BusinessAfter thirty-four years of presence on the island, the Spanish hotel giant Melia is shuttering all 34 of its properties across Cuba. The decision marks a definitive retreat from a market once considered a cornerstone of the company’s international portfolio, now crippled by mounting legal hurdles and a deepening economic crisis.
BusinessPlumes of smoke billowed over a St. Petersburg warehouse belonging to e-commerce titan Wildberries this week, marking a tactical escalation in Ukraine's campaign against Russian logistics infrastructure. The facility, a critical node in the company's distribution network, was struck as part of a broader push to disrupt domestic supply chains.
BusinessThe United States has implemented new tariffs ranging from 10% to 12.5% on imports from 60 nations, asserting that these trading partners have failed to adequately address forced labor within their supply chains. The move impacts major economies including the European Union and China, signaling a significant shift in trade policy.
BusinessAs Zambians head to the polls on August 13, the political contest between President Hakainde Hichilema and opposition leader Brian Mundubile serves as a referendum on the nation’s economic trajectory. Investors are watching closely to see if a second Hichilema term can successfully transition the country from debt-default recovery to sustained expansion.
BusinessThe International Air Transport Association has appointed Saadia Zahidi as its ninth Director General, marking the first time a woman will helm the global airline industry body. Currently a Managing Director at the World Economic Forum, Zahidi is set to assume the position on November 1, 2026.
BusinessA sharp 0.5% rally in the pan-European STOXX 600 index on Friday helped markets recover from their steepest decline in a fortnight. While investors remain wary of how climbing oil prices might force central banks to tighten monetary policy, a wave of strong corporate results provided a necessary floor.
BusinessA sudden surge in global oil prices has abruptly halted the weekly climb of Chinese and Hong Kong equities, sparking renewed investor anxiety over looming inflation. The shift marks a sharp departure from earlier optimism as market participants scramble to recalibrate risk in the face of rising energy costs.
BusinessThe euro zone’s composite output index climbed to 51.9 in July, snapping a four-month streak of stagnation. Driven by a surge in new orders across both services and manufacturing, the surprise expansion outpaced analyst expectations of 50.3, marking the bloc's most robust performance since February.
BusinessA drone strike ignited a blaze at a Wildberries warehouse on the outskirts of St. Petersburg, marking the fifth such attack on Russian logistics infrastructure since mid-July. The incident left three people injured and forced a temporary suspension of operations at two key regional facilities, according to local authorities.
BusinessGeopolitical tension in the Middle East has sent oil prices surging, triggering a wave of anxiety across global markets. Investors are bracing for persistent inflation, shifting their focus toward the potential for sustained high interest rates as long-term bond yields remain stubbornly elevated near recent peaks.
BusinessBeijing has halted exports of dual-use goods to 14 European entities, targeting companies including Germany’s Rheinmetall AG and Poland’s Vigo Photonics S.A. This move serves as a retaliatory strike following the European Union’s decision to impose sanctions on Chinese and Hong Kong businesses over their alleged involvement in the Russian conflict.
BusinessBritish firms snapped a three-month streak of stagnation in July, as an easing of tensions surrounding the Iran conflict provided a rare opening for growth. The rebound offers Prime Minister Andy Burnham a favorable starting point as he takes the helm, buoyed by the strongest services performance since April.
BusinessA Seoul court has ordered SK Group Chairman Chey Tae-won to pay 944 billion won to his former spouse, Roh Soh-yeong, marking the largest divorce settlement in South Korean history. The ruling forces a high-stakes financial maneuver for the leader of the nation’s second-largest conglomerate amid a broader boom in the AI industry.
BusinessThe June 24 earthquakes in Venezuela left a trail of destruction totaling $19.6 billion in direct physical damage, according to an initial assessment by the World Bank. The report provides a grim baseline for reconstruction efforts, highlighting the immense pressure on the nation's already strained economic recovery path.
BusinessA 47-kilometre transmission link in Zambia has secured $43 million in International Development Association funding, marking a critical step in a 192-kilometre cross-border energy project. This infrastructure aims to stabilize supply chains and integrate the two nations into the broader Southern African regional power market.
