International

Oil prices increase as Hamas-Israel attacks fuel supply fears

Published

1 year ago

October 9, 2023

Oil prices increase as Hamas-Israel attacks fuel supply fears

Oil prices rose on Monday, while the dollar and yen rose after Hamas conducted a surprise strike on Israel over the weekend, raising new concerns about Middle East hostilities.

The situation heightened fears about petroleum supplies from the region at a time when supply concerns were already high due to Saudi Arabia and Russia’s output restrictions.

It has also renewed fears about the impact on inflation, with energy costs a key driver of spiking prices, giving a fresh headache to central banks as they try to ease up on interest rate hikes to avoid recessions.

The surprise attack and Israel’s declaration of war in response to it have left more than 1,000 dead and raised concerns that a potential broadening of the conflict could draw in the United States and Iran.

“Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia,” said ANZ Group’s Brian Martin and Daniel Hynes.

“Initially at least, it seems markets will assume the situation will remain limited in scope, duration, and oil-price consequences. But higher volatility can be expected.”

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Both main contracts surged more than five percent in early Asian business before easing back as the day wore on.

However, SPI Asset Management’s Stephen Innes warned: “Historical analysis suggests that oil prices tend to experience sustained gains after the Middle East crises.

“Meanwhile, stocks tend to eventually recover and trend higher after an initial period of volatility. Safe-haven assets like gold and Treasurys, which initially see gains during such crises, tend to fade from their initial price spikes as the situation stabilises.

“But with Middle East analysts considering this to be a pivotal moment for Israel, the view looks incendiary in any current scenario.”

A decidedly risk-off mood also saw investors push into the safety of the dollar, which was up against the pound and euro, as well as the Australian and New Zealand dollars.

The yen, considered one of the safest currencies, strengthened against the greenback, though it still remains locked around 11-month lows.

Gold, another key haven, gained around one percent.

Equity markets were mixed, with Shanghai dropping on its first day back after a week-long holiday as investors continue to fret over the stuttering Chinese economy.

There were also losses in Mumbai, Singapore, Manila, Bangkok and Wellington, though Hong Kong rose in shortened trade, having been closed in the morning owing to a typhoon.

Sydney and Jakarta eked out gains. Tokyo was closed for a holiday.

London edged up while Paris and Frankfurt were lower.

The tepid performance came despite a rally on Wall Street, where traders welcomed data showing a forecast-busting jump in new jobs but wage growth slowing.

The “Goldilocks” figures neither too strong nor too weak lifted optimism the world’s top economy can avoid a recession even as the Federal Reserve keeps rates elevated.

Still, there are worries the bank will hike one more time before the end of the year, with officials determined to bring inflation to heel and keep it at their two percent target.

Oil prices increase as Hamas-Israel attacks fuel supply fears

AFP

International

COP29: Islamic bank supports WHO Impact Investment with $10m

Published

5 hours ago

November 12, 2024

Trends Admin

COP29: Islamic bank supports WHO Impact Investment with $10m

The Islamic Development Bank (IsDB) has committed a $10 million grant to the World Health Organization (WHO) to support the Health Impact Investment Platform (HIIP), bolstering its mission to strengthen primary healthcare systems worldwide.

Announced on November 12, 2024, during the UN Climate Change Conference (COP29) in Baku, the grant highlights IsDB’s dedication to enhancing health resilience and climate adaptation in low- and middle-income countries.

In a statement on Tuesday, IsDB described HIIP as a groundbreaking partnership among Multilateral Development Banks (MDBs), WHO and nations seeking robust health and climate solutions.

“This initiative focuses on the investment in essential, climate and crisis-resilient primary health care services and systems,” the bank stated, emphasizing the aim to reinforce the health system, especially in low- and middle-income countries and in underserved communities, ultimately aiming to foster resilience against emerging health threats and climate challenges.

Fifteen countries are identified as part of phase one of the Health Impact Investment Platform: Burundi, Central African Republic, Comoros, Djibouti, Egypt, Ethiopia Guinea Bissau .

