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☆ Russia is expected to grow faster than all advanced economies this year
▼ + stars: | 2024-04-17 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +3 min

Bloomberg | Bloomberg | Getty ImagesRussia's economy is expected to grow faster than all advanced economies this year, according to the International Monetary Fund. The prediction will be galling for Western nations which have sought to economically isolate and punish Russia for its 2022 invasion of Ukraine. In short, Russia has adapted to a "new normal" as its economy has been put on a war footing. The Washington-based IMF includes the U.S., U.K., the euro area's largest economies, Canada and Japan as advanced economies. "If you look at Russia, today, production goes up, [for the] military, [and] consumption goes down.

Persons: Vladimir Putin, Uralvagonzavod, Ramil Sitdikov, Kristalina Georgieva, CNBC's Dan Murphy, Georgieva, Elvira Nabiullina, Andrey Rudakov Organizations: Evraz Consolidated, Siberian Metallurgical, Bloomberg, Getty, International Monetary Fund, U.S, Sputnik, Afp, IMF, TU, CNBC, World Governments, Bank of Russia, Duma Locations: Evraz Consolidated West, Novokuznetsk, Russia, Germany, France, Ukraine, India, China, Russian, Urals, Nizhny Tagil, Washington, Canada, Japan, Europe, Asia, Kazan, Dubai, Soviet Union, Russia's

☆ Global airlines are governed by strict 'freedoms of the air' dating back 80 years. They've created some funky routes.
▼ + stars: | 2024-04-12 | by ( Taylor Rains | ) www.businessinsider.com time to read: +8 min

Global airlines are governed by nine "freedoms of the air," drafted 80 years ago in 1944. The fifth freedom can give airlines a competitive edge and help capitalize on demand. "Five Freedom Agreements"Qantas flies a Boeing 787 on its fifth freedom route between Sydney and New York. Seventh FreedomThe seventh freedom is similar to the fifth freedom but takes out the limitation of where the route must start or end. Ninth FreedomAdvertisementThis cabotage freedom allows an airline of one nation to fly between two points in a separate single country.

Persons: —, Vytautas Kielaitis, Taylor Rains, Toshi, Nicolas Economou Organizations: Service, International Civil Aviation Organization, United Nations, Chicago Convention, ICAO, Chicago, European Union, Singapore Airlines, Airbus, Qantas, Google Flights, United Airlines, FAA, Emirates, Latam Airlines, Atlantic . Emirates, luxe, Forbes, Air Senegal, Boeing, Ryanair, Getty, Nice Locations: New York, Singapore, Frankfurt, Germany, Emirates, JFK, Milan, Newark, Athens, Dubai, Australian, Sydney, Auckland , New Zealand, Cebu, Philippines, Tokyo, —, Mexico City, Barcelona, Santiago, Chile, Auckland, Amsterdam, Buenos Aires, Los Angeles, Australia, Dakar, Baltimore, Ireland, Rome, Vilnius, Lithuania, Paris

☆ Bank CEO shrugs off U.S. war on 'woke' capital, says ESG investing is good for business
▼ + stars: | 2024-02-27 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Bill Winters, Chief Executive Officer at the Standard Chartered Bank, attends a panel session of the World Governments Summit in Dubai on February 12, 2024. Ryan Lim | Afp | Getty ImagesStandard Chartered chief executive Bill Winters says environmentally conscious investing can be good for business, dismissing the impact of a U.S. crusade against mission-driven investments. In the United States, for example, Republican lawmakers have decried ESG as a form "woke capitalism" that seeks to prioritize liberal goals over investment returns. But one of the stats that I love is the biggest renewable power center in the United States is the state of Texas, right? Signage atop the Standard Chartered Plc headquarters building, center, in Hong Kong, China, on Monday, Feb. 19, 2024.

Persons: Bill Winters, Ryan Lim, ESG, Winters, CNBC's, — Organizations: Standard Chartered Bank, World Governments, Afp, Getty, Standard, Democratic, Chartered Plc, Bloomberg Locations: Dubai, U.S, United States, Texas, Hong Kong, China

☆ Every country needs its own AI systems, says Nvidia CEO Jensen Huang
▼ + stars: | 2024-02-15 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +1 min

Nvidia CEO Jensen Huang says countries should own their own AI systems. Huang said nations should ensure they control both the production of AI and the data produced. AdvertisementNvidia CEO Jensen Huang says every country should have its own AI systems. The Nvidia founder told the World Governments Summit in Dubai this week that countries needed to work toward building "sovereign AI." Huang said countries should ensure they own the production of their intelligence and the data produced.

