The deficit figure, between December 2019 and November 2020, accounts for 11.1 per cent of Israel’s GDP, much higher than the government’s target of 3 per cent..reports Asian Lite News
Israel’s annual budget deficit reached a record of $46.2 billion, said a report published by the Ministry of Finance.
The deficit figure, between December 2019 and November 2020, accounts for 11.1 per cent of Israel’s GDP, much higher than the government’s target of 3 per cent, Xinhua news agency quoted the report as saying on Sunday.
The report explained that the deficit rise was mainly caused by the government spending to prevent the spread of the coronavirus, treat patients, and support the Israeli economy to deal with the crisis.
The report also noted that since March, there has been a decline in tax revenues, which has also contributed to the deficit rise.
For the first 11 months of 2020, the Israeli budget deficit reached 136.4 billion shekels, compared with 37.3 billion shekels in January-November last year.
In November, the deficit totalled 13.7 billion shekels, compared to a budget surplus of 500 million new shekels recorded in November 2019.
The Israeli government revenues in January-November 2020 amounted to only 285.8 billion shekels, a sharp decrease of 9.5 percent compared with the same period last year.
In addition, since the beginning of 2020, government expenditures have totalled 422.2 billion shekels, of which 59.2 billion shekels were intended to deal with the pandemic, which has so far infected 344,906 people in Israel, while 2,917 others have died.
This is an increase of 19.5 per cent compared with total expenditures in January-November 2019.
Kang Kyung-wha, Korean Minister of Foreign Affairs
Abraham Accords proves that decades-long disputes can be solved through negotiations, which could be possible in the Korean peace process as well, South Korea’s top diplomat told Emirates News Agency.
“I think looking at the breakthrough here with Abraham Accords, you realise how with bold decision making, you can really make big changes. We have also a challenge to bring about enduring peace and complete denuclearisation on the Korean peninsula, with North Korea,” said Kang Kyung-wha, Korean Minister of Foreign Affairs.
In an during her two-day official visit to the UAE, she expressed her hope that the Korean peace process would succeed one day, referring to the lengthy unsuccessful efforts to forge a comprehensive peace treaty between South Korea and North Korea after the 1950-53 Korean War.
Stalemate in negotiations
“With the change of administration in the United States, we are preparing to work very closely with the new US administration to strategise how we can bring North Korea back to the table for dialogue and negotiations,” revealed Kang who became the foreign minister in June 2017.
“We have pursued this goal for the past three-and-half years. Things are stuck at this point because North Korea has seized engagement with us or the United States for over a year now,” she said, adding that North Korea has been less willing to engage since COVID-19 outbreak as they were busy dealing with the pandemic.
The fact is that in 2018 the top leaders of South Korea, North Korea and the United States committed to these goals very publicly after a series of summits, and so that they complete denuclearisation and bring about lasting peace on the Korean Peninsula, Kang noted.
Fragile truce
The framework that defines relations between North Korea and South Korea is an armistice. “That is about 70 years old. It is s a very fragile peace. So, we want to start a process to replace that armistice with a full peace agreement between both Koreas and others who had signed on to the armistice.”
The top diplomat was referring to the armistice signed on 27th July 1953 after the Korean War. Military commanders from China and North Korea signed the agreement on one side, with the US-led United Nations Command signing on behalf of the international community. It was intended as a temporary measure until achieving a final peaceful settlement, but no peace treaty was signed as of now.
“It’s a huge undertaking, but we’re committed to working towards that goal through dialogue and negotiations,” the minister stressed.
Optimistic about peace
She expressed hope that North Korea will come to the dialogue table. “North Korea has to engage with the international community to get itself on the trajectory towards economic development.”
“Currently it is under a very heavy sanctioned regime. Now with the COVID-19 challenge, it is not a sustainable situation in the long run. So, it would be in its self-interest to come back to the dialogue table,” she added.
Asked whether she is confident that denuclearisation of the peninsula and a full-fledged peace agreement with North Korea would be possible, she said with an optimistic smile, “Anything is possible, it just takes a lot of work and patience.”
Kang has done her PhD in Communication at the University of Massachusetts in the US. In her early career, she had worked as an associate professor in the US and Korea, and later held various senior positions in the Korean government, before occupying the top diplomat’s job.
During her visit to the UAE, she met with H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and reviewed the prospects of fostering cooperation in areas of health, education, technology and investment.
