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UN blames Lebanon govt., BDL for crisis, urges change of course

The "destructive actions" of Lebanon’s political and financial leaders are responsible for forcing most of the country’s population into poverty, in violation of international human rights law, the U.N. Special Rapporteur on extreme poverty and human rights, Olivier De Schutter, said in a report published Wednesday.

Urging the country to "change course," De Schutter accused the central bank of an "accounting sleight of hand regarding its losses... that covertly created a massive public debt... which will condemn the Lebanese for generations."

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Wall Street poised for gains after yet another selloff

Wall Street appeared headed for gains when the market opens on Tuesday after recent losses dragged some benchmarks to their lowest levels in more than a year as war, inflation and rising interest rates have rattled investors in 2022.

Futures for the S&P 500 and the Dow Jones Industrial Average were each 0.7% higher.

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Nintendo's profit dips slightly as Switch console sales slow

Nintendo's profit for the fiscal year ended in March was little changed from the previous year, edging down 0.6% to 477.7 billion yen ($3.7 billion), the Japanese video game maker behind the Super Mario and Pokemon franchises said Tuesday.

Sales for the fiscal year fell 3.6% to 1.7 trillion yen ($13 billion) as fewer Nintendo Switch machines were sold, and IP income from mobile content also declined, according to Kyoto-based Nintendo Co.

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Sony's profit surges on healthy film, game, music growth

Sony's fiscal fourth quarter surged 67% to 111.1 billion yen ($852.7 million) from the previous year, as the Japanese entertainment and electronics company racked up profits in video game and movie divisions.

Tokyo-based Sony Corp.'s January-March quarterly sales edged up 1% to 2.26 trillion yen ($17 billion), as its music operations also did well, boosted by the popularity of streaming services, the company said Tuesday.

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Egypt's inflation rate continues to surge amid Ukraine war

Egypt's annual inflation rate continues to surge amid Russia's ongoing war in Ukraine that has shaken the global economy, the country's statistics bureau announced Tuesday.

The inflation rate was up 2.8%, reaching around 14.9% in April, up from 12.1% in March, the Central Agency for Mobilization and Statistics said.

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Dubai delivery workers go on second rare strike this month

Food-delivery workers across Dubai protesting meager pay and inadequate protections have walked off the job across the city, the company confirmed on Tuesday, marking the second strike in as many weeks in an emirate that outlaws dissent.

The foreign workers contracted by Talabat, the Middle East unit of Delivery Hero, began their walkout late Monday after organizing on social media, crippling the application's services.

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Russia FM visits Algeria as EU steps up push for alternative gas

Russian Foreign Minister Sergei Lavrov visited gas-producing ally Algeria for talks Tuesday as a European drive to secure alternative supplies gathers pace.

Lavrov, who arrived in Algiers late Monday, was due to hold talks with both Foreign Minister Ramtane Lamamra and President Abdelmadjid Tebboune, Algerian reports said.

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Iran's president says oil exports have doubled since August

Iran's president has said the country is exporting twice as much oil as when he took office in August, despite heavy sanctions on oil exports imposed by the U.S.

Ebrahim Raisi made the claim in a live interview on state-run TV without elaborating, including on the amount of oil being exported.

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US government cuts internet costs for low-income families

The United States government has reached agreements with 20 major telecom companies to cut costs or raise internet broadband speeds for tens of millions of eligible households, the White House announced Monday.

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Ikea to revamp stores as online business grows

The company that controls most Ikea branches is repurposing its stores to adapt to soaring online business.

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