Category: Market

China said Friday it firmly opposes the signature of the first US-Taiwan agreement under a larger bilateral trade initiative, state-run Xinhua News Agency reported.

“Taiwan is an inalienable part of China’s territory. China firmly opposes countries with which it has diplomatic relations conducting any form of official exchange with Taiwan, including the negotiation and signature of economic and trade agreements that have sovereign implications or are official in nature,” the Ministry of Commerce said. The comments came after the US signed the agreement with Taiwan under their “Initiative on 21st Century Trade” and sent government officials to attend the Washington ceremony on Thursday, disregarding China’s repeated solemn representations, according to the report. “We urge the US side to abide by the one-China principle and the three China-US joint communique, handle economic and trade relations with Taiwan prudently, and cease any form of official US-Taiwan exchanges,” the ministry said.

Under the deal, the Taipei-based Central News Agency reported that both sides are committed to facilitating bilateral trade and investment flows, improving regulatory practices, promoting anti-corruption measures, minimizing unnecessary border formalities, and encouraging the development of medium-sized enterprises (SMEs).

Taiwan’s top trade negotiator John Deng, who also attended the ceremony, said the new deal would strengthen the ability of Taiwanese companies, particularly SMEs, to engage in international trade and investment activities. China and Taiwan separated after a civil war in 1949, but Beijing regards the island as its territory.

Source: Kuwait News Agency

The Office of Agriculture and Irrigation in Capital’s Secretariat, launched a campaign to plant fruitful palm trees in the central islands on the secretariat’s public streets.

The Director of the Bureau of Agriculture and Irrigation Ibrahim Sharaf told Yemen News Agency (SABA) that 1,000 palm trees will be planted on the streets and targeted triangles as part of the implementation of the directives of the secretariat’s leadership to expand the cultivation of fruitful and varied tree breeding flats and preserve the environment.

He noted that the campaign began on 60th Street from in front of the presidential house until the Amran tour and airport street in Bani al-Harith district and the entrances to Capital’s Secretariat from Jadder and Dar Silm according to the plan of the afforestation campaign in conjunction with the rainy season.

Sharaf called on the citizens’ to take care of and preserve trees and green flats and to prevent spoilers from damaging them, stressing the importance of activating community initiatives in planting fruitful trees in neighbourhoods and encouraging home farming.

Source: Yemen News Agency

The President of the General Authority of Endowment scholar Abdulmajid Abdulrahman Al-Houthi has unveiled an investment project that the Authority intends to implement over the next year 1445 A.D.

Al-Houthi scholar said in a press interview with the Yemeni News Agency (Saba), which will be published later, that the project is to establish Al-Sammad medical towers that will be implemented at an important site in the security of the capital.

He said: “The Authority will open the door to subscribing to this project to anyone who wishes to participate in it, whether with investment shares for the financial benefit of its owner or with endowment shares of God, which are allocated to a specific bank by its owner.”

The Endowment Authority had established standards for dealing with Awqaf lands tenants and had initially begun to apply those standards, which would take account of the differences between rich and poor.

The President of the Awqaf Authority confirmed that the rents of the insolvent who rented waqf land for the purpose of building residential houses have a special status and will be treated in accordance with those standards and regulations that will take into account their physical situation. The Authority is working to correct the stereotypical and inadequate attitudes towards endowments, which cause society’s reluctance to stop.

He pointed out that the steps taken by the Authority are focused on correcting the role of Waqfs as an important and vital resource for social and economic development and returning the Waqfs to its normal course to ensure adherence to the commandments of the Waqfs.

Al-Houthi reported that the poor, the poor, the vulnerable and the general citizen will soon be touching the fruit of the vital role assigned to Waqf, which will be carried out in accordance with the national vision and the implementation of the directives of the revolution leader Sayyid Abdulmalik al-Houthi and the head of the Supreme Political Council.

Source: Yemen News Agency

His Excellency Field Marshal Mahdi Muhammad Al-Mashat, Head of the Supreme Political Council, met today, Tuesday, Oil and Minerals Minister Ahmed Dares.

During the meeting, they discussed the workflow of the Ministry and its affiliated institutions, agencies and units, the level of implementation of its annual plans and programs and the percentage of completion.

The meeting touched on the efforts made in coordination with the concerned authorities to provide the needs of the local market and citizens of oil derivatives and domestic gas.

Source: Yemen News Agency

President of the Supreme Political Council, Mahdi Al-Mashat, on Tuesday urged the Ministry of Industry and Trade to provide all facilities to merchants who import through the port of Hodeida.

