in the Middle East and its global consequences, whether the UN is still relevant in addressing today’s challenges and why Guterres believes the UN Security Council must be reformed.

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Shaun Edwards: Red Roses bring in famed defence coach for WXV Global Series

On the appointment of Edwards, England head coach John Mitchell said: “Since his time with France ended, we have had a conversation about our game, and he expressed an interest in working in an international women’s set-up for the first time.

“He has a huge amount of respect for the Red Roses and what we stand for; he sees it as a privilege to join our environment.

“His coaching credentials are exceptional and his experience at the highest level of the game speaks for itself.

“Defensively, Sarah Hunter is relishing the opportunity to learn from him, alongside the rest of our coaching group, as we head into another exciting Test match against New Zealand.”

Last week, Edwards expressed his desire to return to coaching and be a part of next year’s men’s Six Nations.

“I’m def­in­itely open to offers now, until I sort out a full-time role,” he told the Daily Mail., external

“I’m a proud Englishman and everybody loves to represent their country, don’t they? I’m no different.”

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Italy to deploy warships to protect shipping through Bab al-Mandeb | Global Energy Crisis News

Italy’s defence minister warns of severe economic fallout if Bab al-Mandeb becomes impassable, bypassing EU delays.

Italy will deploy warships to ensure safe passage for its commercial vessels through the Bab al-Mandeb strait, Defence Minister Guido Crosetto said, adding that Rome would not wait for a joint decision from the European Union.

“We have the capabilities to protect the passage,” Crosetto said, warning that if the waterway became impassable, the economic consequences would be severe.

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The Italian defence minister said that Rome “must not allow bureaucratic delays in decision-making to exacerbate an already complex situation”.

Bab al-Mandeb links the Red Sea to the Gulf of Aden, forming one of the world’s busiest shipping corridors between Europe and Asia and a critical route for oil, gas and container traffic heading to and from the Suez Canal.

Roughly 12 to 15 percent of global trade has historically passed through the narrow waterway, which separates Yemen from Djibouti and Eritrea on the African side and is only about 30km (19 miles) wide at its narrowest point.

The strait’s importance has grown sharply since Iran effectively seized control of the Strait of Hormuz earlier this year amid its war with the United States and Israel, choking off the world’s most important oil chokepoint and pushing much of the Gulf’s crude exports towards alternative routes.

Saudi Arabia, in particular, has increasingly relied on pipelines and Red Sea shipping to bypass Hormuz altogether, making the Bab al-Mandeb strait one of the last major arteries still open to Gulf oil reaching global markets.

Control of the strait has been contested for years, as Yemen’s government, Houthi rebels and, at times, forces in the region have held stretches of its coastline at different points since the war in Yemen began in 2015.

The significance of the strait has been hit dramatically in the past few weeks, when the Iran-backed Houthi movement launched a rapid offensive that brought the entirety of Yemen’s western Red Sea coast under its control, including several strategically located islands.

The advance has given the Houthis effectively unrestricted access to the waterway, a development seen as a major setback for international shipping, given the group’s history of attacking vessels it associates with the US or its allies in the region.

The US and the European Union have already carried out military operations aimed at better protecting merchant ships from Houthi attacks in the area, though those efforts have struggled to fully secure the route as fighting in Yemen has escalated.

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Arab News | UN chief calls for global coordination on AI risks

UNITED NATIONS, United States: UN Secretary-General Antonio Guterres on Wednesday called for coordinated international action to address AI risks as fears rise about the dangers of the fast-evolving technology.

“National action is essential. But global coordination is also indispensable,” he told reporters. “AI does not stop at borders and neither do its risks.”

“AI has enormous potential — to accelerate sustainable development, enhance learning, strengthen health systems, boost climate resilience, and so much more,” Guterres said.

“But a growing number of those building it are sounding the alarm — warning that development is racing ahead of our understanding of the risks.”

“The world cannot afford a race to the bottom on AI safety,” he warned.

Concerns about AI safety have escalated in recent weeks, with workers at major AI developers resigning over concerns about the dangers posed by the technology.

