Author: Finance for Sight

CAPE TOWN: The erosion of multilateralism threatens global growth and stability, President Cyril Ramaphosa warned Wednesday at a G20 finance meeting in South Africa marked by the absence of the US treasury secretary. Two days of talks by finance ministers and central bank governors from the world’s leading economies opened a week after a meeting of G20 foreign ministers was snubbed by US Secretary of State Marco Rubio, who complained of its “anti-Americanism”. “The erosion of multilateralism presents a threat to global growth and stability,” Ramaphosa said in his opening address. G20 leaders flag global conflicts, cooperation at Rio summit…

DUSHANBE: A Chinese company will help construct a road bridge in Tajikistan set to become Central Asia’s longest, an official said Wednesday, as Beijing expands its influence in the ex-Soviet region. The bridge across the Surkhob river in central Tajikistan will be 920 metres (3,018 ft) long and constructed mostly by Tajik workers, according to officials. China’s Asian Infrastructure Investment Bank (AIIB) will lend Tajikistan the money needed for construction of the bridge, a spokesperson for the Tajik transport ministry told AFP on Wednesday. China builds more than 800,000 bridges Moscow remains Tajikistan’s biggest trading partner, but over the last…

A number of Pakistanis companies have shown keen interest in opening their offices and warehouses in the UK, aiming to boost their exports and expand their businesses, according to UK Director General for Strategy and Investment Ceri Smith. The businesses want to “use the UK as a platform to go global” Smith, who paid a visit to Pakistan recently, told Business Recorder. Smith said he met with government officials including State Bank of Pakistan (SBP) Governor Jameel Ahmad as well as businessmen belonging to various sectors including IT, gaming industry, healthcare, textile and construction. There is “a genuine commitment from…

ABU DHBAI: Anwar Gargash, the diplomatic adviser to UAE’s president, said on Wednesday a Gaza reconstruction plan cannot happen without a clear path to a two-state solution for Israel and the Palestinians. Investment in the project would need political stability, he added in remarks to the Investopia 2025 conference in Abu Dhabi. “Gaza does need a reconstruction plan, a massive one, but that reconstruction plan cannot really take place without a clear path to a two-state solution. So, clearly here, you need political stability of a roadmap in order for these big investments to come to place,” Gargash said. Arab…

LONDON: Oil prices held at two-month lows on Wednesday as a potential peace deal between Russia and Ukraine continued to weigh on prices while lower U.S. crude stockpiles provided some support. Brent crude eased by 3 cents to $72.99 a barrel by 1142 GMT while U.S. West Texas Intermediate crude oil futures gained 3 cents to $68.96. Prospects for a peace deal between Russia and Ukraine are improving, ING commodities strategists said in a note on Wednesday, adding that the market was also watching for potential implications of a minerals deal between the U.S. and Ukraine. “This would take us…

DUBAI: Forty-six people were killed when a Sudanese army plane crashed in a residential area near a military airport in the capital’s twin city Omdurman, the Khartoum state media office said, and military sources said a senior commander was among the dead. The crash took place late on Tuesday near the Wadi Sayidna military airport in northern Omdurman. The Sudanese army had said several military personnel and civilians were killed in the incident, but did not provide further details. Plane crash in South Sudan kills 20 Military sources said that the plane crash was most likely due to technical reasons.…

Russian defence units destroyed 83 Ukrainian drones over the country’s southern Krasnodar region in an overnight attack that damaged several houses including in the Black Sea port of Tuapse, Russian officials said on Wednesday. The Russian defence ministry said in a statement that a total of 128 Ukrainian drones were downed over the Russian territory. The ministry does not report potential damage or the full scope of the Ukrainian attacks. Krasnodar’s Governor Veniamin Kondratyev said in a post on the Telegram messaging app that three residential houses were damaged throughout the region, but there were no immediate reports of injuries.…

HAMBURG: South Korea’s Feed Leaders Committee (FLC) has issued an international tender to purchase between 52,000 to 69,000 metric tons of animal feed corn, European traders said on Wednesday. Corn slips from 18-month high on expectations of expanded US sowings The deadline for submission of price offers in the tender is also Wednesday, Feb. 26, and arrival in South Korea is sought in one consignment around May 30.

UNITED NATIONS: The United Nations Security Council on Monday adopted a US-drafted resolution on the third anniversary of Russia’s invasion of Ukraine that takes a neutral position on the conflict as US President Donald Trump seeks to broker an end to the war. The short resolution reflects Trump’s upending of US policy on Ukraine after taking office last month and his more conciliatory stance towards Russia. In contrast, former president Joe Biden’s administration led efforts at the United Nations to support Ukraine throughout the war. Russia’s UN Ambassador Vassily Nebenzia acknowledged “constructive changes” in the US position on the conflict.…

The Finance Division on Tuesday said the government would consider establishing a National Crypto Council to ensure that Pakistan’s digital asset ecosystem evolves in a secure, compliant, and sustainable manner. The development comes as Finance Minister Muhammad Aurangzeb chaired a high-level meeting on digital assets on Tuesday. “To enhance this initiative, the government will consider establishing a National Crypto Council, which will serve as a dedicated advisory body comprising key government representatives, regulatory authorities, and industry experts,” the Finance Division said. Digital Clearance Gateway launched to ‘streamline pharma trade, compliance’ “This Crypto Council will oversee policy development, address regulatory challenges,…