The European Union has pledged 1 billion euros to assist Lebanon's struggling economy and strengthen its security forces, announced European Commission President Ursula von der Leyen during her visit to Beirut. This financial aid aims to enhance essential services like healthcare and education. Von der Leyen stressed the importance of Lebanon implementing economic, financial, and banking reforms to revitalise its business environment and banking sector. The support for Lebanon's security apparatus will focus on training, equipment, and infrastructure to enhance border management. Due to
On Wednesday, Britain unveiled its plan to authorise European Union investment funds after Brexit, with the goal of ensuring continuity and choice for UK investors. The Overseas Funds Regime (OFR) will replace temporary licenses, allowing non-UK funds to be authorised for sale in the UK. This move aligns with Britain's commitment to providing long-term market access for EU investment funds without imposing additional costly requirements. The roadmap involves legislative initiatives, such as a public consultation on prospective sustainability labelling standards for funds to prevent 'greenw
India collected a record 2.10 trillion rupees ($25.15 billion) in GST in April. Before refunds, GST income surpassed 2 trillion rupees for the first time, reaching 2.1 trillion rupees, a 12.4% year-on-year increase. After refunds, net GST collections increased by 15.5% year-on-year to 1.92 trillion rupees. This rise, which occurred in April owing to year-end tax settlements, indicates strong economic activity and compliance. Domestic operations accounted for a 13.4% increase in revenue, while GST from imports climbed by 8.3%. Integrated GST (IGST) on imports fell by 2%, collecting 37,82
Singapore and the US reaffirmed their commitment to enhancing bilateral cooperation through their 20-year-old free trade agreement (FTA). During the recent Joint Committee Meeting, chaired by Singapore's Minister for Trade and Industry Gan Kim Yong and US Trade Representative Katherine Tai, they prioritised the digital economy, paperless trading, and supply chain resilience. Minister Gan emphasised the importance of digital technologies in enabling trade, particularly for micro, small, and medium-sized businesses (MSMEs), which are critical to economic growth and job creation. Tat Hui Food
The Planning Ministry will serve as the chair of an interministerial commission that will advance South American integration projects, according to Renata Amaral, Brazil's secretary for international affairs and development. President Luiz Inacio Lula da Silva will issue a decree establishing the commission, thereby easing internal cooperation and effectively initiating these projects. Last year, the government set aside $10 billion from multilateral and development banks to fund infrastructure, strengthen South American integration, increase trade, and shorten transportation time to Asia.
The IMF stated that Asian central banks, benefiting from lower inflation, can focus on domestic factors rather than the actions of the US Federal Reserve when setting monetary policy. Despite a predicted slowdown in economic growth over the next two years, they expect a "soft landing" for the region as a result of rapid disinflation, allowing for monetary policy relaxation. Krishna Srinivasan, IMF Asia-Pacific Director, cautioned against close conformity with Fed measures, instead focusing on domestic inflation. Exchange rates serve as shock absorbers for Asian countries due to their st
Zesco, the state-owned energy provider in Zambia, is getting ready to import electricity to combat an increasing supply shortfall that could hinder operations in the crucial mining sector. Zambia is the second-largest producer of copper in the world. Zesco is getting ready to maintain economic stability and growth by directing the additional power imports towards vital industries like mining, agriculture, and manufacturing. The shortage is expected to reach an estimated 700 megawatts this year. Although the utility has not yet confirmed the precise amount of additional power that must be i
According to a recent report, strong demand helped India's business activity soar in April, marking its fastest growth in almost 14 years. India is the largest economy, increasing at the highest rate of the year, according to the HSBC Flash India PMI, which also showed good employment growth and a decline in input inflation. The S&P Global and HSBC composite PMI increased to 62.2 in April, extending a trend of growth that began in August 2021. Pranjul Bhandari, HSBC's chief India economist, attributed the strong performance to increased new orders, leading to the highest composite outp
According to a report, Saudi Arabia intends to reshape its economic environment as part of its ambitious transition to become a worldwide tourism powerhouse. With the help of Crown Prince Mohammed bin Salman's Vision 2030 plan, the kingdom hopes to become a popular tourism destination, lowering its dependency on oil earnings and drawing a wide range of visitors, including those interested in luxury and culture. Significant investments are being used to build new attractions like Neom and the Red Sea Project, as well as to develop places like AlUla and heritage sites. In addition to these i
Mongolia sealed a groundbreaking climate finance pact to safeguard its grasslands. The agreement, named "Eternal Mongolia," calls for a $71 million commitment from a coalition, supported over 15 years by Mongolia's guarantee of $127 million. This deal is expected to be among Asia's biggest climate finance projects and would extend Mongolia's network of National Protected Areas and provide a template for international conservation initiatives. With temperatures rising by 2.25 degrees Celsius in 80 years due to climate change, Mongolia is experiencing extreme environmental problems such as s