Climate crisis intensifies, Fed resumes interest rate hikes, and more, Gulf News Editors comment on July 27 trending news

CLIMATE CRISIS INTENSIFIES: The tragic incident of several elderly individuals losing their lives to a wildfire in Italy is just one of the many alarming consequences of the escalating wildfires spreading across vast regions of the Mediterranean. The death toll has risen in recent days, with countries such as Italy, Greece, and Algeria witnessing the devastating impact of these fires. The severity of these wildfires has been exacerbated by the combination of scorching temperatures and strong winds, conditions that are becoming more frequent due to global warming and climate change. Extreme weather patterns are causing wildfires to spread rapidly and uncontrollably, posing a grave threat to human lives, wildlife, and natural ecosystems. This is a wake-up call for humanity. We cannot afford to delay any longer; we must act decisively to safeguard our planet and future generations from the escalating threats posed by climate change. (By Sadiq Shaban, Opinion Editor)

FED RESUMES INTEREST RATE HIKE: The Federal Reserve has resumed its interest rate hikes, with Chair Jerome Powell leaving the possibility of further increases open. Despite encouraging signs of the rate hikes curbing inflation, Powell emphasized that there is still a long way to go in returning inflation to the 2 per cent target. The decision was met with a relatively positive response from the markets. The Fed has been on an aggressive tightening campaign since last year to combat soaring inflation. It had put off a rate hike last month, after mounting concerns that it could trip the US economy into a deep recession. Plus, it was still dealing with the series of crises that had overtaken the US banking sector. The latest hike, the 11th since March 2022, brings the benchmark federal funds rate to 5.25 per cent to 5.5 per cent, the highest level in 22 years. The Fed will assess incoming data to determine future rate adjustments. (By Nivetha Dayanand, Web Editor)

FERRY SERVICE: Starting Friday (August 4, 2023) ferries will once again sail every 35 minutes between Dubai and Sharjah. The Roads and Transport Authority (RTA) of Dubai unveiled plans to reopen the Dubai Ferry, a marine transport line that connects the two emirates. On weekdays (Mondays through Thursdays), the service will run eight trips per day; on weekends (Fridays through Sundays), six trips per day. In partnership with the Roads and Transport Authority in Sharjah, this service will shuttle passengers between Al Ghubaiba Marine Station in Dubai and Aquarium Marine Station in Sharjah. The service will greatly enhance options for both commuters and tourists and help reduce traffic volume between the two emirates, via a secure transit system in keeping with the rich maritime history of the Emirates. (By Jay Hilotin, Senior Assistant Editor)

SAUD SHAKEEL’S CREATES WORLD RECORD: Pakistan's Saud Shakeel on Wednesday created a world record after becoming the only Test player to hit seven fifties in as many matches. The 27-year-old achieved the feat after he hit a half-century against Sri Lanka during the ongoing second Test of a two-match series in Colombo. Previously, India's Sunil Gavaskar, Pakistan's Saeed Ahmed, West Indies' Basil Butcher and New Zealand's Bert Sutcliffe scored half-centuries in the first six Tests of their career. Shakeel, who bagged the award for Player of the Match in the first Test for his career-best 208 not out in the first innings, has played has six half-centuries, two centuries and a double century in the seven Tests he’s played so far. What a feat! (Jai Prasad V Rai, Assistant Editor)