President Donald Trump has dismissed warnings against AI risks as a “hoax” and pushed back against calls for tighter oversight.



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Houthi gains in Yemen threaten Saudi security and global oil supplies

Saudi Arabia has intensified air strikes against Houthi positions in Yemen as the Iran backed group expands its territorial gains along the Red Sea coast, opening a new front in the wider Middle East war and adding pressure to already disrupted global energy supplies.

The Houthis have swept through several Yemeni towns and seized islands near the Bab el Mandeb Strait, a strategically important maritime route connecting the Red Sea with the Gulf of Aden. The group has also released footage showing its fighters capturing armoured vehicles from Saudi backed forces.

Houthi military spokesman Yahya Saree claimed that the group had shot down a Saudi F 15 fighter jet and said Saudi Arabia had conducted as many as 450 air strikes in Yemen during the week. Saudi authorities have not confirmed the aircraft claim, while officials supporting the internationally recognised Yemeni government have acknowledged that Saudi and allied forces are carrying out strikes against Houthi positions.

Saudi Arabia faces growing security pressure

The escalation has brought the conflict closer to Saudi territory. The Houthis have repeatedly launched attacks toward Saudi Arabia over the past week, prompting alarms in cities across the kingdom’s south and west.

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Saudi Arabia said its air defenses intercepted a Houthi drone south of Mecca before it entered restricted airspace over the holy city. Riyadh described the incident as a serious escalation because of the threat to religious sites. The Houthis denied targeting Mecca and accused Saudi Arabia of using the incident for propaganda.

The United States has also tightened its travel warning for Saudi Arabia, barring government employees from travelling within 20 miles of the Yemen border.

The latest escalation marks a sharp deterioration after several years in which the Saudi led conflict in Yemen had largely quietened under a ceasefire. The Houthis declared a naval blockade against Saudi Arabia in July and resumed attacks on areas in the kingdom before making rapid gains against forces aligned with the Saudi backed Yemeni government.

Energy markets face another shock

The renewed fighting is particularly significant because global energy markets are already under pressure from disruptions caused by the wider war involving Iran.

An attack blamed on Iran aligned fighters in Iraq last week knocked out Saudi Arabia’s East West Pipeline, an important route that allows the kingdom to move oil without relying entirely on the Strait of Hormuz.

Traders estimate that a prolonged closure of the pipeline could affect as much as 4% of global oil supply. Saudi Arabia has not given a timetable for restoring operations, although U.S. Energy Secretary Chris Wright said oil should begin flowing through the pipeline within days.

Brent crude was trading around $108 a barrel on Wednesday, close to its highest level since May. The average U.S. retail diesel price also reached a record above $6.30 a gallon.

The simultaneous disruption around the Strait of Hormuz and Saudi Arabia’s alternative export infrastructure increases the vulnerability of global energy markets to further regional escalation.

Washington faces another difficult choice

The developments also create a new challenge for the United States.

Saudi Crown Prince Mohammed bin Salman spoke with President Donald Trump last week seeking additional military support. So far, U.S. assistance has been limited to intelligence support.

The United States previously conducted a two month bombing campaign against the Houthis in 2025 before Trump announced a ceasefire with the group.

Washington now faces competing pressures. Greater support for Saudi Arabia could help contain the Houthi advance and protect regional energy infrastructure, but deeper military involvement could also expand the U.S. role in another theatre of the Middle East war.

What’s next

The immediate concern is whether the Houthi advance can be contained before the fighting causes further disruption to Saudi energy infrastructure and shipping routes.

For Saudi Arabia, the challenge is to push back against the Houthis while preventing the conflict from developing into a broader regional confrontation.

For global markets, the key issue will be whether disruptions to Saudi oil infrastructure remain temporary. Continued attacks on energy facilities or shipping routes could place additional pressure on already strained supplies.

The developments in Yemen therefore carry consequences well beyond the country’s existing conflict. The combination of Houthi territorial gains, pressure on Saudi Arabia and disruption to major energy routes has created another potential source of instability for the global oil market.

With information from Reuters.

