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“Poverty”, Aristotle famously observed, “is the parent of revolution and crime”. History has repeatedly proven the point: inequality often fuels political and social instability, giving rise to conflict and despair.Today, in the face of widening economic disparities and climate disruption, international co-operation on sustainable development is no longer just an expression of solidarity – it is a strategic imperative. Yet just as development challenges grow increasingly urgent, the resources to confront them are steadily declining.In 2015, world leaders adopted the UN Sustainable Development Goals (SDGs), outlining a shared vision for a more equitable, low-carbon future. Since then, however, overlapping global crises – from the Covid-19 pandemic to rising geopolitical tensions and escalating climate change – have reversed much of the progress made over the past 25 years.The realities of our increasingly multipolar world call for a shift in mindset. Policymakers must focus on doing more with less, which means fostering effective partnerships between the public and private sectors. This was my main takeaway from the Fourth International Conference on Financing for Development (FfD4) in Seville, Spain: to meet climate and social targets, we must rethink how development is financed – and by whom.While every country relies on access to financing to manage crises, support growth, and provide essential services, this need is especially acute in developing countries, where investment in infrastructure and human capital is crucial to long-term progress.To achieve the SDGs, developing countries will need to raise roughly $4tn annually. With development budgets under pressure globally, it is clear that public funding alone is not enough, and that closing today’s investment gap requires mobilising private capital.Public budgets should serve as a catalyst, not a substitute, for private investment. That’s the thinking behind the European Union’s Global Gateway initiative, which focuses on creating the conditions necessary for sustainable financing. By combining guarantees, grants, and long-term loans, it aims to reduce risk, unlock private capital, and enable transformative investments in high-quality infrastructure projects, with a strong focus on education, job training, health, and climate resilience.At FfD4, for example, we signed a €75mn ($88mn) guarantee agreement with Spain’s COFIDES to expand off-grid energy access in underserved regions across Sub-Saharan Africa, Latin America, and the Caribbean. Projects like these often cannot move forward without effective risk mitigation. By reducing financial exposure, EU guarantees help make long-term financing viable and more accessible.We are also developing innovative financing vehicles such as the Digital Leap Fund, which uses grants, guarantees, and first-loss equity to attract private investors to projects they might otherwise avoid. The goal is to mobilise up to €500mn for digital infrastructure, including 5G networks, data centres, and broadband connectivity.At the same time, we are working to remove barriers to investment. As a former international banker, I understand that investors tend to seek safe, long-term returns – the kind that well-designed development projects can offer. But they also need predictability, transparency, and robust regulatory frameworks.Our local partners, for their part, need the capacity to build value chains that align with their strengths and priorities. Too often, developing countries that produce or extract highly sought-after resources retain only a fraction of their final value. A cashew grown in Africa may be shipped to Asia for processing and then exported to Europe, delivering limited benefits to local communities while imposing a high environmental cost.The EU’s value-based model tackles this imbalance head-on by focusing on three key areas: job creation and investment in skills, education, inclusion, and sustainability; high-quality infrastructure; and supporting local ownership, governance reform, and stable investment conditions.This approach is already being implemented in Angola and Zambia, where we are helping to transform the Lobito Corridor – an EU-backed project to renovate the railway linking Angola to landlocked, mineral-rich regions in Zambia and the Democratic Republic of the Congo – into more than just a trade route for critical raw materials.To ensure that the economic benefits remain in the region, we are supporting vocational training, education, and local processing. In Zambia, we are using grants to strengthen sustainable agriculture, combining value-chain development with technical training in beekeeping, agro-processing, and rural entrepreneurship. Meanwhile, in Angola, we are investing in vocational programmes tailored to the transportation, logistics, and energy industries.Achieving lasting impact requires long-term planning, which is why our approach is demand-driven, skills-oriented, and focused on creating good jobs and promoting local ownership. The Namibia Green Hydrogen Programme, which aims to help Namibia realise its green hydrogen potential while supporting Europe’s energy transition, is a prime example. Led by national institutions and developed with private partners like Hyphen Hydrogen Energy, the project provides specialised training for workers in the hydrogen and electricity sectors.In fragile settings, the stakes are even higher. When institutions and basic services break down, instability and unrest often follow. With nearly one-quarter of the world’s population living in areas affected by conflict, natural disasters, and displacement, initiatives like the Global Gateway help bridge the gap between humanitarian aid and long-term development by working to restore essential services and build resilience where it is needed most.Europe has the tools to lead this effort, but lasting progress depends on local ownership, commitment, and resolve. National governments and local communities must take the lead on meaningful reform, effective governance, and sustainable development. Our role is to stand beside our partners and provide reliable, transparent support. – Project SyndicateJozef Síkela is European Commissioner for International Partnerships.

US health secretary Robert F Kennedy Jr’s changes to federal vaccine policy are prompting medical organisations and several states to formulate their own vaccine recommendations for the fall respiratory illness season, concerned many healthy children and pregnant women could lose access to preventive shots.This push for an alternative standard to the one set by the federal government runs the risk of increasing confusion among providers and patients, according to health experts.It also runs up against hundreds of laws at the state level that rely on a federal vaccine advisory panel, the experts said. The Advisory Committee on Immunization Practices, or ACIP, advises the US Centers for Disease Control and Prevention on which people should receive vaccines and at what intervals after they are approved by the Food and Drug Administration. Kennedy has spent decades sowing doubts about vaccines even when contradicted by scientific evidence. Since being appointed by Republican President Donald Trump to head the US Department of Health and Human Services, or HHS, Kennedy has upended the federal government’s process for recommending vaccines for the American public. Kennedy last month fired all 17 ACIP members, replacing them with hand-picked advisers including anti-vaccine activists. Prior to that, Kennedy in May withdrew a federal recommendation for Covid shots for pregnant women and healthy children without ACIP’s input, saying there was not enough evidence to support offering these boosters to healthy children.Leading US medical organisations including the American Academy of Pediatrics, known as AAP, and the Infectious Diseases Society of America, called IDSA, have sued Kennedy over the Covid decision.AAP said it will promote its own evidence-based vaccine guidelines starting with the fall respiratory season for Covid, influenza and respiratory syncytial virus, or RSV.“We simply cannot and will not stay silent as the system we rely on is being intentionally dismantled,” Dr Sue Kressly, the academy’s president, told Reuters.The American College of Obstetricians and Gynecologists, called ACOG, is also developing guidelines for the upcoming respiratory illness season, to be issued in August or September. An ACOG spokesperson said the organisation continues to recommend Covid vaccines for pregnant women, a group at increased risk for severe Covid and pregnancy complications.The spokesperson also said the organisation rejects a recommendation by Kennedy’s vaccine panel against flu shots containing thimerosal, a mercury-containing preservative that vaccine sceptics long have sought to link to autism despite evidence that these vaccines are safe.Both organisations and several others including the IDSA are collaborating with the Vaccine Integrity Project, a group of public health and infectious disease experts formed amid concerns about changes to vaccine policy, to review the latest scientific evidence on licensed vaccines for use in their guidelines.