Author: ALJAZEERA

A series of new executive orders seeks to fast-track approvals to grow the US’s nuclear energy sector, a lengthy process.United States President Donald Trump has signed a series of new executive orders aimed at boosting nuclear energy production in the country, while rolling back regulations. Friday’s orders, signed by Trump at an Oval Office event, called on the nation’s independent Nuclear Regulatory Commission to cut down on regulations and fast-track new licences for reactors and power plants. One order requires the body to make decisions on new nuclear reactors within 18 months. That would severely pare down a process that…

The DOJ is expected to have a written agreement with Boeing in place by the end of next week.The US Department of Justice (DOJ) has struck a deal in principle with Boeing to allow it to avoid prosecution in a fraud case stemming from two fatal 737 MAX plane crashes that killed 346 people, a harsh blow to the families of the victims. Boeing will pay more than $1.1bn, including the fine and compensation to families, and more than $455m to strengthen the company’s compliance, safety, and quality programmes, the DOJ said on Friday. The aircraft maker also agreed to…

The administration of United States President Donald Trump has taken its first concrete action to deliver sanctions relief for Syria, following a surprise policy pivot earlier this month. On Friday, the US Department of the Treasury announced sweeping relief to an array of individuals and entities, which it said will “enable new investment and private sector activity consistent with [Trump’s] America First strategy”. The US State Department, meanwhile, concurrently issued a waiver to a 2019 law, the Caesar Syria Civilian Protection Act, that would “enable our foreign partners, allies, and the region to further unlock Syria’s potential”. In a statement,…

Investors interpreted Trump’s comments to mean Nippon Steel had received his approval for its takeover of US Steel.United States President Donald Trump has expressed support for Nippon Steel’s $14.9bn bid for US Steel, saying their “planned partnership” would create jobs and help the US economy. Shares of US Steel soared 21 percent on Friday after Trump’s comments as investors interpreted the president’s post on Truth Social to mean Nippon Steel had received his approval for its long-planned takeover, the last major hurdle for the deal. “This will be a planned partnership between United States Steel and Nippon Steel, which will…

The group said it would call for analysis on international supply chain resilience.Finance ministers and central bank governors from the Group of Seven (G7) democracies have pledged to address “excessive imbalances” in the global economy and said they could increase sanctions on Russia. The G7 announced the plan on Thursday as the officials, who met in the Canadian Rocky Mountains, said there was a need for a common understanding of how “non-market policies and practices” undermine international economic security. The document did not name China, but references by the United States and other G7 economies to non-market policies and practices…

Disruption from the ‘highly sophisticated and targeted cyber attack’, first reported around Easter weekend, continues.British retailer Marks & Spencer estimates that a cyberattack that stopped it from processing online orders and left store shelves empty will cost it about 300 million pounds ($403m). The company said in a business update (PDF) on Wednesday that disruption from the “highly sophisticated and targeted cyber attack,” which was first reported around the Easter weekend, is expected to continue until July. Online sales of food, home and beauty products have been “heavily impacted” because the company, popularly known as M&S, had to pause online shopping. The…

Elon Musk has claimed a turnaround in Tesla sales after a slump even as Starlink, the internet service provider that he owns, is growing.Elon Musk has said he is committed to staying on as Tesla’s CEO for at least another five years, weeks after the electric vehicle maker’s chair dismissed reports that the board had approached executive search firms about finding his successor. Having reasonable control of Tesla was the most important factor in staying on as head of the company, Musk said on Tuesday at an economic forum in Qatar. “Yes, no doubt about that at all,” Musk said…

Despite slowdown, data points to reliance of Chinese economy in the face of Donald Trump’s tariffs.China’s industrial output and retail sales growth have slowed amid trade tensions with the United States. Factory output grew 6.1 percent year-on-year in April, down from a 7.7 percent rise in March, data released by China’s National Bureau of Statistics showed on Monday. While down compared with the previous month, the figure beat analysts’ expectations. Analysts polled by the Reuters and Bloomberg news agencies had respectively forecast growth of 5.5 percent and 5.7 percent. Retail sales grew 5.1 percent year-on-year, slower than the 5.9 percent growth recorded…

United States House Republicans’ “big, beautiful bill”, a wide-ranging tax and spending legislation, is at a crucial moment. The nearly 400-page legislation proposes sweeping changes which include extending the 2017 tax cuts, slashing taxes for businesses and individuals, and enacting deep cuts to social programmes like Medicaid and SNAP. While Republicans tout the bill as a boon for economic growth and middle-class relief, nonpartisan analysts warn it could add trillions to the national debt and strip millions of Americans of medical and food assistance. The bill will be voted on by the House Budget Committee today and, if passed, will…

Saudi and Qatari payments settle Syria’s arrears, allowing World Bank and IMF to re-engage.The World Bank says it will restart operations in Syria following a 14-year pause after the country cleared more than $15m of debt with financial backing from Saudi Arabia and Qatar. The United States-based institution announced on Friday that Syria no longer has outstanding obligations to the International Development Association (IDA), its fund dedicated to low-income countries. Earlier this week, Saudi Arabia and Qatar paid off Syria’s outstanding debts of approximately $15.5m, paving the way for renewed engagement with international financial bodies. “We are pleased that the…