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Arab monarchs pledge $2.5 b to salvage crisis in Jordan

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Arab monarchs pledge $2.5 b to salvage crisis in Jordan

Mekkah emergency summit held Monday morning

Three Arab monarchs including Saudi Arabia, Kuwait and UAE, all US allies, have come together to defuse financial crisis in Jordan by pledging $2.5 billion for stabilizing the kingdom facing the worst protests over government austerity plans, proposed IMF-tax bill and the price hikes.

According to Al-Jazeera, the aid will go towards a deposit in Jordan’s Central Bank, cover World Bank loan guarantees for the kingdom, direct budget support in the form of cash deposits and finance other development projects.

The five year aid package is critical to ease Jordan’s current budget deficit, which amounts to about $700m.The package, which is similar to the  move taken  by Gulf states in 2011, will help Jordan come up with a new, more-palatable austerity plan to satisfy international lenders and its protesting public.

The decision was taken at an early morning meeting in holy city of Mekkah  which was attended by Jordan’s King Abdullah II, Saudi King Salman Bin Abdul Aziz, Kuwait’s Emir Sheikh Sabah Al Ahmad Al Sabah, and Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum, who is also UAE’s vice president and prime minister. Earlier meeting was supposed be held on Sunday. However, supposedly, it dragged to Monday morning due to Ramadan schedule.

Read More: Jordan: Protests may force King Abdullah II to remove PM Mulki

Saudi Arabia official news agency SPA statement quoted Jordanian King Abdullah II as saying he hoped the aid would help his country overcome its fiscal crisis. Due to consistent protests by Jordanians throughout the country for several days Prime Minister Hani al-Mulki was asked by to King to resign.

Arab monarchs pledge $2.5 b to salvage crisis in Jordan

The protesters blamed the outgoing PM for country’s economic mismanagement.King Abdallah II then asked education minister Omar al Razzaz to form the new government. He later pledged to scrap the proposed IMF-Tax bill and engage in dialogue to reach a new consensus on important issues including a new tax and economic reform.

Read More: Mekkah to host four nations meet on Jordan crisis

The 2011 Gulf Cooperation Council (GCC) pledge was to last five years, which expired last year. Any additional funding by the GCC could not be decided due to ongoing Gulf crisis blockading Qatar by the governments of Saudi Arabia, Bahrain, UAE and Egypt .

Jordan receives over $1bn a year from the US, as well as aid from Europe and elsewhere. Jordan and Egypt are the only two Muslim countries having peace accord with Israel. Despite non-existent formal ties, Saudi Arabia and UAE have been improving their ties with Israel.

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Prince Harry, Rupert Murdoch’s UK group reach settlement in surveillance case

The relentless media attention, he has claimed, also contributed to the intense pressure that led him and his wife, Meghan Markle, to step back from royal duties and relocate to the United States in 2020.

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Prince Harry has reached a settlement with Rupert Murdoch’s News Group Newspapers (NGN), bringing an abrupt end to a high-profile lawsuit alleging widespread phone hacking and unlawful surveillance.

The settlement, announced just as the trial was about to commence, includes substantial financial compensation for the Duke of Sussex and a formal, unequivocal apology from NGN. This marks a significant victory for Harry, who had accused the media giant of years of intrusive and illegal activities targeting his private life.

The apology, issued directly to Harry’s legal team, explicitly acknowledged the serious breach of privacy inflicted by both The Sun and the defunct News of the World. It detailed unlawful actions perpetrated between 1996 and 2011, including phone hacking, surveillance, and the use of private investigators to obtain sensitive information.

The statement specifically addressed the intrusive activities carried out by private investigators employed by The Sun, emphasizing the severity of the intrusion into Harry’s private life during his formative years. The apology extended to the distress caused to his late mother, Princess Diana, highlighting the impact of the media’s actions on the young prince.

This settlement represents one of three lawsuits filed by Harry against British media outlets, all stemming from accusations of privacy violations. He has consistently blamed the media for the relentless pursuit of his mother, Princess Diana, ultimately leading to her tragic death in a car crash in Paris while being chased by paparazzi.

