Category: WORLD

Johannesburg, Dec 12 (IANS) South African Reserve Bank Governor Lesetja Kganyago said Thursday that it is time to prioritize the implementation, take stock of progress made, and agree on how to accelerate progress toward the 2030 Sustainable Development Goals.

Kganyago made the remarks at the G20’s first Sherpa-Finance and Central Bank Deputies’ Meeting held in the north of Johannesburg Thursday. With all the challenges the global economy was grappling with, he said this wouldn’t be easy, particularly in the current global environment.

“It won’t be easy, particularly in a global environment of geoeconomic fragmentation, escalating conflicts, and intensifying climate change. The spillovers from these risks are expected to further hamper progress and have a disproportionate impact on those countries that can least afford it,” Kganyago noted.

He also explained that while South Africa’s key goal for its G20 presidency was based on the theme of “solidarity, equality, and sustainability,” the country wanted to “reinvigorate” the spirit of multilateralism within the G20 finance, Xinhua news agency reported.

Talking about the global market since the 2008 economic crisis, Kganyago noted that the establishment of the Financial Stability Board (FSB) in the 2009 G20 Pittsburgh Summit has been beneficial for the world.

“In the short period of its existence, the Financial Stability Board stands out as one of the G20’s most durable accomplishments. Despite a series of shocks, such as the COVID-19 pandemic, the March 23 market turmoil, and banking crises and regional conflicts, the global financial system has remained broadly resilient, and macroeconomic shocks have been largely contained,” he stated, highlighting that the FSB has played a crucial role in promoting global financial stability.

Kganyago also emphasized that South Africa’s G20 presidency presents an opportunity to review the FSB’s work over the past 15 years and identify practical solutions to enhance implementation and ensure the continued resilience of the global financial system.

“This reflects genuine global cooperation to address emerging risks and vulnerabilities and protect the public good, which is global financial stability,” he added.

Since South Africa assumed the G20 presidency on Dec. 1, it has been hosting the first Sherpas-Finance and Central Bank Deputies’ Meeting since Monday, which will come to an end Thursday. The next meeting is scheduled to take place in Cape Town in February 2025.

–IANS

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Tallinn, Dec 12 (IANS) The Estonian parliament, Riigikogu, has passed a government-proposed bill to introduce a security tax aimed at bolstering the country’s defence capabilities.

The security tax includes three key components: first, the value-added tax, or VAT, will increase by 2 percentage points starting in the middle of 2025; second, the personal income tax rate will also rise by 2 percentage points, with the change taking effect at the beginning of 2026; finally, a new corporate profit tax, set at 2 percent, will also be implemented starting at the same time as the personal income tax increase.

Under the new law, the VAT rate will increase to 24 per cent from July 2025, and the personal income tax rate will also rise to 24 per cent starting in 2026, Xinhua news agency reported.

The Ministry of Finance estimates that the new tax will generate additional budget revenue of 113 million euros (119 million US dollars) in 2025 and 751 million euros in 2026. Details regarding the allocation and use of these funds will be outlined in the 2025 state budget and the 2025-2028 budget strategy.

The bill was passed in Riigikogu on Wednesday, with 53 votes in favour and 27 against.

The Estonian Parliament has also approved the 2025 state budget, setting revenues at 17.7 billion euros (18.5 billion US dollars) and expenditures at 18.2 billion euros (19.1 billion US dollars).

The budget passed its third reading with 56 members voting in favor and 29 against.

In 2025, revenues are projected to increase by 0.9 billion euros (0.94 billion US dollars) or 5.2 per cent compared to 2024, while expenditures are expected to rise by 0.6 billion euros (0.63 billion US dollars) or 3.5 per cent. The budget allocates 1.9 billion euros (2 billion US dollars) for investments and investment support.

Defence spending is set to account for 3.3 per cent of the gross domestic product (GDP). Planned investments include initiatives in the defence industry, information technology, Rail Baltica construction, road infrastructure, building renovations, and renewable energy adoption.

–IANS

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Frankfurt, Dec 12 (IANS) The European Central Bank (ECB) decided on Thursday to cut its key interest rates by 25 basis points at its rate-setting meeting.

With this adjustment, the interest rates for the deposit facility, the main refinancing operation, and the marginal lending facility are now set at 3 per cent, 3.15 per cent and 3.4 per cent respectively, the bank said in a statement.

The decision to lower interest rates was “based on its updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission,” the statement said. This marks the ECB’s fourth rate cut this year, reducing rates from their historical highs.

The ECB confirmed that inflation is expected to reach its 2-per cent target in the medium term “on a sustained basis,” citing measures of underlying inflation, Xinhua news agency reported.