“What we’re trying to do is add a piece of non-biased, authoritative review of the data for use by the (medical) societies,” said Dr Michael Osterholm, director of the Center for Infectious Disease Research and Policy at the University of Minnesota, who served as an adviser to Democratic former President Joe Biden on Covid.An HHS spokesperson defended Kennedy’s actions, saying the newly configured panel brings “fresh, independent scientific judgement” and that ACIP “will continue to be the statutory authority guiding immunisation policy in this country.”Jen Kates, a senior analyst at the nonprofit health policy organisation KFF, said US states have always maintained a patchwork of health policies. But having multiple entities issuing vaccine recommendations at the state and federal levels could make it hard for parents to know who to trust, according to Kates.“This patchwork could become even more pronounced with significant implications for health. State laws and requirements may vary, but pathogens don’t abide by borders,” Kates said.Recommendations issued by ACIP since its founding in 1964 have become embedded in laws across the United States governing health insurance coverage, access to vaccines for children in low-income families, school immunisations, the ability of pharmacists to administer vaccines, and, in some states, vaccine purchasing.“It is mind-numbing when you compare how many things are impacted by ACIP,” said Rebecca Coyle, who serves as executive director of the American Immunization Registry Association, an organisation that develops and updates vaccination information systems used by physicians, and as an adviser to ACIP.An analysis by the Association of State and Territorial Health Officials found that nearly 600 statutes and regulations across 49 of the 50 US states, three US territories and Washington, DC, reference ACIP recommendations.Several states have already taken action.Wisconsin said it continues to recommend the current Covid vaccine during pregnancy and for everyone age 6 months and older, and noted that the state’s Medicaid health programme for low-income people will continue to cover the shot for eligible people. The Democratic governors of California, Washington state and Oregon condemned Kennedy’s dismissal of the ACIP panel members, citing their “grave concerns” about the integrity and transparency of upcoming federal vaccine recommendations.These states said they will continue to recommend Covid vaccines for children 6 months and older and pregnant women in accord with leading US medical associations.Some states have started rewriting statutes to no longer defer exclusively to ACIP. Colorado, for instance, has amended laws to include vaccine recommendations from major medical societies in addition to ACIP when setting the state’s policies for immunising schoolchildren.Massachusetts lawmakers are considering legislation proposed by Democratic Governor Maura Healey to empower the state’s public health commissioner to determine routine childhood immunisations in lieu of ACIP’s recommendations. Legislators in Maine have removed references to ACIP from a state vaccine access law.Osterholm said health insurers have told the Vaccine Integrity Project that they would be more likely to cover uniform vaccine recommendations, increasing pressure for alignment among various groups.“We need to come together the best we can,” Osterholm said, but “we can’t leave the ACIP or HHS recommendations as the only other source out there.” — Reuters

Bala Amarasekaran has never felt like running his world-renowned sanctuary for orphaned chimpanzees in Sierra Leone was truly work, having come to his calling only after several unexpected twists of fate.Standing in his Tacugama Chimpanzee Sanctuary not far from the capital Freetown, he tenderly patted a young ape's nose and stroked its cheek, whispering a few words of encouragement into its ear.A nearby adolescent, visibly jealous, grabbed at Amarasekaran's hand, pandering for his attention with an intense gaze.The chimps are not just Amarasekaran's life and work, but his family too. Since 1995 he has fought for them, nurtured them and preserved the oasis he created for them against an onslaught of dangers."I never feel I come to work because the chimps are a part of my life", Amarasekaran told AFP. "It's my passion, I come to see my family".In the face of armed rebel attacks during the country's civil war, mass deforestation and even Ebola, Amarasekaran has ensured the chimps' safety.In the midst of it all, Tacugama Chimpanzee Sanctuary has become the country's leading ecotourism destination and a model for environmental conservation in west Africa.The little apes in the enclosure visited by Amarasekaran had only recently arrived following traumatic life experiences.Members of the critically endangered Western chimpanzee subspecies, the orphans are often malnourished or otherwise wounded by bullets or machetes, sometimes after being sold by poachers and kept as pets.At the sanctuary, located inside the country's Western Area Peninsula National Park, they will first be rehabilitated then freed into its dozens of hectares of protected tropical rainforest, already home to 123 primates.Amarasekaran, a 64-year-old accountant by training, was by no means destined for a life protecting young apes."Well it all happened by accident," Amarasekaran said, green eyes twinkling.Amarasekaran first arrived in Sierra Leone at age 17 from Sri Lanka.In 1988, while travelling in the countryside with his wife, Sharmila, the newlyweds were shocked to discover a baby chimpanzee tied to a village tree, malnourished and dehydrated."We took the chimp, otherwise he would have died," Amarasekaran said, and once home "we actually looked after him like a child".Bruno, as he was named, would live with Amarasekaran for almost seven years until the sanctuary was built.The couple was astounded by the ape's emotions, and discovered that chimps had "the same kind of demands in terms of affection" as humans, Amarasekaran said.The interspecies family grew as the Amarasekarans took in up to seven chimpanzees at a time.Despite all the love, there could be "a lot of destruction", Amarasekaran said.Sometimes the chimps would escape from the house, causing damage to neighbours' properties or stealing bread from passersby."I was public enemy number one," Amarasekaran said with a laugh, often returning home to find bills for repairs from neighbours.A REFUGE IS BORNAfter a decisive meeting with renowned primatologist Jane Goodall in 1993, Amarasekaran secured funding from the European Union and a green light from the Sierra Leone government.At the time, Amarasekaran thought he would commit one to two years to the project and then hand over the sanctuary.But that never happened."I didn't realise the chimps would become a very important part of my life," Amarasekaran said, his voice breaking with emotion.Thanks to his awareness campaign, the government declared the chimpanzee the "national animal of Sierra Leone" in 2019.Over the years the sanctuary has endured many challenges. During the country's civil war, which lasted from 1991 to 2002, the sanctuary was attacked twice by rebels and completely looted.Amarasekaran had to negotiate with the fighters to spare his staff and chimps' lives.Later, the Ebola epidemic posed an existential threat to humans and chimps alike. The centre closed for a year and caregivers moved into the facility.The same system was also put in place for several months during Covid-19.Faced with an alarming increase in deforestation and illegal encroachment on the national park where the refuge is located, Amarasekaran is taking drastic measures.Since late May he has kept the sanctuary closed in a protest meant to shock the government into action.So far however, the government has not responded, and the financial consequences for the sanctuary, which depends on tourism and donations, are weighing heavily.As a keeper it is easy to develop a special bond with a few favourite chimps, just like among humans, Amarasekaran said.He had been particularly close with Bruno, Julie and Philipp, now deceased.These days, he likes to visit with Mac, Mortes and Abu: "These are my friends", he said while smiling.As AFP accompanied Amarasekaran around the sanctuary, a roar of excitement arose from an enclosure where some of the adults were gathered.The adoring screeches seemed proof that the unique love Amarasekaran professed for his chimps goes both ways.