Persons: Jensen Huang, Huang, —, Omar Al Olama Organizations: Nvidia, Service, World Governments, Business Locations: Dubai

☆ OpenAI says it thwarted malicious state actors out of China, Russia, and North Korea, and one of them's called Salmon Typhoon
▼ + stars: | 2024-02-15 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

The company named the five actors — China-affiliated "Charcoal Typhoon" and "Salmon Typhoon," Iran-affiliated "Crimson Sandstorm," North Korea-affiliated "Emerald Sleet," and Russia-affiliated "Forest Blizzard." The Chinese mecha in the film was named "Crimson Typhoon," while the Russian mecha was called "Cherno Alpha." Adjectives are then added at the front to distinguish between threat actors within the same family. Besides "Crimson Sandstorm," Iran is also affiliated with "Lemon Sandstorm" and "Marigold Sandstorm." Besides monitoring and disrupting threat actors, the company said it has been working with industry partners to exchange information.

Persons: —, Guillermo del, OpenAI, Sandstorm, Sam Altman, Altman Organizations: Service, Microsoft, Business, Warner Bros Locations: — China, Iran, North Korea, Russia, Guillermo, Russian, China

☆ China's biggest problem is a 'lack of confidence,' Standard Chartered CEO says
▼ + stars: | 2024-02-13 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

"China's biggest problem to me is a lack of confidence. External investors lack confidence in China and domestic savers lack confidence," Bill Winters, CEO of emerging markets-focused bank Standard Chartered, told CNBC's Dan Murphy Monday during a panel discussion. "But I think China is going through a major transition from old economy to new economy," Winters added. Investors are closely watching China, whose stock market gyrations, deflation problem and property woes are casting a shadow over the global growth outlook. Property and related industries account for about 25% of China's gross domestic product.

Persons: Bill Winters, CNBC's Dan Murphy, Winters Organizations: Chartered, International Monetary Fund Locations: DUBAI, United Arab Emirates, China

☆ Sam Altman's $7 trillion chip dreams are way off the mark, says Nvidia CEO Jensen Huang
▼ + stars: | 2024-02-13 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

Altman, the OpenAI chief, is reportedly trying to raise trillions to boost supplies of the chips needed for AI processing. The Nvidia CEO said AI infrastructure costs would be considerably less than the $5 trillion to $7 trillion Altman is reportedly trying to raise because of expected advances in computing. He also suggested that the cost of building AI data centers globally would amount to $2 trillion by 2029. Huang said: “There’s about a trillion dollars’ worth of installed base of data centers. Nvidia has held talks with companies including OpenAI, Microsoft, Google and Meta to develop custom chips for data centers, unnamed sources told Reuters.

Persons: —, Jensen Huang, Sam Altman, Altman, Huang, Omar Al Olama, ” Huang, OpenAI didn’t Organizations: Service, Nvidia, World Governments, Business, United, United Arab Emirates ’, Street, Microsoft, Google, Reuters Locations: Dubai, United Arab, UAE

☆ Oil demand rising by over 2 million barrels a day this year: OPEC chief
▼ + stars: | 2024-02-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil demand rising by over 2 million barrels a day this year: OPEC chiefHaitham Al Ghais, the OPEC secretary general, discusses oil output, Middle East tensions, and the energy transition at the World Governments Summit.

Persons: Haitham Al Ghais Organizations: Email, World Governments

☆ China's economy is 'booming,' but it's being held back by a lack of confidence, Standard Chartered CEO says
▼ + stars: | 2024-02-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

China's economy is transitioning from an old to newer one, Standard Chartered Bill Winters told CNBC. The country's new economy is actually booming into double-digit growth rates, though confidence doesn't reflect this. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . "I think China is going through a major transition from old economy to new economy. Since the pandemic, domestic consumers have focused aggressively on saving, weighing down on the country's growth and the world's only deflationary economy.

