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PARIS: The world’s wealthiest 10 per cent of individuals are responsible for two thirds of global warming since 1990, researchers said on Wednesday. How the rich consume and invest has substantially increased the risk of deadly heatwaves and drought, they reported in the first study to quantify the impact of concentrated private wealth on extreme climate events. “We link the carbon footprints of the wealthiest individuals directly to real-world climate impacts,” lead author Sarah Schoengart, a scientist at ETH Zurich, said. “It’s a shift from carbon accounting toward climate accountability.” Compared to the global average, for example, the richest 1…

As Japan rides a wave of record-breaking tourist arrivals, foreign visitors are voicing growing frustrations over lengthy immigration queues, overcrowded attractions and a surprising lack of public rubbish bins – issues analysts say could hinder the nation’s goal of welcoming 60 million tourists a year by 2030.A Japan Tourism Agency (JTA) survey found that while more than half of respondents had smooth travel experiences, many noted infrastructure and service issues at airports and tourist spots.The findings come as preliminary data suggest Japan is on track to exceed 40 million overseas arrivals in 2025, up from a historic high of 36.9…

US stock indices rose on Wednesday after a volatile session as investors assess the Federal Reserve’s policy statements and upcoming US-China trade talks.   In a step that wasn’t surprising, the Fed decided to maintain interest  rates unchanged at below 4.5%, due to ongoing economic uncertainty.   The statements asserted the FOMC continues to monitor risks closely, and believes that unemployment and higher inflation risks are on the upside.   The statement hinted that tariffs threaten higher prices and could slow growth, which opens the door to the scenario of inflationary recession.   Most Fed policymakers believe the central bank…

The HKMA maintained the base rate at 4.75 per cent on Thursday after the Fed left its target in a range of 4.25 to 4.5 per cent, following the third Federal Open Market Committee (FOMC) meeting of the year.At a press conference after the announcement, Fed chairman Jerome Powell said there was no need to be in a hurry to change US monetary policy and “the decision was clear” to wait and watch data for any inflationary impact from tariffs.The Fed, which runs its monetary policy independently, has held its interest rate in place for three straight meetings despite pressure…

The HKMA maintained the base rate at 4.75 per cent on Thursday after the Fed left its target in a range of 4.25 to 4.5 per cent, following the third Federal Open Market Committee (FOMC) meeting of the year.At a press conference after the announcement, Fed chairman Jerome Powell said there was no need to be in a hurry to change US monetary policy and “the decision was clear” to wait and watch data for any inflationary impact from tariffs.The Fed, which runs its monetary policy independently, has held its interest rate in place for three straight meetings despite pressure…

Stay informed with free updatesSimply sign up to the Technology sector myFT Digest — delivered directly to your inbox.British chip designer Arm warned that uncertainty around US tariff policies meant it was unable to give guidance for annual revenue, while customers such as Nvidia and Apple face shocks to global supply chains.Reporting its fourth-quarter results on Wednesday, SoftBank-owned Arm issued a conservative sales outlook, forecasting revenue between $1bn and $1.1bn in the current quarter, at the lowest end of Wall Street predictions due to the timing of closing new licensing deals.Its shares dropped as much as 9 per cent to…

The escalation of the conflict between India and Pakistan has exposed the limits of China’s role as a Global South leader and peace broker, and it leaves Beijing with difficult choices to make, analysts say.India launched missiles and deadly attacks on nine sites in Pakistan and Pakistan-administered Kashmir on Wednesday morning in retaliation for what it believes was an Islamabad-backed militant attack on April 22.Pakistan said it shot down five Indian Air Force jets and a drone in response.China expressed “regret” over India’s attacks on Pakistan and called for restraint, urging the two neighbours to “avoid taking actions that would…

A Republican bill that could severely restrict partnerships between American and Chinese universities passed the full US House of Representatives with bipartisan support on Wednesday, while policymakers also signalled interest in limits on other possible Chinese threats to US national security.The bill, which would prevent US universities from receiving Department of Homeland Security funding if they “have a relationship” with certain Chinese universities, including those tied to China’s top science institute, advanced 266-153, with only Democrats voting against it.It would need to pass the full Senate before it could be sent to US President Donald Trump for signing into law.“It’s…

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldCalifornia and a coalition of 16 states filed a lawsuit against the Trump administration on Wednesday, saying it had unlawfully blocked $5bn in congressional funds allocated to build electric vehicle charging infrastructure.The states allege that an executive order by President Donald Trump directing federal agencies to stop releasing money appropriated for EV infrastructure under former president Joe Biden’s Infrastructure Investment and Jobs Act is unlawful. It is the latest in a series of legal challenges by Democratic-led states against orders…

ISLAMABAD: Minister for National Food Security and Research on Wednesday said that the decision to export surplus urea fertilizer will be made only after a detailed assessment of domestic requirements for the upcoming Rabi and Kharif crop seasons in 2025-26. Speaking during a meeting with ENGRO CEO Ali Rathore, the minister said the ministry will first gather comprehensive data from all provinces regarding their urea fertiliser needs for both crop seasons. “Only after confirming that the available stock exceeds domestic demand the government will consider allowing exports,” the minister stated. During the meeting, the ENGRO CEO informed the minister that…