The UK sets out its net-zero strategy in advance of hosting COP26 climate talks
Economy

The UK sets out its net-zero strategy in advance of hosting COP26 climate talks

Boris Johnson, the British prime minister, outlined his plans for a green revolution on Tuesday in order to force Western economies to end their dependency on fossil fuels. Later this month, Britain is set to host the COP26 United Nations climate talks in Glasgow, Scotland. The meet aims to strengthen global action on global warming. The UK Prime Minister Boris Johnson said, “with the major climate summit COP26 just around the corner, our strategy sets the example for other countries to build back greener, too, as we lead the charge towards global net-zero”. Earlier, Mr. Johnson was a

Read more

Global supply chain risks threaten Asia’s growth forecast, IMF says
Economy

Global supply chain risks threaten Asia’s growth forecast, IMF says

On Tuesday, the International Monetary Fund ripped this year’s economic growth forecast for Asia. The IMF warned Asia about risks by a fresh wave of COVID-19 infections, supply chain disruption, and inflation. According to the reports, this year China’s economy will see a growth of 8% and 5.6% in 2022. However, the recovery will remain “unbalanced” as fiscal tightening and repeated outbreaks of the coronavirus weigh on consumption. In its report, the IMF stated that any "untimely policy normalization or misconstrued communication from the United States Federal Reserve could lead to

Read more

China’s Third Quarter Economic Growth Slows Below expectations
Economy

China’s Third Quarter Economic Growth Slows Below expectations

On Monday, the National Bureau of Statistics said in a statement that gross domestic product grew 4.9% in the third quarter from a year ago. It has missed the expectations of 5.2% expansion, according to analysts polled by a news agency. Despite a less-than-expected rise in industrial activity in September, China's third-quarter GDP grew by only 4.9%. In September, industrial production rose by 3.1% below the 4.5% expected. On Monday, in a press conference in Mandarin, the spokesperson for the National Bureau of Statistics Fu Linghui said, “Since entering the third quarter, domestic and

Read more

Myanmar’s Economic Woes Mount with Plunging Currency
Economy

Myanmar’s Economic Woes Mount with Plunging Currency

Myanmar is combatting a low-hanging local currency amid an unprecedented dollar shortage that drove up the cost of imports. It has aggravated the economy’s struggle with dual challenges of the pandemic and post-coup financial isolation. Myanmar’s national currency kyat has tumbled nearly 60% since the military seized power this February. It triggered a freeze on the key sources of foreign currency supplies of Myanmar’s foreign reserves held in the US, and suspension of multilateral aids. The safety of money in banks is fueling worries as the restriction on cash withdrawals is seen in

Read more

UAE And Syria Agrees to Enhance Economic Cooperation
Economy

UAE And Syria Agrees to Enhance Economic Cooperation

On Sunday, the UAE’s Economy Minister Abdulla bin Touq Al-Marri announced the agreement that The United Arab Emirates and Syria have agreed to expand their economic cooperation and explore new opportunities. According to the ministry’s data, the value of non-oil trade between the two countries in 2021’s first half was one billion dirhams ($272 million). The decision came after the economy minister of UAE met with his Syrian counterpart. In an informal meeting outside Dubai Expo 2020, UAE's economy minister and Syria's counterpart discussed ways to expand their relationship, according

Read more

Mr. Modi to Inaugurate ‘Azadi@75- New Urban India’ Conference and Expo
Economy

Mr. Modi to Inaugurate ‘Azadi@75- New Urban India’ Conference and Expo

On Tuesday, Prime Minister Mr. Narendra Modi will launch the “Azadi@75- New Urban India: Transforming Urban Landscape” conference-cum-expo. The conference and Expo will be held in Lucknow that will showcase and launch many development projects. The Prime Minister’s Office issued a statement where they said that Mr. Modi will interact with everyone virtually. He is scheduled to hand over the keys of Pradhan Mantri Awas Yojana- Urban (PMAY-U) houses, virtually to 75,000 beneficiaries in 75 districts of Uttar Pradesh. Mr. Modi will lay the foundation stone and launch 75 urban developmen

Read more

Booming firms in Australia are being asked to repay the COVID-19 handout
Economy

Booming firms in Australia are being asked to repay the COVID-19 handout

Last year, when the pandemic took hold and threatened to destroy the economy, Australia came up with the solution of an innovative A$90 billion (S$88 billion) scheme. The scheme gave the money to the employers to keep their staff employed. A stunning success at first glance at least, the scheme was called JobKeeper. According to the data, the scheme has saved 7,00,000 jobs and avoided a surge in unemployment. Nearly 3.8 million workers benefited along with one million businesses. In July last year, lockdown caused unemployment to increase to a peak of 7.4%. However, the jobless rate has fa

Read more

Indian Government Dissolves OFB, Transfer Employees and Assets to 7 PSUs
Economy

Indian Government Dissolves OFB, Transfer Employees and Assets to 7 PSUs

The Indian government’s defense ministry has dissolved the Ordnance Factory Board (OFB) with effect from October 1. According to an official, the ministry has transferred its assets, employees, and management to the 7 public sector units (PSUs). On May 16, last year the Central Government had announced that it will provide autonomy, accountability, and efficiency in ordnance supplies by the corporatization of the OFB, as part of the “Atmanirbhar Bharat”. The order came on September 28 where the defense minister said that the Government of India has decided to transfer the management,

Read more

Malaysian PM to Unveil 12th biggest five-year Malaysia Plan
Economy

Malaysian PM to Unveil 12th biggest five-year Malaysia Plan

On Monday, Malaysian Prime Minister Ismail Sabri Yaakon unveils Malaysia’s 12th biggest five-year development Malaysian Plan. In the Parliament, this first major policy that was introduced by the administration can prove as a litmus test for the bipartisan cooperation between Yakob’s government and the opposition. This is the largest five-year road map with RM 400 billion (S$129 Billion) allocated for the new and existing projects. This project is 54% bigger than the 11th Malaysia’s plan that was unveiled in 2016 that had RM260 billion. The new plan that aims to turn Malaysia into

Read more

Malaysia and Singapore to Discuss Borders Reopening
Economy

Malaysia and Singapore to Discuss Borders Reopening

Malaysian Minister of Foreign Affairs Saifuddin bin Abdullah said Malaysia and Singapore are discussing the possibility of reopening their borders soon. After the plight of several people, the minister assured the lawmakers in Dewan Rakyat. He commented that he is aware of the issue as it is not only about the COVID-19 but also about those who have been separated from their loved ones even before the start of the pandemic. He is trying his best to find the solution to overcome this situation together. Abdullah also confirmed the news of a telephonic conversation between the Health Minister

Read more