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Anthropic CEO didn’t foresee the speed of global AI growth | Technology

Anthropic’s CEO says he ‘didn’t appreciate’ the speed with which AI’s growth would underpin the global economy. His call to slow down AI development sent shockwaves in global stock markets, but was supported by other tech leaders who believe better safeguards are needed.

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US 10-year Treasury yield breaches 5% as global bond sell-off deepens

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Government bond markets remain under pressure as rising energy prices revive inflation concerns and increase expectations that major central banks will keep interest rates higher for longer.


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The benchmark 10-year US Treasury yield briefly touched 5.011% on Monday, according to Dow Jones Market Data, before falling back below 5%. The level was the highest since October 2023.

The yield crossed the psychologically important 5% threshold as higher government borrowing, resilient economic growth and heavy corporate debt issuance linked to artificial intelligence investment compounded pressure on US bonds. Yields move inversely to bond prices.

Rising Treasury yields can feed through to mortgages, corporate loans and other forms of credit, potentially slowing economic growth. They can also make bonds more attractive relative to highly valued equities.

The latest rise followed the US Treasury’s previously announced expansion of its bond-buyback programme. Last week, it offered to purchase up to $6 billion of debt maturing in 10 to 20 years – three times the previous operation’s size.

The yield on the 30-year US Treasury bond, meanwhile, remained close to its highest level since 2007.

The sell-off has also spread across Europe. France’s 10-year government bond yield rose to 4.50% on Monday, while the equivalent Italian yield reached around 4.40%.

Germany’s benchmark 10-year Bund yield climbed as high as 3.538%, according to Dow Jones Market Data, its highest level in 15 years.

Energy prices are a major source of pressure. Brent crude rose to around $107 a barrel on Tuesday morning, while US West Texas Intermediate traded close to $103, as attacks on Saudi energy infrastructure and shipping in the Gulf intensified concerns about supplies through the Strait of Hormuz.

The European Central Bank raised its deposit rate by 25 basis points to 2.5% last week and warned that inflation could remain above its target for an extended period. Markets are pricing in at least one further ECB increase this year.

Attention now turns to three major central-bank decisions. The US Federal Reserve announces its decision on Wednesday, followed by the Bank of England on Thursday and the Bank of Japan on Friday.

A Reuters poll found that 85% of economists expected the Fed to raise rates by 25 basis points, while money markets placed the probability of an increase at around 93%.

The BoE is widely expected to leave rates unchanged. Economists surveyed by Reuters unanimously forecast no change, although some analysts have warned that a surprise increase cannot be ruled out. The BoJ is widely expected to raise borrowing costs.

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Arab News | Cambodia ‘playing the victim’, Thailand tells global mediators

SINGAPORE: Thailand accused Cambodia on Tuesday of “playing the role of a victim” in a dispute over maritime resources, as the Southeast Asian neighbours brought their long-standing feud before international mediators.

The hearing at the Singapore outpost of the Permanent Court of Arbitration (PCA) comes after the countries fought two rounds of deadly border clashes last year.

In May this year, Thailand unilaterally pulled out of a framework agreement with Cambodia that aimed to resolve overlapping maritime border claims, but denied any link to their land dispute.

Cambodia subsequently initiated a UN-backed conciliation process at the PCA, saying it hoped to return to constructive negotiations.

Opening Bangkok’s case before a five-member panel of international legal experts, Foreign Minister Sihasak Phuangketkeow said Cambodia sought to “vilify Thailand through false narratives, distortion of facts, and unfounded accusations… including at international forums”.

“It does this by playing the role of a victim with a sense of self-righteousness aimed at claiming the moral high ground,” he said.

Last year’s clashes left dozens of people dead and displaced more than a million before a truce was agreed.

Thailand has said it withdrew from the framework agreement, called “MoU 44”, because “no progress had been made” in implementing it. Prime Minister Anutin Charnvirakul denied the move was linked to the fighting.

The 2001 memorandum of understanding covers a resource-rich maritime territory of around 27,000 square kilometres (10,500 square miles) to which both Cambodia and Thailand lay claim.

