The IMF announced Saturday member nations agreed to increase their contributions to the global lender and give sub-Saharan Africa a third seat on its executive board at its first meetings on the continent since 1973. While voting shares were not changed, the IMF agreed to expand its executive board from 24 to 25 members to give Africa another seat.
A proposed deal that would see US Steel Corp bought by Japan's Nippon Steel should be closely investigated by American authorities, the White House said Thursday, warning it could have national security implications. "This is a strongly positive development for American steel, American jobs and America's national security," US Steel added.
US Steel Corp and its potential buyer Nippon Steel of Japan are requesting a federal review of their proposed deal following congressional criticism that the transaction threatens US national security, US Steel said Thursday. "Japan is an important ally to the United States," US Steel said.
US airlines are gearing up for record traffic this holiday season, having beefed up staffing in the hopes of avoiding a repeat of last Christmas's operational meltdown. United Airlines and American Airlines have also pointed to record traffic this year, with United projecting around nine million passengers and American nearly 12.7 million on more than 110,000 flights.
A shock strike by workers operating the Channel tunnel blocked train travel Thursday between Britain and France, leaving thousands of pre-Christmas travellers as well as freight traffic stranded. The Channel Tunnel opened in 1994 as the first undersea link between France and the English coast.
Angola's departure from OPEC exposes the tensions with the oil cartel as it seeks to cut output to maintain prices just as the United States ramps up production. Meanwhile, crude production in the United States, the world's leading producer, has risen above 20 million bpd, while Brazilian and Guyanese output has also soared.
Britain and Switzerland unveiled a post-Brexit financial services agreement on Thursday, aimed at making it easier for corporate and wealthy people in both countries to do business together. The deal, formally known as the Berne Financial Services Agreement, will see the two countries mutually recognise each other's domestic laws and regulations on financial services.
British Prime Minister Rishi Sunak on Thursday hailed a deal with the European Union to delay post-Brexit tariffs on electric vehicle sales that were due to kick in from January. Under that deal, tariffs were to start on January 1, 2024, on vehicles that do not have at least 45 percent UK- or EU-made content, and with batteries that are at least 50-60 percent sourced from those countries.
A wildcat strike by workers operating the Channel tunnel has blocked train travel between France and Britain since midday Thursday, train operator Eurostar said. The strike at Eurotunnel operator Getlink has blocked Eurostar trains as well as the trains shuttling trucks and cars as the peak holiday travel season gets underway.
Angola said on Thursday it would leave OPEC over a disagreement on production quotas following the oil cartel's decision last month to further slash output next year. Azevedo told state broadcaster TPA that Angola is unhappy with OPEC's decision last month to further slash production next year in an effort to prop up volatile prices.
Economy
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