Abu Dhabi Chamber signs agreement with EDB of Mauritius
The Abu Dhabi Chamber of Commerce and Industry has signed a cooperation agreement with the Economic Development Board of Mauritius (EDB) to further deepen the economic and trade relations between Mauritius and the Emirate of Abu Dhabi…reports Asian Lite News
The agreement also aims at serving the business environment as a world system for positive partnership, share experiences and best practices between businesses.
The signing of the new document comes during a meeting held between Abdullah Mohamed Almazrui, Chairman of the Abu Dhabi Chamber, and Dr. Renganaden Padayachy, Minister of Finance and Economic Development of Mauritius, at EXPO 2020 Dubai.
Mohamed Helal Al Mheiri, Director General of Abu Dhabi Chamber, attended the meeting from the Emirati side, whereas Harvesh Kumar Seegolam, Governor of Bank of Mauritius; Issa Soormally, Vice Chairman of EDB; Ken Poonoosamy, CEO of the EDB; and Shaukat Ali Soudhan, Non-resident Ambassador of Mauritius to the UAE, attended from the Mauritian side.
During the meeting, both sides discussed the cooperation between businesses in Abu Dhabi and Mauritius to explore the best means of increasing trade exchange and serve their common interests. Both parties stressed on the importance of strategic agreements aimed at attracting capital and facilitating investors’ work to benefit from the investment opportunities offered by both countries, especially that Abu Dhabi is a top destination for doing business thanks to its unique capabilities, ambitious vision and advanced economic services. On the other hand, Mauritius is a country that seeks to provide an open and stable environment for businesses and investment funds to attract more foreign investments.
Abu Dhabi Chamber signs agreement with EDB of Mauritius
Almazrui commented that by signing the document, Abu Dhabi seeks to deepen the cooperation of Emirati businesses with their counterparts around the world. He pointed to the awareness of the chamber to form strategic partnerships with many countries and international financial institutions with the aim of developing its economic and financial relations and enhance the position of Abu Dhabi on the world economic map.
The agreement will establish a framework for developing stronger business relations between the parties and cooperation procedures to enhance the achievement of their respective economic objectives in addition to forming successful partnerships, coordinate trade delegations and visits between the two countries. The agreement also states that both Parties will cooperate for the purpose of promoting trade in their respective countries, exchange information on trade opportunities and investment potential, organise prospective business missions, study trips, commercial events, trade fairs, exhibitions, seminars and training sessions for the mutual benefit of businesses.
Mohamed Helal Al Mheiri, Director General of Abu Dhabi Chamber, signed the Cooperation Agreement on behalf of the Chamber, whereas Ken Poonoosamy, CEO of the EDB, signed the agreement on behalf of his organisation. (WAM)
Mohammed bin Rashid meets President of Israel at Expo 2020
Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, today met with Isaac Herzog, President of Israel, at the UAE pavilion at Expo 2020 Dubai…reports Asian Lite News
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, today met with Isaac Herzog, President of Israel, at the UAE pavilion at Expo 2020 Dubai. The meeting was attended by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai.
Welcoming President Isaac Herzog, who is on his first official visit to the UAE, His Highness Sheikh Mohammed bin Rashid said that Expo 2020 Dubai, which features the participation of more than 190 countries, provides opportunities for countries across the world to explore wider cooperation in various fields. The mega global event seeks to shape a better future for humanity based on peaceful coexistence and sharing of expertise and resources.
Mohammed bin Rashid meets President of Israel at Expo 2020 (WAM)
They discussed various regional and international developments, issues of common concern, and international efforts to accelerate the pace of global recovery.
The Israeli president also visited the Sheikh Zayed Grand Mosque on the same day.
He was accompanied by First Lady Michal Herzog, Mohammed Al Khaja, the UAE’s ambassador to Israel, Amir Hayek, Israeli Ambassador to the UAE, and several senior Israeli officials.