Cambodia said last week that it had resorted to conciliation “after Thailand unilaterally terminated the agreed bilateral framework” through which the two nations had “negotiated their overlapping maritime claims for more than two decades”.

Prime Minister Hun Manet said in June that the move was also to “protect Cambodia’s sovereignty and maritime rights in accordance with international law”.

Foreign Minister Prak Sokhonn told the PCA panel on Tuesday that Phnom Penh saw the process “as a means to rebuild trust, not as a form of escalation”.

Cambodia’s goal was to agree with Thailand on a “single, all-purpose maritime boundary”, or alternatively agree to jointly develop and equitably share resources until a boundary is drawn, he said.

“Cambodia sincerely hopes that Thailand will engage constructively in this process.”

Sihasak said Thailand was also seeking maritime delimitation and to rebuild trust.

Set up in 1899, the PCA is the world’s oldest intergovernmental dispute-resolution body and resolves disputes between countries and private parties by referring to contracts, special agreements and various treaties, such as the UN Convention on the Law of the Sea.

The PCA office in Singapore is the Hague-based court’s first in Asia.

The commission’s recommendations are not binding and will take about a year to be decided.



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China rejects AI ‘threat narratives’, urges global cooperation | Science and Technology

China called for international cooperation on artificial intelligence, warning that “threat narratives” could disrupt global AI governance. The comments follow Anthropic CEO Dario Amodei’s call for AI firms to slow model development over safety and national security concerns.

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Asia-Pacific Powers Global Trade Boom

China and South Korea are driving the surge, but regional growth is slowing.

This article appears in the September 2026 issue of Global Finance Magazine.

Global goods trade surged to US$13.7 trillion in the first half of this year, up 12.5% year over year, with Asia-Pacific leading the charge. The figures reflect an ongoing reconfiguration of global trade balances, as China’s goods trade surplus expanded further in the first quarter and the U.S. goods trade deficit continued to narrow. 

But the trade figures only tell half the story, as growth is slowing across the Asia-Pacific region.

According to UNCTAD’s Global Trade Update, East Asia recorded the strongest trade growth in the first quarter. Both developed and developing economies in the region expanded at rates well above the global average, but developing economies drove most of the growth. While trade by developing economies globally, as well as South-South trade, recorded double-digit gains over the 12 months to the first quarter of 2026 when East Asia is included, they registered an overall contraction when East Asia is excluded, driven largely by reduced imports and exports from the Middle East and South Asia. 

South Korea recorded the region’s strongest export growth, up 20% quarter over quarter, followed by China at 11% and Japan at 4%. South Korea also posted the strongest growth in services exports, at 9%. China led in imports at 13%, with South Korea next at 6% and Japan at 3%.

Asia-Pacific’s strength in automotive manufacturing and AI innovation is fueling trade growth in both industries. According to Allianz Trade, global exports of AI-enabling goods surged 280% between 2014 and 2025 to $3.8 trillion. 

“Asia dominates the supply side, accounting for 65% of global AI-related exports and seven of the top 10 exporters, led by China (18% of AI-related exports), Taiwan (12%), and Hong Kong (11%),” the report states.

New Alliances

Major geoeconomic shifts continue to reshape trade patterns. 

Canada’s trade dependence on China is rising—up 0.9% from the fourth quarter of 2025 to the first quarter of this year—while the trade relationship between the U.S. and China is weakening. But East Asian economies, including Thailand and Vietnam, are becoming more dependent on both China and the U.S.

Much of the reported trade growth reflects higher prices rather than higher volumes, UNCTAD noted, as escalating costs in energy, transport, logistics, and manufacturing fuel trade inflation. And trade strength does not equal broad-based economic strength; UNCTAD’s own forecasts point to a slowdown ahead in GDP.

The organization’s Trade and Development Foresights 2026 report projects that economic growth in East Asia will slow to 3.7% for the remainder of the year, largely due to the region’s heavy reliance on energy imports from the Middle East. China’s growth is expected to ease to 4.6%, within its newly adjusted target range of 4.5% to 5%. Economic activity in Southeast Asia is expected to hold broadly steady at 4.3%. While South Asia remains the fastest-growing subregion, GDP growth there is forecast to slow from 6.3% in 2025 to 5.5%, with rising fossil fuel prices threatening to stoke inflation and financing pressures. 