In a notable shift, the ECB abandoned its previous rhetoric about keeping policy rates restrictive “as long as necessary,” while reiterating its commitment to a data-dependent approach for determining future monetary policy.

“The Governing Council is determined to ensure that inflation stabilises sustainably at its 2 percent medium-term target,” the bank said in its statement.

Earlier this year, for the first time since 2004, the ECB had announced an annual loss for 2023 following almost two decades of substantial profits.

The bank reported a loss of nearly 1.3 billion euros (1.4 billion US dollars) last year after the release of 6.6 billion euros from provision for financial risks.

The ECB had said that the loss reflected the “necessary monetary policy actions of the Eurosystem” in the fight against high inflation with the many consecutive interest rate hikes since July 2022.

The rise in key interest rates increased the interest expenses for the ECB’s variable-rate liabilities, but the income from the assets did not rise to the same extent or at the same pace, as many had fixed interest rates and long maturities, ultimately resulting in a loss, according to the central bank.

Furthermore, the bank also expected losses “in the next few years” and only then will there be “sustainable profits” again.

The ECB had vowed to effectively fulfill its primary mandate of maintaining price stability, regardless of any losses incurred.

–IANS

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Beijing, Dec 12 (IANS) China has made serious protests and expressed strong condemnation to Canada over its sanctions against some Chinese personnel for alleged human rights violations, and called on Canada to correct its wrongdoing at once, a Chinese Foreign Ministry spokesperson said on Thursday.

Spokesperson Mao Ning made the remarks when answering relevant queries after a regular press briefing.

“China has made clear its just position on Canada’s decision,” Mao said, adding the whole thing is an ugly, hypocritical political stunt done by some Canadian political figures under the pretext of human rights to serve an unspeakable agenda and please the United States. “This is quite apparent to many in the world,” she said.

Noting that Canada’s false allegations about China’s human rights and illicit sanctions against Chinese personnel are of an egregious nature and have serious consequences, Mao said China has made serious protests and expressed strong condemnation to the Canadian side and called on Canada to correct its wrongdoing at once.

China will take all measures necessary to firmly safeguard our nation’s sovereignty, security and development interests, Mao said.

On Wednesday, China had urged Canada to reflect on its own situation and cease its interference in China’s internal affairs.

Mao Ning had accused the Canadian government of making false allegations in the name of human rights.

She had noted that this constitutes gross interference in China’s internal affairs, and is a serious violation of international law and the basic norms governing international relations. China firmly opposes and strongly condemns Canada’s actions, she said.

The Foreign Ministry spokesperson indicated that Canada is facing its own list of human rights issues, and that its human rights record is far from spotless. Even today, Canada’s indigenous population faces systemic racial discrimination and unfair treatment.

“Instead of dealing with this, Canada has chosen to slander and vilify other countries, and is spreading lies about China’s alleged human rights issues. This move is like a thief crying ‘Stop, thief!’ and will not convince the world,” Mao said.

The facts have laid bare Canada’s double standards and hypocrisy, she said. Canada is in no position to lecture others on human rights or point fingers at human rights situations in other countries, and it does not have any right to act as a judge and impose sanctions arbitrarily.

–IANS

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Phnom Penh, Dec 12 (IANS) Cambodia made $568 million in revenue from exports of natural rubber latex in the first 11 months of 2024, up by 26.7 per cent over the same period last year, said an official report on Thursday.

The kingdom exported 342,010 tonnes of the commodity during the January-November period this year, up by 2.34 per cent from 334,177 tonnes over the same period last year, according to the report of the General Directorate of Rubber that was released on Thursday.

“A tonne of rubber latex averagely cost $1,662 during the first 11 months of 2024, about 319 dollars higher than that of the same period last year,” Khun Kakada, Acting Director General of the General Directorate of Rubber, said in the report.

The Southeast Asian nation exports the commodity mainly to Malaysia, Vietnam, Singapore and China, Xinhua news agency reported.

Cambodia has so far planted rubber trees on a total area of 407,172 hectares, in which the trees on 320,184 hectares, or 78.6 per cent, are old enough to be tapped, the report said.

In the first 10 months of the year, Cambodia had earned $472 million in revenue from exports of natural rubber latex, up 22.5 per cent over the same period last year.

The kingdom exported 291,269 tonnes of the commodity during the January-October period this year, up 2.6 per cent over the same period last year, said the report of the General Directorate of Rubber.

Natural latex comes from many flowering plants, including Hevea brasiliensis, the ‘rubber tree.’ The milky white latex is found directly under the bark of the rubber tree and is harvested via careful tapping methods perfected over many years. Synthetic latex, however, is made entirely by humans.

