Former UK PM Sunak joins Goldman Sachs as adviser, Financial Times reports
(Reporting by Niket Nishant in Bengaluru; Editing by Tasim Zahid)
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Khaleej Times
6 hours ago
- Khaleej Times
Palace mull legal steps after losing appeal over Europa League demotion
Crystal Palace said on Tuesday they are seeking legal advice on possible next steps after the Court of Arbitration for Sport dismissed the club's appeal against UEFA's decision to demote them from the Europa League to the Conference League. European soccer's governing body made the decision over Palace's multi-club ownership rule breach because at the time of assessment on March 1 the John Textor-founded Eagle Football Group were majority owners of fellow Europa League side Olympique Lyonnais and also held shares in Palace. US businessman Textor's Eagle Football Holdings sold their stake in Palace last month. However, CAS upheld Uefa's ruling on Monday, and dismissed Palace's argument that the club received unfair treatment in comparison to Lyon and Nottingham Forest, with the latter replacing them in the Europa League. "The decision by UEFA and followed by the Court of Arbitration for Sport shows that sporting merit is rendered meaningless," Palace, who had qualified for the Europa League as FA Cup winners, said in a statement. "It appears that certain clubs, organisations and individuals have a unique privilege and power ... while we respect the CAS tribunal members, the process is designed to severely restrict and, in our case, make it almost impossible to receive a fair hearing. "UEFA's decision has wider implications for the governance of the sport. A combination of poorly conceived regulations and their unequal application means our brilliant fans will be deprived of the chance to watch this team compete in the Europa League for the first time in our history." Uefa and CAS were not immediately available to comment. Palace said the European Court of Justice's ruling earlier this month, which allows national courts to conduct in-depth reviews of arbitral awards by CAS to ensure they are compliant with EU law, will ensure greater scrutiny of sport's top court. "Only then will fairness and due process be granted to every team," Palace added. "Although we continue to take legal advice on the next steps, we will compete in the Conference League." Palace, who won the Community Shield on Sunday with victory over Premier League champions Liverpool on penalties, are in the Conference League qualifying playoff round later this month.
Zawya
9 hours ago
- Zawya
UAE, Finland sign MoU to strengthen cooperation in meteorology, polar research
Helsinki: Dr. Abdulla Al Mandous, Director-General of the National Centre of Meteorology (NCM) and President of the World Meteorological Organisation (WMO), and Professor Petteri Taalas, Director-General of the Finnish Meteorological Institute (FMI), have signed a Memorandum of Understanding (MoU) to strengthen cooperation in meteorology and polar research. The signing took place during an official visit by an NCM delegation to Helsinki, the capital of Finland, marking a significant step forward in enhancing bilateral cooperation in meteorology, polar research, and the development of joint scientific initiatives, as part of the growing strategic partnership between the two countries. The MoU aims to solidify institutional collaboration between both sides in scientific and operational meteorological initiatives, with a focus on exchanging expertise and best practices, particularly in polar research, which is a key priority on the UAE's scientific agenda. It also aligns with the UAE's vision through the Emirates Polar Programme, which seeks to establish Emirates Research Labs in both the Arctic and Antarctica, supporting the country's active contribution to the global scientific research community. Dr. Abdulla Al Mandous said, 'The signing of this MoU with the Finnish Meteorological Institute marks a significant step in strengthening the UAE's scientific and research capabilities in meteorology and polar studies. We remain committed to collaborating with international partners and exchanging knowledge and expertise, guided by the principles of equality and mutual benefit. This collaboration will contribute to a deeper understanding of climate change and support the development of innovative solutions to global environmental challenges. Such efforts will open new avenues for researchers and scientists from both countries and reinforce the UAE's growing role as a key player in global polar research.' The MoU encompasses several areas of cooperation, including the integration of FMI's advanced space weather services, which will significantly enhance capabilities in this research area and open new opportunities for AI-driven data analysis and operational forecasting. The partnership also paves the way for scientific applications that benefit vital sectors such as agriculture, aviation, maritime navigation, and disaster risk management. During the visit, Dr. Al Mandous also participated in several technical meetings and extensive discussions with Finnish partners, focusing on plans to establish Emirates Research Labs in polar regions, develop joint research infrastructure, and facilitate the exchange of scientists and researchers between the two countries. The discussions also explored mechanisms to support field research in polar environments and to launch collaborative projects