The world’s largest commercial passenger jet, the Airbus SE A380, enjoyed an unexpected resurgence hauling full loads of passengers when global travel rebounded after the pandemic. But keeping the ageing superjumbo safely airborne is becoming an increasingly expensive headache for airlines.Two decades after its maiden flight, regulatory bulletins ordering repairs, inspections or replacement parts for the massive four-engined plane are piling up. While some are procedural, such as a demand for timely equipment checks, others are more serious.Leaking escape slides, cracked seals and a ruptured landing-gear axle feature among 95 airworthiness directives for the A380 listed by the European Union Aviation Safety Agency since January 2020.That’s about double the number of directives for large Boeing Co aircraft in the same period.With newer, more fuel-efficient jets in short supply, airlines committed to the twin-deck A380 have little choice but to keep flying it. In its youth, the A380 was a triumph of international collaboration, with 4 million parts made by 1,500 companies worldwide. Now, in old age, the aircraft’s complexity is testing aviation’s fractured supply chains in the post-Covid era.“The A380 is a complex aeroplane whose scale does make it more demanding to maintain compared to other aircraft,” the European Union Aviation Safety Agency said in a statement. “It is very important for safety that there is no stigma attached to publishing an airworthiness directive -– safety must come first.”The agency said such directives, which mandate actions to make an aircraft safe, “can vary hugely in scope and urgency.” The volume of airworthiness directives for different planes “is not a good basis for comparison,” EASA said.However, with the capacity to carry 485 passengers or more, delays caused by mechanical failures can be costly and create a cascade of scheduling headaches. A Qantas Airways Ltd A380 on the flagship Sydney-London route broke down in Singapore on May 7 with fuel-pump problems. The onward flight to London was pushed back more than 24 hours and passengers accommodated in hotels.That was at least the second fuel-pump issue to delay QF1 in Singapore since Qantas reactivated its A380s. More recently, Qantas passengers who were due to depart Singapore on July 14 for Sydney on an A380 were delayed for days because of technical difficulties. Plans to retrieve them sooner were complicated by damage to another A380 at Sydney airport, when an aerobridge slammed into one of the engines.A British Airways A380, G-XLEB, recently spent more than 100 days in Manila. After returning to London Heathrow in mid-June, it flew just seven days of the next 30, according to Flightradar24. Still, IAG SA-owned British Airways from next year will embark on an interior upgrade program, including overhauling A380 cabins, suggesting the airline will keep flying the plane for years.For airlines using the A380, large-capacity alternatives are scarce. Boeing’s new 777X is years behind schedule and Airbus can’t make long-haul A350s fast enough. Meanwhile, A380 operators are left with an out-of-production superjumbo that will only become more needy and more expensive to run. In online aviation forums, some services are gaining a name for breakdowns, cancellations or overnight delays.In a statement, Airbus said the A380 “continues to operate scheduled services with a high level of operational reliability, standing at 99% for the global fleet over the past 12 months. Airbus is committed to providing full technical support to customers to ensure that they can optimise operations with their A380 fleets, and this will continue as long as the aircraft remains in service.”Meanwhile, A380s are taking up space and manpower in workshops around the world, exacerbating a shortage of repair facilities for the wider commercial fleet. A comprehensive check of the massive plane can consume 60,000 hours of labour, according to aircraft repairer Lufthansa Technik.Qantas is sending some double-deckers to Dresden in Germany to be overhauled; British Airways flies its to Manila for repairs; and Emirates, the world’s biggest operator of A380s, maintains some in China.Some of the aircraft’s recent faults stem from prolonged periods on the ground during the pandemic, when airlines parked their A380s in the Californian desert, central Spain or the Australian outback.An airworthiness directive from the European Union Aviation Safety Agency on May 16 ordered emergency inflatable escape slides to be replaced. Glued seams had split, probably due to exposure to moisture and heat during storage. The fault could have fatal consequences, EASA said.On April 7, EASA ordered inspections on A380s after cracked sealant was found on fittings attaching the landing gear to the wings. A directive in April last year required some landing gear axles to be replaced after a rupture on a plane that had been in storage since 2020.The future of the A380 was already in doubt when Covid-19 halted global travel in early 2020. The year before, Airbus had killed off production after underwhelming sales.When Covid-19 receded and borders reopened, the A380 suddenly found new purpose. Travel boomed and carriers including Singapore Airlines Ltd., Deutsche Lufthansa AG and Qantas once again embraced the plane’s unrivalled carrying power.In a statement, British Airways called the A380 “a vital part of our long-haul fleet. Through working closely with Airbus, we’ve seen consistent year-on-year improvements in its reliability.”Qantas said the plane “is a key part of our international network, and we’ll continue to fly them for years to come. All Qantas A380s have gone through a scheduled major maintenance overhaul in recent years, as well as significant upgrades to the cabin interiors.”Other A380 operators were reluctant to provide specific details. Asiana Airlines Inc. said “issues related to aircraft operations and maintenance are difficult to disclose externally.” Korean Air Lines Co said it “maintains its A380 fleet to the highest safety standards, in strict accordance with all regulatory requirements and manufacturer guidelines.”Singapore Airlines said its 12 A380s are important to operations but it was “unable to comment on specifics.” The company said it works closely with “Airbus and our suppliers to ensure the ongoing reliability and serviceability of our A380 fleet.”

Senegal is grappling with billions of dollars in debt that was hidden by the previous administration. Prime Minister Ousmane Sonko is expected to present a comprehensive economic recovery plan next week but the issue has also raised questions for the International Monetary Fund, which at the time was monitoring Senegal’s finances under a loan programme.What is the debt, why have the figures changed and what is next for Senegal and the IMF?In September 2024, Senegal said an audit of government finances, which had been ordered by newly elected President Bassirou Diomaye Faye, put the end-2023 budget deficit at over 10%, significantly wider than the 5% reported by the previous administration.Faye’s government ordered a further audit, and the IMF froze Senegal’s three-year, $1.8bn credit facility, which had been agreed in June 2023.Since then, Senegalese authorities have worked to determine the full scale of the debt and keep the government running in the face of curtailed resources and a lack of access to IMF funds or international bond markets.It is unclear how the off-books borrowing was spent. Current Prime Minister Sonko has accused the previous government of corruption, and there are some ongoing court cases related to alleged theft of Covid-19 funds.A Court of Auditors review in February calculated that overall debt at the end of 2023 was equivalent to 99.7% of Senegal’s gross domestic product, well above the previous figure of 74.41%. That new total implied hidden borrowing of around $7bn.But in June, provisional figures put central government debt at around 23.2tn CFA francs ($41.7bn) by end-2024, a more than 27% increase from end-2023.This translates to a 119% debt-to-GDP ratio, according to Barclay’s economist Michael Kafe, who said on June 30 that the new figure presented “new risks to the debt trajectory and likely complicates on-going talks with the IMF.”S&P Global Ratings, in its downgrade of Senegal’s credit rating this month, pegged hidden debts at around $13bn and the ratio at 118%.This would make Senegal one of the most indebted countries in Africa, placing it in a small, unenviable club alongside Zambia, Cape Verde and Sudan.Senegal is not the first case of hidden debt.Mozambique’s infamous “tuna bond” scandal is the most recent high-profile example in Africa. But at roughly $3bn, Mozambique’s secret debt is dwarfed by Senegal’s.The IMF, which has come under fire for not catching the off-books lending, said it was conducting an internal assessment and diagnostic on the issue, and would present information to its Board on how the hidden debt went undetected.In the meantime, the IMF’s executive board must approve either a waiver for misreporting or order Senegal to pay back previous programme disbursements. With a waiver, Senegal can negotiate a new programme.Few expect the IMF to order Senegal to repay, which would effectively punish the current government’s transparency. But negotiations have taken longer than expected.Senegal had hoped for a new programme by June. The IMF said a decision on the waiver was unlikely before June or July.The IMF said it plans an August mission to Senegal to address the issue and start talks on the “contours” of a new loan programme.But it also said it needs more data before it can firm up its assessment, and that it needs an agreement on key remedial measures before it can take a decision.Sources expect action on a waiver in September.Prime Minister Sonko has said next week’s economic recovery plan will “tell the Senegalese how to get the country back on its feet, point by point.”A new IMF programme would help them finance that plan, but crucially would also give foreign investors confidence to lend again. To get one, however, Senegal must demonstrate how it will return to debt sustainability.Senegal’s bonds rallied earlier this month after it said it would rebase its economy for the first time since 2018, which some investors say could push its debt-to-GDP back down into double digits, a potentially more palatable level for the IMF. The government could also attempt to reprofile debt by pushing payments further into the future but is expected to avoid a full restructuring.Senegal The US-Japan deal will put more pressure on other major Asia exporters to secure better deals due to its membership in the West African currency union UEMOA The US-Japan deal will put more pressure on other major Asia exporters to secure better deals does not have a problem sourcing the hard currency it needs to repay loans. And a restructuring could destabilise some regional banks holding its debt, which would be bad for the region. — Reuters