–IANS

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Vientiane, Dec 12 (IANS) Laos has launched a new health project to control the spread of HIV, tuberculosis (TB) and malaria, improving healthcare access and training local public health workers.

The project aims to prevent the emergence and spread of diseases while ensuring food security and livelihoods, particularly for vulnerable groups in the northern Bokeo province, the country’s Ministry of Health said on Thursday.

The project also aims to strengthen the capacities and skills of community and public health workers through continuous training and career management plans, Xinhua news agency reported.

In addition, civil society actors will be encouraged to participate in shared governance and field data monitoring and evaluation. The project aligns with Laos’ goal of eliminating these diseases by 2030.

Earlier this year, the World Bank approved the second phase of a project to support improving the quality of health and nutrition services in poor and rural areas of Laos.

The objective of the Second Health and Nutrition Services Access Project for Laos is to improve equitable access, utilisation, and quality of health and nutrition services in target areas and provide immediate response in case of a crisis or emergency.

The project features funding from the Australian government, the Global Alliance for Vaccine and Immunisation (Gavi), and the Global Fund to Fight AIDS, Tuberculosis and Malaria.

According to reports, around a third of Lao children are stunted by poor nutrition, and around 7,000 Lao children die before reaching their fifth birthday every year.

The project is expected to help local authorities work with villagers to address high birth rates among adolescents, and poor diets and feeding practices among mothers.

It will also expand services such as family planning, water supply and sanitation.

According to Alexander Kremer, the Country Manager of the World Bank Laos, one of the enduring challenges in Laos is to bring health and nutrition services to the large number of people living in remote villages.

This project renewed efforts to provide more and better services in rural communities.

–IANS

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Islamabad, Dec 12 (IANS) Trouble continues to mount for former Pakistan premier and founder of Pakistan Tehreek-e-Insaf (PTI) party as he and his wife Bushra Bibi were indicted in the Toshakhana 2.0 case, on Thursday.

Pakistan’s National Account­ability Bureau (NAB) had alleged that the Saudi royal family gifted a Bulgari jewellery set – including a ring, bracelet, necklace and earrings – to Imran Khan’s wife during her visit to the kingdom in May 2021 that was illegally retained by the former first couple instead of submitting it to the government’s Toshakhana where all such gifts to government officials are kept.

It was the country’s Deputy Military Secretary at that time who had informed the special investigation court that the jewellery was retained by Imran Khan’s wife.

On Thursday, a special court read the charges to Imran Khan and Bushra Bibi – both were present during the hearing – initiating legal proceedings into the case.

Khan is currently facing multiple charges and is serving jail term in Rawalpindi’s Adiala jail. However, his wife Bushra Bibi was granted bail in the infamous Iddat case and other cases.

NAB maintained that Khan and Bushra Bibi had deliberately undervalued the actual price of the jewelry set.

NAB revealed that Bulgari sold the necklace to a Saudi Arabian franchise on May 25, 2018 for 300,000 Euros and earrings for 80,000 Euros. The total value of the jewelry set was valued in Pakistani currency at Rs 75,661,600. However, according to the investigating agency, the necklace and earrings were valued by Imran Khan and Bushra Bibi, thus incurring a loss of at least Rs 35,765,800 to the national treasury.

The indictment of Imran Khan and Bushra Bibi in the Toshakhana 2.0 case comes at a time when the PTI founder is facing multiple cases, including fresh ones filed against him for ordering and orchestrating the recent violent protest in Islamabad.

Khan faces a tough road ahead as any confession by former ISI chief Lt. Gen. (Retd.) Faiz Hamed, who has been accused of supporting former PM and even being the mastermind behind the targeted attacks by PTI workers on military installations across the country on May 9 last year, could lead to more hearings, this time in military courts.

–IANS

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Kabul, Dec 12 (IANS) The extremist militant group Islamic State (IS) has claimed responsibility for a suicide bombing that killed Afghanistan’s acting minister for refugees and repatriation on Wednesday.

IS militant detonated his explosive vest, resulting in the deaths of Khalil Rahman Haqqani and several of his colleagues and bodyguards, a report issued by IS-affiliated news agency ‘Amaq’ stated.

Four people, including Haqqani, were killed and four others, including Haqqani’s guards, were critically injured following the attack, an official at the Afghan Ministry of Interior told Xinhua news agency.

Haqqani is the first cabinet member killed since the Afghan caretaker government took over power in 2021.

“We have received with great sadness the news that the minister of refugees, Khalil Rahman Haqqani, was martyred this afternoon in a ferocious attack by the Khawarij (enemy),” said a statement released by Mufti Abdul Mateen Qani, a spokesman for the country’s Ministry of Interior.

