Italy watchdog fines Amazon €1.13 billion.

Italy’s competition regulator said today it had fined e-commerce giant Amazon €1.13 billion for alleged abuse of market dominance. In a statement, the watchdog said Amazon had harmed competing operators in the e-commerce logistics service. The watchdog said it would impose on…

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UAE becomes first country to transition to 4-and-half day work week.

The United Arab Emirates on Tuesday 07 December 2021 announced to change its existing five-day workweek to a four-and-a-half day starting January 1, becoming the world's first country to make the employee-friendly transition as part of its efforts to improve productivit…

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British Airways to become first airline to use sustainable fuel.

British Airways will become the first airline to use sustainable aviation fuel (SAF) produced on a commercial scale in the UK. The carrier announced it will fly planes using the lower carbon fuel from early next year. The SAF will be produced at Phillips 66’s Humber Refinery,…

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Indian-American chief economist Gita Gopinath to be IMF’s first deputy MD.

Gita Gopinath, the IMF’s Indian-American chief economist has been promoted as its First Deputy Managing Director (FDMD), recognising her exceptional intellectual leadership in helping the global economy and the Fund to navigate the “twists and turns” of the “worst economic …

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EU launches €300bn bid to challenge Chinese influence.

The EU has revealed details of a €300bn (£255bn; $340bn) global investment plan, described as a "true alternative" to China's Belt and Road strategy. European Commission President Ursula von der Leyen said the Global Gateway scheme should become a trusted brand…

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EIU’s WoLiving Indexrldwide Cost of 2021 announced.

Economist Intelligence Unit’s (EIU) has announced the Worldwide Cost of Living Index 2021. According to the Index, Tel Aviv, Israel has become the most expensive city in the world to live in in 2021, pushing Paris, France and Singapore jointly to occupy the second spot with…

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South Korea hopes to build sustainable floating city by 2025.

The world’s first “floating city” will be built off the coast of South Korea — and it will be hurricane-proof, flood-proof and self-sustaining. The United Nations-backed project will be constructed off the coast of Busan and was designed as a response to rising sea levels, B…

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JP Morgan named world’s most systemic bank.

JPMorgan Chase has once again been named the world’s most important bank to the health of the wider financial system, according to the latest annual ranking of top lenders by global regulators. The Financial Stability Board (FSB), made up of regulators from G20 countries, p…

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El Salvador plans to build the world's first "Bitcoin City".

El Salvador plans to build the world's first "Bitcoin City" at the base of a volcano, with the cryptocurrency used to fund the project, its president has announced. The city will be circular to represent the shape of a large coin and will be built in the south-…

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World’s Largest Recipients of Remittances.

According to new World Bank data, global remittances are expected to total $702 billion in 2020, down from $719 billion in 2019 (-2.4 percent). Of that total, $540 billion are expected to have flown into low and middle-income countries, down from $548 billion (-1.6 percent)…

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Amazon to stop accepting Visa Credit Cards in UK.

Online retail giant Amazon is to stop accepting Visa credit cards issued in the U.K. from 19 January in an extraordinary face-off over transaction fees. In announcing the move, Amazon said that the decision had been prompted by high credit card transaction fees but said that…

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World food prices reach highest level in more than a decade.

The  FAO Food Price Index , which tracks the international prices of a basket of food commodities, is up 3.9 per cent from September, rising for a third consecutive month.  Cereal prices overall increased by 3.2 per cent, with wheat rising five per cent, due to reduced harvest…

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World's first postage stamp the Penny Black expected to sell for millions.

One of the first postage stamps ever printed is going on sale with potential buyers expected to spend up to $11 million. The Penny Black was the world's first stamp and one from the first sheet printed will be auctioned by Sotheby's in London on December 7. The adhesi…

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A rival ‘meme token’ to Dogecoin, just hit a record high and is close to overtaking it.

Shiba inu, a dogecoin spinoff, is close to surpassing Elon Musk’s favorite cryptocurrency. The digital token has surged 30% in the last 24 hours, according to data from CoinGecko, hitting a record high above $0.00006. It has more than doubled in price in the last week. With a…

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Nigeria to launch digital currency "eNaira".

Nigeria will on Monday (25th) launch a digital currency, the eNaira, the central bank said, months after it barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies. Central Bank of Nigeria (CBN) Governor Godwin Emefiele has sa…

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Pakistan to remain in 'Grey List' of Financial Action Task Force.

The Financial Action Task Force (FATF) announced that Pakistan will remain on its increased monitoring list, also called the grey list. Pakistan has been on the grey list for deficiencies in its counter-terror financing and anti-money laundering regimes since June 2018. Annou…

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German central bank head Jens Weidmann to resign at end of year.

Germany's central bank chief Jens Weidmann on Wednesday submitted his resignation to President Frank-Walter Steinmeier. Weidmann, who has been the president of the Bundesbank since May 2011, is set to leave office on December 31. His resignation comes as the ECB faces dif…

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The Global Food Security Index - 2021.

The Global Food Security Index (GFSI) considers the issues of food affordability, availability, quality and safety, and natural resources and resilience across a set of 113 countries. The index is a dynamic quantitative and qualitative benchmarking model constructed from 58…

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India's first Social Crypto Token, Chingari's "$GARI" launched.

Social Token App, Chingari unveiled its' first-ever crypto token,  "$GARI" in Mumbai on 17 October 2021. It was launched by the brand ambassador of the tech start-up, Salman Khan. Chingari claims to be the first social network in India to have issued crypto tok…

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India, United States, Israel and the UAE decide to launch quadrilateral economic forum.

India, United States, Israel and the UAE have decided to form a forum for future economic cooperation and to explore possibilities of joint infrastructure projects in the fields of transportation, technology, maritime security, and economics and trade. “The ministers decided…

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