Russia yesterday began direct commercial flights to North Korea, in a further sign of closer ties with its Asian ally helping its offensive in Ukraine.The first Moscow-Pyongyang flight, operated by Russia’s Nordwind Airlines, took off at 1625 GMT, according to the Sheremetyevo airport’s website.It was scheduled to land in the North Korean capital some eight hours later.But initially, the route will only be serviced once a month, Russia’s transport ministry said.Nordwind Airlines — which used to carry Russians to holiday destinations in Europe before the EU imposed a ban on Russian flights — had tickets priced at 45,000 rubles ($570).“This is a historical event, strengthening the ties between our nations,” Oleg, a Nordwind employee managing the flight who did not want to give his full name, told AFP at the airport.He also declined to say how many passengers were on board.“For the first time in more than 70 years of diplomatic relations, we are launching direct flights between the capitals of our countries,” Russia’s deputy transport minister Vladimir Poteshkin was quoted as saying by the ministry’s Telegram account.Russia’s state news agency TASS reported that the first return flight from Pyongyang to Moscow would take place tomorrow.Russia and North Korea restored train links on June 17 after suspending them in 2020 during the Covid pandemic.The two countries have been forging closer military bonds in recent years, with Pyongyang supplying troops and weapons for Russia’s military operations in Ukraine.They signed a mutual defence pact last year, when Russian President Vladimir Putin visited North Korea.North Korea confirmed for the first time in April that it had deployed a contingent of its soldiers to the frontline in Ukraine, alongside Russian troops.

In the shadow of the Grand Egyptian Museum, souvenir shop owner Mona has been readying for the tourist boom she hoped the long-awaited opening would bring — now once again out of reach."I had bet everything on this opening," she told AFP from her shop, just steps from the iconic pyramids of Giza, which the much-anticipated museum overlooks.Originally scheduled to fully open this month, the museum was expected to attract up to 5mn visitors annually, fuelling optimism across Cairo's battered tourism sector."We planned our entire summer and fall packages around the museum opening," said Nadine Ahmed, a 28-year-old agent with Time Travel tours."But with group cancellations, refunds and route changes, we've lost tens of thousands of dollars." Though parts of the museum have been open for months, the main draw — the treasures of Tutankhamun — will remain under wraps until the official launch.Less than three weeks before its July 3 opening, the government announced another delay, this time pushing the landmark event to the final quarter of the year.Prime Minister Mostafa Madbouly cited regional security concerns and the desire to host an event of "global scale".The vast museum, two decades in the making, has faced repeated delays — from political upheaval and economic crises to the Covid-19 pandemic.Ahead of the expected launch, Mona, who asked to be identified by her first name only, took out a loan to renovate her store and stock up on goods inspired by the museum's collection.A few streets away, Mohamed Mamdouh Khattab, 38, prepared months in advance, hiring and training extra staff and expanding his inventory."The opening of the museum is a key milestone," said Khattab, who owns a sprawling bazaar of handcrafted jewellery and ancient replicas."It's a project that should have been launched a long time ago," said the vendor, whose family has been in the industry since the 1970s.Tourism accounts for about 10% of Egypt's workforce, but the sector has struggled — from the fallout of the 2011 Arab Spring to militant attacks and the Covid shutdown.Still, signs of recovery have emerged: Egypt welcomed 3.9mn tourists in the first quarter of 2025, up 25% from the same period last year — itself a record.At a Giza papyrus workshop, 30-year-old tour guide Sara Mahmoud hopes the opening will revive visitor numbers."Big openings have brought a lot of tourism to Egypt before," she said, pointing to the 2021 Pharaohs' Golden Parade and the reopening of the Avenue of the Sphinxes."These events get people excited — we saw the crowds coming in." Such momentum could make a real difference, said Ragui Assaad, an economist at the University of Minnesota."Any initiative that directly increases foreign exchange earnings is likely to have a good return on investment," he said."If you compare it with all the other mega-projects, which do not increase foreign exchange earnings... this is a far better project." He was referring to a sweeping infrastructure drive under President Abdel Fattah El-Sisi, including the construction of a massive new administrative capital east of Cairo.The stakes are high: since 2022, Egypt's currency has lost two-thirds of its value, squeezing household budgets and straining every layer of the economy."There were days when I sold just one bracelet," Mona lamented, thinking back to the years when "tourists arrived in droves".

New Atletico Madrid signing Johnny Cardoso said he wants to "make history" as the first player from the United States at the club. The American midfielder joined the Rojiblancos from Real Betis last week for an estimated 25mn euros. "All of this is very special and I hope to make history here as the first American to play at this club," Cardoso told Atletico's club media.The 23-year-old made his international debut in 2020 and has 22 international caps. Diego Simeone's side have rebuilt this summer after letting Saul Niguez, Axel Witsel, Angel Correa, Cesar Azpilicueta and others depart. Cardoso joined along with Alex Baena from Villarreal, Thiago Almada, Marc Pubill and Matteo Ruggeri.The midfielder highlighted some of Atletico's players he was excited to play with. "Koke is a player who I learn a lot from watching him play, (Antoine) Griezmann and Julian (Alvarez) are phenomenons. We have a lot of players here who I will enjoy being with every day and I am sure I will evolve with them."Cardoso said he was looking forward to working with Simeone. "It's very special and a unique opportunity to be coached by him," he added. "His professionalism is an example, so to be able to share, learn and have all his advice will be very special."Barca's Ter Stegen faces three months out after back surgeryBarcelona goalkeeper Marc-Andre ter Stegen is set to undergo back surgery on a long-term problem and will miss three months as a result, the Germany international said. The Spanish champions signed Espanyol goalkeeper Joan Garcia this summer, who is expected to become the team's first choice, with Wojciech Szczesny as back-up.Spanish media reported Barcelona were hoping to sell Ter Stegen, 33, who signed for the club in 2014, to help register new signings Garcia and Marcus Rashford. Last summer a long-term injury to defender Andreas Christensen allowed Barcelona to use a La Liga loophole to register playmaker Dani Olmo on a temporary basis after he signed from RB Leipzig.Neymar confronts Santos fan after late goal ruled outStriker Neymar had a heated exchange with a fan after his late goal was ruled out, condemning his club Santos to a 2-1 defeat and leaving them in the Brazilian Serie A relegation zone. The 33-year-old, who has had a frustrating time since returning to his boyhood club this year, went over to the stands at the end of the game with Internacional on Wednesday night to talk with a fan who appeared to be remonstrating with him.Videos showed Neymar agitated and gesticulating, then raising a thumbs up as a teammate ushers him away. Santos had been pushing for a comeback from two goals with Alvaro Martin Barreal scoring a minute into added time. Three minutes later, Neymar thought he had scored with a left-footed shot and celebrated in front of cheering home fans.But boos rang out across Vila Belmiro stadium as the referee ruled the ball had not crossed the line. Santos are 17th in the 20-club league, where the bottom four are relegated to Serie B at the end of the season. The former Barcelona and Paris St Germain player has had a torrid time since returning: sidelined with injury, sent off for a handball and suffering COVID-19.Barcelona's Asian tour on ropes after Japan game cancelledBarcelona have cancelled their Asian tour pre-season friendly against Japan's Vissel Kobe citing unspecified "serious contractual breaches", warning matches in South Korea could also be scrapped. The Spanish giants had been due to play J-League side Vissel Kobe on Sunday before travelling to South Korea to face FC Seoul on July 31 and Daegu FC on August 4.Vissel Kobe, for whom Barcelona and Spain great Andres Iniesta played at the end of his career, said in a statement Thursday that they were "currently investigating the situation". The tour promoters, Seoul-based company D-Drive, said that they were confident the matches in South Korea would be unaffected.

