KIGALI, Rwanda (AA) – The Russia-Ukraine war has disrupted wheat exports, driving wheat prices up by 60% in Africa, the president of the African Development Bank (AfDB) said Tuesday, warning that the continent will lose up to $11 billion worth of food due to the conflict. “Already, the price of wheat has gone up about […]
On Wednesday, Sen. Elizabeth Warren and Rep. Judy Chu demanded the IRS halt its disproportionate targeting of low-income Americans. They asked the agency to instead focus its attention and resources on “wealthy tax cheats.” The Democratic lawmakers said the agency’s ability to pursue tax-avoiding wealthy individuals and large corporations is c...
A new report released Tuesday by three watchdog groups highlights how Big Oil has cashed in on crises in the past year, while enriching shareholders. The industry has used the COVID-19 pandemic, Russia’s war on Ukraine, and the global climate emergency to benefit investors. The report from BailoutWatch, Friends of the Earth, and Public Citizen...
On Monday, the Iranian foreign ministry blamed the U.S. for halting negotiations on nuclear issues. Spokesperson Saeed Khatibzadeh said the pause in nuclear talks between Tehran and world powers in Vienna is due to the U.S. government’s attitude. He said an agreement was possible during negotiations but talks couldn’t move forward. Former U.S....
On Wednesday, an international aid group warned that Afghanistan is on the brink of collapse, as millions face poverty and starvation. The International Rescue Committee said the refusal of the Biden administration and European governments to release Afghanistan’s central bank reserves is depriving its economy of critical funds. It noted that ...
Training programs for four conventional banks on Islamic banking and finance have been conducted in Uzbekistan. The programs were developed by the Islamic Development Bank Institute and the Islamic Corporation for the Development of the Private Sector. The five-day training for each bank included the following subjects: principles of Islamic f...
Oman’s Islamic banking sector is likely to maintain its positive trajectory in the short-to-medium term despite structural challenges, Fitch Ratings reports. Increased awareness, strong retail demand for Islamic products, supportive regulations, and a strong push from the Islamic windows of conventional banks will drive growth. Growth in Isl...
Washington’s sanctions on Russia may affect Europe more than the US, an expert warns. Harry Tzimitras, a senior fellow at the US-based Atlantic Council, told Anadolu Agency, that Europe has had much greater dependence on Russian gas. He added that when it comes to the war on Ukraine, “That’s why we see them being much […]
Rising crude oil prices are expected to lower oil-rich Gulf nations’ need to sell Islamic bonds, according to Moody’s Investors Service. Higher oil prices will lead to lower sukuk issuance in 2022. Sukuk is the name for interst free bonds. That’s driven largely by lower financing needs among Gulf Cooperation Council countries, according to a...
U.S. biotechnology company Moderna plans to invest more than $500 million in a vaccine and drug manufacturing facility in Kenya. Leaders of the African nation signed a memorandum of understanding with Moderna on Monday in the capital Nairobi. The new facility will help address the problem of vaccine inequity experienced across Africa. Kenyan P...