Persons: Bill Winters, —, Winters, it's, we've Organizations: CNBC, Service Locations: China, Beijing

DUBAI, United Arab Emirates (AP) — The CEO of ChatGPT-maker OpenAI said Tuesday that the dangers that keep him awake at night regarding artificial intelligence are the “very subtle societal misalignments” that could make the systems wreak havoc. “There’s some things in there that are easy to imagine where things really go wrong. And I’m not that interested in the killer robots walking on the street direction of things going wrong," Altman said. G42 has what experts suggest is the world's leading Arabic-language artificial intelligence model. However, the discussion with Altman, moderated by the UAE's Minister of State for Artificial Intelligence Omar al-Olama, touched on none of the local concerns.

Persons: OpenAI, Sam Altman, Altman, shouldn't, “ We’re, Everyone’s, Abu, Artificial Intelligence Omar al, ” Altman, ” Organizations: United Arab Emirates, World Governments, International Atomic Energy Agency, Emirates, State, Artificial Intelligence Locations: DUBAI, United Arab, Dubai, UAE, Abu Dhabi

☆ Russia’s economy ‘in for very tough times’ despite improved growth outlook, IMF managing director says
▼ + stars: | 2024-02-12 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

Kristalina Georgieva, managing director of the International Monetary Fund, at a press conference at the IMF Headquarters on April 14, 2023. DUBAI, United Arab Emirates — The head of the International Monetary Fund warned the Russian economy is still facing significant head winds despite receiving a recent growth upgrade by the Washington-based institution. Russia's economy has proven to be surprisingly resilient amid waves of Western sanctions in the nearly two years since it launched its full-scale invasion of Ukraine. Despite this, IMF Managing Director Kristalina Georgieva sees more trouble ahead for the country of roughly 145 million. "What it tells us is that this is a war economy in which the state — which let's remember, had a very sizeable buffer, built over many years of fiscal discipline — is investing in this war economy.

Persons: Kristalina Georgieva, CNBC's Dan Murphy, Georgieva, Vladimir Putin Organizations: International Monetary Fund, IMF, United Arab Emirates, World Governments, Defense, Reuters Locations: DUBAI, United Arab, Russian, Washington, Ukraine, Dubai, Russia, Soviet Union

☆ IMF's Georgieva Says She's Confident on Economic Outlook Despite Uncertainties
▼ + stars: | 2024-02-11 | by ( Feb. | At A.M. | ) www.usnews.com time to read: 1 min

DUBAI (Reuters) - The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, said on Sunday she was confident about the economic outlook despite uncertainties because the global economy has remained resilient. In a speech at the World Governments Summit in Dubai, Georgieva said the IMF would publish a paper on Monday that shows phasing out explicit energy subsidies could save $336 billion in the Middle East, equivalent to the economies of Iraq and Libya combined. (Reporting by Maha El Dahan and Federico Maccioni; Writing by Rachna Uppal; Editing by William Mallard)War in Israel and Gaza View All 206 Images

Persons: Kristalina Georgieva, Georgieva, Maha El Dahan, Federico Maccioni, Rachna Uppal, William Mallard Organizations: Reuters, International Monetary Fund, World Governments Locations: DUBAI, Dubai, Iraq, Libya, Israel, Gaza

We need to implement food systems approaches throughout COP28," said Joao Campari, global leader of food practice at the World Wildlife Fund. Doing so could also unlock financial investment in tackling food emissions, said Saswati Bora, global director for regenerative food systems at the Nature Conservancy. TACKLING METHANEA key goal for advocates is reducing methane emissions from food sectors like livestock production and food waste. Countries should also make stronger commitments in NDCs on food waste, said Liz Goodwin, director of food loss and waste at the World Resources Institute. Food waste generates half of all global food system emissions according to a March study published in the journal Nature Food.