Kang Kyung-wha, Korean Minister of Foreign Affairs
Manama Dialogue
The minister reached the UAE after attending Manama Dialogue, a high-level forum to debate the Middle East’s most pressing security challenges, which took place in Bahrain from 4th to 6th December.
“It is the first ever time that the foreign minister of the Republic of Korea was invited to the Manama Dialogue and I take it as an indication of the growing importance that the countries of the Middle East region place upon the Republic of Korea and their ties with us,” Kang said.
“I was very happy to talk to some key players in this region, certainly the Bahraini foreign minister, the Saudi foreign minister and many other foreign ministers at a time when exciting things are happening with the Abraham Accords,” she added.
Abraham Accords
“Hats off to the UAE and Bahrain for that bold decision. I think that it changes the political dynamics in this region a great deal,” the minister emphasised.
As a foreign minister and a professional in diplomacy, she is happy about the developments. “Diplomacy is about building relations from difficult situations. This accord is a breakthrough from decades of tension and animosity. From there to move towards normalised relations with Israel is a diplomatic breakthrough. So, I have to certainly applaud the UAE and Bahrain.”
Kang continued, “It can only help strengthen stability and peace in this region. And this is a very important region for us, very important economic partners and very important source of our energy needs. Therefore, these important partners moving towards strength, stability and peace is only good news.”
The minister hopes that this will lead to a positive momentum to resolve the longstanding conflict between Israel and Palestine, and “towards an independent Palestine state based upon the two-state model. And we very much hope that this change creates the positive dynamic towards that end.”
Asked about the possible joint economic initiatives or projects between Korea, UAE and Israel, she said, “That would be beyond my specialty [as foreign minister], I think. But certainly we have close economic relations with Israel and the UAE, so I’m sure there can be areas of convergence where we can complement each other, but I would let my minister of industry and business deal with that part.”
Speaking on a radio show, infectious disease expert Leung Chi-chiu urged the city’s residents to avoid going out, saying the outbreak would not otherwise be brought under control no matter what social-distancing measures were in place…reports Asian Lite News
A fourth wave of the coronavirus pandemic in Hong Kong due to a number of untraceable confirmed cases was getting worse and could last until 2021, experts said on Monday.
On Sunday, the city’s overall Covid-19 caseload increased to 6,897 after 95 new infections were reported, while the death toll surged to 112, the South China Morning Post reported.
Speaking on a radio show, infectious disease expert Leung Chi-chiu urged the city’s residents to avoid going out, saying the outbreak would not otherwise be brought under control no matter what social-distancing measures were in place.
“A lot of people are still going out and having gatherings,” Leung said, adding that it would be safest for residents to stay at home or else risk community transmission.
Also on Monday, Ho Pak-leung, a University of Hong Kong microbiologist, said the city government had not been cautious enough, adding that the fourth wave had been getting worse and it will not be under control before the end of the year.
Through the Open Innovation Network, Singapore brought together startups and corporates to address common industry challenges, and it has seen an increase in participation from companies based outside Singapore despite the coronavirus pandemic, said Heng…reports Asian Lite News
Singapore will contribute to global recovery by continuing to invest in innovation and working in collaboration with Asia and the world, Deputy Prime Minister Heng Swee Keat said on Monday.
Heng, who is also the coordinating minister for economic policies and minister for finance, said the country is committed to investing in innovation, and its government invests about 1 per cent of Singapore’s GDP on research and development every year, reports Xinhua news agency.
In his opening address at the Singapore Fintech Festival and the Singapore Week of Innovation and Technology 2020 (SFF x Switch 2020), the Deputy Prime Minister said Singapore continues to deepen its capabilities to keep the tech eco-system vibrant.
“FinTech is one key area we are growing so that it can continue to develop as a global financial hub,” he added.
Heng announced the launch of the Asian Institute of Digital Finance at the SFF x Switch 2020, saying this institute will have a strong role in nurturing global FinTech talent for Asia, and will take in its first batch of post-graduate students next year.
The institute, hosted by the National University of Singapore and backed by the Monetary Authority of Singapore and the National Research Foundation, will have a project to build a data-sharing platform that can train models to improve credit assessments.
He also announced the launch of Singapore Blockchain Innovation Programme, which is Singapore’s first major blockchain research and translation programme.
