THE World Bank reported that the Israeli war on the Gaza Strip has destroyed approximately 93 per cent of the branches of banks operating in the territory after 15 months of continuous conflict.
In a report distributed in Jerusalem, the World Bank added that the war has also destroyed 88 per cent of microfinance institutions, most money exchange services, and eight per cent of insurance companies. The report noted that only three out of 94 ATMs are currently operational across the Gaza Strip, according to consistent data from the World Bank and the Palestinian Monetary Authority.
The report highlighted that Palestinians in Gaza are struggling to pay for basic goods and services, including food and medicine, while the disruption to the banking system hampers private sector efforts to resume production, create job opportunities, and pay employee salaries. — ANI

Source- The Global New Light of Myanmar

YOUNG startup Databricks, which specializes in scaling and building artificial intelligence, said Tuesday it raised $10 billion, bringing the company’s valuation to $62 billion.
The blockbuster funding round is yet another signal of the unrelenting appetite from investors for potential AI stars. Investors listed as taking part in the funding round included tech sector powerhouses Andreessen Horowitz and Thrive Capital.
“This round of financing was heavily oversubscribed, and we are delighted to welcome some of the world’s most renowned investors, who share a deep conviction in our vision,” Databricks co-founder and chief executive Ali Ghodsi said in a release. “We are still in the early stages of the AI Era.” Founded in 2013 by students at the University of California, Berkeley, Databricks runs a cloudbased platform for companies to take advantage of artificial intelligence, including for data management. — AFP

Source- The Global New Light of Myanmar

The newly inaugurated Chancay-Shanghai direct shipping route not only strengthens trade ties between Peru and China but also promotes shared growth across Latin America, Asia and beyond. On Wednesday, the air at Shanghai Port was infused with the sweet fragrance of fresh fruit as a vessel from Peru’s Chancay Port docked, delivering a bounty of Peruvian agricultural delights, including grapes, avocados and blueberries. Since the launch of the Chancay Port in November, shipments between the two coastal cities have highlighted a promising future for trade across the Pacific. The direct route is expected to reduce shipping costs by at least 20 per cent, generate US$4.5 billion in yearly revenues for Peru, and create 8,000 direct jobs. The operation of the port, a flagship Belt and Road cooperation project be tween China and Peru, demonstrates the two nation’s commitment to free trade amid rising trade protectionism. Before Chancay Port’s opening, Peru’s exports to China had to pass through other regions. The new port, able to handle large container ships, cuts shipping times to 23 days. — Xinhua

Source: GNLM

Over the past three years, the centre has facilitated two business missions to the UAE, where 11 small and medium-sized enterprises held negotiations.
EXPORTERS from Russia’s Leningrad Region may have the opportunity to participate in an international exhibition in the United Arab Emirates next year to present their products, the regional government’s press service said.
“In 2025, the Regional Export Support Centre will continue developing cooperation with the United Arab Emirates. Plans are already underway to visit the country to participate in an international exhibition with a collective booth showcasing the products of exporters from the Leningrad region,” the statement reads.
Over the past three years, the Export Support Center of the Leningrad region organized two business missions for regional companies to the UAE (Dubai and Abu Dhabi in 2022 and 2023), the press service noted. During these missions, 11 small and medium-sized enterprises conducted business negotiations. As a result, two regional companies signed export contracts for the supply of cookies and polyurethane.
Additionally, export-oriented companies utilized the service to find foreign buyers in the UAE. This led to four companies exporting timber, rubber crumb, and confectionery products. — SPUTNIK

Source- The Global New Light of Myanmar

ECONOMISTS have warned that US President-elect Donald Trump’s proposed tariffs could trigger retaliatory measures, leading to significant losses for California’s agriculture industry, The Los Angeles Times reported on Sunday. A recent analysis, published by the University of California’s Giannini Foundation of Agricultural Economics, examined potential scenarios involving tariffs and retaliation.
If a major trade war were to erupt, the report said, California’s agricultural exports could decline by as much as 25 per cent, resulting in annual losses of up to US$6 billion. California’s agricultural sector generates billions of dollars from exporting products such as pistachios, wine, and other goods to countries including China, Mexico, and Canada.
The study also pointed to some of the most vulnerable commodities, including pistachios, dairy products, wine, and almonds, all of which are exported in large quantities to China.
Researchers from the University of California, Davis, and North Dakota State University identified these products as especially at risk in the event of a trade war. “The worst-case scenario is pretty bleak,” Sandro Steinbach, director of North Dakota State University’s Centre for Agricultural Policy and Trade Studies was quoted as saying. “Basically, tariffs are harmful to US agriculture, and to California agriculture in particular, because they will invite tariff retaliation.” — Xinhua

Source- The Global New Light of Myanmar

Christmas ads have become a cultural phenomenon in Britain, captivating audiences and driving economic growth