Persons: David Swanson, Joao Campari, NDCs, Patty Fong, Saswati Bora, Bora, John Tauzel, Tauzel, Liz Goodwin, Goodwin, Leah Douglas, Josie Kao Organizations: REUTERS, United Nations, Food, Agriculture Organization, FAO, World Wildlife Fund, Conference of, United, United Arab Emirates, Global Alliance, Nature Conservancy, COP26, Environmental Defense Fund, World Resources Institute, Thomson Locations: Corcoran , California, U.S, Dubai, COP28, United Arab, United States, India, China, Canada, NDCs

☆ Explainer: Global fossil fuel subsidies on the rise despite calls for phase-out
▼ + stars: | 2023-11-23 | by ( Sarah Mcfarlane | ) www.reuters.com time to read: +6 min

For example, it subsidises its refiners when global oil prices rise above $130 a barrel so they can keep fuel prices affordable. UNITED STATESU.S. fossil fuel subsidies stretch across the U.S. tax code, which makes detailing their costs complex. President Joe Biden, a Democrat, has proposed axing fossil fuel subsidies in his annual budget, largely a political document used in negotiations with Congress. MIDDLE EASTOil and gas producers in the Middle East including Qatar and Saudi Arabia had some of the highest fossil fuel subsidies per person, IMF data showed. CANADAEarlier this year Canada unveiled plans for eliminating inefficient fossil fuel subsidies.

Persons: Navesh, Joe Biden, Sarah McFarlane, Timothy Gardner, David Stanway, Jan Harvey Organizations: REUTERS, International Monetary Fund, EU, IMF, Nanjing Audit University, UNITED STATES, One U.S, Taxation, Democrat, Representatives, International Institute for Sustainable Development, EAST, Thomson Locations: Lalitpur, Nepal, Glasgow, Dubai, EU, Ukraine, CHINA, China, U.S, One, RUSSIA, India, Russia, East, Qatar, Saudi Arabia, Canada

From there, the carbon can either be moved directly to permanent underground storage or it can be used in another industrial purpose first, variations that are respectively called carbon capture and storage (CCS) and carbon capture, utilization, and storage (CCUS). Another form of carbon capture is direct air capture (DAC), in which carbon emissions are captured from the air. REUTERS/David Stanway/File Photo Acquire Licensing RightsOne stumbling block to rapid deployment of carbon capture technology is cost. Countries including the U.S. have rolled out public subsidies for carbon capture projects. The Inflation Reduction Act, passed in 2022, offers a $50 tax credit per metric ton of carbon captured for CCUS and $85 per metric ton captured for CCS, and $180 per metric ton captured through DAC.

Persons: David Stanway, Benjamin Longstreth, Petra Nova, Simone Stewart, Stewart, Leah Douglas, Marguerita Choy Organizations: 28th United, United, United Arab Emirates, CCS, Global CCS Institute, Drillers, International Energy Agency, REUTERS, U.S, CCUS, DAC, Task Force, U.S . Department of Energy, Navigator, U.S ., National Wildlife Federation, Thomson Locations: 28th United Nations, United Arab, U.S, Norway, Iceland, China, Canada, Qatar, Australia, Texas, Louisiana, Wuhu, Anhui province, North America, East Africa, U.S . Midwest

☆ African climate summit seeks to shift focus to finance from floods, famine
▼ + stars: | 2023-08-31 | by ( Duncan Miriri | ) www.reuters.com time to read: +5 min

A report last year by the non-profit Climate Policy Initiative found Africa has received only 12% of the finance it needs to cope with climate impacts. The thousands of delegates are expected to debate solutions ahead of a U.N. climate summit next month in New York in September and the COP28 U.N. summit in the United Arab Emirates from the end of November. The summit's organisers also say they expect deals worth hundreds of millions of dollars to be concluded in Nairobi. In June, it hosted an auction where companies from Saudi Arabia bought more than 2.2 million tonnes of carbon credits. One project generating carbon credits in Kenya is BURN Manufacturing's production of clean cooking stoves to replace heavily polluting wood and charcoal-based fires.

Persons: Finbarr O'Reilly, Soipan Tuya, Amos Wemanya, Chris McKinney, Joseph Ng'ang'a, Duncan Miriri, Christophe Van Der, Aaron Ross, Barbara Lewis Organizations: REUTERS, Rights, Initiative, Kenyan Environment, United, United Arab Emirates, Kenya, Africa Carbon Markets, Thomson Locations: Haute Uele, Congo, Rights NAIROBI, Africa, Nairobi, New York, United Arab, Gabon, Saudi Arabia, Kenya, Egypt

☆ A young Elon Musk once sweet-talked a random mall salesman into giving him a Dungeons & Dragons module for free and we think we know which one it is
▼ + stars: | 2023-08-23 | by ( Chris Kaye | ) www.businessinsider.com time to read: +6 min