This came during his meeting today with Minister of Industry and Trade Muhammad al-Mutahhar.

During the meeting, they discussed the progress of work in the ministry and the level of implementation of its annual programs and plans, especially with regard to achieving supply stability and price control.

President Al-Mashat stressed the importance of doubling efforts to control prices and adhering to the unified price list in a way that contributes to alleviating the suffering of citizens in light of the aggression and siege.

He praised the efforts made by the Ministry of Industry and Trade to stabilize the supply status of basic commodities.

Source: Yemen News Agency

The Prime Minister, Muhammad Shiaa Al-Sudani, received the Minister of Trade of the Kurdistan Regional Government, Kamal Muslim.

The meeting witnessed a discussion of the challenges and obstacles facing food security files, and the provision of ration card items throughout Iraq to those who deserve it.

Al-Sudani stressed: “Caring for citizens and their living and service needs are goals at the forefront of the government program’s priorities, to meet the aspirations of the Iraqi people in all governorates of Iraq.”

The Prime Minister also referred to the necessity of developing economic sectors that produce job opportunities, mobilizing efforts to avoid water scarcity, and reduce its effects on farmers, in addition to the importance of continuous coordination with the concerned authorities in the Kurdistan Regional Government to support government plans, in a way that contributes to improving the general economic reality in Iraq.

Source: National Iraqi News Agency

The US dollar fell on Tuesday against a basket of major currencies but did not drift far from a two-month peak.

The dollar index, which measures the US currency against six major peers, slipped 0.02% to 104.28, easing away from the two-month high of 104.42.

Meanwhile, the euro was up 0.01% at $1.0706, while sterling was last trading at $1.2356, up 0.04% on the day.

The yen strengthened 0.11% to 140.31 per dollar, having touched a six-month low of 140.91 per dollar on Monday.

The Australian dollar rose 0.31% to $0.652, while the kiwi rose 0.15% to $0.604.

Source: Qatar News Agency

Exchange Rates for foreign currencies as issued on Monday by Qatar National Bank (QNB) are as following: Currency Buying Selling —————————————————- A.E.Dirham 0.97800 0.99700 Australian Dollar 2.30580 2.42030 Bahraini Dinar 9.44500 9.80600 Canadian Dollar 2.64910 2.77190 Swiss Franc 4.01570 4.19870 Chinese Yuan 0.47110 0.51200 Danish Kroner 0.49110 0.57050 Egyptian Pound 0.10320 0.12510 Euro 3.81890 4.02380 Sterling Pound 4.44750 4.68710 HongKong Dollar 0.44230 0.49410 Indian Rupee 0.04290 0.04550 Jordanian Dinar 5.08700 5.20400 Japanese Yen 0.02430 0.02570 Korean Won N/A 0.00320 Kuwaiti Dinar 11.67700 12.03800 (MORE)

Source: Qatar News Agency

The Prime Minister, Muhammad Shiaa Al-Sudani, met today, Sunday, with the Head of the Supreme Judicial Council, Faeq Zaidan.

During the meeting, according to a statement by Al-Sudani’s office, they discussed ways to enhance integration between the constitutional authorities, and work to strengthen the rule of law and the independence of the judiciary, according to what was stated in the government program, in terms of priorities and requirements supporting security, stability and civil peace.

The meeting also witnessed a discussion of judicial and governmental procedures in the field of combating financial and administrative corruption, the process of recovering looted public funds, and following up the implementation of arrest warrants against those accused of committing these crimes.

Source: National Iraqi News Agency

The issue of raising the US debt ceiling has drawn wide attention, along with US public opinion in recent days as observers and economists are anticipating the results of the latest developments in this file to figure out whether the US would be able to avoid a financial setback or face overwhelming challenges in the upcoming months as the US approaches a momentous period to overcome vexing financial challenges.

Speaking to QNA, the Head of the economics department at Guilford College, North Carolina, Michael Deitch, said although there was a debate between the White House and the Congress concerning the US debt file, however, the pace of standoff and tensions this year went beyond all expectations. He pointed out that congressional Republicans are seeking to link their consensus on raising the debt ceiling with reductions in government expenditure. In addition, republicans are calling for reducing public expenditure by roughly USD 130 billion, specifying a ceiling for public expenditure equivalent to 2022 levels, Deitch outlined.

He added that they have set three conditions, including amending the ratification mechanism of energy projects, tightening requirements for benefit recipients, and restoring unspent funds that were previously allocated for containment of COVID-19 fallout, however, the Democratic Party rebuffed the proposals and demanded approval to raise the general debt ceiling without preconditions, he said.