THEY come with big budgets, are wrapped in sentimentality and boost company revenues — Britain’s latest installment of eagerly awaited Christmas television advertisements has a nation tuned in.
Known for talking about the weather 12 months a year, Britons will begin sharing thoughts on the latest festive commercials as soon as they hit screens, usually once the Halloween pumpkins are discarded.
“It’s the time of year when media budgets swell, and creative teams pull out all the stops to deliver memorable messaging that resonates,” noted James McDonald, director of data, intelligence & forecasting at marketing strategists WARC. Companies are to spend a record £10.5 billion ($13.3 billion) on mostly online UK promotion of products during the present Christmas season, according to data from WARC and the Advertising Association, a British trade body. “Brands know that a well-crafted Christmas campaign can boost salience, anchor loyalty and drive impressive sales results,” McDonald added.
Tesco’s 2024 Christmas ad transforms people, animals, and buildings into gingerbread, blending nostalgia, family grief, and festive joy. The campaign supports food charities, with sales from gingerbread items contributing to these efforts. Tesco reported an 8.1 per cent increase in UK sales during its third-quarter and Christmas period, reaching £16.8 billion. Richard Lim, CEO of Retail Economics, highlighted the complexity of measuring ad ROI but noted that flagship campaigns effectively leverage multiple platforms. — AFP

Source- The Global New Light of Myanmar

To boost EV adoption, the government has renewed its EV policy, offering road tax exemptions for electric vehicles.

DELHI Chief Minister Atishi Marlena has declared that the national capital has emerged as the Electric Vehicle (EV) capital of India. Highlighting the city’s progress in promoting clean and green mobility, she revealed that Delhi boasts the highest number of registered EVs in the country.
“Delhi has become the EV capital of the country. Currently, 12 per cent of all vehicles registered in Delhi are electric. To encourage the adoption of EVs, we have recently renewed our EV policy, which includes exemptions on road tax for electric vehicles,” said CM Atishi. She further stated that the development of EV charging infrastructure is being expedited across the city to facilitate the growth of EV usage and make it more convenient for residents to transition to sustainable transportation.
“The development of charging infrastructure is also progressing in Delhi to promote EV sales,” she added.
This progress underscores the city’s environmental goals to reduce vehicular pollution and transition towards cleaner energy solutions. — ANI

Source- The Global New Light of Myanmar

VOLKSWAGEN Group and SAIC Motor announced on Wednesday that they have signed an extension for their joint venture contract in Shanghai until 2040, further strengthening their long-term partnership.

SAIC Volkswagen is China’s first joint venture for passenger cars. This marks the second time that both parties have renewed the contract, extending the period of their joint venture to 55 years.

“The foundation of our success in China lies in the strong, trustful partnerships. The best example of such a partnership is our long-term, successful cooperation with SAIC,” said Ralf Brandstätter, member of the board of management of Volkswagen AG for China, who delivered a speech via video link during the signing ceremony. — Xinhua

Source- The Global New Light of Myanmar

DURING his third visit to the Chinese mainland this year, Apple CEO Tim Cook said he highly values Chinese suppliers.

Analysts believe this has demonstrated the importance of China’s supply chain and market for the American company. “I am so proud that Apple has an exhibit here with our partners. We could not do what we do without them,” Cook said on Monday ahead of the second China International Supply Chain Expo (CISCE), scheduled from Tuesday to Saturday in Beijing.

At the expo’s main venue, Cook visited the joint booth of Apple’s four Chinese suppliers, which will exhibit components and technologies involving flexible production lines, green technology and optical products. He highlighted innovations in the Apple supply chain.

Despite challenges including external uncertainties, China remains an indispensable part of Apple’s global supply chains. Out of Apple’s 200 major suppliers worldwide, over 80 per cent have set up factories in China, contributing to the manufacturing of a wide range of Apple products.

During his visit to Shanghai in March, Cook reiterated the company’s long-term commitment to the Chinese market when he opened Apple’s biggest retail store on the Chinese mainland. — Xinhua

Source- The Global New Light of Myanmar

YAMAHA Motor, a leader in the motorcycle industry, is advancing its innovation to provide riders with more convenience, comfort, and safety.

Recently, the company introduced the Yamaha Automated Manual Transmission (Y-AMT) system, a breakthrough that combines the functions of a clutch lever, shift pedal, and automated/manual transmission control into a single handlebar lever.

An official from Yamaha Motor stated, “The purpose of the Y-AMT system is to expand the range of enjoyment for motorcycle riders. Even experienced sports riders can now experience a new level of comfort beyond what was previously possible.

We’ve designed the system to merge the excitement of sports riding with enhanced rider-machine communication. Our goal is to elevate the fun of motorcycling while providing riders with more options”. He also noted, “With the Y-AMT system, riders can shift gears with a simple finger movement. The switch between automated and manual driving modes can also be controlled effortlessly with the same hand. This revolutionary system offers an unprecedented level of convenience and comfort for riders. By simplifying the riding experience, Y-AMT allows riders to better appreciate their surroundings and focus on road safety. As a result, the system promotes safer and more enjoyable rides”. — ANI

Source- The Global New Light Of Myanmar