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Climate Goals Depend On Fixing Global Finance: Top Economist

If world leaders and the heads of multilateral development banks gathered at a Paris summit recognise that climate goals depend on revamping the architecture of global finance, it would be a "historic" development, a top development economist said Thursday.

Cash-strapped Pakistan To Lease Part Of Karachi Port To UAE For $220 Million

AD Ports Group of the United Arab Emirates (UAE) signed an agreement Thursday to take over the running of part of Pakistan's main Karachi docking facility in a deal worth an immediate $220 million, the company said. AD Ports Group has formed a joint venture with another UAE company, Kaheel Terminals, to take over berths from Karachi Port Trust (KPT), the state-owned handling agency.

Red Cross Federation Chief Stepping Down

The head of the Red Cross federation, the world's largest humanitarian network, is stepping down, a spokesman confirmed Thursday, following a row in Italy surrounding the Rome Pride event.

60 Bn Euros Pledged To Help Ukraine Rebuild

Foreign donors have pledged 60 billion euros ($66 billion) of new financial support for Ukraine, the UK said Thursday, as an international conference aimed at funding the war-ravaged country's reconstruction closed.

Titan Sub: What Is A 'Catastrophic Implosion'?

A "catastrophic implosion," such as that believed to have destroyed the Titan submersible, would have happened with incredible force and speed given the crushing water pressure on the floor of the ocean.

Turkey Hikes Interest Rate In Erdogan Policy U-turn

Turkey on Thursday pivoted away from years of unconventional economics promoted by President Recep Tayyip Erdogan as the central bank nearly doubled its key interest rate to fight inflation and steady the troubled lira.

Iran Top Diplomat In Kuwait On Third Leg Of Gulf Tour

Iran's top diplomat arrived in Kuwait Wednesday, the third leg of a Gulf tour that saw him hold "constructive" talks with his Omani counterpart in Muscat earlier in the day. It came a day after Tehran held discussions in Doha on its nuclear programme with Qatari and European Union officials, the latest in a flurry of diplomatic moves by the Islamic republic as it seeks to reduce its isolation, improve its economy and project strength.

Paris Climate Summit Seeks Global Finance Reform

Dozens of global leaders will gather in Paris Thursday for a summit to tease out a new consensus on international economic reforms to help debt-burdened developing countries face a growing onslaught of challenges, particularly climate change.

How Climate Change Fuels Extreme Heat

Heatwaves across Asia and beyond have already broken records this year, while the arrival of the El Nino climate phenomenon will mean even more extreme temperatures.

Turkey Set To Pivot To Orthodoxy With Rate Hike

Turkey was widely expected Thursday to pivot away from years of unconventional economics promoted by President Recep Tayyip Erdogan and dramatically raise interest rates to fight inflation and steady the troubled lira.

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