The programme will expand blockchain research to the needs of the industry, and will also look into scalability and interoperability of blockchain solutions.
Besides, Heng announced the launch of Singapore Financial Data Exchange, which he said is the world’s first public digital infrastructure that allows a person to sign-in using his national digital identity and provide consent to obtain his financial information from different financial institutions and government agencies.
Meanwhile, Singapore is strengthening collaboration.
Heng said through the Open Innovation Network, Singapore brought together startups and corporates to address common industry challenges, and it has seen an increase in participation from companies based outside Singapore despite the coronavirus pandemic.
“Our commitment to innovation and to work together will be key to driving economic recovery and growth,” he said.
SFF x Switch 2020 will continue till December 12.
According to the official website, this year’s SFF x Switch event will expand to become the world’s first week-long round-the-clock, hybrid digital and physical event for attendees.
The Prime Minister stressed that the capacity restrictions on sporting events and large public gatherings will also remain…reports Asian Lite News
Fijian Prime Minister Voreqe Bainimarama on Monday announced that an ongoing night curfew will continue to remain in effect as the island nation was still battling the Covid-19 pandemic.
Speaking in Parliament, Bainimarama said that the curfew from 11 p.m. to 4 a.m. will remain for the foreseeable future as the fight against the health crisis is not over, reports Xinhua news agency.
He warned citizens not to downplay the pandemic and detract from reality, saying that every Fijian has a role to play when it comes to keeping the island nation free from the virus.
The Prime Minister stressed that the capacity restrictions on sporting events and large public gatherings will also remain.
The nightclubs which have been granted approval to operate as venues where people can eat and share drinks with friends must play by the rules, he said, adding that there should be no dancing and no loud music at these venues and if the rules are broken, they will be shut down.
Fiji, which now has 46 COVID-19 cases overall, reported its first confirmed infection on March 19 this year, and two people have died till date.
Since earlier this year, the country has closed its borders for foreigners and allowed strictly controlled repatriation flights in recent months.
Cambodia detected the country’s first-ever community transmission of the virus on November 28 among several members of the same family living in capital Phnom Penh and the northwest Siem Reap province…reports Asian Lite News
Cambodian Prime Minister Hun Sen said on Monday that there the country will not declare a state of emergency although he had already drafted the request amid a resurgence of the Covid-19 pandemic.
“As the head of the government, I would like to confirm that there will be no request (to King Norodom Sihamoni) to put the country in the state of emergency wholly or partially,” Xinhua news agency quoted the Prime Minister as saying on a Facebook post.
He also added that there would be no lockdown in the capital city.
“I would like to appeal to the people to keep calm, not to panic, and to work with the government to fight against Covid-19 based on the guidelines set out by the Ministry of Health,” the Prime Minister further said in the social media post
Cambodia detected the country’s first-ever community transmission of the virus on November 28 among several members of the same family living in capital Phnom Penh and the northwest Siem Reap province.
According to a Ministry of Health’s statement on Monday, at least 32 Phnom Penh residents have been tested positive for the virus so far.
To stem the virus, the country has closed down schools, museums, cinemas, and arts performing venues nationwide and banned mass gatherings and weddings in Phnom Penh and Siem Reap province.
Cambodia has so far reported 348 confirmed cases, with no deaths.
Wang made the remarks in Beijing at a meeting with a delegation of board of directors of the US-China Business Council held via video link…reports Asian Lite News
Chinese State Councillor and Foreign Minister Wang Yi on Monday urged joint efforts between Beijing and the US to ensure “a stable transition” of bilateral relations against disruptions of all kinds, and striving to resume dialogue, bring ties back on track and rebuild mutual trust.
Wang made the remarks in Beijing at a meeting with a delegation of board of directors of the US-China Business Council held via video link, reports Xinhua news agency.
Noting that China and the US share broad common interests and room for cooperation, Wang said the countries, as the two biggest economies and permanent members of the UN Security Council, should enhance dialogue and cooperation to contribute more to sustained peace and prosperity of mankind.
Saying the future of China-US relations hinges on the correct choices made by Washington and the joint efforts of the two sides, Wang put forward five proposals for promoting the sound and stable development of ties.
The proposals are to perceive China in a strategically correct way; strengthening communication and dialogue; expanding mutually beneficial cooperation; managing disputes and differences; and increasing public support for bilateral ties.
