May, 2016

• 31 May

  EU court adviser: Sanctions on Russian firms legally valid

    LUXEMBOURG / AP A senior adviser to the European Court of Justice says European Union economic sanctions imposed on Russian companies are valid in the main under the EU’s common security and defense policy. Advocate General Melchior Wathelet issued the opinion on Tuesday in response to a challenge the Russian oil and gas producer Rosneft filed before a British ...

  Read More »
• 31 May

  Indian army depot fire kills 16, sparks safety fears

    Mumbai / AFP A massive fire that erupted at one of India’s largest military ammunition depots Tuesday killed at least 16 soldiers and firefighters, reigniting safety concerns about military equipment and installations. The blaze broke out in the early hours at the high-security facility which stores bombs, grenades and other ordnance outside the central city of Pulgaon. Flames lit ...

  Read More »
• 31 May

  Leaked audio claims 2nd Brazilian minister

  

    Brasília / AFP The government of Brazil’s acting president Michel Temer took a fresh hit as the anti-corruption minister resigned after a recording revealed him criticizing a probe into graft at state oil giant Petrobras, officials said. Fabiano Silveira was the second minister to exit in the span of a week from Temer’s government, which has only been in ...

  Read More »
• 31 May

  More than 45 million trapped in modern slavery

  

    Sydney / AFP More than 45 million men, women and children globally are trapped in modern slavery, far more than previously thought, with two-thirds in the Asia-Pacific, a study showed on Tuesday. The details were revealed in the 2016 Global Slavery Index, a research report by the Walk Free Foundation, an initiative set up by Australian billionaire mining magnate and ...

  Read More »
• 31 May

  S Korea: North fails with attempted missile launch

    Seoul / AFP North Korea apparently failed with an attempted missile launch on Tuesday, the latest in a series of setbacks for a ballistic weapons programme that aspires to threaten the US mainland. South Korea’s defence ministry detected the dawn launch effort, which Japan condemned as an unacceptable and “provocative” act. The ministry declined to speculate on the missile ...

  Read More »
• 31 May

  An independence day for Britain?

  

    LONDON Leaders of the campaign to end Britain’s membership in the European Union hope that next month’s referendum will make June 23, 2016, a date as luminous in modern British history as May 3, 1979, when voters made Margaret Thatcher prime minister. Michael Gove, secretary of justice and leader of the campaign for Brexit — Britain’s withdrawal from the ...

  Read More »
• 31 May

  OPEC meet must help set the market tone

    Had the OPEC meeting been held two months ago, the agenda would have been different in light of plummeting oil prices that hurt many economies and caused volatility at the global markets. But with the current surge in the oil price to around $50, the pressure on OPEC is remarkably easing. This will be reflected at the meeting on ...

  Read More »
• 31 May

  Uganda abandons North Korea amid South Korean outreach

    Uganda, one of Pyongyang’s few allies, announced that it will put an end to its cooperation with North Korea. The announcement came following a meeting between South Korean President Park Geun-hye and Ugandan President Yoweri Museveni. After his meeting with Park on Sunday, Musevini announced that he’d decided that Uganda would cease its military cooperation with North Korea to ...

  Read More »
• 31 May

  Anti-trade tone worries emerging nations

  For some time, tighter monetary policy by the U.S. Federal Reserve was perceived as the largest external economic threat to emerging countries, especially by those countries themselves. Judging from discussions with officials from those nations, as well as private-sector participants, this may no longer be the case. Another concern — the anti-globalization and anti-trade rhetoric of the U.S. presidential election ...

  Read More »
• 31 May

  PPP model picks up pace in UAE ventures

  

    ALKESH SHARMA / Emirates Business Public-private partnerships (PPP) might be a comparatively new investment model, however, over the years it has been embraced in most of the corporate circles in the country. Fuelled by the government’s strong will and decision to diversify from an oil-based economy, PPP engagements — accounting to millions of dhirams — are presently evolving at ...

  Read More »