Latest news with #UNTradeandDevelopment
Yahoo
29-04-2025
- Business
- Yahoo
First-of-its-kind ship makes history with inaugural voyage: 'A better future'
In what could be a pivotal moment for the future of sustainable shipping, the world's first ammonia-powered ship arrived at London's Canary Wharf in March 2025. According to Sustainable Times, the Fortescue Green Pioneer set out from Singapore in January and completed a journey of over 12,000 nautical miles after calling at Southampton for inspections. After being given the all-clear by authorities, the ship's company hopes that the tour will demonstrate the viability of ammonia for use in low-carbon shipping fuel. Fortescue's executive chairman and founder, Andrew Forrest, told Sustainable Times: "This will not only deliver a better future for the planet but accelerate a reduction in shipping costs through the widespread adoption and scaling of renewable energy." The UN Trade and Development noted that shipping accounts for roughly 3% of harmful planet-warming gas pollution worldwide. The massive cargo ships that carry out the bulk of global trade need vast amounts of fuel. Heavy fuel oil (HFO) is the most common type, which powers about 60% of the world's large ocean-going vessels, per Forbes. HFO is incredibly toxic, and its density makes it much harder to clean up after a spill. Despite the controversy, it is still widely used because it is the cheapest form of heavy-duty fuel that is widely available. Greener alternatives have been hard to come by until now. For example, hydrogen alone is extremely difficult to store and transfer over long distances. However, ammonia, a compound of hydrogen and nitrogen, can be liquified, stored, and transported much more easily, as the U.S. National Science Foundation observed. Ammonia is just one of several areas of promising research into alternative fuel sources. While the inaugural journey is promising, there are still some key hurdles to be overcome for it to be viable at scale. Would you want EV-charging roads installed in your town? Sign me up Depends how much it costs No way I'm not sure Click your choice to see results and speak your mind. Research from MIT, published in the Environmental Research Letters journal, found that ammonia as a fuel poses key health risks that will require careful management in the future. "We find that the public health impacts of switching from fossil fuel to ammonia depends largely on the technology and policy choices," the study detailed. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Zawya
28-04-2025
- Business
- Zawya
UNCTAD expects global growth to slow to 2.3% in 2025 as trade, economic policy uncertainty erode business, investor confidence
GENEVA: Global growth is forecast to slow to 2.3% in 2025, slipping below the 2.5% threshold often associated with a global recession, UN Trade and Development (UNCTAD) said in its latest report. This marks a sharp deceleration compared to already sluggish pre-pandemic growth rates. UNCTAD warns that rising uncertainty is weighing heavily on the global economy. Trade tensions are escalating, with recent tariff hikes undermining predictability. Rising fragmentation, if left unchecked, could deepen the downturn. Trade policy uncertainty, now at historic highs, is eroding business confidence and reshaping global trade patterns. Manufacturers and investors are delaying decisions, reassessing supply chain strategies and stepping up risk management efforts. After a temporary surge at the end of 2024, merchandise trade momentum is fading, with the Shanghai Containerized Freight Index dropping by 40% between January and March 2025, falling back to pre-pandemic levels. Record-high economic policy uncertainty is also fuelling financial turbulence. In early 2025, the Economic Policy Uncertainty Index reached its highest level this century, surpassing peaks during the 2008 financial crisis and the COVID-19 pandemic. In early April, markets saw sharp corrections and heavy losses after weeks of volatility. The so-called financial 'fear index' – a gauge of US stock market volatility – reached its third-highest level on record, behind only the peaks seen during the pandemic and global financial crisis. Heightened uncertainty is pushing up bond yields, reflected in a rising "term premium" – extra compensation investors demand for holding long-term debt. This is raising financing costs for governments, households and firms, putting further upward pressure on global interest rates and complicating prospects for developing economies. The slowdown will affect all economies, but UNCTAD highlights particular risks for developing countries. Many low-income economies face a 'perfect storm' of tighter financial conditions, high external debt and weakening domestic growth. More than half of low-income countries – 35 out of 68 – are now in debt distress or at high risk, according to the International Monetary Fund. Persistently high bond yields in advanced economies, alongside tighter US monetary policy, are expected to crowd out financial flows to developing countries. Investor caution is redirecting capital toward assets and markets perceived as 'safer', further straining financing for the Global South. Despite the headwinds, opportunities exist. Trade among developing countries – also known as South-South trade – is expanding faster than other trade flows and now accounts for about one third of global trade. In East and South-East Asia, intraregional trade has been a major force behind economic growth, with the region contributing over 40% of global growth in 2024. UNCTAD's report calls for stronger regional integration, renewed multilateral cooperation and a rebalancing of fiscal priorities toward sustainable infrastructure, social protection and climate action. Coordinated action, it says, will be essential to restore confidence and keep development on track
Gulf Today
27-04-2025
- Business
- Gulf Today
Global growth to slow to 2.3% in 2025: UNCTAD
