Major US stock indexes closed sharply lower Tuesday at the start of a holiday shortened trading week. 

The Dow Jones Industrial Average ended down 1.51% or 543.34 points at 35,368.

The S&P 500 lost 85.74 points, or 1.84%, to close at 4,577.

The Nasdaq was down 368.86 points, or 2.6%, to end the day at 14,506.

A jump in the Treasury yield, an earnings miss by Goldman Sachs, and ongoing worries over the likelihood of sooner-than-expected interest rate hikes by the Federal Reserve pressured markets.

The 10-year US Treasury yield jumped to its highest point in two years, hovering near 1.87%.

Goldman Sachs reported fourth-quarter earnings that were below analysts’ expectations, reflecting a profit decline for the last three months of the year.

European and Asian indexes also ended the day in negative territory./aa

EU foreign policy chief Josep Borrell on Monday called for the immediate release of Russian opposition politician Alexei Navalny, marking the first anniversary of his “politically motivated” arrest and imprisonment.

The European Union reiterates its “call on the Russian authorities for his immediate and unconditional release without further delay,” Borrell said in a statement on the first anniversary of Navalny’s arrest.

“We deplore that the Russian legal system continues to be instrumentalized against Mr Navalny, as he now faces new criminal charges,” he stated, calling Navalny’s prosecution “politically motivated.”

He added that the bloc continues to condemn the attempt to assassinate Navalny using the military-grade chemical agent Novichok and called on Russian authorities to investigate the incident.

Borrell also criticized the persecution and disinformation campaign against members of Navalny’s political movement, and urged the release of Liliya Chanysheva, the former head of Navalny's office in the city of Ufa.

Navalny was arrested in Moscow upon his return on Jan. 17, 2021 from Germany, where he had received life-saving treatment after being poisoned by Novichok.

A month later a Moscow court sentenced Navalny for violating parole.

In March, the bloc imposed sanctions on four Russian high-ranking officials over Navalny’s arbitrary arrest, prosecution, and sentencing under its Global Human Rights Sanctions Regime.

In December, the European Parliament awarded Navalny the Sakharov Prize for Freedom of Thought for his bravery to reveal “the corruption of (President) Vladimir Putin’s regime” and his social campaigns that “helped to expose abuses and mobilize the support of millions of people across Russia.”/aa

Yemen’s Houthi rebel group said Monday that it targeted sensitive locations in the United Arab Emirates.

Authorities in the Gulf country said earlier in the day that three fuel trucks exploded and a fire broke out at a construction site near Abu Dhabi International Airport, killing three people and injuring six others in what officials say was an operation using missiles and drones.

Those killed were reportedly two Indians and a Pakistani.

The attack was condemned by many Arab countries as well as the Organization of Islamic Cooperation (OIC).

Houthi spokesman Yahya Saree said the operation was codenamed "Yemeni Hurricane" and added that it came in response to the "US-Saudi-Emirati escalation" in Yemen.

Saree added that his group's operation targeted the airports of Abu Dhabi and Dubai, the oil refinery in the Mussafah area in Abu Dhabi and “a number of important and sensitive Emirati sites and facilities” using five ballistic and winged missiles and a large number of drones.

He also called on foreign companies, nationals and residents to avoid important sites and facilities in the UAE for their safety as he warned of more attacks.

The UAE in a statement said it reserves the right to respond to the attacks and vowed that such attacks will not go unpunished.

The Saudi-run news agency SPA cited a statement by the Saudi-led Arab Coalition late Monday confirming the targeting of Houthi leaders in northern Sanaa.

The statement, however, did not reveal details on the targeted figures.

Yemen has been engulfed by violence and instability since 2014, when Iran-aligned Houthi rebels captured much of the country, including the capital Sanaa.

A Saudi-led coalition aimed at reinstating the Yemeni government has worsened the situation, causing one of the world’s worst man-made humanitarian crises, with nearly 80% or around 30 million people needing humanitarian assistance and protection and more than 13 million in danger of starvation, according to UN estimates./aa

Spain published a new law on Monday that will regulate advertising around crypto-assets such as bitcoin.

It is a pioneering law in the EU that hopes to ensure advertisers or paid influencers will not mislead investors with unverified or cherry-picked claims about returns.

The law will come into effect in one month and require advertisers targeting more than 100,000 people to send the publicity campaigns to the CNMV, Spain’s fiscal watchdog, at least ten days in advance.

The advertisements will then be evaluated to ensure that they are “clear, balanced, impartial and not misleading.”

This means that advertisers will have no longer be able to broadcast false returns or historic returns that are based on periods of less than one year.

Given that many of the crypto assets are highly volatile, even long-term returns will not be allowed to be the main message of the advertisements.

The publicity will also have to do away with fine print, offers of “gifts” and any contradictory information.

Likewise, audio and video advertisements longer than one minute will need to begin and end with messages about the risks of investing in crypto, such as the possibility of losing one’s entire investment.

Last year, the CNMV and Bank of Spain released a warning about the complexity, volatility and potential lack of liquidity in these types of investments.

