Asia

World Bank report on China to be examined by IMF
Asia

World Bank report on China to be examined by IMF

Washington, US: “The Executive Board remains committed to a thorough, objective, and timely review. While the Board has made significant progress in its assessment, it agreed at today’s meeting to request more clarifying details with a view to very soon concluding its consideration of the matter,” the IMF said on Friday. The World Bank started a probe against allegations that its staff had altered an index that measures the ease of doing business. Following the initial investigation, it was found that bank officials pushed the team developing the index to manipulate it in several cases, most notably to improve China’s ranking. Last month, Georgieva said that the authors of the report made “wrong conclusions” and emphasized that she had not engaged in any corruption at her former ...
EU-China ties in tension
Asia

EU-China ties in tension

The european parliaments resolution states that “investment and trade conditionality by itself is not enough to counter Chinese assertiveness.” It also called for a bilateral investment agreement to be negotiated between the EU and Taiwan, including essential cooperation on critical supplies such as semiconductors. In addition, the resolution mentioned the practice of coercive labour in Tibet and Xinjiang and asked Beijing to come clean on these counts. According to some experts, EU-China ties have deteriorated to the lowest point since 1989, the year of the Tiananmen Square Massacre, after which some European countries had imposed an arms embargo and other restrictions on China. Since then, however, there has been growing engagement between the two sides as both expanded trade and eco...
The process in investing in India is seamless and clean: UAE companies
Asia

The process in investing in India is seamless and clean: UAE companies

Dubai, UAE: Piyush Goyal in the press meet on Saturday said the authorities of UAE trust in the seamless and clean method of Investing in India. He also added that they believe in the political leadership of India.   The minister, who earlier in the day co-chaired a meeting of UAE-India High-Level Joint Task Force, said investors in UAE had conveyed that they do not have to worry about extraneous considerations while doing business in India. "I am gratified to see the confidence that the UAE government and investors have in the political leadership in India, the confidence they have in PM Modi's approach to problem-solving, approach to promoting country and approach to systemic resolution and policy-driven resolution of issues that come up in a very transparent and honest manne...
UAE companies keen to invest in India: Piyush Goyal
Asia

UAE companies keen to invest in India: Piyush Goyal

Dubai, UAE: Companies for UAE are interested in investing in India and appreciated the clean methods for the same. Piyush Goyal mentioned that he was very impressed by the practical approach of the companies. Union Commerce and Industry Minister Piyush Goyal said on Saturday that he was very satisfied "with the practical approach" of the UAE authorities and businesspersons and that the logistics companies are extremely keen to invest in India. Addressing a press briefing in Dubai, he said the UAE authorities have confidence in Prime Minister Narendra Modi's decision-making abilities."I feel very satisfied with the practical approach of the UAE authorities and the businesspersons. The logistics companies are extremely keen to invest in India. The authorities here have confidence in ...
Gas price hike in Pakistan objected by opposition
Asia

Gas price hike in Pakistan objected by opposition

Islamabad, Pakistan: Hike in gas price in Pakistan by Prime Minister Imran Khan was objected by Pakistan Muslim League-Nawaz (PML-N) President Shahbaz Sharif on Saturday. He also mentioned that Pakistan’s inflation is highest in the world. Demanding to withdraw a proposed hike in gas prices, the Opposition leader said that rising gas prices are "unjustified" and "another foolish act" by the government, Geo News reported. Terming the last financial budget as "the International Monetary Fund (IMF) budget", Sharif wrote on Twitter: "The government is only fulfiling the conditions set by the IMF." He said that the government lied to the nation about a "tax-free budget"."People cannot bear more inflation; this oppression after oppression must be stopped," Geo News quoted Sharif as sayi...
Pakistan got extension to pay the debt due to pandemic: Paris Club
Asia

Pakistan got extension to pay the debt due to pandemic: Paris Club

PARIS: Paris club has extended the debt deadline of Pakistan because of the worsening COVID-19conditios in the country. The country has until December to make the payment, the club said in a statement, without releasing a figure. Islamabad “is committed to devote the resources freed by this initiative to increase spending in order to mitigate the health, economic and social impact of the Covid-19 crisis,” the statement said. The country’s debt amounts to some 90 per cent of its gross domestic product, according to the International Monetary Fund.
New tax law slammed by Commerce and Industry
Asia

New tax law slammed by Commerce and Industry

Karachi, Pakistan: “The ordinance contains budgetary measures and these cannot be taken without due consultation with stakeholders,” he added, reported Dawn. Maggo further lamented sweeping powers to the Federal Board of Revenue (FBR) by enabling it to disconnect mobile phone, electricity and gas connections of the non-filers of income tax returns. The new ordinance also empowers the National Accountability Bureau to open income tax cases as old as 20 years by accessing tax records through the National Database and Registration Authority. “It was FPCCI’s proposal to disconnect the connections of commercial and industrial non-filers. However, this ordinance does not take due and fair procedure of separation of executive and adjudication into account. The ordinance vaguely m...
SCO members discuss about the prevention of terrorism
Asia

SCO members discuss about the prevention of terrorism

Dushanbe, Tajikistan: Terrorism was strongly condemned by the SCO members and they discussed about the prevention of its financing.SCO member states adopted Dushanbe Declaration following the 21st Summit in Tajikistan. “Member States strongly condemn terrorism in all its forms and manifestations. Member States reaffirm the need to step up joint efforts to prevent terrorism and its financing, including by implementing existing global standards on combating money-laundering and the financing of terrorism and by suppressing the spread of terrorist, separatist and extremist ideologies that feed it,” according to the Dushanbe Declaration adopted at SCO summit. “They will step up their efforts to prevent the preparation and financing of acts of terrorism in their territories and deny terr...
European Union to stronger its ties in South Asia
Asia

European Union to stronger its ties in South Asia

London, UK:  European Union has signed a digital partnership with Japan, South Korea and Singapore amid the Chinese tension in these countriesThis push by the EU is aimed at building influence in Asia after the messy US and NATO military exit from Afghanistan, Nikkei Asia newspaper reported. According to a draft strategy document seen by the publication, the bloc will seek to reinforce semiconductor value chains with Asian partners as the pandemic amplifies fears about industrial supply chain vulnerabilities. Earlier this year, the EU released its own Indo-Pacific strategy policy paper, which the experts regarded as an unprecedented declaration that promises to put the EU at loggerheads with China. “Democratic principles and human rights are also under threat from authoritar...
Afghan economy on the edge of collapse
Asia

Afghan economy on the edge of collapse

Afghanistan: Afghanistan reserves need to be released otherwise Afghanistan may slip into economic crisis said the Afghanistan Chamber of Commerce and Investment (ACCI), Afghanistan Chamber of Mines and Industry (ACMI) The private sector representatives called the freeze of Afghanistan’s reserve by the United States in contrary to the humanitarian laws and called on the United Nations to defend the rights of the people of Afghanistan in addition to the work it is doing for attracting humanitarian support for Afghanistan. According to the private sector officials, in the last one month due to disruption in banking systems between Afghanistan and international banks, all the financial transactions has stopped and if this continues the private sector will face severe recession. The...