The World Bank has warned of the risk of a fresh global debt crisis, urging governments and central banks to recognize that historically low interest rates may not be enough to offset another widespread financial meltdown. The current wave — which started in 2010 — is thought to be “the largest, fastest and most broad-based increase” in global borrowing since the 1970s. “Low global interest rates provide only a precarious protection against financial crises,” Ayhan Kose, director of the World Ba

Nazanin Tabatabaee | WANA | REUTERSMarkets had a field day Wednesday, rebounding dramatically from the scare following the overnight missile attack by Iran on U.S. forces in Iraq. Did the Trump administration’s targeted killing of Soleimani, Iran’s second-most powerful figure and the former head of its Revolutionary Guard Quds Force, effectively put a lid on further escalation from Iran? The head of the general staff of Iran’s armed forces told local news agency Tasnim on Thursday that “the regi

Iran likely has capability to launch a cyberattack, analyst saysNik Whitfield, CEO and founder of Panaseer, discusses the cyber threat posed by Tehran.

Britain’s largest retail banks have been forced to halt processing foreign currency orders after a cyberattack on exchange provider Travelex. The hackers have reportedly demanded $6 million in return for encrypted customer data. The hackers told the BBC that they have downloaded 5GBs of customer data and plan to sell it online in six days’ time, unless Travelex pays the ransom. Travelex said it is in discussions with the U.K.’s National Crime Agency (NCA) and London’s Metropolitan Police, both o

Facebook will let people see fewer political ads, the social media giant said Thursday, responding to popular demand as it prepares for the upcoming U.S. presidential election. The news comes as Facebook faces intense political scrutiny and after Twitter implemented an outright ban on political advertising. Google also limited the extent to which political groups can target users with paid posts. Starting this summer, Facebook will “add a new control that will allow people to see fewer political

China will for the first time allow foreign companies to explore for and produce oil and gas in the country, opening up the industry to firms other than state-run energy giants as Beijing looks to boost domestic energy supplies. From May 1, 2020, foreign firms registered in China with net assets no lower than 300 million yuan ($43 million) will be allowed to take part in oil and gas exploration and production, the Ministry of Natural Resources said at a media conference. The move comes as part o

International Airlines Group, owner of British Airways, Iberia and other airlines, said Chief Executive Willie Walsh would stand down in March this year and be replaced by Luis Gallego, currently the boss of Iberia. In November, Walsh had said that succession planning was underway as he planned to retire in the next two years. This is breaking news. Please check back for updates.

The pan-European Stoxx 600 climbed 0.7% early in the session, with tech stocks adding 1.3% to lead gains as all sectors except oil and gas entered positive territory. It comes after comments from President Donald Trump which served to cool panic over rising tensions in the Middle East. Separately, a report out Wednesday said two rockets hit the Green Zone in Baghdad, a day after the Iran retaliatory attacks. In Asia, MSCI’s broadest index of Asian shares excluding Japan surged 1% amid the de-esc

ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at 1.8773%, while the yield on the 30-year Treasury bond was fractionally lower at 2.3574%. U.S. government debt prices were mixed Thursday morning as fears of a military confrontation between the U.S. and Iran eased. Both Washington and Tehran on Wednesday dialed back their combative rhetoric following retaliatory Iranian strikes on U.S. military targets in Iraq, in response to the killing last week

The United States told the United Nations on Wednesday that the killing of Iranian commander Qassem Soleimani was self defense and vowed to take additional action “as necessary” in the Middle East to protect U.S. personnel and interests. In a letter to the U.N. Security Council, U.S. Ambassador Kelly Craft said the United States also stands “ready to engage without preconditions in serious negotiations with Iran, with the goal of preventing further endangerment of international peace and securit

Search and rescue works are conducted at site after a Boeing 737 plane belonging to a Ukrainian airline crashed near Imam Khomeini Airport in Iran just after takeoff with 180 passengers on board in Tehran, Iran on January 08, 2020. A Ukrainian International Airlines plane that crashed shortly after leaving Tehran on Wednesday, killing all 176 people on board, was reportedly on fire before impact, according to Iran’s civil aviation authority. Ali Abedzadeh, head of the National Aviation Authority

