After two years of debate, EU finance ministers finally clinched a deal on Wednesday, breathing new life into the bloc's fiscal rulebook. The reformed regulations, set to take effect in 2025, offer member states more leeway in debt reduction timelines and incentivize investments critical for Europe's future. This shift marks a departure from the stricter fiscal straitjacket imposed after the 2008 financial crisis. The pandemic further squeezed economies, pushing debt levels to record highs. Coupled with ongoing geopolitical and economic uncertainties, the need for greater flexibility becam
Razorpay, Cashfree, and Open have received the final approval from the Reserve Bank of India (RBI) to operate as payment aggregators. This comes after Razorpay temporarily halted onboarding new online merchants in December 2022, following an advisory from the RBI. A spokesperson for Razorpay expressed excitement about the recent authorization, stating, "We are now open to onboard new businesses on our Payment Gateway platform!" The company, having received the final authorization under the Payment Settlements Act, 2007, is eager to resume onboarding new customers and provide industry-first
Kenya and the European Union (EU) are on the verge of solidifying an Economic Partnership Agreement, marking a significant step toward providing Kenya with duty-free status and unhindered access to the EU market. The draft deal, initiated after seven months of negotiations and initially led in June, gained approval from the European Union Council last week. Rebecca Miano, Kenya's trade minister, emphasized the transformative impact of the agreement, stating, "Today's agreement heralds a new dawn where Kenyan goods gain immediate duty- and quota-free access to the European market." The EU s
In a significant move highlighting the ongoing thaw in geopolitical tensions, Abu Dhabi's state-controlled AD Ports Group is poised to acquire a stake in Turkey's key port, Izmir, according to confidential sources close to the deal. The investment, estimated at around $500 million, will be facilitated through an entity formed by the Turkey Wealth Fund, which currently owns the strategic Aegean coast port. While the size of the stake remains undisclosed, the deal underscores the warming relations between the UAE and Turkey. The Izmir port, owned by Turkey's sovereign wealth fund, is in dire
Britain is gearing up to wield a new weapon in its climate arsenal: a levy on carbon-intensive imports. Starting in 2027, steel, cement, fertilizers, and more will face a price based on their emissions and the carbon pricing gap between their origin and the UK. This "carbon border adjustment mechanism" aims to level the playing field for UK producers facing cheap, high-emission competition. Finance Minister Jeremy Hunt sees the levy as a two-pronged attack: protecting British businesses and pushing global emissions down. He emphasizes that imported goods must "face a comparable carbon p
Indonesia and Japan have successfully concluded negotiations to enhance their bilateral economic agreements, marking a crucial step towards improved trade relations. The announcement was made by Indonesia's Foreign Minister, Retno Marsudi, on December 16, following discussions between Indonesian President Joko Widodo and Japanese Prime Minister Fumio Kishida. As part of the agreement, Japan has committed to removing trade barriers, granting greater access for Indonesian products. This includes the elimination of tariffs on processed fishery items, a move that is expected to boost Indonesia
In a bid to enhance regional security amid rising tensions in the South China Sea, Japan and Malaysia signed a comprehensive security assistance deal on Saturday. The agreement, celebrated on the sidelines of a Tokyo summit marking 50 years of Japan-ASEAN ties, solidifies the relationship between the two nations. Under the terms of the deal, Japan will extend a grant of 400 million yen ($2.8 million) to Malaysia, focusing on boosting maritime security capabilities. The aid package includes the provision of essential equipment such as rescue boats and supplies aimed at fortifying Malaysia's
Prime Minister Narendra Modi inaugurated the Surat Diamond Bourse, now recognized as the world's largest and most modern center for international diamond and jewelry business. The grand opening followed the inauguration of a state-of-the-art integrated terminal building at Surat airport earlier in the day. Located in Khajod village near Surat city, the Surat Diamond Bourse is housed in a colossal building, boasting over 67 lakh square feet of floor area—the largest office complex globally. This monumental structure will serve as a global hub for the trading of both rough and polished dia
South Korean President Yoon Suk Yeol embarked on a trip to the Netherlands, focusing on enhancing semiconductor cooperation between the two nations. President Yoon highlighted the critical role of high-tech chips in the global economy, with South Korea contributing approximately 60% of the world's memory chip supply. The Netherlands hosts ASML, a key player producing lithography equipment essential for semiconductor manufacturing. Despite geopolitical tensions impacting the semiconductor industry, Yoon emphasized the longstanding collaboration between South Korea and the Netherlands, cruci
Philippine lawmakers are deliberating potential amendments to the Constitution to ease restrictions on economic ownership. “We want to lift the restrictive provisions vis a vis the economy,” House Speaker Martin Romualdez said in an economic briefing.Congressional leaders from major political parties convened on December 11 to address procedural challenges that have impeded previous attempts to amend the Philippines' 1987 constitution. The proposed amendments aim to grant lawmakers the authority to regulate economic sectors, providing flexibility for increased foreign investment.Foreign