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  Paris / AFP The world risks getting caught in a low-growth trap, denting the future of generations to come, unless governments step up spending quickly, the OECD warned on Wednesday. Tepid worldwide recovery since the global economic crisis in 2008 “has precipitated a self-fulfilling low-growth trap” said the Organisation for Economic Cooperation and Development’s chief economist Catherine Mann said ...

  Geneva / AP Just like Hannibal in ancient times, Swiss engineers have conquered the Alps. More than 2,200 years after the commander from the ancient North African civilization of Carthage led his army of elephants and troops over Europe’s highest mountain chain, Swiss leaders have completed another gargantuan task — and on time: Burrowing the world’s longest railway tunnel ...

  Bloomberg Canada’s economy was already on track to crumble in the second quarter as the Alberta wildfires last month took more than 1 million barrels of oil a day out of production. When you add in details from Tuesday’s report on first-quarter gross domestic product, the outlook becomes dismal. Here are some of the reasons the economy doesn’t appear ...

  Bloomberg Oil declined for a fourth day on concern recent gains were unsustainable, while shuttered Canadian operations started to reopen. Futures fell as much as 1.8 percent in New York after rising 6.9 percent in May as supply was curbed by wildfires in Alberta and militant attacks in Nigeria. Canadian oil-sands producers including Suncor Energy Inc. have begun resuming ...

  ABU DHABI / WAM The UAE Ministry of Finance (MoF) partnered with the Emirates National Oil Company (ENOC) to offer latest innovative smart payment service under the e-Dirham system, enabling consumers to pay for fuel and other purchases at ENOC and EPPCO fuel stations as well as Zoom retail outlets by using the e-wallet of the e-Dirham app for ...

  Dubai / WAM HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy, attended on Tuesday the launch of the Demand Side Management programme ‘Taqati’ by the Supreme Council of Energy at an event at the Hyatt Regency Dubai Creek Heights hotel in Dubai. The ceremony was also attended by Dr Thani Ahmed Al Zeyoudi, ...

  Berlin / AFP Germany’s parliament votes Thursday on a resolution that qualifies the massacre of Armenians by Ottoman forces as “genocide”, despite a strong warning from Turkey. Drawn up by the ruling left-right coalition and the opposition Greens, the resolution entitled “Remembrance and commemoration of the genocide of Armenians and other Christian minorities in 1915 and 1916” also carries ...

  BEIRUT / AP A wave of late night airstrikes pummeled the northwestern Syrian city of Idlib, killing at least 23 people, wounding dozens and trapping several under the rubble of their homes, opposition activists said on Tuesday. At least seven children were among those killed in the strikes, said the Britain-based Syrian Observatory for Human Rights, a monitoring group ...

  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 ...

  Dubai / Emirates Business Dubai’s strategic vision for cruise tourism targets one million cruise passengers to visit the emirate per year starting 2020, revealed Sultan Ahmed bin Sulayem, Chairman and CEO of DP World and Chairman of Ports, Customs and Free Zone Corporation. The strategy was the focus at a meeting that brought together Sultan Ahmed bin Sulayem, Major ...