The European Central Bank left interest rates unchanged on Thursday and offered a modestly upbeat assessment of the eurozone economy, raising doubts among investors about further policy easing even while US tariff threats cloud the outlook.The ECB has cut its policy rate eight times since June 2024 after taming a surge in prices that followed the end of the Covid-19 pandemic and Russia's 2022 invasion of Ukraine.But the economy was now in a "good place" and growth is in line with projections or a "little bit better", ECB President Christine Lagarde said, bolstering market bets that the ECB may be done with cutting rates altogether.Financial markets which had fully priced in a rate cut this autumn just days ago now see only an 80% chance of a move, and even that may not come until the spring.Confirming waning appetite for rate cuts, sources close to the discussion said the bar for a move in September was high and would require weaker growth and inflation, along with lower staff projections.Lagarde herself took a more measured stance and would not be drawn into rate cut talk."We are in this wait-and-watch situation," Lagarde told a press conference. "We are in a good place because our projections point to inflation stabilising at target in the medium term."She said the ECB's baseline projection for modest growth and inflation at its 2% target continued to hold, and that most data since the June data have confirmed that outlook.Lagarde's optimistic tone even prompted some economists to look again at their own projections."We are revising our forecasts and no longer expect a final cut of the ECB deposit rate to 1.75% at the September meeting," Commerzbank economist Jorg Kramer said. "Now expect an unchanged deposit rate of 2.0% for the rest of this year and for 2026."Recent data suggest the economy is holding up well and fresh PMI surveys out on Thursday indicated an acceleration in business activity, led by a solid improvement in the dominant services industry and with manufacturing recovering.Eurozone banks have seen rising loan demand and policy uncertainty has not yet translated into an economic or market downturn even if some companies are starting to feel the pinch from tariffs in their profits.Trade negotiations still pose a risk and a final deal is far from certain, even as reports suggest that the two sides are moving closer on a possible agreement based on a 15% tariff on US imports of EU goods."We are attentive to where the negotiations are heading (but) we take the news one day at a time," Lagarde told a press conference. "The sooner this trade uncertainty is resolved, the less uncertainty we will have to deal with and that will be welcomed by many economic actors including ourselves."While the White House has dismissed the reports as speculation, 15% tariffs would be roughly halfway between the ECB's baseline and severe scenarios for the eurozone economy, presented last month, but milder than Trump's threatened 30%.The ECB's June estimate showed that higher US tariffs would result in lower growth and — depending on any EU retaliation — lower medium-term inflation in the eurozone.Even the ECB's baseline projection from June, which incorporates 10% tariffs from the US, saw price growth below 2% over the next 18 months.Lagarde acknowledged that scenario included the possibility of a temporary undershooting of the inflation target but said it was not a cause for concern."With growth holding up and inflation at target, we believe the cutting cycle is drawing to a close," Konstantin Veit, a portfolio manager at PIMCO said. "The current 2% policy rate is likely a level considered the mid-point of a neutral euro area policy range by the majority of Governing Council members."Lagarde's upbeat assessment also pushed short-dated German bond yields to their largest daily rise in two months, as traders took it as a signal that another series of rate cuts next year might be unlikely."Taking today’s meeting at face value, the bar for yet another rate cut this year has clearly been raised," ING economist Carsten Brzeski said. "Still, we think that actual inflation could come in lower than the ECB expects and hard macro data could rather disappoint over the summer."

Tesla has reported another drop in quarterly profits as CEO Elon Musk warned the company could face a few "rough" quarters following the elimination of federal tax credits for electric vehicles under President Donald Trump's big fiscal package.Musk, on an earnings conference call with analysts and investors, reiterated that Tesla's technology advantages position it for significant long-term profitability, but suggested the company's recent slump would continue or worsen in a difficult interim period until new autonomous transport ventures can be monetised.At issue is the period after the $7,500 federal tax credit for EV purchases expires on September 30, among the green tax credits zeroed out by Trump's sweeping package approved earlier this month."We probably could have a few rough quarters. I'm not saying we will, but we could," Musk said of a period that immediately follows the expiration of the US tax credit for EVs."But once you get to autonomy at scale" by the second half of 2026, "I'd be surprised if Tesla economics are not very compelling," said Musk.His comments acknowledge more short-term pain following Wednesday's results, its third straight quarter of lower profitability as the company faces intensifying electric vehicle competition and deals with backlash due to Musk's political activities.Tesla reported second-quarter profits of $1.2bn, down 16% from the year-ago level. The company in a press release emphasised ongoing efforts to lead in artificial intelligence and robotics.Revenues fell 12% to $22.5bn.Lower profits had been expected after Tesla earlier this month disclosed a decline in auto deliveries. Results were also impacted by a fall in average vehicle selling prices and higher operating expenses driven by AI and other research and development projects.Tesla did not offer an outlook on full-year vehicle production, citing shifting global trade and fiscal policies, as well as factors such as "the broader macroeconomic environment, the rate of acceleration of our autonomy efforts and production ramp at our factories."The results come on the heels of Tesla's launch last month of a robotaxi service in the Texas capital Austin, Musk's first fully autonomous offering after pushing back the timeframe many times.Musk has heavily touted Tesla's autonomous driving program, as well as the company's "Optimus" humanoid robot, which employs artificial intelligence technology.But analysts have criticised Tesla's sluggishness in unveiling new autos, while questioning Musk's commitment to an earlier goal of launching a state-of-the-art electric vehicle priced at around $25,000 to bolster the odds of mass deployment.On the call, Musk reiterated his desire for a lower-priced vehicle. Tesla's press release said the company began building "a more affordable model" in June, with volume set to rise in the second half of 2025.Tesla executives said they had pushed back the ramp-up on the new vehicle in order to maximise production of the company's current generation of autos before the federal tax credit expires.The worsening near-term outlook for EV sales is one reason analysts at JPMorgan Chase call Tesla's stock price "completely divorced from increasingly deteriorating fundamentals." But analysts at Morgan Stanley rate the company a "top pick" in light of its leadership in robotics and artificial intelligence, although a recent note warned Musk's political activity "may add further near-term pressure" to shares.Disagreements over Trump's fiscal package have been a factor in Musk's recurring feud with the president, whose name was not mentioned during the 60-minute conference call.The billionaire donated huge sums to Trump's successful 2024 presidential campaign and then joined the administration to lead the "Department of Government Efficiency," which cut thousands of government jobs, sparking boycotts and vandalism that tarnished the Tesla brand.Musk left the White House in May.BlackstoneBlackstone beat second-quarter profit expectations on Thursday on strong gains in its credit and private equity businesses and a pickup in performance-related fees tied to perpetual capital funds.Shares of the world's largest alternative asset manager rose nearly 3% before the open and were on track to turn positive for the year if gains hold.Even though tariffs uncertainties remain a source of concern for the economy, resilient investors have propelled equity markets to record highs, enabling large asset managers such as Blackstone to capitalise.Asset sales in the credit and insurance segment were $10bn, while