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World economy is facing a new cold war, says IMF deputy chief Gita Gopinath

World economy is facing a new cold war, says IMF deputy chief Gita Gopinath By John-Paul Ford Rojas Updated: 17:01 EST, 11 December 2023 e-mail 2 View comments The world economy risks descending into a second Cold War that wipes out the benefits of three decades of peace and growth, a senior official at the International Monetary Fund (IMF) has warned. Gita Gopinath, the IMF’s second in command, said the fragmentation of nations into competing power blocs threatened ‘an annihilation of the gains from open trade’. Today the rivalry is not between the US and the Soviet Union but the US and China. And the world is at a ‘turning point’…

Kazakhstan Advances Renewables Agenda With Slew Of Deals

Kazakhstan has set itself such ambitious targets on renewables that its progress will need to be frenetic rather than leisurely. Some eye-catching deals inked at the COP-28 summit offer room for optimism. if(window.innerWidthADVERTISEMENTfreestar.config.enabled_slots.push({ placementName: "oilprice_medrec_atf", slotId: "oilprice_medrec_atf" });';document.write(write_html);} On December 2, United Arab Emirates-based company Masdar announced that it had signed a development agreement with a group of other companies to install 1 gigawatt of wind power in Kazakhstan. Kazakh Energy Minister Almassadam Satkaliyev, who was present at the…

Will This Crucial Hydrogen Corridor Become Reality?

Could the Mediterranean Sea become the new energy hub to strengthen energy security and accelerate the energy transition in Europe? Considering the current geopolitical and geoeconomic scenario, this is a matter of the utmost importance. The issue has also recently been discussed in an Economist editorial depicting the Mediterranean region as a future powerhouse of green hydrogen and carbon-free revolution. The answer to the many questions arising from this topic may be coming from the recent agreement between the Italian and German governments about building a new gas and hydrogen-ready pipeline across the Alps, the so-called…

Struggling Americans Feel the Economy Is in a ‘Silent Recession,’ Bankrate Says

Fifty-nine percent of adults feel like the country is currently in a recession. This bearish view of the current economic conditions was universal regardless of age, gender, race, and income. Bankrate noted that the number of low-income households and those earning $100,000 or more per year who think the economy is in a recession was identical. Most respondents (66 percent) said the present economic climate "has negatively impacted my finances this year," and half of surveyed Americans reported that their overall financial situation is worse today than it was three years ago. The culprit? Inflation. According to the Bankrate poll,…

Hundreds of Brits braced for teeth operation hell as Smile Direct Club closes…

THE quest for a perfect smile has turned into a grimace for hundreds of people who have lost huge sums of money after the demise of dental group Smile Direct Club. Despite still taking customers’ cash last week it put out a message on its website late on Friday saying it had made the “incredibly difficult decision to wind down its global operations”. The US -based firm, launched in the UK in 2019, promised customers a cheaper way to straighten teeth with clear aligners that could be bought remotely and used at home. The company said it was closing down after rescue financing failed. It was once worth £7billion but filed for…