The CNMV acknowledged that crypto-assets like NFTs or cryptocurrencies are growing increasingly popular and can present opportunities to investors, but wanted that they come with significant challenges when it comes to protecting investors since they are not fully regulated./aa

French far-right presidential contender Eric Zemmour was convicted of incitement to hatred on Monday by the Paris Criminal Court for comments made in Sept. 2020 about unaccompanied child migrants. 

According to French news outlet France24, Zemmour classified the children as, “thieves, killers, and rapists. That’s all they are. We should send them back.”

Zemmour is a member of the Reconquete! (Reconquer!) party and has spent his career as a media figure and author, often making inflated claims and using off-color language while on the talk shows.

The court fined Zemmour a total of €10,000 which is to be paid in the sum of €100 per day for the next 100 days. Zemmour failed to show up for his appointed court hearing on Monday, as he had in Nov. of 2021. He risks jail time if his fines are not paid.

Speaking through his attorney, Olivier Pardo, Zemmour has pledged to appeal Monday’s verdict.

The candidate is no stranger to being penalized for his remarks. He has been likened to ex-US President Donald Trump for similarly outlandish, xenophobic language. Zemmour has been investigated 16 times for comments made on immigration and Islam, and garnered two prior convictions already for hate speech, along with two fines of €10,000 and €3,000.

The presidential elections in France take place this April and despite his popularity with some, Zemmour is on unsure footing when it comes to gaining ground against the incumbent President Macron and other candidates. He is struggling to earn endorsements, 500 of which he must gain from political officials around the country by mid-March to get on the ballot for the race.

For his part, Zemmour issued a press release on Monday - viewed over twitter as well - with the title, “Unaccompanied minors: An ideological and stupid condemnation” and denounced the judicial system as one “invaded by ideologues.”/aa

The US and UN sharply condemned on Monday an attack on the United Arab Emirates' capital that killed at least three people and injured six others.

In the wake of the apparent drone attack, Jake Sullivan, President Joe Biden's national security advisor, said the US "strongly condemns today’s terrorist attack in Abu Dhabi."

"The Houthis have claimed responsibility for this attack, and we will work with the UAE and international partners to hold them accountable," he said in a statement. "Our commitment to the security of the UAE is unwavering and we stand beside our Emirati partners against all threats to their territory."

Earlier on Monday, three fuel tanker trucks exploded in the industrial Musaffah area in the capital Abu Dhabi. A fire also broke out at a construction site at Abu Dhabi International Airport.

Houthi rebels said that they carried out a military operation “deep in the UAE,” without giving further details.

The UAE said it reserves the right to the respond to the Houthi attack, vowing that the attack will not go unpunished.

The emirates is a member of a Saudi-led coalition that has been fighting Houthi rebels in Yemen since 2015.

UN Secretary-General Antonio Guterres also condemned the strike, saying "attacks on civilians and civilian infrastructure are prohibited by international humanitarian law".

"The Secretary-General calls upon all parties to exercise maximum restraint and prevent any escalation amid heightened tensions in the region. There is no military solution to the conflict in Yemen," Guterres' office said./aa

Health Canada approved its first coronavirus antiviral medication Monday, adding a "new tool in the toolkit against COVID-19," said Canada's chief medical advisor.

Dr. Supriya Sharma said the development comes "at a crucial time...as we are facing new (virus) variants."

The new medication, Paxlovid, has some key advantages. It is taken orally and can be administered at home. It is designed to aid the body in both reducing the detrimental effects of the coronavirus and shortening the duration of the illness. That could cut down on infected people being admitted to hospitals that are already under severe strain with burgeoning caseloads.

But there are some caveats, too. It is approved only for those over the age of 18 and must be prescribed by a doctor. It can be administered to treat mild/moderate cases of COVID-19, but it cannot prevent coronavirus infections or be given to those that have been hospitalized with the virus.

Paxlovid underwent months of clinical trials and lowered the chances of hospitalization or fatality by 89% compared to a placebo administered to those considered high risk who were infected with the virus. The trials also showed the product will likely be effective against the omicron variant.

While praising the new medication, Sharma said "no drug, including Paxlovid, is a substitute for vaccination" to cut the risk of being admitted to hospital.

Still, the antiviral was labeled as "good news" by Canada's chief public health officer, Dr. Theresa Tam, at a press conference Monday.

"The regulator, as well as the experts helping us with the guidance and the supply, are all coming together at once and I think Canadians should be very happy today to hear that oral antivirals are beginning to become available in Canada," Tam said.

Paxlovid is not yet available but will be "as soon as possible," she said.

Because the medication is expected to be in high demand, Canada's provinces have been asked in the beginning to target a certain segment of the population: those with a high risk of severe illness, those over 80 who have not been vaccinated, and those over 60 who live in rural, remote areas, nursing homes, or are Indigenous, or who do not have up-to-date vaccinations.