the company also sold $7.3bn of private equity assets. It had $181.2bn of capital available for deployment.Fee-related performance revenue more than doubled to $472.1mn, powered by a 16% growth in perpetual capital assets under management.Perpetual capital refers to long-term assets under management that does not have a fixed end date and cannot typically be redeemed by investors on demand.Distributable earnings, which represent cash that can be used to pay dividends, grew 25% to $1.6bn, or $1.21 per share, for the three months ended June 30.It exceeded analysts' expectation of $1.10, according to data compiled by LSEG.Blackstone has said it remains capable of executing deals even in uncertain environments, underscoring its resilience should trade tensions escalate further.As of last close, Blackstone's shares were down slightly this year, compared with an 8% gain in the benchmark S&P 500 index.Inflows of $52.1bn helped push Blackstone's total AUM to $1.2tn, up 13% from a year ago.The credit and insurance segment attracted more than half of the total inflows. The unit is a key driver of Blackstone's growing influence in private credit, as more companies turn to investment firms for flexible financing.The private equity arm also recorded segment distributable earnings of $751.4mn, up 55% from a year ago.STMicroelectronicsSTMicroelectronics reported a second-quarter loss on Thursday, its first in more than a decade, falling short of market expectations as it took a $190mn hit for restructuring and impairment costs.Shares in the French-Italian chipmaker, which makes power chips for Tesla's drivetrains and eSim modules for Apple's iPhones, fell by as much as 13% — on track for their worst day since January.The company, one of Europe's largest chipmakers, posted an operating loss of $133mn for the quarter, missing the average $56.2mn profit that was forecast by analysts in an LSEG poll.STMicro said that without the $190mn in impairment, restructuring charges and other costs, the company would have registered a quarterly profit of $57mn — in line with market expectations.STMicro's heavy reliance on in-house manufacturing, representing about 80% of sales, has burdened it with underused factories and high staff costs when the market slows, unlike rivals Infineon and NXP that use more contract manufacturing, analysts say.Chipmakers exposed to the struggling automotive, industrial, and consumer chip markets such as STMicro, Texas Instruments, or NXP have faced a sales slump, hit by low demand, high inventories, and geopolitical disruptions."Investors probably wanted to see more recovery," analyst Utsav Sinha of AlphaValue said in an e-mailed comment about Thursday's earnings report.STMicro's CEO Jean-Marc Chery was more upbeat about the outlook for the rest of the year."If we have a booking dynamic in Q3 on a similar path of what we have seen in Q2 and in Q1, we should expect in Q4 to grow sequentially," he said during a call with investors.Analysts said that while the stronger sales trend suggested STMicro could achieve revenue growth this year, potential US trade tariffs could cloud the outlook.In June, the company said it saw the early signs of an upcycle, or a period of increased market demand, which would allow it to hit its second-quarter revenue goal of $2.71bn.Revenue rose to $2.76bn in the second quarter from $2.52bn in the previous quarter, ahead of that target. STMicro said it is now expecting revenue in the third quarter to reach $3.17bn, ahead of analysts' expectations of $3.10bn.RepsolSpanish energy giant Repsol on Thursday reported a sharp drop in profits in the first half of 2025 caused by falling oil prices, geopolitical turbulence and Spain's huge April blackout.The €603mn ($709mn) of profit was 62.9% lower than in the same period last year, Repsol said in a statement.Adjusted income, an indicator that measures business performance and used as a reference by investors, stood at €1.35bn, a decline of 36.4%.Repsol cited "a global environment marked by geopolitical volatility and trade tensions", with conflicts in the Middle East and US President Donald Trump's unpredictable tariffs shaking markets in the first six months of 2025.The company also pointed to an increase in supply from the powerful OPEC+ group of oil-producing nations that depressed prices to an average of $71.90 per barrel in the period.The April 28 blackout that paralysed Spain and Portugal negatively affected the industrial business area, with Repsol "assessing potential legal actions, pending the official determination of responsibilities related to the power outage".The International Energy Agency has lowered its forecast for the growth in oil demand this year to its lowest rate since 2009, excluding the Covid-19 pandemic's impact on the world economy in 2020.France's TotalEnergies and British energy giant BP are among the other companies also hit by tumbling oil prices so far this year.ReckittConsumer goods company Reckitt raised its annual revenue forecast on Thursday after second-quarter net sales growth topped expectations, sending shares soaring, as strength in China and India offset weakness in North America and Europe.Shares jumped as much as 11% to their highest level since early 2024 and were among the biggest gainers on the pan-European STOXX 600 index.Reckitt is pivoting to focus on its 11 so-called "power brands" under CEO Kris Licht, as the sector is faced with weak demand and fierce competition.The company reported like-for-like quarterly net revenue growth of 1.9%, above the 1.7% forecast in a company-compiled consensus.It also announced a new £1bn share buyback over the next 12 months.Growth in North America and Europe lagged expectations, hit by a challenging consumer environment and the expected shelf reset of its flu medicine Mucinex due to reformulation.Licht said there was some stabilisation in those regions in the second quarter, but consumption remained "suppressed"."Even though consumption is a bit lower in our categories, we're still seeing some growth, and people are still spending. It's just much more measured," he said, referring to North America and Europe.But strong sales in China, India and good growth in Brazil, Colombia, Indonesia and Malaysia made up for weakness in developed markets.Chinese consumers were responding well to new innovation behind the Dettol brand, Licht said.Reckitt raised the like-for-like 2025 net revenue growth forecast for its core business to above 4%, from a 3% to 4% range previously."A beat and raise is a rare occurrence in this market," said analysts at JPMorgan in a note.Reckitt now expects overall group like-for-like net revenue growth of 3% to 4% for the year, up from the previous 2% to 4%.The share price was last up 9%, heading for its biggest one-day percentage gain since November 2008.Reckitt posted operating profit of £1.71bn ($2.32bn) for the six months ended June 30, beating analysts' average expectations of £1.66bn.Some investors worry Reckitt is more exposed than rivals to US tariffs due to lower US manufacturing capacity compared to Haleon and Unilever.SK hynixSouth Korean chip giant SK hynix reported record quarterly profits on Thursday thanks to soaring demand for artificial intelligence.The world's second-largest memory chip maker dominates the market for high-bandwidth memory (HBM) semiconductors and is a key supplier for US titan Nvidia.The firm said operating profit climbed almost 70 % to 9.2tn won ($6.7bn) in the second quarter, with revenues coming in at 22.2tn won — both all-time peaks.It comes after Taiwan chip giant TSMC last week announced a surge in net profit for the second quarter, topping forecasts, thanks to robust demand for AI technology, despite the threat of US tariffs on the critical sector.SK hynix also said net profit was up close to 70% on-year, at nearly 7tn won."Aggressive investment by global big tech companies into AI led to a steady increase in demand for AI memory," it said in a statement.Shipments of DRAM and NAND flash — other types of computer memory — topped forecasts, boosting the bottom line."SK hynix foresees that increasing competition among big tech companies to enhance inference of AI models would lead to higher demand for high-performance and high-capacity memory products," the company added.South Korea is a major exporter to the US and its powerhouse semiconductor and auto industries would suffer greatly under President Donald Trump's threatened 25% tariffs.Experts attribute SK hynix's resilience to its growth in the DRAM market.NestleNestle has said its net profit fell in the first half of the year as the Swiss food giant behind Nespresso coffee capsules and KitKat chocolate bars struggles to turn around its fortunes amid sluggish consumer spending in China.The