GENEVA
India likely to export up to 700,000 tons of sugar this season, ISMA member says
Despite India's government authorizing 1 million tons of sugar exports for the season ending in September, actual exports are projected to reach only 600,000-700,000 metric tons. This shortfall is attributed to revised output forecasts by industry groups, raising concerns about potential supply shortages within India. The government heavily regulates the sugar industry, influencing cane prices and market sales.
World Economic Forum board backs launch of independent probe into founder Klaus Schwab
The World Economic Forum's board has unanimously supported an independent investigation into misconduct allegations against founder Klaus Schwab and his wife, Hilde. A whistleblower letter detailed in the Wall Street Journal accuses the Schwabs of mixing personal affairs with Forum resources. The probe was initiated following Schwab's recent retirement as chairman, with Peter Brabeck-Letmathe stepping in as interim chairman.
Davos Forum founder Klaus Schwab steps down after more than 50 years
After leading the World Economic Forum for over five decades, founder Klaus Schwab has stepped down from its board of directors. Peter Brabeck-Letmathe, the WEF's vice chairman, will take over on an interim basis. The annual Davos gathering, known for bringing together global leaders, has faced criticism regarding elitism despite Schwab's emphasis on global cooperation.
Who is Klaus Schwab? World Economic Forum chairman steps down from leadership role after 55 years
Klaus Schwab, the 87-year-old founder of the World Economic Forum, has officially stepped down as chairman after leading the organization for over five decades. Known for shaping global public-private dialogue, Schwab's retirement marks the end of an era. In the meanwhile, former Nestlé CEO Peter Brabeck-Letmathe has been appointed as the interim chairman while a search for Schwab’s successor begins.
AI humanoid robot winks and denies world domination; but can we trust the sweet talk?
Ameca, a lifelike AI robot, left viewers uneasy after winking and calmly denying any plans to rebel against humans. During media appearances, it reassured audiences of its helpful intentions, yet its eerily timed gestures and self-awareness sparked fears of a sci-fi-style uprising. As AI grows more human-like, questions around control, autonomy, and trust continue to deepen.
Charting the global economy: ECB cuts rates while Canada holds
Globally, the WTO forecasts a decline in merchandise trade due to rising tariffs.
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WTO slashes 2025 trade growth forecast, warns of deeper slump
The World Trade Organization has significantly lowered its global merchandise trade forecast, now anticipating a 0.2% decline this year due to increased U.S. tariffs and related repercussions. This downturn, potentially the worst since the COVID-19 pandemic, raises concerns about broader economic consequences, especially for developing nations. The WTO also fears a decoupling of the U.S.
How North Korea turned the Russia–Ukraine war into a $20 billion bonanza
North Korea has made over $20 billion by supplying weapons and troops to Russia in its war on Ukraine, according to a damning joint investigation by Reuters and the Open Source Centre. From artillery shells to manpower, Pyongyang’s contributions have tipped the scales on the battlefield. With 64 cargo shipments and as many as 14,000 soldiers deployed, the strategic alliance between two sanctioned states is now propping up Russia’s war effort—while reshaping geopolitical fault lines across Europe and East Asia.
Landmark agreement reached at WHO over tackling future pandemics
After years of negotiation, countries reached a landmark accord at the WHO headquarters in Geneva to prevent future pandemic crises. The agreement aims to correct mistakes made during COVID-19, addressing issues like technology transfer for health products. Despite disagreements and the shadow of US foreign aid cuts, a consensus was reached, marking a significant step for global health security.
How might the World Health Organization fight future pandemics?
World Health Organization (WHO) members are set to resume talks in Geneva. They will discuss new rules for responding to pandemics. This follows the COVID-19 pandemic. The aim is to address shortcomings like unequal vaccine distribution. A key point is sharing drugs and vaccines. Financing remains a point of contention.
One of the world’s rarest blue diamonds once owned by Indian Maharajas set for auction: The price will shock you
A rare 23.24-carat blue diamond, 'The Golconda Blue,' once owned by Indian royalty, is set to be auctioned at Christie's in Geneva on May 14. Expected to fetch USD 35-50 million, this vivid blue gem boasts a rich history, having belonged to the Maharajas of Indore and Baroda.
$2 bn scam in 2018 to arrest in 2025: A timeline of India's biggest banking scam by Mehul Choksi & Nirav Modi
Fugitive diamantaire Mehul Choksi, implicated in the massive PNB fraud, was apprehended in Belgium after evading authorities since 2018. His arrest marks a significant development in the decade-long financial scandal. Choksi's extradition is now being pursued, while efforts continue to recover assets across multiple countries, following years of legal battles and diplomatic maneuvers by Indian authorities.
US tariffs could shrink global trade by 3%: UN economist
Tariffs imposed by the US could shrink global trade by three per cent, prompting a shift in export markets from the US and China towards India, Canada, and Brazil. China's retaliatory tariffs of 125 per cent on US imports signal a long-term strategy, potentially halting goods trade between the two largest economies.
Scientists in U.S. harried by Trump cuts turn towards Europe
Amidst U.S. research funding cuts under President Trump, European nations are actively seeking to attract displaced American academics. Scientists like David Die Dejean, affected by NOAA job cuts, are considering opportunities in Europe. Several European countries are increasing research funding and creating programs to lure U.S. talent, viewing it as a chance to bolster their scientific capabilities.
