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
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
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
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
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,
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
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
On Tuesday, Chinese leader Xi Jinping appeared in a prerecorded video at the United Nations General Assembly in New York. He said that China will not build new coal-fired power projects abroad as part of its efforts to slow climate change. No details were provided by President Xi, however, based on how the policy is implemented, the move could significantly limit the funds of coal plants in the developing world. To meet the goals of the Paris Climate Agreement to reduce carbon emissions, China was under heavy diplomatic pressure. The nation was asked to put an end to its coal funding overs
On Friday, the government unveiled a package of initiatives to attract high-growth, high-tech local and regional companies that will get listed on the Singapore Exchange (SGX). With an initial tranche of $1.5 billion, the biggest initiative is to set funds that will assist promising high-growth companies to raise capital from public listing in SGX. The funds will be co-invested by the Government and Temasek. The cash flow of firms that are growing fast usually exceeds the growth of the overall economy. In contrast, most companies do not pay dividends to stockholders, instead choosing to re
The United Arab Emirates seeks to grow its economic ties with Israel over $1 trillion in the coming decade. On Monday, Economy Minister Abdulla Bin Touq said that strengthening a year-old relationship with Israel has already produced billions of dollars worth of business. Since normalizing its relationship in 2020, UAE has signed nearly 60 memorandums of understanding with Israel. They plan to expand an “influx” of trade in a coming couple of years. In a virtual conference from the US, Bin Touq said that he is leading a high-level business delegation where the USA was looking at sector