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The United Nations Conference on Trade and Development agency (UNCTAD) faces deep staffing cuts amid a global funding crisis, raising concerns about its ability to support developing nations navigating economic shocks like U.S. tariffs.
These cuts, the largest in the agency’s history, come amid a broader funding crisis affecting the entire U.N. system.
Secretary-General Rebeca Grynspan warned the move will seriously limit UNCTAD’s ability to respond to the growing demand from developing countries, particularly as they seek guidance on the effects of global trade shifts, including U.S. President Donald Trump’s tariffs.
UNCTAD is included in the broader cost-reduction initiative across the U.N., driven by a notable decline in funding, partly due to decreased U.S. contributions and ongoing liquidity issues.
The U.N. Secretariat plans to reduce its total $3.7 billion budget by 20%, with various agencies—such as the human rights office in Geneva, facing requests to downsize operations.
The proposed budget for UNCTAD will be reviewed and finalized by the U.N. Secretariat and member states in September.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
The UK is gearing up for Exercise Pegasus 2025, its largest pandemic readiness test since COVID-19. Running from September to November, this full-scale simulation will challenge the country's response to a fast-moving respiratory outbreak.
Honduras has brought back mask mandates as COVID-19 cases and a new variant surge nationwide.
Kuwait says oil prices will likely stay below $72 per barrel as OPEC monitors global supply trends and U.S. policy signals. The remarks come during market uncertainty fueled by new U.S. tariffs on India and possible sanctions on Russia.
British American Tobacco is preparing to sell its first disposable vape in the U.S. reversing years of opposition to unauthorised devices amidst a booming $8 billion market for synthetic nicotine products.
Large investors, wary of September’s traditional seasonal downturns, moved to lock in profits on Tuesday, according to traders and research firms – a sign that the sell-off in technology shares may reflect a broader retreat from risk.
Pop Mart has posted stunning interim results for the first half of 2025, riding on the explosive popularity of its breakout character Labubu.
Estee Lauder (EL.N) said on Wednesday that its annual profit forecast has come in below Wall Street expectations, as the cosmetics giant continues to face weakness in the United States and China alongside uncertainty over tariffs.
The U.S. Commerce Department has expanded steel and aluminium tariffs on Tuesday, to include more than 400 products, aiming to protect domestic industries.
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