Global plastic recycling rates 'stagnant' at under 10%: Study
The amount of plastic being recycled around the world is stagnant at less than 10 percent with most new plastic still made from fossil fuels, a new study said Thursday. The rest was produced from fossil fuels, predominantly oil and gas, demonstrating "little progress" in addressing environmental concerns related to plastics production.
Escalating trade tensions between US, China could severely damage global eco outlook: WTO
The WTO chief warns that escalating US-China trade tensions, involving significant tariffs, pose a severe threat to the global economy. These tensions, impacting roughly 3% of global trade, could negatively affect not only the US and China but also least developed nations. The WTO emphasizes the importance of dialogue and cooperation to resolve these issues.
Trump calls China 'biggest abuser' on tariffs
U.S. President Donald Trump criticized China as "the biggest abuser of them all" on tariffs, following Beijing's retaliation with a 34% tariff in response to similar U.S. measures. Posting on Truth Social, Trump expressed frustration that China ignored his warning against retaliating in the ongoing trade war.
Do you know how Trump calculated 'reciprocal' tariffs? The formula will leave you baffled
There were concerns about the methodology that the United States used to arrive at country wise tariff rates. “Reciprocal tariffs are calculated as the tariff rate necessary to balance bilateral trade deficits between the US and each of our trading partners," US Trade Representative Memo said. However, an analyst has said that Trump's tariffs calculations is not standard economics.
China files complaint with WTO over new US tariffs
China has lodged a formal complaint with the World Trade Organization in response to new U.S. tariffs, which China asserts violate WTO regulations. This move comes as China introduces additional retaliatory tariffs of 34% on U.S. goods, and imposes export controls on rare earth minerals, escalating the trade war further.
WTO says tariffs could bring contraction of 1% in global merchandise trade volumes
The WTO Director-General warns that new U.S. tariffs, along with previous ones, could reduce global trade by 1% in 2025 and potentially escalate into a retaliatory tariff war. This decline threatens significant trade disruption. World leaders, including the European Commission President, caution about the severe negative impacts on the global economy.
'Since marriage I was in distress': Kannada actress Ranya Rao's architect husband to file for divorce
Kannada actress Ranya Rao, who was arrested in a gold smuggling case, is now facing personal turmoil as her husband, Jatin Hukkeri, has announced his decision to file for divorce. At a recent press conference, Jatin stated, "Since the day we got married, I have been enduring pain and distress. Today, I have made the decision to file for divorce." Authorities claim that Jatin frequently accompanied Ranya on her trips to Dubai, where she allegedly smuggled gold.
AI could impact 40% of jobs worldwide: UN
The global artificial intelligence market is projected to reach $4.8 trillion -- roughly the size of Germany's economy -- by 2033, the UN said Thursday, warning nearly half of jobs worldwide could be affected. And by 2033, AI will be the leading technology in this sector, with an expected value of $4.8 trillion, it showed.
France is no longer Europe's most romantic destination. This country takes the crown
Switzerland has overtaken France as Europe’s most romantic destination, according to a European Waterways study. The ranking considered fine dining, wine bars, tours, and vineyards. Switzerland’s blend of adventure and luxury, from spa retreats to stunning landscapes, secured its top spot.
US 'in arrears' at the WTO
The United States has not paid its 2024 dues to the World Trade Organization and is now in 'arrears', impacting the WTO's operational capacity. The US is reviewing its involvement in international organizations and continues to block appointments to the WTO's Appellate Body, further straining trade relations.
India proposes retaliatory duties after EU extends safeguard measures on some steel products
India plans to impose retaliatory duties on EU imports after failing to reach an agreement over the EU's restrictive safeguard measures on certain steel products under WTO norms. This move follows significant trade losses incurred by India since 2018. The EU's extension of safeguards and India's substantial interest in steel exports have intensified the trade tensions.
How an artist gave computers an aesthetic soul without writing a single line of code?
Susan Kare revolutionized computer design in the 1980s by making technology more user-friendly. Her work on the Apple Macintosh included creating playful icons and developing digital typography. These contributions made computers less intimidating and more accessible to millions. Her impact extended beyond Apple, influencing various tech giants and leaving a lasting legacy on modern user interface design.
Myanmar quake damaged buildings and infrastructure, causes concern over dams, Red Cross says
A powerful earthquake damaged buildings, roads, and bridges in Myanmar, particularly impacting six states and regions. The Red Cross expressed concerns about the state of large dams, and the collapse of a key bridge. The ongoing conflict has displaced over 3.5 million people.
US pauses financial contributions to WTO, trade sources say
The United States has halted contributions to the World Trade Organization as part of a review of federal spending. The U.S. has already caused significant disruptions by blocking judge appointments to the WTO's appeals court. This funding pause has left the WTO with operational challenges and pushed the U.S. into "Category 1 arrears" alongside five other member countries.
China President Xi tests US allies in Indo-Pacific as Trump is busy elsewhere
President Xi Jinping is escalating China's assertive actions across the Indo-Pacific, testing US alliances as Trump focuses elsewhere. From military drills near Australia to pressure on Taiwan and Thailand, China aims to weaken US partnerships. As Trump demands higher defense spending from Asian allies, China seizes the opportunity to project power and test boundaries.
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