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The Latest Breaking News from Unctad

World's newest trade war centers on 'friendshoring'

Amid lower trading volume, countries are going out of their way to do business with friends.

Fortune

Countries Risk 'Paying Polluters' Billions To Regulate For Climate: UN Expert

An "explosion" of multibillion-dollar claims by fossil fuel and extractive firms through shadowy investment tribunals is blocking action on climate and nature, the UN Special Rapporteur for Human Rights and Environment has warned, with developing nations increasingly targeted.

International Business Times

U.N.'s 28th Climate Change Conference Opens Next Week in Dubai

Previewing the "global stocktake" of climate progress, demands for climate reparations, and the call for a worldwide fossil fuel phase-out.

Reason

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read the most diverse news in one place.

Gaza needs billions in aid to reverse years of restrictions, UN trade body

The Gaza Strip needs billions of dollars in international economic aid to compensate for years of restrictions that have stifled its economy and curbed its development, according to a report published on Wednesday by the United Nations trade body.

Radio France Internationale

Gaza needed billions in aid before Israel-Hamas war: UN

Even before the Israel-Hamas conflict broke out, economic conditions in Gaza were already dire after years of blockade.

Al Jazeera

UN report: 80% of Gaza inhabitants relied on international aid before war

Unctad outlines conditions last year, with unemployment rate of 45% one of highest in world

The Guardian - UK

Tamil Nadu bags United Nations award for excellence in investment promotion

Guidance, Tamil Nadu's nodal agency for investment promotion, wins UN Promotion Award 2023 for excellence in scaling up energy transition investments. V. Vishnu, MD & CEO, received award from UNCTAD Director General. Award recognizes Guidance's efforts to attract investments using innovative approaches for promotion, finance & partnerships in energy transition.…

The Hindu

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Central banks ‘risk global recession unless they relax 2% inflation targets’

Economic arm of UN says pro-growth stance needed, with interest rate rises increasing inequality

The Guardian - UK

UK exports in last decade worse than any G7 country except Japan

UN figures show value of British goods and services exports rose by 6% between 2012 and 2021, compared with 29.1% for EU

The Guardian - UK

Don't leave Global South out of green tech growth, UN warns

The majority of developing nations are set to miss out on the economic benefits of booming green technologies, slowing progress toward their climate goals and widening the inequality gap between rich and poor countries, a United Nations report warned Thursday

The Independent UK

Global trade hit record highs in 2022, but it's about to take a big hit next year

Global trade was strong in first half of 2022. But a UN trade body expects a slowdown in 2023 due to economic headwinds and geopolitical tensions.

Fortune

World’s poorest countries’ debt interest payments rise 35%, report says

Report’s author, the World Bank, states concern over poor countries’ increasing spending on debt

The Guardian - UK

U.N. seeks exports of 'stranded' Russian fertilisers ahead of Black Sea grains deadline

A senior U.N. official said on Thursday that the global body was prioritising efforts to export stranded Russian fertilisers from European ports and hopes to make advances before a deadline for renewing the Black Sea grains deal this month.

Reuters

Senegal hones its home-grown rice to cut dependence on Asian imports

Senegalese cook Amy Gueye always tries to use imported rice at her family-run restaurant in Dakar, knowing that customers prefer the taste to home-grown varieties when they buy her spicy rice-based fish and chicken dishes.

Reuters

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The Guardian - UK

The Guardian view on central bankers: don’t put them in charge of the crisis

Editorial: The UN is right to warn that governments risk a worldwide recession precipitated by excessive rate rises

Benzinga

Major Drop In US Job Openings, Will The Fed Now Pivot? Don't Bet On It

Global bonds and equities are rising in anticipation that the Federal Reserve will reconsider the aggressive tightening of monetary policy that some fear may contribute to the start of a global recession, but history says the Fed may do

The Hindu

Government ‘singularly responsible’ for India’s economic problems: Congress

India’s economic growth is expected to decline to 5.7% this year from 8.2% in 2021, the UNCTAD Trade and Development Report 2022 projected on Monday

Benzinga

UN Says The Fed Can Stop Global Recession, But It Needs To Do This

The United Nations Conference on Trade and Development is calling on central banks in major economies to reverse course on raising interest rates, stating that it is leading the world into a global recession and prolonged stagnation.

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The Guardian - UK

UN accuses richest countries of ‘imprudent gamble’ in inflation fight

Report says policies of high interest rates and austerity risk triggering global recession that will hit developing nations hardest

Bangkok Post

World in crisis needs trade, aid

We are in the toughest period the world economy has faced since the creation of the multilateral system more than three-quarters of a century ago. A quadruple shock of Covid, climate change, conflict and cost-of-living has undone years of hard-fought development gains. As financial conditions tighten, even countries that had…

The Conversation

Cryptocurrencies are gaining ground across Africa. That's both good news and bad

Cryptocurrencies have become popular in African and other developing countries. That’s according to a policy brief released recently by UNCTAD, a United Nations agency. Significant proportions of Kenya (8.5%), South Africa (7.1%) and Nigeria’s (6.3%) populations are using these digital currencies. In June, the Central African Republic adopted bitcoin as…

Reuters

COVID can't break South Africa's love affair with shopping malls

With two days to go until opening to the public, workers rush to put the finishing touches on the Kwena Square shopping complex, a shiny $13 million sign that South Africans are defying the global "retail apocalypse".

The Guardian - UK

Sri Lanka is the first domino to fall in the face of a global debt crisis

The south Asian country is the first to buckle under economic pressures compounded by Russia’s war on Ukraine, but it won’t be the last

Radio France Internationale

Poor countries to be hit hardest as Ukraine war threatens global food crisis

The war in Ukraine has sent commodity prices soaring, creating shock waves across poorer countries already hard hit by the pandemic. The UN has warned "profound social anxiety" was spreading – especially in North Africa and the Middle East.

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