U.S. stock index futures were higher Thursday morning. ET, Dow futures rose 42 points, indicating a positive open of more than 106 points. Futures on the S&P and Nasdaq — which both notched intraday records in the previous session — were slightly higher. Speaking from the grand foyer of the White House, Trump also suggested the U.S. would be open to negotiations with the Islamic Republic. “We must all work together toward making a deal with Iran that makes the world a safer and more peaceful pla

But that’s exactly what Australian entrepreneur Melanie Perkins did when she built a design product to rival the tech giants. And to think, it all started with a high school yearbook business. Starting smallWith few resources and little business experience behind them, the couple started small and created an online school yearbook design business, Fusion Books, to test out their idea. Canva”My mum’s living room became my office, and my boyfriend became my business partner, and we started enablin

5G refers to next-generation mobile networks that promise super-fast data speeds and the ability to underpin other technologies like driverless cars. A U.S. lawmaker has introduced a bill that would stop the United States from sharing intelligence with countries that use Huawei equipment for their 5G networks. “The United States shouldn’t be sharing valuable intelligence information with countries that allow an intelligence-gathering arm of the Chinese Communist Party to operate freely within th

(Photo by Jakub Porzycki/NurPhoto via Getty Images)The cybersecurity firm found that it’s possible to send a standard text message to any phone number on behalf of TikTok. On the app’s own site, there is a function that lets users send a text message to themselves so they can download the app. The findings will add fuel to arguments, particularly from U.S. politicians, that TikTok — owned by Chinese company ByteDance — is a national security threat . But attackers could create a fake text messag

Many geopolitical experts said Iran — more than the U.S. — cannot afford to get drawn into war. Here’s a look at six charts that might shed some light on the state of the Iranian economy. Economy in recessionInternational sanctions to rein in Iran’s pursuit of a nuclear program have for years crippled the country’s economy. The weak local currency contributed to high levels of inflation in Iran — which the World Bank said peaked at 52% in May 2019. The lack of employment opportunities could wors

Authorities issued new warnings and evacuation notices across southeast Australia on Thursday, as a return of hot weather fanned huge bushfires threatening several towns and communities. A disaster level notice in large parts of Victoria state, already in place for the past week, was extended by 48 hours and people in danger zones were advised to leave if it was safe to do so. “Don’t get complacent from the rain we have had recently,” Victoria Emergency Services Minister Lisa Neville said in a t

A butcher (L) shows a piece of pork to a customer at a market in Beijing on July 10, 2019. – Factory prices in China were unchanged in June from a year ago, data showed on July 10, reviving the prospect of deflation as the US trade war hits the crucial manufacturing sector. At the same time consumer prices managed to meet expectations but the main support came from a surge in food prices owing to the impact of African swine fever on pork supplies and severe weather hitting fresh fruits. Analysts

A supporter of the main opposition Kuomintang (KMT) party holds a national flag during local elections in Taipei. Chris Stowers | AFP | Getty ImagesPolitical campaigning in Taiwan has reached fever pitch ahead of Saturday’s presidential and legislative elections, as candidates take to social media to bring their messages to voters. Younger voters are more likely to turn to online media for information. Tsai was playing catch-up as her main presidential competitor, the Kuomintang’s Han Kuo-yu mad

Asia Pacific markets rebounded Thursday after U.S. President Donald Trump’s comments on the Iran conflict eased investor worries about further escalation of geopolitical risks in the Middle East. In South Korea, the Kospi was up 1.17%, while Hong Kong’s Hang Seng index rose 1.2%. Chinese mainland markets also traded higher: The Shanghai composite added 0.69% after the first half-hour of trade, the Shenzhen composite was up 1.46% and the Shenzhen component added 1.48%. U.S.-Iran tensions easeStoc