Dr. Yousif Al Obaidli, Director-General of Sheikh Zayed Grand Mosque Centre, accompanied the Israeli President and accompanying delegation on a tour of the mosque’s halls and external corridors.
During the tour, they were briefed by one of the Center’s cultural tour specialists about Sheikh Zayed Grand Mosque’s noble message that underscores notions of coexistence, tolerance, and openness to the cultures, emanating from the nation’s late founder’s rich legacy.
They also learned about the mosque’s history, components, and esthetic features of Islamic art and architecture that manifest in every corner of this grand edifice, which create a mesmerising fusion of various architectural styles from different eras reflecting commonalities amongst cultures and uniting the world through art.
At the end of the visit, the guest was presented with two of the Centre’s distinctive publications.
The first titled “Spaces of Light” showcasing the winning photographs in the “Spaces of Light” photography award, annually organised by the Centre in celebration of the scenic aesthetics and visual culture of the mosque, and another copy of a book titled “Houses of God” about places of worship in the Islamic history, including the Sheikh Zayed Grand Mosque. (WAM)
Mohammed bin Rashid meets President of Israel at Expo 2020 (WAM)Mohammed bin Rashid meets President of Israel at Expo 2020 (WAM)Mohammed bin Rashid meets President of Israel at Expo 2020 Mohammed bin Rashid meets President of Israel at Expo 2020 (WAM)
Sources reported that the country’s Finance Ministry has finalised the plan for the loan and an agreement in this regard will likely be signed with China during Prime Minister Imran Khan’s visit to Beijing next month…reports Asian Lite News
Amid devastating economic condition, Pakistan has decided to seek a loan of around USD 5 billion from China, Russia and Kazakhstan.
According to local media, the country plans to borrow 3 billion US dollars from China and 2 billion USD from Russia and Kazakhstan.
The News International citing sources reported that the country’s Finance Ministry has finalised the plan for the loan and an agreement in this regard will likely be signed with China during Prime Minister Imran Khan’s visit to Beijing next month.
Imran Khan is set to depart for Beijing on February 3. The Pakistani Prime Minister will attend the inaugural session of the Beijing Winter Olympics 2022.
On Tuesday, a final meeting of the top Pakistani officials will take place to shape the agenda of Imran Khan’s visit.
Beijing has already placed around USD 11 billion with Islamabad in the shape of commercial loans and foreign exchange reserves support initiatives, including USD 4 billion in SAFE deposits. The Chinese money is part of Pakistan’s current official foreign exchange reserves recorded at USD 16.1 billion, said The Express Tribune.
Pakistan, in the last fiscal year, paid more than Pkr 26 billion in interest cost to Beijing. Notably, Pakistan paid the heavy amount only for using a USD 4.5 billion Chinese trade finance facility to repay the maturing debt.
It comes as Saudi Arabia last month granted a loan of USD 3 billion to Pakistan. The loan has been consumed by the country and the foreign exchange reserves that before the Saudi injection stood at USD 15.9 billion have already fallen to USD 16 billion by January 21, according to The Express Tribune. (ANI)
The 2022 Winter Olympics will be held in Beijing from February 4-20. The Winter Paralympics will take place in the Chinese capital from March 4…reports Asian Lite News
Hong Kong’s Chief Executive Carrie Lam is set to skip the opening ceremony of the Beijing Winter Olympic and stay at home to manage the fight against a surge in untraceable COVID-19 cases.
Hong Kong Chief had planned to go to Beijing on Wednesday to attend the opening ceremony of the Olympics on Friday, Sputnik reported citing the South China Morning Post on Monday. However, she had to cancel her plans due to the virus.
The Hong Kong-based newspaper reported this news citing sources.
Hong Kong has seen 14,105 COVID-19 cases since the beginning of the pandemic, with 12,572 recoveries and 213 deaths.