Other countries included Jordan, Maldives Morocco, Senegal, South Sudan, The Gambia, Tunisia and Zambia.

Supporting WHO’s technical assistance goals

The $10 million grant will specifically support the technical assistance that WHO provides to countries around the world to assess investment needs and to design the most impactful health projects.

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“These projects will serve as the foundation for co-investment by the MDBs, ensuring that resources are directed toward areas with the greatest potential for positive health outcomes,”IsDB added.

Over the next four years, WHO aims to strengthen climate resilience as part of its Fourteenth General Programme of Work, which includes implementing national climate adaptation plans and making 10,000 health facilities fully operational, including solar-powered electrification.

Unlocking $500m in health investments across the region

In addition to the $10 million grant, IsDB’s contribution is projected to unlock at least $500 million in health investments across the region.

“This collective goal is part of a broader effort to mobilize a total of US$ 1.5 billion in concessional loans and grants, focusing on critical areas, this way addressing national health priorities.”

Advancing health resilience, leadership statements

IsDB President Dr. Muhammad Al Jasser said, the Islamic Development Bank is proud to support the Health Impact Investment Platform as part of our unwavering commitment to advancing universal health coverage and resilience in our Member Countries.

“These Multilateral Development Banks and WHO partnerships enable us to scale up primary health care where it is needed most, creating a stronger foundation to withstand future crises and addressing the pressing health challenges of today.”

“Together, we are fostering a healthier, more equitable future for communities across the globe,” he said.

WHO Director-General Dr. Tedros Adhanom Ghebreyesus emphasized that low- and middle-income countries need access to sustainable financing to strengthen their health systems through primary health care, to make them both more resilient to pandemics and more equitable in delivering essential health services.

“The Health Impact Investment Platform combines WHO’s public health expertise and on-the-ground presence with the resources and financing expertise of the Islamic Development Bank and other multilateral development banks. By working together, we can make a significant difference in improving health outcomes and creating a healthier future for all.”

The IsDB, along with its partners, remains committed to fostering partnerships that will advance healthcare and improve quality of life globally.

COP29: Islamic bank supports WHO Impact Investment with $10m

International

UK announces 45,000 seasonal worker visas for 2025

Published

6 hours ago

November 12, 2024

Trends Admin

UK announces 45,000 seasonal worker visas for 2025

The UK government has announced plans to issue 45,000 seasonal worker visas in 2025.

This initiative aims to support the nation’s food production by ensuring sufficient workforce availability during peak demand periods hereby addressing labour shortages in its agricultural and poultry sectors,

The seasonal worker visa scheme is intended to provide a temporary labour force for essential roles in food production.

Additionally, 2,000 visas will be granted to poultry workers for processing tasks between October and December.

This allocation, reports inform, is part of a broader strategy to provide businesses with the workforce needed during peak seasons.

Eligibility criteria for seasonal worker visa applicants

Applicants for the Seasonal Worker visa must meet specific eligibility requirements. They must be; at least 18 years old, have a valid sponsorship from a licensed UK employer and meet the necessary health and safety standards for the job.

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Applicants must also provide evidence of sufficient funds for their stay and have valid health insurance coverage. Importantly, visa holders are required to leave the UK when their employment period ends and cannot change their visa type while in the country.

Available roles and how to apply

The Seasonal Worker visa applies to a variety of roles within the horticulture and poultry sectors. In horticulture, workers may be tasked with duties such as planting, pruning, weeding, harvesting, and packing produce.

Poultry workers will typically be involved in tasks like feeding and caring for the birds, egg collection, processing, and other related duties.

To apply, candidates must secure a sponsorship certificate from a licensed UK employer.

Once sponsored, applicants can submit their visa application through the UK government’s online immigration portal.

Applications for poultry roles must be submitted by November 15 each year, while horticulture roles have year-round application windows.