Regarding future concerns at homeland, the US economist Gerald Dillard told QNA that the persistent stalemate could mount the risk of the US defaulting debt on time, outlining that such an issue raises concerns and questions about the potential impacts on the global economic stability and the strength of US dollar as a global currency.

For his part, Executive Vice President and Director of Studies at Peterson Institute for International Economics, Marcus Noland, told QNA that debt default in the US implies lower US treasury rates, rising interest rates, dollar devaluation, and the upsurge in fluctuations. He added that debt default is likely to be associated with a reduction in the US stock market with increased pressure on US banking and real estate sectors.

Meanwhile, Professor of Law at Indiana University Bloomington Dean Lueck said in his statements to QNA that the possibility of debt default in the US will remain low, pointing out that such a progressed stage of standoff and debate over US debt ceiling and brinksmanship triggered resentments and concerns in domestic and international financial markets.

If the debt ceiling issue is not approached well in the upcoming days, high trust in the US government bonds will be affected through time and the US economy and dollar will be exposed to fluctuation, he added.

US President Joe Biden and the Republican Kevin McCarthy have reached an agreement, in principle, on raising the US debt ceiling. The agreement represents a breakthrough following prolonged negotiations between the two sides before the set deadline to reach an agreement on Jun. 5, 2023, as specified by the US Department of the Treasury.

Speaker of the US House of Representatives, Kevin McCarthy, said an initial agreement was reached on raising the US debt ceiling, pointing out that the agreement includes landmark reductions in expenditure, while multiple sources familiar with the negotiations confirmed that the White House and Republicans reached an agreement, in principle, on a deal to raise the debt ceiling and maximum threshold of expenditure.

Source: Qatar News Agency

The Qatari delegation participating in the Development Road Project Conference, whose work officially launched today, Saturday, in the capital, Baghdad, revealed about ranges and prospects for the expected cooperation with Iraq to implement this project.

The Assistant Undersecretary for Land Transport Affairs at the Ministry of Transportation and Communications in the State of Qatar, Hamad Issa Abdullah, said, in a statement to the National Iraqi News Agency (NINA), that “there are long-term sustainable economic, commercial and social revenues for the Development Road project.”

He explained, “Today’s conference reviewed the project plans in detail and provided a comprehensive summary that left a positive echo for the countries of the Gulf Cooperation Council, on the mechanism for implementing the road and infrastructure, especially as the countries of the world are heading today to discover new transportation methods in the fields of energy and trade.”

He added, “The presence of the Qatari side today in Baghdad is to stand with the Iraqi brothers, and discuss the possibility of implementing this project and the chances of success, which will have a positive, economic and environmentally sustainable resonance in the region.”

He went on to say, “We will discuss, in the next stage, activating these ranges, because the current goal is to present the project’s plans, and we are participating in exploring the project, its implementation plans, and its scope of work, which we hope for in the next stage, more accelerated steps with the GCC countries, leading to reaping its fruits in the coming years.”

Source: National Iraqi News Agency

Qatar Tourism led a delegation of 13 tourism partners across the public and private sector at IMEX Frankfurt 2023, one of the world’s leading trade shows for the meetings, incentives, conferences, and exhibitions (MICE) industry. The three-day event, which ran from May 23 25, provided a platform for Qatar Tourism to showcase their latest offerings, products, and services to key industry professionals.

This year’s booth features corporate partners such as Qatar Airways, The Ritz Carlton Doha, Sharq Village and SPA, in addition to ten industry partners, including, Doha Exhibition and Convention Center, Qatar National Convention Centre, Arabian Adventures, Tawfeeq Holidays, 365 Adventures Qatar by Peninsula Compass Tourism, Just us and Otto, Sheraton Doha Resort and Convention Hotel, The St. Regis Doha, Waldorf Astoria Lusail Doha, and InterContinental Doha Beach and Spa.

Over the recent years, Qatar has become both a regional and international hub for conferences and exhibitions with world-class infrastructure in place across hotels and conferences halls, all equipped to handle international events. Recently, Qatar Tourism hosted the UFI MEA conference, bringing the Middle East’s largest gathering of exhibition business professionals to Doha for the very first time. This year also saw other large-scale international events including the 2023 World Association for Sports Management (WASM), AICR International Congress (AICRexperience) 2023 and INTERCOM Annual Conference 2023.

Looking ahead to 2024, Qatar is set to welcome more than a dozen key events catering to diverse interests, including the globally recognised Web Summit, which Qatar has won for five editions.

Source: Qatar News Agency