company whose brands also include Purina dog food, Maggi bouillon cubes, Gerber baby food and Nesquik chocolate-flavoured drinks, reported a 10.3% drop in first half profits to 5.1bn Swiss francs ($6.4bn).Sales, however, only dipped by 1.8% to 44.2bn francs, which was due in large part to passing on higher cocoa and coffee prices to consumers, although faced even greater headwinds from the strong Swiss currency."We are also taking decisive measures to strengthen our business in Greater China," said chief executive Laurent Freixe.The company said China, which has suffered sluggish domestic consumption amid a deflationary price environment, had a 0.7 percentage point impact on organic growth in the second quarter.Overall, the company reported 2.9% quarterly organic growth, which strips out currency effects and other elements to measure performance.Nestle warned China would continue to weigh on growth as it invested to turn around its performance.Nestle made a surprise switch of its chief executive least year amid soft spending by consumers for food and household goods.Nestle's share price slumped by nearly a quarter last year, raising concerns in Switzerland, where pension funds invest heavily in the company.The company launched a number of measures to boost its product offering and cut costs.That was reflected in better organic growth in the second quarter compared to the same period last year, and Nestle said that it was expected to continue for the rest of the year.Nestle said it was maintaining its 2025 guidance "despite factoring in increased headwinds".It aims for an underlying trading operating profit margin of at least 16% this year, compared to 17.2% in 2024. It came in at 16.5% in the first half of the year.Deutsche BankDeutsche Bank on Thursday reported its highest second-quarter profit since 2007 and said it was on track to meet annual targets, sending shares in Germany's biggest lender soaring.From April to June, net profit attributable to the group's shareholders came in at €1.48bn ($1.74bn), driven by its investment banking and asset management units.Analysts surveyed by financial data firm FactSet had expected a figure of €1.34bn.In the same quarter last year, Deutsche Bank had booked its first quarterly loss since 2020 due to litigation costs linked to the troubled takeover of a smaller lender.Thursday's result "puts us on track to meet our 2025 targets", said CEO Christian Sewing. The group is aiming to substantially cut costs this year, and said its results so far showed it was achieving this.Revenues rose to €7.8bn in the second quarter, with increases of 3% at its investment banking unit and 9% at its asset management division.The retail banking division saw revenues increase by 2%. The unit is undergoing a restructuring and Sewing announced in March that 2,000 jobs would be cut at the division.Corporate banking revenues were down by 1%, affected by exchange rate fluctuations. The euro has risen strongly this year against the dollar, impacting Deutsche Bank as it converts money earned in the US unit back into euros.Deutsche Bank has undergone major restructuring in recent years, seeking to rely more on retail and corporate banking after an aggressive shift in the early 2000s into investment banking drew it into multiple scandals.TotalEnergiesTotalEnergies said on Thursday its net profit plunged in the second quarter despite increased output as global oil and gas prices dropped.Despite the 29% year-on-year drop in net profit in the second quarter to $2.7bn, the French firm called its performance "robust".It kept its revenue drop to 7.6%, to $49.6bn, below the 10% fall in the price of Brent crude oil, the international benchmark.That was thanks in part to a 2.5% boost in output, to an average 2.5mn barrels of oil equivalent in the second quarter."TotalEnergies delivered robust financial results in the second quarter," chief executive Patrick Pouyanne said in a statement."TotalEnergies continued to successfully execute its balanced multi-energy strategy, supported by sustained growth in hydrocarbon and electricity production," he added.The company confirmed a second interim dividend of €0.85 per shares, an increase of almost 7.6% from last year, and up to $2bn in share buybacks in this quarter.Emirates NBDEmirates NBD's shares slipped on Thursday after Dubai's biggest bank by assets reported a 9% fall in first-half net profit, as lower recoveries and a higher tax rate impacted the lender's results.The bank posted a net profit of 12.5bn dirhams ($3.40bn) in the six months to June 30, down from 13.8bn over the same period in 2024.Shares in the bank were down 1.9% at 0615 GMT. The stock remains up 21% since the start of the year.ENBD, majority-owned by Dubai's government, said recoveries in the first half of 2025 were down by 2bn dirhams, which compared with "very strong recoveries" last year, the bank said in a statement.UAE banks have been benefitting from steady economic growth, rising demand for credit and government-driven investment in non-oil sectors in recent years.In Dubai, the Gulf's tourism and financial hub, a business-friendly environment has attracted a slew of companies and high-net-worth clients, contributing to a spike in real estate prices.However, ENBD said on Thursday that while in the first half, "property transactions in Dubai were higher compared with 2024", price growth "is moderating." Ratings agency Fitch expects a correction in real estate prices in the second half and in 2026, as new builds come to the market, it said in May.ENBD's total assets reached 1.09tn dirhams as of end-June, up 17% from a year earlier, with both net interest income and non-funded income rising by double digits.The bank's total gross loans rose 12% to 570bn dirhams in the first six months, with nearly half of the increase coming from international operations.They were outpaced by deposits, which grew 18% to 737bn dirhams.AlphabetGoogle-parent Alphabet on Wednesday reported quarterly profits that topped expectations, saying artificial intelligence has boosted every part of its business.Alphabet's second-quarter profit of $28.2bn — on $96.4bn in revenue — came with word that the tech giant will spend $10bn more than it previously planned this year on capital expenditures, as it invests to meet growing demand for cloud services."We had a standout quarter, with robust growth across the company," said Alphabet chief executive Sundar Pichai. "AI is positively impacting every part of the business, driving strong momentum."Revenue from search grew double digits in the quarter, with features such as AI Overviews and the recently launched AI mode "performing well," according to Pichai.Ad revenue at YouTube continues to grow along with the video platform's subscription services, Alphabet reported.Alphabet's cloud computing business is on pace to bring in $50bn over the course of the year, according to the company."With this strong and growing demand for our cloud products and services, we are increasing our investment in capital expenditures in 2025 to approximately $85bn and are excited by the opportunity ahead," Pichai said.Investors have been watching closely to see whether the tech giant may be pouring too much money into artificial intelligence and whether AI-generated summaries of search results will translate into fewer opportunities to serve up money-making ads.The Internet giant is dabbling with ads in its new AI Mode for online search, a strategic move to fend off competition from ChatGPT while adapting its advertising business for an AI age.The integration of advertising has been a key question accompanying the rise of generative AI chatbots, which have largely avoided interrupting the user experience with marketing messages.However, advertising remains Google's financial bedrock."Google is doing well despite tariff headwinds and rising AI competition in search," said eMarketer principal analyst Yory Wurmser. "It's also successfully monetising AI Overviews and AI Mode, a good sign for the future."Google and rivals are spending billions of dollars on data centres and more for AI, while the rise of lower-cost model DeepSeek from China raises questions about how much needs to be spent.Meanwhile the online ad business that generates the cash Google invests in its future could be neutered due to a defeat in a US antitrust case.During the summer of 2024, Google was found guilty of illegal practices to establish and maintain its monopoly in online search by a federal judge in Washington.The Justice Department is now demanding remedies that could transform the digital landscape: Google's divestiture from its Chrome browser and a ban on entering exclusivity agreements with smartphone manufacturers to install the search engine by default.