“This approach shows that we are prioritizing treatments to those most in need,” Tam said./aa

About $9 trillion of China’s annual economic output is at risk of disruption from nature loss, representing 65% of its total GDP, a new analysis by World Economic Forum (WEF) showed on Monday.

"By urgently making 15 nature-positive transitions across three socio-economic systems, China could add $1.9 trillion in annual business opportunities and create 88 million resilient jobs by 2030," the report said.

Noting that China eyes becoming an "ecological civilization," the report warned that as the country's economy rebounds, economic development must be compatible with resilient biodiversity.

China has ambitious targets for its carbon emissions to peak before 2030 and to achieve carbon neutrality before 2060.

According to WEF, three key socio-economic systems, namely "food, land and ocean use – Infrastructure and the built environment – energy and extractives" must transition towards carbon neutrality and a nature-positive future.

"These three systems are inextricably associated with biodiversity threats, but also are crucial to China’s economic and social development," it said.

At the same time, the report noted, nature may be China's strongest ally in tackling climate change.

According to the report, nature-based solutions could provide 37% of the cost-effective carbon dioxide mitigation needed up to 2030 to have a chance to limit global warming to under 2C.

Since climate change, biodiversity loss, and social inequality are intertwined, many experts argue that economic recovery from the pandemic must be pursued in a green and low-carbon way./aa

Global unemployment is expected to remain above pre-COVID-19 levels until at least 2023, the International Labor Organization (ILO) head said on Monday.

At a UN press conference, ILO Director-General Guy Ryder said this year’s unemployment estimate is 207 million, compared to 186 million in 2019, as he introduced the ILO World Employment and Social Outlook – Trends 2022.

“Inequality and the unequal policy response to COVID-19 have been a constant concern of the ILO driven,” said Ryder.

The unequal response is impacted by “unequal fiscal space” and the fact that richer countries could invest more in stimulus and protection than their counterparts in developing and emerging countries, he noted.

Such factors indicate the need to reinforce “international cooperation,” said Ryder.

‘Fragile’ recovery

“The recovery process in labor markets is fragile, incomplete, and uneven, and there are still very large areas not only of risk but of hardship in labor markets because of the impact of COVID-19,” said Ryder.

The ILO said it had downgraded its forecast for labor market recovery in 2022, projecting a deficit in hours worked globally equivalent to 52 million full-time jobs, relative to the fourth quarter of 2019.

“The downgrade in the 2022 forecast reflects, to some extent, the impact that recent variants of COVID-19, such as delta and omicron, are having on the world of work, as well as significant uncertainty regarding the future course of the pandemic,” said the ILO.

The previous full-year estimate in May 2021 projected a deficit of 26 million full-time equivalent jobs.

The ILO’s report also cautions that the overall impact on employment is more significant than represented in its figures because many people have left the labor force.

In 2022, the global labor force participation rate is projected to remain 1.2 percentage points below that of 2019.

While this latest projection is an improvement on 2021, it remains almost 2% below the number of global hours worked pre-pandemic, according to the ILO.

The organization warned that the damage to economies “is likely to require years to repair, with potential long-term consequences for labor force participation, household incomes and social and – possibly – political cohesion.”

There can be no real recovery from the pandemic without a broad-based labor market recovery, said Ryder.

“And to be sustainable, this recovery must be based on the principles of decent work – including health and safety, equity, social protection, and social dialogue."/aa

UN Food and Agriculture Agency (FAO) on Monday said millions across the Horn of African region are facing the third season of severe drought.

"Urgent action needed NOW and during the 6 months to avert catastrophe. Swift aid for drought-affected farmers and herders needed to avoid a hunger crisis" Rein Paulsen, the FAO director of emergencies, said in a statement on Monday.

The FAO calls for $138 million to assist 1.5 million vulnerable people affected by the drought in rural areas of Kenya, Somalia, and Ethiopia, the statement added.

Drought is among the most devastating of natural hazards -- crippling food production, depleting pastures, disrupting markets, and, at its most extreme, causing widespread human and animal deaths, according to the UN.

"The third severe La Nina‑induced drought episode in a decade, and the region is on the verge of a catastrophe if humanitarian assistance is not urgently scaled up," the FAO said in a previous statement on the devastating climate change-related drought in the Horn of African region.

Somalia, Kenya, and Ethiopia have already been suffering from the impact of multiple shocks since late 2019, including a desert locust upsurge -- the first in 70 years -- the coronavirus pandemic and its socioeconomic implications, abnormally high food prices, and protracted conflict and insecurity.

"In Ethiopia, Kenya and Somalia, the worst affected countries, projections indicate that some 25.3 million people will be facing high acute food insecurity by mid-2022 -- if that scenario should materialize, it would place the Horn of Africa among the world’s largest-scale food crises," the FAO announced Monday.

Somalia's drought has killed at least 13 people, including children, since the start of the drought late last year, regional authorities told Anadolu Agency over the phone.

In November last year, Somali Prime Minister Mohamed Hussein Roble declared the situation a "state of humanitarian emergency."

Somalia witnessed one of the worst famines in 2011 that killed over 26,000 people, according to the UN./aa