The 2022 Winter Olympics will be held in Beijing from February 4-20. The Winter Paralympics will take place in the Chinese capital from March 4-13. (ANI)
During high-level meetings between Pakistan NSA and Taliban leadership, the issue of Durand Line remained as one of the primary points of discussion….reports Asian Lite News
Pakistan and Afghanistan have agreed to form a high-level committee to address the recently flared up dispute over the Durand line, which brought the Taliban and Pakistani border security forces at loggerheads.
The decision to form the committee was taken during Pakistan’s National Security Advisor (NSA) Moeed Yusuf’s recent two-day visit to Kabul.
During high-level meetings with the Taliban leadership, the issue of Durand Line remained as one of the primary points of discussion.
Pakistan’s NSA, who also heads the Afghanistan Inter-Ministerial Coordination Cell (AICC), held important meetings with Afghanistan’s acting Deputy Prime Minster Mullah Abdul Salam Hanafi and acting Foreign Minister Amir Khan Muttaqi.
Both sides discussed the current situation in Afghanistan and strengthening of bilateral relations between the two countries.
Pak NSA meets Taliban officials in Kabul Pic credits @ambmansoorkhan
“Both sides agreed to establish a national-level coordination mechanism for enhancing facilitation at border crossing points and to expedite the ongoing negotiations to conclude a new trade agreement,” stated Pakistan’s Ambassador in Kabul, Mansoor Khan.
The focus of the visit of Yusuf to Kabul on January 29-30 was on increasing facilitation in trade, transit, business and humanitarian engagements.
Both sides also agreed to renew deliberations on the 2010 Afghanistan-Pakistan Transit Trade Agreement (APTTA), which expired last year.
Pakistan maintained that the objective of the visit was to discuss with the Afghan leadership the humanitarian requirements of the country and “Pakistan’s proposals for deepening economic engagement to overcome the current challenges Afghanistan is facing”.
“The visit yielded substantive outcomes in terms of forward movement on trade facilitation and social sector support. Both sides also agreed to initiate barter trade, modalities for which will be worked out immediately,” a statement issued by Pakistan’s foreign office maintained.
Pakistan has offered capacity-building and training support in multiple sectors, including health, education, banking, customs, railways and aviation.
“Afghanistan and Pakistan emphasised their commitment to ensuring peace and stability in both countries,” the statement read
Green India Polymer is a leading exporter of PET flakes in the US, Canada, Mexico, Morocco, Germany, South Africa, and the Middle East…reports Asian Lite News
Green India Polymers, an emerging global marketing, distribution and project development company in the field of PET flakes, ushers the era of sustainable wealth creation.
The brand is synonymous for bringing value to the world’s leading manufacturers and users of petrochemical products through tailored business solutions and aims to reach $8 million by the end of this year. It has also shown exponential growth from last year $4 million to $8 million (approximately).
The alarming nature of the environmental issue brings the plastic recycling industry to the spotlight. As a result, the Global plastics recycling industry is expected to reach $110 billion by 2025, from an estimated value of $85 billion in 2020.
With the abundance of plastic products in our day-to-day lives, it has posed serious health and waste management challenges for humanity. As per an estimate by the World Economic Forum, half of the 300 million tonnes of plastic produced every year is used for single-use items-clogging our wastelands, oceans, and the food chain. Moreover, every year, about eight million tonnes of plastic reaches our already chocking oceans.
Elaborating upon the massive opportunity in plastic recycling, Amit Mani, Founder & Managing Director of Green India Polymers said: “Plastic is a necessary evil in our lives. Until we find a more sustainable replacement for it, it is essential to identify and scale up ways to recycle as much plastic as possible. At Green India Polymers, we have scaled up to a profitable business over a short period. However, we take immense pride to play our role in reducing the footprint of plastic from our environment.”
Green India Polymer is a leading exporter of PET flakes in the US, Canada, Mexico, Morocco, Germany, South Africa, and the Middle East.