Deborah Ritchie is a contributing writer based in the U.K.

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Aster Guardians Global Nursing Award 2026 Names Agimol Pradeep From United Kingdom Winner of USD 250,000 Prize

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KOCHI, India — From more than 134,000 registrations spanning 214 countries and economies, Nurse Agimol Pradeep from United Kingdom has been announced as the winner of the Aster Guardians Global Nursing Award 2026. A Senior Transplant Coordinator at King’s College Hospital and Honorary Senior Lecturer at the University of Salford, UK, she was recognised with USD 250,000 at a prestigious ceremony held in Kochi, India.

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Since its launch in 2021, the Aster Guardians Global Nursing Award has grown into a global platform that celebrates nurses who are advancing the profession and creating meaningful change. The award was presented by Shri V. D. Satheesan, Hon’ble Chief Minister of Keralam, in presence of Dr. Azad Moopen and Alisha Moopen. The ceremony also featured a special message from Dr. Tedros Adhanom Ghebreyesus, Director-General of the WHO, applauding Aster’s role in celebrating the contributions of nurses worldwide.

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Nurse Agimol Pradeep

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“I am deeply honoured to receive the Aster Guardians Global Nursing Award. I hope to use this opportunity to expand organ and stem cell donation, while empowering nurses and strengthening the global nursing workforce to drive lasting change.”

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Dr. Azad Moopen, Founder Chairman, Aster DM Healthcare

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Nurse Agimol Pradeep’s achievement embodies the expertise, courage, compassion and unwavering commitment that define exceptional nursing. These are the qualities at the heart of the Aster Guardians Global Nursing Award, which was established to recognise and elevate the vital contributions of nurses worldwide.”

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Alisha Moopen, Managing Director and Group CEO, Aster DM Healthcare

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Nurse Agimol has shown us that meaningful change can begin anywhere through a single nurse determined to solve a problem. Stories of our top 10 finalists demonstrate that nurses are not only essential to delivering healthcare; they are shaping how healthcare evolves.”

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About Aster DM Healthcare:

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Founded in 1987 by Dr. Azad Moopen, Aster DM Healthcare is a leading integrated healthcare provider, with a strong presence across seven countries. Aster is committed to the vision of providing accessible and high-quality healthcare, from primary to quaternary services, with its promise of “We will treat you well.”

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View source version on businesswire.com:

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https://www.businesswire.com/news/home/20260912257725/en/

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India’s Modi calls for empowerment of Global South at BRICS Summit | Narendra Modi

India’s Prime Minister Narendra Modi has called for an overhaul of global governance, saying Global South countries are impacted by decisions they are unable to shape. Opening the BRICS summit in New Delhi, he urged leaders to replace the ‘pyramid of privilege’ with a more equal system.

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Arab News | IMF says global growth on track to reach 3% in 2026, but risks remain high

WASHINGTON: The IMF said the global economy had weathered the energy shock caused by the war in the Middle East better than feared and global economic output was still expected to expand by about 3 percent in 2026, but it cautioned that risks remained high.

Julie Kozack, spokesperson for the International Monetary Fund, said oil and gas prices remained elevated and the energy shock from the war was not over.

Global debt pressures were also mounting and the disinflation process over the 2022 cost-of-living crisis had stalled.

Global inflationary expectations have risen but remain well-anchored ‌over the longer ‌run, Kozack told a regular IMF briefing.

“So far, despite six months of ‌war in the Middle East, the global economy has been resilient,” Kozack said, adding that the use of oil and gas reserves had allowed some countries to cope with energy shocks caused by the war, while others had shifted to new energy sources or acted to curb demand.

“We remain on track for world growth of around 3 percent but uncertainty, as we’ve been saying for quite some time, continues to remain high,” she said.

The IMF in July forecast 2026 global growth at a sluggish 3 percent, compared with an average of 3.5 percent seen in 2024 and 2025, and its April forecast of 3.1 percent.