A Ronan Farrow story in the New Yorker highlights an adventure of teenage Elon Musk. Musk and a friend made an unsupervised trip to a mall to obtain a Dungeons & Dragons adventure. While the story doesn't mention which classic '80s module Musk was after, we have a guess. AdvertisementAdvertisementTeenage Elon Musk took a joyride in a boosted car and skipped out of a South African mall with a possibly purloined Dungeons & Dragons module. AdvertisementAdvertisementOnce at the mall, the pair discovered they didn't have enough money to pay for the module.

Persons: Ronan Farrow, Elon Musk, Farrow, Theo Taoushiani, Taoushiani's, Elon, Taoushiani, Musk, he's, Jon Peterson, —, ToEE, Gary Gygax, Peterson, Gygax, Trey Parker Organizations: Yorker, SpaceX, New Yorker, TSR, AAA, Wizards Locations: Johannesburg, South Africa

☆ AI startups have raised almost $29 billion this year. Researchers say a lot more needs to go to companies working to prevent it from becoming an existential threat.
▼ + stars: | 2023-07-18 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +7 min

While investors have poured billions into AI startups, concern about AI's capabilities has grown. People don't all have the same value systems, so AI alignment can look different depending on where the AI is operated and deployed. Investors poured $29 billion into AI startups in the first six months of 2023. Aligned AI. The drive to fund AI safetyAI researchers are also vigilant about where the funds for AI safety and alignment come from.

Persons: ChatGPT, Stuart Armstrong, Rebecca Gorman, —, Gorman, OpenAI's Sam Altman, Demis Hassabis, Bill Gates, Connor Leahy, Leahy, it's, Sam Bankman, Ian Hogarth, Hogarth Organizations: Oxford University, Investors, Alameda Research, FTX Locations: London

☆ El Niño + climate change = heat records
▼ + stars: | 2023-07-05 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +6 min

CNN —Climate change combined with this year’s El Niño set a new world record for worldwide heat on Tuesday – 62.92 degrees Fahrenheit or 17.18 degrees Celsius. The WMO declared the onset of an El Niño Tuesday and warned governments to prepare for more extreme weather events as a result. This will be the first El Niño in seven years. The last very strong El Niño year – 2016 – also saw the previous record for worldwide heat that August. “It is El Niño on top of decades of human emissions of greenhouse gases.”There is no turning back, he said, but humans can likely slow the change.

Persons: Niño, –, It’s, Bill Weir, we’re, ”, ” Weir, John Abraham, Thomas, Weir, ” Abraham, Abraham, “ Organizations: CNN, National Centers, Environmental, World Meteorological Organization, United Nations, WMO, El, CNN International, University of St, Reuters Locations: Switzerland, Americas, Africa, Quebec, Miami, Minnesota, El, ”

☆ Time for world to dust off its post-Putin plans
▼ + stars: | 2023-06-26 | by ( Pierre Briancon | ) www.reuters.com time to read: +3 min

LONDON, June 26 (Reuters Breakingviews) - Whatever happens after Vladimir Putin’s humiliation at the hand of his former protégé Yevgeny Prigozhin, the rest of the world sees the Russian president as wounded. The United States, Europe and China will need to dust off their post-Putin plans. The worst outcome would be a period of long uncertainty with different clans vying for power in Moscow. Confusion about who runs the show in the Kremlin would also send shivers among world governments worried about the fate of Russia’s nuclear weapons. And the balance of power in Russia, where vaguely liberal reformers have remained in charge of the economy, could be destabilised.