With the vision towards a more sustainable world by innovating plastic recycling, the company is relentlessly working towards it.
Launched in 2018, Green India Polymers, a manufacturing and trading company started with a cause and vision for a green environment, the start-up actively works towards Sustainable Development by cutting down on Pollution through Plastic Recycling.
Over the course of three years, Green India Polymers has set a benchmark for itself as one of the most dominant competitors in the global recycling industry.
Beginning from its Bengaluru headquarters, the firm directs operations at countless R&D and production facilities in South Asia. The brand also focuses on exports in the US, Canada, Mexico, Morocco, Germany, South Africa, and the Middle East.
Google launched more than 200 new features since March 2020 to help businesses thrive during the pandemic…reports Asian Lite News
Google said it has helped more than 10 million people and businesses across Europe, the Middle East and Africa during the pandemic.
In June 2020, the tech giant set a target to help 10 million people and businesses find jobs, digitise, and grow by the end of 2021.
“This important milestone has now been reached, and surpassed,” Matt Brittin, President, Google Europe, Middle East and Africa, wrote in a blogpost.
“Excited to announce that we surpassed our goal, thanks to our many partners along the way!” added Alphabet and Google CEO Sundar Pichai in a tweet on Wednesday.
Google launched more than 200 new features since March 2020 to help businesses thrive during the pandemic.
The features include Business Profiles, which makes it easier for businesses to manage their presence directly on Google Search and the Google Maps app and connect with customers online.
The Search and Google Maps feature enables restaurants to inform customers they now do delivery — or for local stores to say they offer curbside pick-up.
Further, to help retailers to connect with more customers, Google made it free for retailers to list their products on the Shopping tab throughout Europe, the Middle East and Africa.
The company also launched tailored recommendations for every business with Local Opportunity Finder.
With its Grow with Google efforts, the tech giant focused on providing digital skills training across Europe, the Middle East and Africa.
According to a report by McKinsey more than 25 per cent of people may transition to new jobs because of the pandemic.
To help people find new jobs, the tech giant also launched new Google Career Certificates. The feature will help people reskill for roles in high-growth areas such as IT support, project management, data analytics or UX design.
Brittin said that in the journey to economic growth and recovery in 2022, the digital transition will continue at pace in 2022.
Obtaining new skills will support the transition and expand the digital opportunity to more.
Calling for greater collaboration between organisations, communities and governments, Brittin also noted ensuring opportunity is for all.
He also stressed on the need for a “green economy”.
“The pandemic has presented enormous challenges to communities and economies across the world. The future we need to build is an inclusive, sustainable and digitally accelerated one — and we are here to play our part,” Brittin said.
Electronic goods exports in December 2021 touched $1.67 billion, registering a growth of 33.99 per cent, over $1.25 billion logged in December 2020…reports Asian Lite News
India’s electronic goods exports registered a growth of 49 per cent at $11.0 billion in April-December 2021 compared to $7.4 billion during the same period in 2020, Ministry of Commerce & Industry has said in a statement.
The top five export destinations in April-November 2021 are – USA (18 per cent), UAE (16.6 per cent), China (7.6 per cent), Netherlands (4.5 per cent) and Germany (4.2 per cent).
Meanwhile, the electronic goods exports in December 2021 touched $1.67 billion, registering a growth of 33.99 per cent, over $1.25 billion logged in December 2020.
The overall electronic goods exports FY21 were $11.11 billion.
“With $11.0 billion exports achieved in the first three quarters of FY22, the sector is set to break all-time record highs, far exceeding the previous high of $11.7 billion recorded in FY 20,” the ministry added.
The electronic goods sector includes IT hardware (laptops, tablets), consumer electronics (TV and audio), industrial electronics, auto electronics, electronic components, LED lighting, wearables and hearables, and Telecom equipments among others. Mobile Phones constitute a major chunk of India’s electronics goods exports.
