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LONDON/MOSCOW: OPEC+ countries agreed to maintain group-wide oil output quotas for 2026 in a meeting on Sunday, and also agreed on a mechanism to assess members’ maximum oil production capacity, OPEC said in a statement. Eight OPEC+ countries, holding a separate meeting on Sunday, also have an agreement in principle to maintain a pause in their output hikes for the first quarter of 2026, an OPEC+ source and a person familiar with OPEC+ talks said earlier. The meeting of OPEC+, which pumps half of the world’s oil, comes during a fresh U.S. effort to broker a Russia-Ukraine peace deal, which…

China is launching a second satellite constellation to monitor objects in orbit to help commercial operators lower collision risks and ease the country’s long reliance on foreign tracking data.When complete, the Xingyan – or Star Eye – space situational awareness constellation will have 156 satellites up and running to identify the orbits of other satellites and debris, detect unusual movements, and provide collision warnings and maneuver advice every two hours.Its developer, Xingtu Cekong, an Anhui-based spin-off of leading geospatial data company Zhongke Xingtu, said 12 satellites would be launched by 2027 and the full network in operation after 2028.The network…

Hidden in the frozen highlands of the Qinghai-Tibet Plateau – often called the “Third Pole” – lies an unexpected trove of biological innovation: animal poop.Chinese scientists have discovered that the faeces of yaks, Tibetan sheep, antelope and other native herbivores harbour thousands of previously unknown microbial species, some of which could be game changers for biotechnology.They include novel strains that have the potential to degrade cellulose – used for paper, cardboard and clothing – and other strains that could help reduce methane emissions from livestock production.“Our results showed that animals living in harsh environments are promising sources for the discovery…

Hong Kong’s worst residential fire in history has cast a shadow over property sentiment, but the overall impact on the home market is likely to prove temporary because broader economic fundamentals will continue to drive longer-term trends, according to analysts.The devastating fire last week at Wang Fuk Court in Tai Po left at least 146 people dead and 79 injured, including firefighters, with the status of around 150 residents still unclear.“Everyone is more cautious right now, and because of this incident, the market sentiment isn’t that great,” said Sammy Po, senior director at Midland Realty. “Viewing numbers in Tai Po…

ABOARD THE PAPAL PLANE (AP) — Pope Leo XIV doubled down Sunday on the Holy See’s insistence on a two-state solution to resolve the Israeli-Palestinian conflict, saying in his first airborne news conference that it was the “only solution” that could guarantee justice for both sides.Leo made the comments as he flew from Istanbul to Beirut for the second and final leg of his maiden voyage as pope. Though Leo has been fielding journalists’ questions at informal gatherings at his country house, the brief encounter marked his first news conference as pope and followed the tradition of his predecessors of…

The drive by the Binhai New Area district comes days after a catastrophic high-rise blaze in Hong Kong claimed more than 120 lives.District officials attending a fire safety meeting on Saturday were shown footage and a preliminary report from the blaze in Hong Kong’s Tai Po district, which took firefighters more than 40 hours to bring under control. Over 1,000 queue to pay respects to Tai Po fire victimsOver 1,000 queue to pay respects to Tai Po fire victimsWhat was to become Hong Kong’s deadliest blaze in decades started on Wednesday afternoon. The flames spread quickly, engulfing seven of eight…

Nepal is preparing to open one of its last untouched frontiers for foreigners by slashing the costly permit to enter Upper Mustang, a rugged plateau of ochre cliffs, hidden valleys and centuries-old Buddhist heritage.The government has announced plans to replace the flat US$500 charge for a 10-day stay with a daily US$50 rate, a shift that tourism entrepreneurs believe will make the destination more accessible and help drive the local economy.“We have been lobbying to reduce the permit fee for a long time, and this is a welcome move,” said Sagar Pandey, president of the Trekking Agencies’ Association of Nepal.…

China’s factory activity contracted for an eighth consecutive month in November, according to official data, as external headwinds and weak domestic demand continued to drag on the world’s second-largest economy.The manufacturing purchasing managers’ index (PMI) stood at 49.2 in November, up from 49 a month earlier, the National Bureau of Statistics said on Sunday.The reading was in line with a forecast of 49.2 based on economists polled by financial data provider Wind.The monthly index compiles survey data given by supply chain managers from various sectors. A reading above 50 suggests economic expansion, while one below 50 indicates contraction.“Business sentiment has…

BEIJING: China’s factory activity shrank for an eighth month in November while services cooled, highlighting the dilemma facing policymakers over whether to press ahead with tough structural reforms or roll out more stimulus to lift domestic demand. The manufacturing purchasing managers’ index rose to 49.2 in November from 49.0 in October, the National Bureau of Statistics’ survey showed on Sunday, remaining below the 50-point mark separating growth from contraction. It was in line with analysts’ forecast of 49.2 in a Reuters poll. The data reflects manufacturers’ difficulty in sustaining a recovery after COVID-19, compounded by a trade war with the…

International cultural events and relaxed visa rules are giving Shanghai’s economy an additional impetus after the financial and commercial hub of mainland China reported buoyant growth in its major hi-tech industries.The China Shanghai International Arts Festival (CSIAF), featuring 1,400 shows from operas and symphonies to ballets and musicals, generated consumption worth 4.4 billion yuan (US$620 million), up 10.2 per cent on year, according to the organisers.The month-long festival ended on Thursday, with overseas tourists – which included those from Hong Kong, Macau and Taiwan – accounting for 12.5 per cent of the total audience, compared to 7.8 per cent last…