At the time, it said that forecast assumed ‌the war would wind down in mid-July, but Iran and ‌the US have both escalated their attacks and the war has widened with increased military activity in Yemen.

The ‌global lender will release an updated forecast during the annual meetings of the IMF and the ‌World Bank in Bangkok from Oct. 12 to 18.

Pulled in opposite directions

Kozack said the global economy was being pulled in opposite directions by the negative energy supply shock that was driving prices of energy, fertilizers, food and other commodities sharply higher, while the AI-led technology cycle was providing a positive demand shock.

Risks remain high, with many countries needing to ‌restock their oil and gas reserves, and energy demands set to rise as winter approaches in the Northern Hemisphere, she said.

Pressures are also mounting on global public debt, which is already at nearly 100 percent of gross domestic product — the highest level since World War Two — and is set to rise further, Kozack said. Many advanced economies have particularly high public-debt-to-GDP ratios.

Liquidity problems are also building in developing countries, including in Africa, partly due to a reduction in bilateral assistance, Kozack said.

The IMF is urging central bankers to stick to their price stability mandates, while encouraging fiscal policymakers to develop medium-term consolidation plans, she said.

“We’re not in a situation where fiscal consolidation needs to take place overnight, but having a clear, laid-out plan and strategy for how deficits and debt are going to come down is very important for fiscal authorities,” Kozack said.

The IMF was also urging authorities to focus on lifting growth prospects through structural reforms and removing “self-inflicted” barriers to growth, she said.

Kozack said the IMF would look closely at the impact of new US sanctions against Iran, including secondary sanctions aimed at firms in third countries that support Tehran.

A fuller report was expected in the upcoming global outlook, she said.



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Arab News | Riyadh Air ramps up global operations with inaugural flight to Manila

MANILA: Saudi Arabia’s new national carrier Riyadh Air launched its first flight to Manila on Wednesday, marking the latest addition to its growing network of global destinations.

Riyadh Air operated a 290-seat Boeing 787-9 Dreamliner aircraft for the route between the Saudi and Philippine capital, with its arrival at the Ninoy Aquino International Airport around 3:55 p.m. marking the first operation of the service.

“The new … service adds another option for passengers traveling between the Philippines and Saudi Arabia, and another international carrier to NAIA’s growing network. Welcome to Manila, Riyadh Air!” NAIA said in a statement announcing the Riyadh Air service.

There are more than 910,000 Filipinos living and working in Saudi Arabia, as the Kingdom hosts the biggest number of overseas Filipino workers and was their top destination in 2024, according to Philippine government data.

In that year alone, almost 22 percent of Filipinos, or more than 480,000, who sought work abroad chose the Kingdom, driven in part by the Saudi Vision 2030 economic diversification program.

Saudi tourists are also one of the Philippines’ fastest-growing and highest-value markets, according to the Philippine Department of Tourism, with tourism receipts reaching over $37 million in 2024, a 46-percent rise from the previous year.

The Saudi carrier has swiftly expanded its air links with Asia with the launch of multiple flights across the region in recent months, including to Malaysia, Pakistan, India and Thailand.

Riyadh Air’s Manila route followed the airline’s launch of its Bangkok service last week, with Thailand eyeing more high-value tourism from the Middle East.

The Tourism Authority of Thailand is expecting about 600,000 travelers from the Middle East this year, after recording about 210,000 arrivals in the first half of 2026.

It shows similar trends across Asia, where popular holiday destinations are increasingly targeting tourists from the Middle East as part of their tourism growth strategy.

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US reading scores hit near-25-year low in latest global assessment | Education News

Reading scores among 15-year-olds in the United States have fallen to the lowest level in about 25 years, according to an international education assessment.

On Tuesday, the Organisation for Economic Co-operation and Development (OECD) released findings from the 2025 Programme for International Student Assessment (PISA), a global metric for educational achievement.

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The results showed that US reading scores fell 14 points from 2022, the last time PISA results were released.

The decline was part of a broader international trend, with an OECD average from 23 countries also dropping 16 points.