Washington, Oct. 2, 2020 (Xinhua) — File photo taken on Sept. 3, 2020 shows U.S. President Donald Trump participating in a campaign rally in Latrobe, Pennsylvania, the United States. Trump said early Friday morning that he and his wife, Melania, have tested positive for COVID-19, after a close aide had contracted the virus. (Xinhua/Liu Jie/IANS)
Wang’s remarks came months after Chinese and US trade negotiators held phone talks in August over implementing the phase one agreement between the two economic giants.
The call on August 25 between Chinese Vice Premier Liu He, US Trade Representative (USTR) Robert Lighthizer and Treasury Secretary Steven Mnuchin came after a planned six-month review of the deal set for August 15 was delayed to an unspecified date, and US President Donald Trump subsequently claimed he postponed the talks, said a CNBC News report.
Tensions between the world’s two largest economies have escalated over the last two years.
The Trump administration has levied tariffs on billions of dollars’ worth of Chinese goods, to which Beijing has responded with duties of its own.
In January, the countries reached a phase one agreement on trade that called for increased Chinese purchases of US goods and greater access to the Chinese financial market.
However, bilateral tensions have only increased in the months since, amid the coronavirus pandemic.
President Hassan Rouhani has blamed Israel for the scientist’s killing, adding that the assassination would not slow down the Iran’s nuclear programme…reports Asian Lite News
Satellite equipment was used in the assassination of Iran’s top nuclear scientist Mohsen Fakhrizadeh last last month, the spokesman for the country’s Islamic Revolution Guards Corps (IRGC) said.
Addressing a commemoration ceremony on Sunday for the scientist, who was also a professor of physics at Imam Hussein University of Tehran, IRGC spokesman Brigadier General Ramezan Sharif said: “Advanced electronic instruments guided by satellite were used in the assassination of Fakhrizadeh,” Press TV reported.
Fakhrizadeh, head of the Iranian Defence Ministry’s Organization of Defensive Innovation and Research and dubbed the “father of the Iranian bomb”, was targeted in a terrorist attack in the city of Absard on November 27.
President Hassan Rouhani has blamed Israel for the scientist’s killing, adding that the assassination would not slow down the Iran’s nuclear programme.
Rouhani also said Iran would retaliate over the killing at a time of its choosing.
Iran’s Supreme Leader Ayatollah Ali Khamenei has also called for the “punishing” of the perpetrators of the attack “and those who commanded it”.
Last week, the Iranian administration said the Intelligence Ministry had identified the individuals involved in the assassination.
Iranian President Hassan Rouhani has said that Tehran is ready to rapidly increase oil production and exports.
Iran’s operational capacity as well as its experience makes it possible for an immediate increase in production and sales, Rouhani was quoted as saying on Sunday by the Xinhua news agency.
The 2015 Iranian nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), enabled Iran to export more than 2 million barrels of oil before the US unilateral sanctions against Tehran in 2018, the President said
“The Iranian Ministry of Petroleum is tasked to take all necessary measures to prepare oil industry’s facilities for the production and sales levels, proportionate to the available capacity, within the next three months,” he added.
Iran has reduced its commitments under the JCPOA agreement in response to the US’ withdrawal from the deal in 2018.
In reaction to the US’ withdrawal and in response to Europe’s sluggishness in facilitating Iran’s banking transactions and oil exports, Tehran has been gradually moving away from its nuclear commitments since May 2019.
The police said that, as per the preliminary investigation, the murder appears to have been carried out of personal resentment…reports Asian Lite News
A Pakistani Christian girl has been killed after her parents rejected a marriage proposal sent by a Muslim man, police said on Sunday.
Officers from the Koral Police Station in Rawalpindi claimed to have arrested an accused named Faizan, whereas raids were being carried out to arrest the prime suspect, Shehzad, reports The Express tribune.
Shehzad’s mother is also said to have sent her son’s proposal for the victim Sonia, but her parents refused as she was to marry another man, identified as Faizan.
According to police, on the day of the incident, the girl was travelling with Faizan on the highway, when Shehzad opened fire on her.
The police said that, as per the preliminary investigation, the murder appears to have been carried out of personal resentment.
However, the deputy inspector general (DIG) of police said the police were investigating all aspects.
Last month, a young Christian girl, Arzoo Raja, was reportedly abducted, forced to convert and marry a 44-year-old Muslim man in Karachi.