The Ministry of Electronics and Information Technology (MeitY) recently released the second volume of a 5-year road map and vision document for the electronics sector; the first volume was released in November 2021.
The document lays the road map to “transform India into a $300 billion electronics manufacturing powerhouse over the next 5 years, from the current US$75 billion. This will make electronics goods among India’s 2-3 top ranking exports by 2026”.
As per the vision document, the electronics goods exports are expected to increase from the projected $15 billion in 2021-22 to $120 billion by 2026.
In addition, Apple has also released macOS Monterey 12.2, the second major update to the macOS Monterey update that launched in October…reports Asian Lite News
Apple has released watchOS 8.4, the third major update to the watchOS 8 operating system that launched in September.
According to Apple’s release notes, watchOS 8.4 fixes a bug that could cause some Apple Watch chargers not to work as expected with the Apple Watch.
A number of Apple Watch Series 7 owners have reported issues with charging after updating to the watchOS 8.3 software.
The Apple Watch needs to have at least 50 per cent battery charge, needs to be on a charger, and needs to be in the range of the iPhone.
To install the update, open the dedicated Apple Watch app on your paired iPhone. Then, navigate to General > Software Update to check for the new software.
In addition, Apple has also released macOS Monterey 12.2, the second major update to the macOS Monterey update that launched in October.
macOS Monterey 12.2 comes over a month after the release of the 12.1 update, which brought SharePlay support.
The macOS Monterey 12.2 update can be downloaded on all eligible Macs using the Software Update section of System Preferences.
The current Union Finance Minister Nirmala Sitharaman is a woman, but before her another woman leader has presented the budget of India in the Parliament…reports Santosh Kumar Pathak
The history of India’s budget sessions is worth reminiscing as Union Finance Minister Nirmala Sitharaman is gearing up to present the Budget 2022-23 on February 1. The events are quite interesting, and many key and historical changes were witnessed. The tradition of presenting the budget in India began in 1860 during the British rule.
Since the country’s independence in 1947, there have been many interesting and historical changes in the way of presenting the budget, its timing, date and language.
Let’s go through the journey of budget in independent India.
First budget
After India attained independence August 15, 1947, the first budget of independent India was presented on November 26, 1947 by then Finance Minister RK Shanmukham Shetty. He was also lawyer and economist. It did not have a tax proposal. Only a period of 7 months was covered.
Budget printed in Hindi
CD Deshmukh, India’s third finance minister, is credited with making several historic changes in the budget.
It was during the tenure of Deshmukh, who took charge of the Finance Ministry from 1951 to 1957, that for the first time a copy of the budget was printed in English as well as in Hindi.
Earlier, the budget copy used to be printed only in English language.
Along with this, Deshmukh is also remembered as the Finance Minister who brought about major changes in the methods, nature and goals of the budget.
It was during his tenure that five-year plans were started in the country and a plan to expose black money was also brought.
However, before him, the country’s second Finance Minister John Mathai had mentioned the Planning Commission and the Five Year Plan in his budget of 1949.
The first woman to present the budget
The current Union Finance Minister Nirmala Sitharaman is a woman, but before her another woman leader has presented the budget of India in the Parliament.
Indira Gandhi was the first woman to present the budget of India in the Parliament.
In 1969, then Prime Minister Indira Gandhi withdrew the charge of the Finance Ministry from Morarji Desai, the Deputy Prime Minister and became the Finance Minister of her own government.
Angered by this, Morarji Desai resigned from the Indira cabinet.
In such a political situation, in addition to being the Prime Minister, Indira Gandhi, who was also handling the Finance Ministry, presented the budget in 1970 and with this she became the first woman to present the budget.
Although the record of presenting the budget in Parliament as Prime Minister, Jawaharlal Nehru had made his name before him in 1958.
FM who presented most budget
Morarji Desai holds the record for presenting the most number of budgets in the country.