aimed at understanding climate change and its impact on ecosystems and human societies. Discussions also addressed the ongoing reform process within the World Meteorological Organisation (WMO), where Dr. Al Mandous emphasised the importance of updating international operational frameworks to collectively support the evolving needs of the global meteorological community. He also stressed the need to strengthen sustainable financial support for relevant UN agencies, especially amid current financial challenges that may hinder the implementation of critical programmes. Dr. Al Mandous noted that effective international cooperation is key to ensuring the continuity and advancement of meteorological services across the globe. Prof. Petteri Taalas said, 'At FMI, we greatly value our partnership with the UAE, which has demonstrated a strong commitment to supporting scientific research in climate and weather-related fields. This MoU provides a practical framework for exchanging expertise and launching joint research projects, including polar studies and space weather services, which will enhance global forecasting capabilities and deepen our understanding of climate change. We look forward to a productive and impactful collaboration that benefits the international scientific community as a whole.' This collaboration demonstrates the strength of bilateral relations between the UAE and Finland and underscores both countries' commitment to advancing scientific partnerships that support sustainable development goals and global efforts to tackle climate challenges. It further reinforces the UAE's standing as a leading contributor to polar research and highlights its growing presence on the international scientific stage as a nation dedicated to innovation and knowledge exchange. The MoU marks a significant milestone in the longstanding partnership between the UAE and Finland, as both nations continue to expand their scientific and technical partnership to build advanced national and global capacities aimed at tackling current and future environmental and climate challenges.
Zawya
11 hours ago
- Zawya
Currency markets brace for US inflation data
Currency markets were in a holding pattern on Tuesday ahead of U.S. inflation data - important for Federal Reserve policy expectations - with traders' caution capping the pound's gains after UK jobs data and the Australian dollar's losses. A moderate reading on U.S. price pressures could cement bets for a Fed rate reduction next month, which increased after last week's soft payrolls data. But if signs emerge that U.S. President Donald Trump's tariffs are stoking inflation, that could pressure the central bank to stay on hold, though the bar for that is higher. That in turn would fuel further tensions with Trump, who has urged the Fed to cut rates. Economists polled by Reuters expect core CPI to have risen 0.3% in July, pushing the annual rate higher to 3%, and traders currently put the odds of a quarter-point rate cut on September 17 at about 89%, and are fully pricing two such cuts by year end. "The $1 million question for the market (is) does CPI today matter for the Fed in September and beyond," said Kenneth Broux, head of corporate research FX and rates at Societe Generale. He said given market pricing, "it's a big ask for today's CPI and the one next month to challenge the dovish set-up". Ahead of the data, due at 1230 GMT, the dollar was up 0.2% against the yen at 148.43, while the euro was marginally softer at $1.1609. Sterling was among the bigger movers, up 0.2% on the dollar at $1.3460 after data that showed Britain's jobs market weakened further, albeit more slowly, while wage growth stayed strong - the latter underscoring why the Bank of England is so cautious about cutting interest rates. The numbers ought not to cause the Bank of England to accelerate the speed of its rate cuts. The BoE cut rates only last week in a tight 5-4 vote. Sanjay Raja, chief UK economist at Deutsche Bank, said there were "marginal positives" in the data and there was nothing to suggest labour market loosening was accelerating, but he added "we aren't out of the woods yet". He expects the BoE to continue loosening policy gradually. The Australian dollar fetched $0.6493, down 0.3%, after the Reserve Bank of Australia's widely-expected decision to cut rates by a quarter point. The central bank cited a slowdown in inflation and a looser labour market, though it was cautious on prospects for further easing. "We remain of the view that a follow-up cut in November is more likely than not, with the cash rate to then stay at 3.35% for an extended period," said Adam Boyton, head of Australian economics at ANZ, in a note. Currency markets largely ignored Trump's decision to extend a pause in sharply higher tariffs on Chinese imports for another 90 days, as widely expected. With the U.S. and China seeking to strike a deal averting triple-digit import tariffs, a U.S. official told Reuters that chip makers Nvidia and AMD had agreed to allocate 15% of China sales revenues to the U.S. government, aiming to secure export licences for semiconductors. China's yuan was flat at 7.195 per dollar in offshore trading. Cryptocurrency bitcoin was flat around $118,400, after climbing as high as $122,308.25 on Monday, taking it close to the all-time peak of $123,153.22 from mid-July. (Reporting by Kevin Buckland in Tokyo and Alun John in London; Editing by Kim Coghill, Mark Potter and Emelia Sithole-Matarise)