BusinessThe Euro zone economy broke a four-month stagnation streak in July as business activity climbed to 51.9, signaling a fragile expansion. Driven by a strengthening influx of new orders, the region’s composite index surpassed the stagnant 50.0 threshold, offering a rare glimmer of optimism despite persistent inflationary pressures and global geopolitical instability.
BusinessThe Inter-American Development Bank has greenlit a $40 million financing package to overhaul healthcare delivery in Panama, aiming to bridge the gap for rural and Indigenous populations. With an additional $10 million in local funding, the $50 million initiative targets 24 priority districts where medical access remains a persistent challenge.
Global trade policy activity has surged to its highest level since the 2008 financial crisis, as governments increasingly weaponize trade rules to navigate geopolitical friction. Data from the WTO and IMF reveals that activity from January to May 2026 is double the levels recorded throughout 2024.
BusinessA $204.2 million financing package from the Inter-American Development Bank aims to replace expensive, isolated diesel power systems across Bolivia’s Beni and Pando departments with cross-border grid connections and solar infrastructure, ultimately serving 209,000 residents in the remote Amazon region.
BusinessThe Trump administration has launched a broad trade offensive, imposing new tariffs between 10% and 12.5% on goods from 60 nations. Citing lax enforcement of forced labor bans, the White House is reviving its protectionist agenda just as a previous temporary global tariff cycle reaches its scheduled expiration.
BusinessThe African Development Bank Group and the Fonds d'équipement communal signed a €150 million loan agreement in Rabat on 22 July. This second partnership between the two institutions aims to bolster local infrastructure projects, specifically targeting improvements to rural road networks, drinking water access, and community facilities across Morocco.
BusinessTrillions in global capital are flooding Wall Street, fueled by the relentless artificial intelligence boom. While this influx provides a vital liquidity lifeline for the American economy, it simultaneously masks the risks of an enduring current account deficit that has climbed to nearly 4% of the nation's GDP.
British whisky producers have secured a reprieve from potential US trade barriers after Washington acknowledged the United Kingdom’s progress in cleaning up global supply chains. Government officials confirmed that ongoing enforcement actions against forced labor will not trigger new tariff hikes for domestic exporters, safeguarding a vital sector of the economy.
BusinessWhile the United States slapped fresh tariffs on goods from 60 nations this Friday, citing concerns over forced labor, the European Union finds itself in a unique position. Unlike other trading partners facing steeper costs, Brussels maintains its existing exemptions, effectively sidestepping the new 10% and 12.5% levies.
BusinessA South Korean court has ordered SK Group Chairman Chey Tae-won to pay 944 billion won—approximately $640 million—to his former wife, Roh Soh-yeong. The decision follows a Supreme Court reversal that forced a recalculation of marital funds, marking a pivotal moment for the conglomerate’s leadership and its equity structure.
BusinessThe Trump administration’s decision to impose fresh tariffs of up to 12.5% on 60 trading partners has left a hard-won bilateral agreement hanging in the balance. With the new levies taking effect Friday, the European Union is now demanding that the United States uphold the commitments finalized just last year.
BusinessThe Swiss government has formally challenged new U.S. tariffs that took effect July 24, disputing the forced labor allegations used to justify the trade penalties. The levies, which hit Swiss imports with duties of up to 12.5%, have triggered a sharp diplomatic and economic rebuke from Bern.
BusinessThree people sustained injuries after a Ukrainian drone strike ignited a massive fire at a Wildberries warehouse in the Leningrad region. Governor Alexander Drozdenko confirmed the attack near St. Petersburg, marking a direct escalation against the infrastructure of Russia’s largest e-commerce platform.
BusinessEscalating conflict in the Gulf has sent oil prices skyrocketing by nearly 40% this month, triggering a wave of volatility across Asian trading floors. As Brent crude hits a two-month peak of $102 per barrel, investors are bracing for a resurgence of inflation and the inevitable pressure on global interest rates.
BusinessAt the Farnborough Airshow, a quiet shift in the transatlantic defense landscape emerged as European nations aggressively pushed for home-grown military production. Facing mounting pressure to reduce reliance on American supply chains, U.S. contractors are now scrambling to localize operations rather than risk losing their grip on a lucrative, swelling market.