International
Outlook for credit conditions in 2022 is negative: Moody’s

Credit rating agency Moody’s Investors Service on Thursday said the outlook for global credit conditions this year has turned more negative amid slower global growth, rising borrowing costs, surging prices for energy and commodities, supply-chain disruption and increased financial market volatility.
“The surge in energy and food costs spurred by the invasion of Ukraine is weakening the purchasing power of households, raising input costs for companies and dampening investor sentiment,” said Elena H Duggar, Managing Director-Credit Strategy at Moody’s.
“Among sovereign debt issuers, debt sustainability will be especially challenging for many frontier market sovereigns as their borrowing costs climb while their economies still have not fully recovered from the pandemic crisis,” Duggar added.
Still, credit fundamentals remain generally healthy for higher-rated debt issuers, as credit metrics recovered in 2021 and as liquidity remains strong overall.
However, for speculative grade issuers with low free cash flow and a high portion of floating-rate debt, debt affordability, liquidity and refinancing risks are rising.
As central banks start to raise interest rates in response to high inflation, financial market conditions are tightening across continents, Moody’s said.
Currently, financial conditions across the US, the UK, euro area and emerging markets were less favorable than historical averages. Financial conditions will continue to tighten as interest rates climb, the credit rating agency said.
Business
Qatar, US sign major deals to boost cooperation

Doha, May 15: Qatar and the US signed here a series of deals to boost bilateral cooperation following a meeting between the two heads of state, according to a statement from the Emiri Diwan, the administrative office of the Qatari Emir.
The two sides on Wednesday signed a purchase agreement for Boeing aircraft, which is described by the White House in a fact sheet elaborating on some of the deals as a “historic” sale order worth $96 billion, with Qatar Airways’ acquisition of up to 210 Boeing 787 Dreamliner and 777X aircraft, Xinhua news agency reported.
Qatar and the US also signed a statement of intent on defence cooperation, outlining over $38 billion in potential investments, including support for burden-sharing at Al Udeid Air Base in Qatar and future defence capabilities related to air and maritime security.
In addition, two letters of offer and acceptance were signed, one for US General Atomics MQ-9B drones and the other for a counter-drone system developed by US defence firm Raytheon, with the US securing agreements valued at about $3 billion in total, according to the White House fact sheet.
A joint declaration of cooperation between the two governments was also signed.
Prior to the signing ceremony, Qatari Emir Sheikh Tamim bin Hamad Al Thani and US President Donald Trump held talks on a range of bilateral issues, with a particular focus on investment, energy, military, and security cooperation.
They also discussed regional and international developments, particularly those in the Middle East, with the Qatari Emir emphasising the importance of promoting peace and stability in the region.
The US President has thanked his Qatari hosts for having helped “negotiated the release of the last living American hostage in Gaza, Edan Alexander”.
“Hopefully, this is a stepping stone for getting the rest of the hostages back,” Trump said as he spoke at a state dinner in Lusail Palace.
Trump also revisited some of his usual talking points, speaking about his 2024 election success and reported increases in military recruitment in the US.
The meeting came during Trump’s visit to the Gulf state, part of his first major overseas tour since taking office in January — a trip that also includes stops in Saudi Arabia and the United Arab Emirates.
International
Vile, senseless act: Global condemnation pours after Pahalgam terror attack (Ld)