“Haqqani was a member of a great jihadi family. The enemies of Islam had set a 5-million-US dollar bounty for his elimination,” the statement added.

Security personnel had sealed off all roads to the ministry, and stringent regulations are currently enforced within the vicinity.

Born in Paktia Province in 1966, Khalilur Rahman Haqqani and his brother Jalaluddin Haqqani were senior members of the Islamic forces that played a key role in the war against the former Soviet Union and coalition forces over the past four decades.

“His activities in Afghanistan’s history, his role in Afghanistan’s jihad, his honourable efforts in the repatriation of Afghan refugees, his strengthening of the Islamic system, and his family upbringing all contribute to making personalities like him rare in Afghanistan,” Rohullah Hotak, a political analyst, told Afghanistan’s TOLOnews.

According to local media, the last official assignment that Khalil Rahman Haqqani attended was the Economic Commission meeting at the Prime Minister’s Office.

–IANS

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Seoul, Dec 12 (IANS) South Korea’s Supreme Court on Thursday finalised a two-year prison term for minor party leader Cho Kuk convicted of academic fraud involving his children and unlawful interference with a government inspection.

The top court handed down the two-year sentence and asked Cho to forfeit 6 million won ($4,184), finding the 59-year-old guilty of using his influence to receive academic favours, including university admissions, for his children and interfering with an inspection into a corruption case by using his power as a presidential aide.

Cho, who currently heads the minor Opposition Rebuilding Korea Party, will also lose his parliamentary seat and his right to run in presidential elections for the next five years.

Shortly after the sentence was announced, Cho said he “humbly accepts” the court’s decision.

The Seoul Central District Prosecutors Office ordered him to appear before the prosecution on Friday to begin serving his term.

Cho, however, reportedly asked for a postponement citing the need to take care of official duties, including handing over his party leadership position, Yonhap news agency reported.

Under prosecution guidelines, a person who has received a sentence can postpone their appearance before the prosecution by up to three days in the event they need to undergo urgent medical treatment or attend to a family member’s death or wedding.

Depending on the prosecution’s decision, Cho could begin serving his term on Friday but no later than next Monday.

Cho, a former law professor at Seoul National University, served as the senior presidential secretary for civil affairs from 2017-19 during the Moon Jae-in presidency. He was appointed as the justice minister in September 2019 before stepping down about a month later amid the scandal.

He was indicted in December 2019 on a dozen charges, including fabricating various documents to help his two children get into universities and graduate schools and receiving a kickback worth 6 million won in the form of a scholarship for his daughter, who attended a medical school in the southeastern city of Busan.

He was later additionally indicted on charges of using his power as a presidential aide to end an inspection into bribery allegations involving a former Busan vice mayor.

–IANS

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Beirut, Dec 12 (IANS) The Lebanese army, in coordination with UNIFIL peacekeepers, expanded its deployment in the southeastern town of Khiam and its environs on Thursday, as part of a broader plan to secure the area south of the Litani River, a military source said.

The source told Xinhua news agency that the army’s 7th Brigade engineering unit, led by Brigadier General Tony Fares, commenced operations to clear roads, remove obstacles, and identify potential explosives left behind by the Israeli army.

The army established checkpoints at Khiam’s entrance and initiated joint patrols with UNIFIL within the town’s neighbourhoods.

The deployment in Khiam marks the initial phase of the army’s broader operation in the south of the Litani River. The Israeli army withdrew from the area after a three-week occupation during which it destroyed numerous buildings.

The Lebanese army has mobilized approximately 6,000 soldiers and hundreds of armoured vehicles to various military barracks in the South Litani region, encompassing Marjeyoun, Nabatieh, Bint Jbeil, Tyre, and Zahrani districts.

A ceasefire, effective since November 27, aimed to end nearly 14 months of fighting between Israel and Hezbollah.

The ceasefire terms stipulate Israel’s withdrawal from Lebanese territory within 60 days, with the Lebanese army deploying along the border and in the south to assume security control and prevent any armed presence.

On Wednesday, Lebanese army units, accompanied by the United Nations peacekeepers, deployed to five positions around Khiam, a town in the eastern sector of Lebanon’s southern border area, the Lebanese army command said.

“Army units were stationed in five locations around Khiam town in coordination with the United Nations Interim Force in Lebanon (UNIFIL),” the command said in a statement.

The deployment, it added, marked the first phase of operations in the area, coinciding with the Israeli withdrawal following discussions by the five-member monitoring group.

A second phase will follow, with specialist units conducting an engineering survey of the town to clear unexploded ordnance. The army urged civilians to stay away from the area and follow military instructions until the deployment is complete.

–IANS

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