The relentless media attention, he has claimed, also contributed to the intense pressure that led him and his wife, Meghan Markle, to step back from royal duties and relocate to the United States in 2020.

The case underscores the wider issue of phone hacking and media intrusion, exemplified by the notorious scandal that forced the closure of News of the World in 2011. The hacking of murdered schoolgirl Milly Dowler’s phone, during the police investigation into her disappearance, remains a particularly egregious example of the unethical practices employed by some sections of the British press.

Harry’s legal battle has brought renewed focus to this issue and the need for greater accountability within the media industry. The settlement, while ending this particular legal chapter, leaves a lasting legacy concerning media responsibility and the rights of public figures to privacy.

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China reacts to Donald Trump’s 10% tariff remarks, says it would protect its national interest

While acknowledging a willingness to maintain open communication channels and collaborative efforts with the U.S., China firmly rejected the notion of a trade war, emphasizing that such conflicts ultimately yield no winners.

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China has issued a firm response to US President Donald Trump’s renewed threat to impose a 10% tariff on Chinese imports, beginning February 1. The statement, released by the Chinese foreign ministry, underscores Beijing’s unwavering commitment to safeguarding its national interests amidst escalating trade tensions with the United States.

While acknowledging a willingness to maintain open communication channels and collaborative efforts with the U.S., China firmly rejected the notion of a trade war, emphasizing that such conflicts ultimately yield no winners.

The statement directly addresses Trump’s justification for the proposed tariffs, citing the flow of fentanyl from China through Mexico and Canada into the United States. This latest escalation marks a significant development in the long-standing trade dispute between the two economic giants.

The proposed tariffs, scheduled for implementation on February 1st, echo a similar threat made by Trump earlier, targeting Canada and Mexico with 25% tariffs over concerns about illegal immigration and fentanyl trafficking.

This consistent pattern of utilizing tariffs as a tool to address broader geopolitical concerns highlights the complex and multifaceted nature of the relationship between the United States and its major trading partners.

China’s economy, heavily reliant on exports to sustain its economic growth, faces significant vulnerability to such protectionist measures. Despite ongoing efforts to diversify its economy and boost domestic consumption, exports remain a crucial pillar of China’s economic engine. The potential impact of a 10% tariff on Chinese goods entering the U.S. market could trigger substantial ripple effects throughout the global economy.

The current trade tensions represent a continuation of a protracted struggle dating back to the Trump administration’s first term, marked by the imposition of substantial tariffs on Chinese imports over alleged unfair trade practices.

These actions were further reinforced by the subsequent Biden administration, which implemented sweeping measures aimed at restricting Chinese access to critical high-tech components.

Trump’s recent pronouncements signal a potential further escalation of these long-standing trade disputes. China’s response clearly indicates its readiness to defend its economic interests and navigate the complex landscape of international trade relations.

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Barron Trump, now towering at 6’9″, takes center stage at father’s inauguration

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Barron Trump, now towering at 6'9", takes center stage at father's inauguration

During the recent presidential inauguration, Barron Trump, the son of President Donald Trump and First Lady Melania Trump, captured significant attention due to his impressive stature and growing influence. Now 17, Barron stands a striking 6 feet 9 inches tall and has taken on an advisory role within his father’s political campaign.

At the ceremony, President Trump took a moment to highlight Barron’s contributions, especially his insights into the youth electorate, which reportedly helped secure a substantial lead in that demographic. “Barron has a deep understanding of the youth vote, encouraging strategies that ultimately delivered us a 36-point lead among young voters,” stated President Trump during his speech.

Barron, who celebrated his first vote in the last November election, has been recognized not only for his height but also for his intellect and strategic thinking. His suggestion for his father to appear on the Joe Rogan podcast, which amassed over 50 million views, was a notable campaign triumph.

Born on March 20, 2006, Barron is the youngest child of Donald and Melania Trump and the only one among his siblings to have attended St. Andrew’s Episcopal School in Maryland, following his earlier education at Columbia Grammar and Preparatory School in Manhattan. He is currently a freshman at New York University’s Stern School of Business.

His appearance at the inauguration not only highlighted his stature but also his growing importance in Trump’s circle, marking him as a significant figure in the current political landscape.

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