UK announces 45,000 seasonal worker visas for 2025

International

Belgium University offers scholarship up to €12,000 for Master’s students

Published

14 hours ago

November 12, 2024

Trends Admin

Belgium University offers scholarship up to €12,000 for Master’s students

The Science@Leuven Scholarship provides an opportunity for outstanding international students to pursue a Master’s degree at Katholieke Universiteit Leuven (KU Leuven) in Belgium.

The scholarship is available for various science-related programs and aims to support students who demonstrate strong academic performance and motivation to succeed in their studies.

According to the institution, the Science@Leuven Scholarship for 2025 is now open for applications, offering financial assistance to deserving students pursuing a Master’s degree in the Faculty of Science at KU Leuven. The scholarship can provide up to 12,000 Euros for one year, covering tuition fees, health insurance, and living expenses.

Eligible master’s programs

The Science@Leuven Scholarship is available for a selection of Master’s programs at KU Leuven. These include: Master of Astronomy and Astrophysics

Master of Biophysics, Biochemistry and Biotechnology
Master of Biology
Master of Chemistry
Master of Geography
Interuniversity Master of Geology (specific specializations only)
Master of Mathematics
Master of Physics
Master of Statistics and Data Science
Master of Sustainable Development (ICP)

Applicants who are interested in other programs outside this list will not be considered for the scholarship. The scholarship is specifically designed for students applying to these specific Master’s programs in science.

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Eligibility criteria for applicants

To be eligible for the Science@Leuven Scholarship, applicants must meet several key criteria:

Bachelor’s degree: Applicants must hold a bachelor’s degree from a non-Belgian university that qualifies them for the master’s program they are applying for.
Academic performance: Applicants must have demonstrated excellent academic results in their previous studies and must be capable of maintaining a high level of performance during their time at KU Leuven.
Language proficiency: Strong English language skills are required, with minimum TOEFL scores of 94 (internet-based) or IELTS scores of 7.0 overall. Specific score requirements for reading, listening, speaking, and writing also apply.
References: Applicants must submit two reference letters from internationally recognized professors.
Motivation: Applicants should demonstrate strong motivation to study at KU Leuven’s Faculty of Science and have a clear vision for their academic future.

Applicants who meet these criteria can apply directly through the KU Leuven application portal.

Scholarship benefits and coverage

The Science@Leuven Scholarship covers various expenses for eligible students. The award amount can be up to 12,000 Euros for one year. This sum includes:

Tuition fees: The scholarship covers the full cost of tuition for one year.
Health insurance: Basic health insurance coverage is provided for the duration of the program.
Living expenses: A portion of the scholarship is also allocated for living expenses, though the exact amount may vary.

The scholarship is renewable for the second year of a two-year Master’s program, provided the student achieves outstanding results in their first year.

Required documents for Application

Applicants interested in the Science@Leuven Scholarship must submit several important documents as part of the application process:

Transcript of Records: A complete list of courses, including ECTS credits and grades, along with a description of relevant courses taken.
Letter of Motivation: A short letter explaining why the applicant is motivated to study the chosen program at KU Leuven.
Reference letters: Two reference letters from internationally recognized professors who can speak to the applicant’s academic potential.

These documents must be uploaded through the KU Leuven application portal. Applicants must also ensure they submit proof of their completed application via a screenshot, which is required for the scholarship registration.

How to apply

The application process for the Science@Leuven Scholarship involves two main steps:

1. Apply for the Master’s Program: First, applicants must apply for their chosen Master’s program via the KU Leuven application tool. Instructions for applying can be found on the KU Leuven website.

2. Apply for the Scholarship: After completing the application for the Master’s program, applicants must register separately for the Science@Leuven Scholarship. Registration is confirmed once applicants receive an email notification. Applicants must upload proof of their program application (a screenshot) to complete the scholarship registration.

Deadline for applications

The deadline for submitting applications for the Science@Leuven Scholarship is February 15, 2025. Interested candidates should ensure they complete both the Master’s program and scholarship applications by this date.

For further details, including full application guidelines, visit the KU Leuven website or contact the university’s admissions link