Global growth is forecast to slow to 2.3% in 2025, slipping below the 2.5% threshold often associated with a global recession, UN Trade and Development (UNCTAD) said in its latest report. This marks a sharp deceleration compared to already sluggish pre-pandemic growth rates. UNCTAD warns that rising uncertainty is weighing heavily on the global economy. Trade tensions are escalating, with recent tariff hikes undermining predictability. Rising fragmentation, if left unchecked, could deepen the downturn. Trade policy uncertainty, now at historic highs, is eroding business confidence and reshaping global trade patterns. Manufacturers and investors are delaying decisions, reassessing supply chain strategies and stepping up risk management efforts. After a temporary surge at the end of 2024, merchandise trade momentum is fading, with the Shanghai Containerized Freight Index dropping by 40% between January and March 2025, falling back to pre-pandemic levels. Record-high economic policy uncertainty is also fuelling financial turbulence. In early 2025, the Economic Policy Uncertainty Index reached its highest level this century, surpassing peaks during the 2008 financial crisis and the COVID-19 pandemic. In early April, markets saw sharp corrections and heavy losses after weeks of volatility. The so-called financial "fear index' - a gauge of US stock market volatility - reached its third-highest level on record, behind only the peaks seen during the pandemic and global financial crisis. Heightened uncertainty is pushing up bond yields, reflected in a rising "term premium" - extra compensation investors demand for holding long-term debt. This is raising financing costs for governments, households and firms, putting further upward pressure on global interest rates and complicating prospects for developing economies. The slowdown will affect all economies, but UNCTAD highlights particular risks for developing countries. Many low-income economies face a "perfect storm' of tighter financial conditions, high external debt and weakening domestic growth. More than half of low-income countries - 35 out of 68 - are now in debt distress or at high risk, according to the International Monetary Fund. Persistently high bond yields in advanced economies, alongside tighter US monetary policy, are expected to crowd out financial flows to developing countries. Investor caution is redirecting capital toward assets and markets perceived as "safer', further straining financing for the Global South. Despite the headwinds, opportunities exist. Trade among developing countries - also known as South-South trade - is expanding faster than other trade flows and now accounts for about one third of global trade. In East and South-East Asia, intraregional trade has been a major force behind economic growth, with the region contributing over 40% of global growth in 2024. UNCTAD's report calls for stronger regional integration, renewed multilateral cooperation and a rebalancing of fiscal priorities toward sustainable infrastructure, social protection and climate action. Coordinated action, it says, will be essential to restore confidence and keep development on track.
Scoop
23-04-2025
- Business
- Scoop
Web Story: Evidence-based Decision Making Made Easier In FSM
Press Release – ASYCUDA Pacific Regional Office The ASYCUDA Dashboard is a tool that ensures transparency for our Administrations Management, giving them direct access to the data, Mr. David explained. One year ago, the Customs and Tax Administration (CTA) of the Federated States of Micronesia (FSM) introduced the UN Trade and Development (UNCTAD) backed ASYCUDA system, automating customs processes. Since its implementation, the trading community has greatly benefited from the system's ability to streamline and expedite customs clearance. Additionally, the ASYCUDA Dashboard feature has brought greater transparency and improved accuracy in data reporting for the CTA management. Mr. Van David, a Data Analyst in the Federated States of Micronesia, noted that the country was fortunate to implement the Dashboard soon after it introduced ASYCUDA, as it provided significant advantages in reporting. 'The ASYCUDA Dashboard is a tool that ensures transparency for our Administration's Management, giving them direct access to the data,' Mr. David explained. Previously, data would be extracted and manually presented to the management team. However, with the ASYCUDA Dashboard in place, management now has immediate, real-time access to the data. 'Now, when we submit monthly reports, management can directly compare the data and verify its accuracy,' Mr. David said. 'The ability of the Dashboard to drill down into specific data as needed has significantly simplified the reporting process for the ASYCUDA team in FSM, transforming what used to be a cumbersome task into a seamless operation.' 'Though we are still new to both ASYCUDA, we recognize that there are additional features that could further enhance our operations in the future. The addition of the Dashboard has already been an immense advantage for us in FSM,' Mr. David concluded. The successful automation of the FSM Customs Administration was made possible through the support of the European Union-funded Improving Pacific Islands Customs and Trade (IMPACT) Project, implemented by the UN Trade and Development.
Scoop
23-04-2025
- Business
- Scoop
Web Story: Evidence-based Decision Making Made Easier In FSM
One year ago, the Customs and Tax Administration (CTA) of the Federated States of Micronesia (FSM) introduced the UN Trade and Development (UNCTAD) backed ASYCUDA system, automating customs processes. Since its implementation, the trading community has greatly benefited from the system's ability to streamline and expedite customs clearance. Additionally, the ASYCUDA Dashboard feature has brought greater transparency and improved accuracy in data reporting for the CTA management. Mr. Van David, a Data Analyst in the Federated States of Micronesia, noted that the country was fortunate to implement the Dashboard soon after it introduced ASYCUDA, as it provided significant advantages in reporting. 'The ASYCUDA Dashboard is a tool that ensures transparency for our Administration's Management, giving them direct access to the data,' Mr. David explained. Previously, data would be extracted and manually presented to the management team. However, with the ASYCUDA Dashboard in place, management now has immediate, real-time access to the data. 'Now, when we submit monthly reports, management can directly compare the data and verify its accuracy,' Mr. David said. 'The ability of the Dashboard to drill down into specific data as needed has significantly simplified the reporting process for the ASYCUDA team in FSM, transforming what used to be a cumbersome task into a seamless operation.' 'Though we are still new to both ASYCUDA, we recognize that there are additional features that could further enhance our operations in the future. The addition of the Dashboard has already been an immense advantage for us in FSM,' Mr. David concluded. The successful automation of the FSM Customs Administration was made possible through the support of the European Union-funded Improving Pacific Islands Customs and Trade (IMPACT) Project, implemented by the UN Trade and Development.