But the US stood out for the size of its performance gap. Some 25.7 percent of US students were ranked as low performers in reading, while 13.3 percent were flagged as top performers.

“Looking across all 90 participating countries, there was not a single country with significantly wider inequality in reading scores than the US,” Michael Kieffer, a professor of literacy education at New York University, told Al Jazeera. “What is clear is that we are under-serving many students.”

The PISA results come as the administration of US President Donald Trump seeks to reshape the federal government’s role in education.

In March 2025, Trump issued an executive order calling on Education Secretary Linda McMahon to begin the process of dismantling the Department of Education, a federal agency that tracks student achievement, distributes federal education funds and enforces civil rights in schools.

The Education Department, however, does not establish school curriculums or academic standards. That responsibility has traditionally fallen to state and local authorities.

Still, Trump pointed to slipping test scores as a reason to shutter the department. He has also denounced the department for its “entrenched bureaucracy” and called for its responsibilities to be redistributed to the states.

In response to a request for comment on Tuesday, McMahon sent a statement to Al Jazeera echoing Trump’s push.

“The United States of America is a nation built to lead the world, yet our one-size-fits-all federal education bureaucracy has shortchanged our children and stifled our future,” McMahon wrote.

The White House has argued that federal education spending is excessive and has failed to translate into higher standardised test scores.

Since the Education Department was founded in 1979, it has spent more than $3 trillion, according to the White House.

“This moment is a stress test for our nation’s future,” McMahon said in her statement to Al Jazeera. “To pass it, we must enact a hard reset that stops protecting a failed status quo and instead builds a system that empowers state leaders and embraces innovative learning options through school choice.”

“School choice” has been a rallying cry for many US conservatives. The term refers to the practice of diverting taxpayer money away from public education to help parents finance alternative choices for their child’s schooling, like charter schools, homeschooling or private institutions.

The practice is controversial. Critics have accused the “school choice” system of weakening public education in favour of less regulated school systems that receive money with little oversight.

But since returning to office in 2025, Trump has embraced “school choice” as a form of “educational freedom”.

Last year, the Education Department announced $500m for its Charter School Program, touting the funds as the “largest investment” the initiative has ever received.

The money was earmarked to allow states to expand their charter school systems and fund new charter-school developers.

In July 2025, the One Big Beautiful Bill Act – Trump’s signature piece of legislation – also created the first federal tax credit for donations to organisations that provide scholarships for primary and secondary school students, including for private-school tuition and tutoring.

Last month, Trump hosted a “school choice”-themed event at the White House to kick off the start of the new school year.

But critics warn that greater investment in education is needed across the board to reverse diminishing test scores.

“PISA 2025 shows that reversing declines in student performance is urgent,” OECD Secretary-General Mathias Cormann said in a statement.

“The most successful education systems focus on fewer areas in greater depth, invest in teachers, engage parents and provide targeted support for the students and schools that need it the most.”

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Arab News | Saudi-Russian cooperation has proven vital in supporting stability of global energy markets, FM says

RIYADH: Saudi-Russian cooperation has proven vital in supporting the stability of global energy markets and achieving a balance that serves the interests of both producers and consumers, the Kingdom’s foreign minister said on Tuesday.

During a visit to Moscow, Prince Faisal bin Farhan said the partnership between Riyadh and Moscow contributes to sustainable global economic growth and fosters cooperation across the economic, trade, and investment sectors.

Prince Faisal met with his Russian counterpart Sergey Lavrov who said that the minister’s visit offers a valuable opportunity to discuss Russian-Saudi relations which are witnessing year-on-year development across the trade, economic, investment, cultural, and humanitarian spheres.

Lavrov also affirmed his country’s sincere desire to contribute to efforts aimed at de-escalating the situation in the region and addressing regional issues.

The two ministers emphasized the importance of supporting the diplomatic path to resolve current regional and international challenges — including the Palestinian cause and the situation in Yemen.

They underscored the necessity of ensuring the security and freedom of navigation in international waterways, particularly the Strait of Hormuz and the Bab El-Mandab Strait.

Both sides affirmed their aspiration to advance Saudi-Russian relations which were established a hundred years ago.



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