U.S. posts $27 billion budget surplus in June amid rising customs revenue
The U.S. unexpectedly recorded a $27 billion budget surplus in June, reversing last year’s deficit. This improvement reflects stronger customs colle...
With rising global tensions and growing risks to shipping, China is reshaping its trade strategy by constructing a new railway to Europe — one that deliberately avoids its close ally, Russia.
The new railway, which runs through Kyrgyzstan and Uzbekistan, is designed to provide a more direct and reliable connection to European markets — bypassing Russian territory entirely. Since Russia’s invasion of Ukraine in 2022, the traditional overland route through Russia has become less dependable due to sanctions, higher insurance costs, and mounting safety concerns. As a result, many European companies have turned away from it.
Now, freight is being routed through Kazakhstan to the Caspian Sea, and from there via Azerbaijan and Turkiye — a path known as the “Middle Corridor.” The railway under construction aims to enhance this corridor by shortening the route and boosting efficiency. Spanning 520 kilometers, the new line is supported by a $2.35 billion loan from China to Kyrgyzstan to fund its development.
While this alternative route is still more expensive and slower than the Russian path, recent upgrades have significantly reduced travel times — from over 50 days to just under 23. For comparison, shipping goods by sea typically takes around a month. Despite these challenges, rail trade between China and Europe has grown dramatically — from $8 billion in 2016 to $57 billion in 2023.
The importance of the Middle Corridor has increased even further following Houthi attacks in the Red Sea, which have intensified concerns over the security of sea-based trade.
Although China continues to maintain strong trade ties with Russia — especially for energy and raw materials — it is actively seeking faster and safer export routes to Europe. Both China and the European Union are looking to bypass Russia, though each has its own strategic motivations for doing so.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
A deadly mass shooting early on Monday (7 July) in Philadelphia's Grays Ferry neighbourhood left three men dead and nine others wounded, including teenagers, as more than 100 shots were fired.
Dozens of international and domestic flights were cancelled or delayed after Mount Lewotobi Laki Laki erupted on Monday, but Bali’s main airport remains operational.
The 17th Summit of the Economic Cooperation Organization (ECO) was successfully held in Khankendi, Azerbaijan, highlighting the region’s revival and the deepening economic cooperation among member states.
French member of parliament Olivier Marleix was found dead at his home on Monday, with suicide being considered a possible cause.
Norway could soon receive a major boost to its airborne defence, as Washington signals readiness to expand military cooperation through a new high-value arms deal.
A British man accused of running a $100 million fake wine loan scam pleaded not guilty in New York, denying claims that he sold investors a vintage collection that didn’t exist. The high-stakes fraud allegedly duped victims with promises of rare bottles and big returns.
The U.S. is set to support Lebanon’s military readiness with a $100 million deal to sustain A-29 Super Tucano aircraft, enhancing the Lebanese Armed Forces’ ability to uphold the recent ceasefire in southern Lebanon.
The U.S. unexpectedly recorded a $27 billion budget surplus in June, reversing last year’s deficit. This improvement reflects stronger customs collections and significant cuts in education spending amid ongoing fiscal challenges.
Cameroon prepares for presidential elections on October 12 amid rising political tensions and declared candidates challenging long-time leader Paul Biya’s rule.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment