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Global crude oil prices decline on fears of recession, weak demand outlook

International crude oil prices have come off their recent highs and declined on fears of the possibility of a recession in the global economy following aggressive monetary policy tightening by central banks and the likelihood of weak demand outlook for the commodity. Ongoing Covid-led lockdown in parts of China too led to a decline in the prices. West Texas Intermediate (WTI) crude oil futures are currently trading at around $110 per barrel, as against its recent peak of around $123 per barrel. Notably, the prices of the key global commodity had soared sharply on account of supply chain disru...

UK rail strike strands commuters, pits workers against govt

Tens of thousands of railway workers walked off the job in Britain on Tuesday, bringing the train network to a crawl in the country’s biggest transit strike for three decades. About 40,000 cleaners, signalers, maintenance workers and station staff were holding a 24-hour strike, with two more planned for Thursday and Saturday. Compounding the pain for commuters, London Underground subway services were also hit by a walkout on Tuesday. The dispute centers on pay, working conditions and job security as Britain’s railways struggle to recover from the coronavirus pandemic. Last-minute talks on...

President Macron loses absolute majority in French parliamentary elections

French voters have denied the re-elected President Emmanuel Macron an absolute majority. The result announced in the early hours of Monday. According to the result, Marcon secured 245 out of a total 577, however, it still fell sho...

Israel coalition agrees to dissolve, hold new elections

Israeli Prime Minister Naftali Bennett's office announced Monday that his weakened coalition will be disbanded and the country will head to new elections. Bennett has struggled to keep his unruly coalition of eight parties together, and defections have left the crumbling alliance without a majority in parliament for over two months. Bennett and his main coalition partner, Yair Lapid, decided to present a vote to dissolve parliament in the coming days, Bennett's office said. Lapid is then to serve as caretakever prime minister. The election, expected in the fall, would be Israel's fifth in thre...

Philippines health official says COVID-19 cases start to peak

The steady uptick in the COVID-19 infections in the Philippines signals the start of the peak of cases, the Philippines' Department of Health (DOH) said on Monday. "Right now, (we see) that the number of cases is continuously increasing," Health Undersecretary Maria Rosario Vergeire told a television interview. "We can see that this is really the start in the peak in the number of cases." Vergeire said the Southeast Asian country is seeing a trend similar to what happened in September 2021 and January 2022. The Philippines reported the highest single-day tally on Jan. 15 this year, with 39,0...

European Union commission: Make Ukraine a member candidate

The European Union's executive arm on Friday recommended making Ukraine a candidate for EU membership, a first step on what was expected to be a long road forthe war-torn countryto join the 27-nation bloc. The European Commission delivered its proposal to award Ukraine candidate status after a fast-tracked analysis of answers to a questionnaire. The Ukrainian government applied for EU membership less than a week after Russia invaded the country. “Ukrainians are ready to die for the European perspective,” commission President Ursula von der Leyen said. “We want them to live with us, the E...

Ireland's William Porterfield announces retirement from international cricket

After leading the Ireland team through a successful era, former Ireland captain William Porterfield announced his retirement from international cricket on Thursday, calling time on a 16-year career. He was appointed as Ireland cap...

Ferrari to make 80% hybrid and full-electric range by 2030

Italian luxury sportscar maker Ferrari has outlined an electrification strategy that calls for 40% full-electric and 40% hybrid models by 2030. CEO Benedetto Vigna confirmed Thursday that the first electric car will be presented in 2025, with the first deliveries the following year. Now, just four Ferrari models, or 20% of the range, are hybrid cars. Its first hybrid model was the limited edition La Ferrari launched in 2013, capitalizing on Formula 1 technology. Vigna, a former technology entrepreneur who joined Ferrari as CEO nine months ago, said the electrification strategy is ``highly r...

Pakistani govt chided for 'Drink less tea, save money' plea

A minister in Pakistan's newly elected government faced criticism Wednesday following his plea to the nation to drink less tea to help save on imports amid a deepening economic crisis. Pakistan is among the world's top tea importers, a hugely popular drink among both the rich and the poor in this country of 220 million people. The government has to spend about $600 million dollars from the central bank's hard currency reserves for tea imports annually. A Pakistani is believed to drink at least three cups of tea a day on average, the nation's caffeinated drink of choice. Prime Minister Shahbaz ...

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Head of Canadian Ukrainian group defends Yaroslav Hunka

The president of the Ukrainian National Federation of Canada is defending a Second World War veteran of a Nazi unit who was recently lauded as a hero in Canada's Parliament.Jurij Klufas has not met 98-year-old Yaroslav Hunka but s...

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