GABORONE: Botswana is facing renewed pressure on its diamond-driven economy after S&P Global Ratings lowered the country’s long-term sovereign rating to BBB- from BBB and its short-term rating to A-3 from A-2, while keeping a negative outlook. The cut leaves Botswana at the lowest investment-grade level and comes as weaker rough diamond sales continue to squeeze export earnings, state revenue and foreign exchange reserves in one of the world’s most diamond-dependent economies. S&P said weak global demand for natural diamonds is likely to persist longer than previously expected. Diamonds account for about 70% of Botswana’s exports, roughly one-third of government revenue and about one-quarter…
Author: menewscast.com
SEOUL: South Korea posted an 11.3 trillion won managed fiscal surplus in January as stronger tax collection offset higher government spending, with value-added tax and income tax leading the increase in receipts. Finance ministry data showed tax revenue reached 52.9 trillion won in the month, up 6.2 trillion won from a year earlier, while the managed fiscal balance, a key measure that excludes social security funds, remained in surplus even though the buffer narrowed by 200 billion won from January 2025. Total government revenue came to 74.7 trillion won in January, rising 8.5 trillion won from a year earlier, while total expenditure increased 7.7…
ADDIS ABABA: Ethiopia has declared three days of national mourning after the death toll from heavy rain-triggered landslides in the country’s south rose to at least 80, with recovery teams still searching for people reported missing. The mourning period begins on Saturday, March 14, after lawmakers announced the measure in response to the disaster in Gamo Zone, South Ethiopia Regional State. Bodies have been recovered for days since the slides struck on March 10, as persistent rain complicated search and recovery work. The disaster hit communities in Gamo Zone after days of intense rainfall, burying residents under mud and debris and forcing…
ARBA MINCH: The death toll from floods and landslides in southern Ethiopia’s Gamo Zone has risen to 70, according to official reports issued on Friday, as rescue teams and residents searched muddy slopes and riverbanks for victims after days of heavy rainfall. Authorities said more than 120 people were still unaccounted for in several districts, underscoring the scale of the disaster in a densely populated, mountainous area where homes and footpaths were swept away or buried. The landslides and flooding struck multiple districts in the South Ethiopia Region after a week of intense rain loosened soil in highland areas and sent torrents through valleys. Local…
NEW DELHI: India is preparing a new fund worth more than 1 trillion rupees, or about $11 billion, to support domestic semiconductor production, according to a report published Thursday. The report said the proposed funding would provide subsidies for chip design projects, manufacturing equipment and the development of a local semiconductor supply chain, covering activities that range from early-stage design through production support services. The report did not describe the fund’s final structure, governance or eligibility rules, and there has been no public government announcement detailing the program. The reported focus areas included support for chip design, for companies that make tools and equipment…
DUBAI: UNICEF, Mohammed Bin Rashid Al Maktoum Global Initiatives (MBRGI) and the Children’s Investment Fund Foundation (CIFF) have launched a US$300 million partnership aimed at helping save 3 million children from malnutrition, the organisations announced on March 12. The partnership is tied to Dubai’s Ramadan humanitarian drive, known as 11.5: Edge of Life, which is seeking to mobilise large-scale funding for child nutrition programmes in vulnerable communities. The partners said the package is structured around an initial, catalytic US$100 million contribution designed to help UNICEF mobilise an additional US$200 million for life-saving nutrition programmes. They said the wider initiative is being built as…
ABU DHABI: Sheikh Abdullah bin Zayed Al Nahyan, the UAE’s deputy prime minister and minister of foreign affairs, received Germany’s foreign minister, Johann Wadephul, in Abu Dhabi on March 11 as the two sides reviewed bilateral relations and ongoing cooperation, according to an official UAE readout. The meeting formed part of continuing high-level contacts between the UAE and Germany and focused on expanding coordination between the two governments on shared priorities. The UAE said the talks addressed ways to strengthen the friendship between the two countries and to broaden cooperation across the economy, trade, industry and investment. Officials discussed practical steps to build on existing…
ISLAMABAD: Pakistan has demolished a building inside Pakistan Air Force Base Murid that was heavily damaged during India’s May 2025 Operation Sindoor air strike, according to commercial satellite imagery dated Feb. 28, 2026. The latest image shows the structure completely removed, leaving exposed earth and scattered rubble across the former building footprint. The cleared area marks the final stage of a site that had remained visibly damaged for months after the strike. The facility, located near Chakwal in Pakistan’s Punjab province, was among installations struck early on May 10, 2025 during India’s cross border operation. Satellite imagery captured shortly after the attack showed a…
NICOSIA: Cyprus President Nikos Christodoulides received UAE Deputy Prime Minister and Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan during a working visit to the Cypriot capital, with Cypriot Foreign Minister Constantinos Kombos attending. The UAE foreign minister conveyed greetings from UAE President Sheikh Mohamed bin Zayed Al Nahyan and wishes of continued progress and prosperity for Cyprus and its people. Christodoulides returned greetings to the UAE president and expressed wishes of continued prosperity and wellbeing for the UAE and its people. The UAE Foreign Ministry said the meeting reviewed the repercussions of Iranian missile attacks that it said targeted the UAE, Cyprus and…
EuroWire, LEIPZIG: BMW Group has launched a pilot project using humanoid robots in production at its Plant Leipzig, marking the company’s first deployment of humanoid robotics on a factory floor in Germany. BMW announced the project on Feb. 27 and provided additional details on March 9, describing the move as part of what it calls “Physical AI,” which combines artificial intelligence software with machines operating in real production processes. The company said the pilot is being carried out with Hexagon Robotics, an organizational unit of Hexagon focused on robotics and related software. BMW said the humanoid robot, named AEON, is designed to…