Persons: Vladimir Putin’s, Yevgeny Prigozhin, Putin, Prigozhin’s Wagner, Wagner, shivers, Xi Jinping, Alexander Lukashenko, Prighozhin, Sergei Shoigu, Staff Valery Gerasimov, Peter Thal Larsen, Katrina Hamlin Organizations: Reuters, The, Moscow, Kremlin, Russian Defense, Staff, Thomson Locations: Moscow, The United States, Europe, China, Ukraine, Belarus, Russia, Crimea, States, India, Prigozhin’s, Russian, Rostov

☆ Natural evolution: Record Galapagos deal sparks clamour for eco-friendly debt swaps
▼ + stars: | 2023-06-09 | by ( Marc Jones | ) www.reuters.com time to read: +5 min

The growing appetite comes as record numbers of developing world governments face debt pressures due to higher global interest rates. There have been around 140 over the past 35 years, but even including last month's super-sized Galapagos deal they have only involved around $5 billion of debt altogether. The top-level attendees will be urged to do more, not only debt swaps, but also by providing foreign exchange guarantees and automatic debt-payment breaks for countries hit by climate-related disasters. "Seeing something that has a group of countries involved would be amazing," Issa said. Ecuador says it is eyeing another transaction to capitalise on the halo effect from the Galapagos deal.

Persons: Ramzi Issa, Charles Darwin's, Issa, Ilan Goldfajn, Scott Nathan, Nathan, Emmanuel Macron, Mia Mottley, Suisse's Issa, Simon Jessop, Sharon Singleton Organizations: Ecuador, Credit Suisse, Inter, American Development Bank, U.S . International Development Finance Corporation, Reuters Graphics, Thomson Locations: Ecuador, Belize, Barbados, Gabon, Paris, Sri Lanka, Indian, Colombia, Costa Rica, Panama, Kenya, Mozambique, Tanzania, Seychelles

☆ Europe approves its $47 billion answer to Biden's CHIPS Act — here's everything that's in it
▼ + stars: | 2023-04-19 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

The initiative, dubbed the European Chips Act, seeks to help the bloc compete with the U.S. and Asia on tech, and secure control over a critical bit of technology behind the world's electronics products and devices. What's in the Chips Act? The European Chips Act is a massive, 43-billion-euro ($47 billion) package of public and private investments that aims to secure its supply chains, avert shortages of semiconductors in the future, and promote investment into the industry. The Chips Act has three main aims: Building large-scale capacity and innovation. "The Chips act puts Europe in the first line of cutting-edge technologies which are essential for our green and digital transitions."

CNN —Nearly two-and-a-half years after the Trump administration threatened to ban TikTok in the United States if it didn’t divest from its Chinese owners, the Biden administration is now doing the same. The new directive comes from the multiagency Committee on Foreign Investment in the United States (CFIUS), following years of negotiations between TikTok and the government body. “If protecting national security is the objective, divestment doesn’t solve the problem,” TikTok spokesperson Maureen Shanahan said in a statement. TikTok is really only a national security risk insofar as the Chinese government may have leverage over TikTok or its parent company. China has national security laws that require companies under its jurisdiction to cooperate with a broad range of security activities.

☆ Governments' energy-related support to hit $1.65 trillion by year end - S&P Global
▼ + stars: | 2023-03-09 | by ( Marc Jones | ) www.reuters.com time to read: +2 min

LONDON, March 9 (Reuters) - The amount of money spent by governments subsidising energy costs since Russia's invasion of Ukraine is set to reach $1.65 trillion by the end of the year, credit ratings agency S&P Global has estimated. The firm calculated the total soared to $10 trillion once COVID pandemic spending was added on and that this year would see the overall stock of global sovereign debt reach a record $65 trillion in absolute terms. S&P based the figures on the 137 countries that it provides credit scores for. It forecast those countries would borrow the equivalent of $10.5 trillion this year, below the record $11.5 trillion set in 2021, but 40% higher than the pre-pandemic average. Global government debtReporting by Marc Jones; Editing by Amanda Cooper and Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

Paris/London CNN —The European Parliament on Tuesday banned TikTok from staff devices over cybersecurity concerns, meaning the Chinese video-sharing app is now barred in all three of the EU’s main institutions. The parliament also “strongly recommended” that its members and staff remove TikTok from their personal devices. “We appreciate that some governments have wisely chosen not to implement such bans due to a lack of evidence that there is any such need.”Last week, the European Commission announced it was banning TikTok from official devices, citing cybersecurity concerns. On Monday, the White House directed federal agencies to remove TikTok from all government-issued devices within 30 days, with few exceptions. Brooke Oberwetter, a TikTok spokesperson, called the ban “little more than political theater.”“The ban of TikTok on federal devices passed in December without any deliberation, and unfortunately that approach has served as a blueprint for other world governments,” Oberwetter said in a statement.

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