Day: June 6, 2024

Azerbaijan supports resolution on fight against drugs at UN

Post author By Mike Nova
Post date June 6, 2024

Azerbaijan has supported the draft resolution that was discussed and accepted at the UN General Assembly at the initiative of Uzbekistan, Report informs.

South Caucasus News

Azerbaijan, ACWA Power might collaborate in seawater desalination

Post author By Mike Nova
Post date June 6, 2024

The Economy Ministry of Azerbaijan held a discussion with the ACWA Power of Saudi Arabia on alternative energy and seawater desalination, as well as potential COP29-related cooperation opportunities, Report informs.

South Caucasus News

Eurozone cuts interest rate for first time in 5 years

Post author By Mike Nova
Post date June 6, 2024

The EU has become the second major global economy to cut its lending rate this week, saying it had made progress in tackling inflation, the BBC reports.

The European Central Bank (ECB) announced a cut in its main interest rate from an all-time high of 4% to 3.75%.

That follows Canada’s decision on Wednesday to cut its official lending rate.

The ECB’s move comes as voters head to the polls for EU-wide elections over the next four days, with the outcome expected to reflect people’s unhappiness over cost-of-living pressures.

Christine Lagarde, president of the ECB said the outlook for inflation had improved “markedly”, paving the way for the rate cut.

However, she warned that inflation was likely to remain above the bank’s 2% target “well into next year”, averaging 2.5% in 2024 and 2.2% in 2025.

The ECB would keep interest rate policy “sufficiently restrictive for as long as necessary” to bring inflation down to the Bank’s 2% target, she said.

However, she added: “We are not pre-committing to a particular rate path.”

South Caucasus News

Pashinyan, Modi attach importance to further development of Armenia-India cooperation

Post author By Mike Nova
Post date June 6, 2024

Prime Minister Nikol Pashinyan had a telephone conversation with Indian Prime Minister Narendra Modi.

The Armenian Prime Minister congratulated his Indian counterpart on the victory of his National Democratic Alliance in the parliamentary elections.

The interlocutors highlighted the tangible expansion of cooperation between Armenia and India after their bilateral meeting in New York in 2019. Nikol Pashinyan and Narendra Modi emphasized the importance of further development of cooperation between the two countries.

The Prime Minister of India expressed support to the Republic of Armenia in connection with the floods that occurred in Lori and Tavush provinces late last month.