India will resume issuing tourist visas to Chinese citizens from July 24 this year, its embassy in China said yesterday, the first time in five years as both countries move to repair their rocky relationship.In a statement, India’s embassy in China said that Chinese citizens can apply for a tourist visa to India after completing an online application, scheduling an appointment and personally submitting their passport and other required documents to the Indian Visa Application Centres in Beijing, Shanghai, and Guangzhou, in South China’s Guangdong Province.“Please be informed that all passport withdrawal requests for applications submitted in India Visa Application Centre in Beijing must be accompanied by a passport withdrawal letter..,” the statement added.Tensions between the two countries escalated following a 2020 military clash along their disputed Himalayan border. In response, India imposed restrictions on Chinese investments, banned hundreds of popular Chinese apps and cut passenger routes.China suspended visas to Indian citizens and other foreigners around the same time due to the Covid-19 pandemic but lifted those restrictions in 2022, when it resumed issuing visas for students and business travellers.Tourist visas for Indian nationals remained restricted until March this year, when both countries agreed to resume direct air service.Relations have gradually improved, with several high-level meetings taking place last year, including talks between Chinese President Xi Jinping and Indian Prime Minister Narendra Modi in Russia in October. China’s foreign ministry spokesperson Guo Jiakun said yesterday that Beijing had noted the positive move. “China is ready to maintain communication and consultation with India and constantly improve the level of personal exchanges between the two countries,” he said.India and China share a 3,800km border that has been disputed since the 1950s. The two countries fought a brief but brutal border war in 1962 and negotiations to settle the dispute have made slow progress.Earlier this year, India and China explored ways to rebuild ties and agreed to initiate efforts to promote people-to-people exchanges, including arrangements for resumption of direct flights.

Peres Jepchirchir said she was relishing her imminent return to Japan for the first time since storming to Olympic marathon gold at the Covid-delayed Tokyo Games in 2021.Jepchirchir has been named as one of three Kenya women in the marathon squad for the World Athletics Championships in Tokyo on September 13-21. The other athletes include the current Rotterdam marathon champion Jackline Cherono and Magdalyne Masai, who was fourth in this year's Tokyo marathon.Jepchirchir, 31, a two-time half world marathon champion, overcame intense heat to take gold at the Tokyo Olympics in August 2021, beating fellow Kenyan and former world marathon record-holder Brigid Kosgei. "I am happy with the confidence the Kenyan selectors have had in me despite the disappointment in the Paris Olympics," she told AFP in Nairobi."It's my first time to compete in the World Championships, and I'm looking forward to it," she added. "We know Ethiopia have selected a strong team and they're the defending champions. But I believe in the Kenya team and I pray God will give us health and strength that day to face them."The women's marathon will be held on September 14, followed by the men's race a day later. The Kenyan men's team is led by Vincent Kipkemoi Ngetich, whose best time is 2:03:13, which he recorded while making his debut in the 2023 Berlin marathon when he finished second to Eliud Kipchoge.Kipchoge, the two-time Olympic champion, will not take part in Tokyo.Kenya's 58-member teamWomen: 400m - Mercy Oketch; 800m - Mary Moraa, Lilian Odira, Vivian Kiprotich, Sarah Moraa; 1500m - Faith Kipyegon, Nelly Chepchirchir, Susan Ejore, Dorcas Ewoi; 5000m - Faith Kipyegon, Beatrice Chebet, Agnes Jebet Ngetich, Margaret Ekidor; 10000m - Beatrice Chebet, Agnes Jebet Ngetich, Janeth Chepngetich; 3000m S/Chase - Faith Cherotich, Doris Lemngole, Pamela Kosgeil; Marathon - Peres Jepchirchir, Jackline Cherono, Magdalyne Masai, Vivian Cheruiyot (Reserve); 4x400 Mixed Relay - Mercy Chebet, Lanoline Aoko, Esther MbagariMen: 100m - Ferdinand Omanyala; 400m - George Mutinda,Brian Tinega, Kevin Kipkorir; 800m - Emmanuel Wanyonyi, Nicholas Kiplangat Kebenei, Kelvin Loti; 1500m - Phanuel Kipkosgei Koech, Reynold Cheruiyot, Timothy Cheruiyot; 5000m - Nicholas Kipkorir; 10000m - Edwin Kurgat, Ismael Kipkirui, Benson Kiplangat; 3000m S/C - Edmund Serem, Simon Kiprop Koech, Abraham Kibiwott; 400m Hurdles - Wiseman Were; Marathon - Vincent Kipkemoi Ngetich, Erick Kiplangat Sang, Kennedy Kimutai, Hillary Kipkoech (reserve); Javelin - Julius YegoAthletics unit provisionally suspends another Kenyan athleteThe Athletics Integrity Unit (AIU) provisionally suspended another Kenyan athlete , just days after top runner Ruth Chepngetich received a suspension on suspicion of doping. Roncer Kipkorir Konga, 30, is best known for his victory at the Prague half-marathon in 2023 with a time of 59:43."The AIU has provisionally suspended Roncer Kipkorir Konga (Kenya) for Presence/Use of a Prohibited Substance (Testosterone)," according to a statement, posted on X.It did not give any further details. The provisional ruling comes after Chepngetich, 30, was suspended after testing positive for the banned diuretic hydrochlorothiazide on March 14, according to the AIU.It threatens to destroy a career that has seen her win the 2019 world marathon title in Doha and set the marathon world record in Chicago last October at 2hr 09min 56sec, making her the first woman to run the distance under 2hr 10min. Kenya worked to clean up its image after a string of doping scandals around the 2016 Rio Olympics led to it being declared non-compliant by the World Anti-Doping Agency. Nearly 130 Kenyan athletes, mainly long-distance runners, have been sanctioned for drugs offences since 2017, and Kenya has put in place a $25 million, five-year programme to attempt to combat the problem.Ireland's first female track-and-field Olympian Kyle dies at 96Maeve Kyle, Ireland's first female track-and-field Olympian, has died at the age of 96, the Olympic Federation of Ireland said. Kyle, who also earned more than 50 caps for the Irish national hockey team, appeared in the Melbourne 1956 Olympics, competing in the 100m and 200m races, becoming the first Irishwoman to compete in the discipline at the Games."She competed at three consecutive Olympic Games... at a time when women had to overcome huge prejudice and when opportunities in international athletics were extremely limited," the OFI said in a statement. Kyle reached the semi-finals in both 400m and 800m races at the Tokyo Olympics in 1964. She won bronze in 400m at the European Indoor Athletics Championships two years later."We have lost a legend of Irish Olympic sport who rose to the top despite huge challenges in 1950s Ireland. She was an inspiration to us all," said OFI President Lochlann Walsh.