Economy
Israel holds Palestinian economy captive, say analysts
The Gaza war is speeding up Israel's "annexation" of the Palestinian economy, say analysts, who argue it has been hobbled for decades by agreements that followed the Oslo peace accords. Samara said that "technically speaking, there is no Palestinian economy under Israeli occupation -- our economy has been effectively annexed by Israel's".
Splashy Saudi mega-project NEOM chases Chinese funds
Bigwigs behind a Saudi megacity dogged by questions about its viability have wrapped up a tour courting Chinese investors, detailing plans for a futuristic ski resort and 170-kilometre-long skyscrapers. Trojena, the futuristic ski resort boasting a manmade lake and 36 kilometres of slopes, must be finished before 2029, when it is set to host the Asian Winter Games.
Mass protests in Canary Islands decry overtourism
Tens of thousands of demonstrators hit the streets across Spain's Canary Islands on Saturday to demand changes to the model of mass tourism they say is overwhelming the Atlantic archipelago. Organisers say mass tourism perpetuates an economic model that harms local residents and are demanding the authorities limit the numbers.
Naira loses ground against dollar as CBN speaks on forex sale to BDCs
The Nigerian currency, the naira, has crashed against the US dollar as speculations are rife that the CBN is defending the naira with FX reserves
In historic election, Volkswagen workers in Tennessee vote to unionize
Volkswagen workers in Tennessee voted decisively to become a union shop, according to election results released Friday, marking the first victory for organized labor at a foreign-owned auto plant in the American South.
Hong Kong regulator to investigate PwC auditing of Evergrande
Hong Kong's accounting regulator said it would start an investigation into PwC's role in auditing Chinese real estate giant Evergrande, citing the publication of a "whistle-blower report". On Friday, Hong Kong's Accounting and Financial Reporting Council said "a whistle-blower report" had come to its attention.
IMF calls on EU to deepen single market integration to boost growth
Deeper integration of the European Union's internal market could prove crucial for boosting lackluster economic growth and productivity levels in the 27-member trading bloc, a senior IMF official told AFP Friday. Beyond deepening regional integration, the IMF report suggested other ways to boost flagging productivity levels, including by increasing digitalization and enacting structural reforms.
US fines Thailand-based firm $20 mn for Iran sanctions violations
The United States fined a Thailand-based firm $20 million on Friday for more than 450 possible Iran sanctions violations -- a day after Washington slapped fresh sanctions on Iran following last weekend's attack on Israel.
Advanced economies pledge $11 bn to boost World Bank lending
A group of advanced economies have pledged $11 billion in new funding commitments to boost the World Bank's lending capacity by up to $70 billion over a decade, the development lender announced Friday. By leveraging the resources pledged, the bank should be able to provide up to $70 billion in new lending over a 10-year period.
Economy
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