New Delhi, April 23: Condolences poured in from across the globe following the ghastly Pahalgam terror attack in Jammu and Kashmir that left 16 dead and dozens injured.
The attack, which occurred on Tuesday in the picturesque Baisaran Valley, saw terrorists emerge from surrounding forests and indiscriminately open fire on a group of tourists, leaving dozens injured in addition to the fatalities.
Unequivocally condemning the barbaric attack on innocent tourists, Nepal said that it stands in steadfast solidarity with the Government and people of India in this time of sorrow.
The Foreign Ministry of Nepal stated, “We extend our deepest condolences to the bereaved families and express our sincere wishes for the swift and full recovery of those injured.”
“In line with our firm and principled position, Nepal condemns terrorism in all its forms and manifestations and believes that such heinous acts of terrorism cannot and should not be justified on any ground,” the ministry added.
Meanwhile, Nepal’s Foreign Minister Arzu Rana Deuba took to her social media and expressed deep shock and sadness at the heinous terrorist attack that took place in Pahalgam, Kashmir.
“We strongly condemn this act of terrorism and the senseless violence that has claimed innocent lives. Our thoughts and prayers are with the victims and their families during this difficult time, and we wish a swift and full recovery to those who have been injured. Nepal stands in steadfast solidarity with the Government and people of India in this time of sorrow,” she posted
Australian Prime Minister Anthony Albanese also condemned the horrific terror attack, stating that violence can not be justified.
“I am shocked by the horrific terror attack on innocent civilians in Jammu and Kashmir overnight. There is no justification for this violence, and Australia condemns it. Our hearts go out to the injured, to those mourning loved ones, and to everyone in Australia touched by this terrible news.”
Calling the horrific attack in Kashmir “utterly devastating,” UK Prime Minister Keir Starmer took to social media and posted, “The horrific terrorist attack in Kashmir is utterly devastating. My thoughts are with those affected, their loved ones, and the people of India.”
President of the EU Commission Ursula von der Leyen also offered her deepest condolences over the “vile” terror attack.
“The vile terror attack in Pahalgam today stole so many innocent lives. My deepest condolences to PM Narendra Modi and every Indian heart grieving today. Yet I know that India’s spirit is unbreakable. You will stand strong in this ordeal. And Europe will stand with you.”
Furthermore, the Ambassador of the European Union to India, Herve Delphin, stated that the EU stands against all forms and terrorism.
“Deeply shocked & saddened by the despicable Pahalgam terrorist attack against innocent tourists. Our deepest condolences to the families of the victims & best wishes of recovery to those injured. The EU stands against all forms of terrorism.”
Ono Keiichi, Ambassador of Japan to India, expressed deepest condolences and condemned the act of terrorism.
“I offer my deepest condolences to the victims of the terrorist attack in Pahalgam today. Japan strongly condemns any and all acts of terrorism. We stand firmly with India,” the Japanese Ambassador said.
Armenia’s Prime Minister Nikol Pashinyan also extended heartfelt condolences on the terrorist attack and condemned terrorism in all its forms.
“Deeply saddened by the heinous terrorist attack in Pahalgam. I extend my heartfelt condolences to the families of the victims. Armenia strongly condemns terrorism in all its forms. Our thoughts and prayers are with the friendly people of India.”
Early reports suggest the Pakistan-based terror outfit, The Resistance Front, an offshoot of the banned Lashkar-e-Taiba, has claimed responsibility for the assault, marking one of the worst attacks in the region in recent years.
International
Extreme marine heatwaves tripled over past 80 years: Study

London, April 17: The number of days each year that the world’s oceans experience extreme surface heat has tripled over the past 80 years due to global warming, a new study has found.
Researchers found that, on average, the global sea surface saw about 15 days of extreme heat annually in the 1940s, Xinhua news agency reported.
Today that figure has soared to nearly 50 days per year, revealed the study published in the journal Proceedings of the National Academy of Sciences.
Global warming is responsible for almost half of the occurrence of marine heatwaves — periods when sea surface temperatures rise well above normal for an extended time.
The study, produced by a team of scientists from the Mediterranean Institute for Advanced Studies, the University of Reading, the International Space Science Institute, and the University of the Balearic Islands, also found that rising global temperatures are making extreme ocean heat events last longer and become more intense.
“Marine heatwaves can devastate underwater ecosystems. Extended periods of unusually warm water can kill coral reefs, destroy kelp forests, and harm seagrass meadows,” said Xiangbo Feng, a co-author of the study at the National Centre for Atmospheric Science at the University of Reading.
The impacts of marine heat waves extend beyond the ocean. The researcher warns that increased marine heatwaves could, in return, cause our atmosphere less stable leading to more frequent and powerful tropical storms in some regions.
“As global temperatures continue to rise, marine heatwaves will become even more common and severe, putting increasing pressure on already stressed ocean ecosystems. These increased marine heatwaves could, in return, cause our atmosphere less stable leading to more frequent and powerful tropical storms in some regions,” Feng said
Noting that human activities are fundamentally changing oceans, the study called for urgent climate action to protect marine environments.
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