Desai, the former Prime Minister and Deputy Prime Minister of the country, who held the responsibility of the Finance Ministry in the government of Jawaharlal Nehru and Indira Gandhi, holds the record for presenting the most budget 10 times.
Morarji Desai (Wikipedia)
Out of these, 8 times he presented the annual general budget and 2 times the interim budget.
Putting India on track of liberalization
In 1991, the Congress-led government had come to the power at the Centre, and this was the first Congress government in independent India whose prime minister was not from the Nehru-Gandhi family.
P.V. Narsimha Rao made Manmohan Singh his Finance Minister and the Budget that was presented by Singh in 1991, during the period of economic crisis, later proved to be a milestone in the history of Indian economy.
Manmohan Singh introduced economic reforms, started abolishing the ‘license raj’ and during his tenure, India was seen running fast on the path of liberalisation.
Finance Minister who changed the timing
The trend of presenting the budget in India was started during the British period, so he had also fixed the time of presenting the budget in the Indian Parliament according to the Parliament of his country.
When it is 11 a.m. in the day in London, it is 5 p.m. in the evening in India. That is why, the British government used to present the budget in the Parliament of India at 5 p.m. in order to tell the budget of India to its MPs at 11 a.m.
Even after the Independence of the country, for many decades, the budget was presented in the Lok Sabha only at 5 in the evening.
Yashwant Sinha addressing a press conference
But during the government of Atal Bihari Vajpayee, the then Finance Minister Yashwant Sinha changed the time of presenting the budget and for the first time in the history of the country presented the budget in the day instead of 5 p.m. in 1999, and since then this tradition has been followed, and is being done.
The current Finance Minister Nirmala Sitharaman will also present the budget in the Lok Sabha on February 1 at 11 a.m.
FM who changed the date of presenting budget
In the first term of the Narendra Modi-led government, a major change was made in the date of presentation of the budget.
In 2017, the then (late) Finance Minister Arun Jaitley presented the budget in Parliament on the first date instead of the last date of February and since then the budget is presented on February 1 every year.
In Jaitley’s tenure, the Railway Budget was also included in the General Budget, ending the tradition that has been going on for 9 decades.
First woman FM
Although Indira Gandhi was the first woman as a minister in charge of the finance ministry, who presented the budget in 1970, the record of becoming the country’s first full-time woman finance minister is in the name of Nirmala Sitharaman.
Sitharaman is going to present her fourth budget on February 1. But along with being the first woman finance minister, many such records have also been registered in her name, due to which she has also joined the list of finance ministers who brought historic changes in the budget.
Sitharaman changed another British-era tradition, presenting the budget in a briefcase or suitcase.
She went to the Parliament House in 2019 carrying budget papers in a bag of red cloth instead of a briefcase.
In view of the Covid-19 pandemic, a completely paperless digital budget was presented in Parliament for the first time in 2021.
This year, the tradition of printing the budget copy has stopped.
With this, Sitharaman became the first Finance Minister of the country who presented the budget from tabs instead of books and papers.
This time also, Finance Minister Nirmala Sitharaman is going to present a completely paperless digital budget.
This budget session of 2022-2023 will also be remembered for not doing ‘Halwa Ceremony’.
In fact, before the budget, a ‘Halwa Ceremony’ was traditionally organised every year in the Finance Ministry, but this time due to the threat of Covid-19 and its new variant Omicron, the Halwa Ceremony was not organised.
This time instead of halwa, sweets were served to the employees.
The record of giving the longest speech in the history of presenting the budget so far is also recorded in the name of the current Finance Minister Nirmala Sitharaman.
While presenting the budget in the Lok Sabha in 2020, she made a new record by giving a speech of 2 hours 41 minutes. Earlier, this record was registered in the name of Jaswant Singh, another Finance Minister of the NDA government.
In 2003, Jaswant Singh gave a speech for 2 hours 13 minutes while presenting the budget as the Finance Minister of the Atal Bihari Vajpayee government.
