Ethiopia lifts ban on domestic workers moving overseas

Ethiopia lifts ban on domestic workers moving overseas
Ethiopians attend a religious festival in Addis Ababa on January 19, 2018. Ethiopia has lifted a ban on domestic workers moving overseas after passing a new law to guard against ill-treatment. (AFP / ZACHARIAS ABUBEKER)
Updated 02 February 2018

Ethiopia lifts ban on domestic workers moving overseas

Ethiopia lifts ban on domestic workers moving overseas

ADDIS ABABA: Ethiopia has lifted a ban on domestic workers moving overseas after passing a new law to guard against ill-treatment, a government official said Thursday.
Africa’s second-most populous country instituted the ban five years ago following reports of abuse, and complaints that employment agencies lured Ethiopians into working abroad in illegal and appalling conditions.
Abebe Haile, a director at the labor ministry, said the new law regulates employment agencies that connect jobless Ethiopians with work in foreign countries.
The government has also opened training centers for low-skilled workers heading abroad.
“Taking these preparations into account, this ban has been lifted, so we’re now ready to start the overseas employment services,” Abebe told a press conference.
Ethiopia is one of the continent’s poorest countries and, according to the International Labor Organization (ILO), a major source of migrants particularly to the Middle East, where there were around 460,000 Ethiopian workers in 2013 when the ban came into force.
At the time reports of worker abuse were rampant, including a video that emerged online showing an Ethiopian maid in Lebanon being dragged by her hair in public by her employers. She later killed herself in hospital.
While some Ethiopians work legally in the Middle East, others travel without visas despite having to cross through war-torn Yemen and risk a perilous boat trip across the Gulf of Aden.
Last week at least 30 people drowned when a boat carrying Somali and Ethiopian migrants capsized off Yemen’s coast.
Saudi Arabia — a popular destination for Ethiopian migrants — has carried out mass deportations of illegal foreign workers in the past few years.
Riyadh last year announced it would begin deporting illegal migrants again and Ethiopia’s foreign ministry told state media that more than 14,000 of its citizens have been repatriated since November.
Abebe said Ethiopia has signed bilateral agreements with Kuwait, Jordan and Qatar to govern the flow of low-skilled workers, and is working on agreements with other nations.


Canada finds hundreds of graves at former indigenous school: media

Updated 3 min 18 sec ago

Canada finds hundreds of graves at former indigenous school: media

Canada finds hundreds of graves at former indigenous school: media
MONTREAL: Hundreds of unmarked graves have been found near a former Catholic residential school for indigenous children in western Canada, local media reported late Wednesday.
Excavations at the site around the former school in Marieval, Saskatchewan began at the end of May.
They followed the discovery of the remains of 215 schoolchildren at another former indigenous residential school in Kamloops, British Columbia, which sent shock waves through Canada.
The finds revived calls on the Pope and the Catholic church to apologize for the abuse and violence suffered by the students at these boarding schools, where they were forcibly assimilated into the dominant culture.
In a statement quoted by several Canadian media, including CBC and CTV, the native Cowessess community said it had made “the horrific and shocking discovery of hundreds of unmarked graves” during excavations at former Marieval boarding school.
“The number of unmarked graves will be the most significantly substantial to date in Canada,” the Federation of Sovereign Indigenous Nations (FSIN) said in a statement.
Perry Bellegarde, national chief of the Assembly of First Nations, said the news was “absolutely tragic, but not surprising. I urge all Canadians to stand with First Nations in this extremely difficult and emotional time.”
After the discovery of the Kamloops remains, excavations were undertaken near several former schools for indigenous children across Canada, with the assistance of government authorities.
The Marieval residential school in eastern Saskatchewan hosted indigenous children between 1899 and 1997 before being demolished and replaced by a day school.
Some 150,000 Native American, Metis and Inuit children were forcibly recruited up until the 1990s in 139 of these residential schools across Canada, where they were isolated from their families, their language and their culture.
Many were subjected to ill-treatment and sexual abuse, and more than 4,000 died in the schools, according to a commission of inquiry that concluded Canada had committed “cultural genocide” against the indigenous communities.

OPEC+ has a role in containing inflation, says Saudi oil minister

OPEC+ has a role in containing inflation, says Saudi oil minister
Updated 45 min 57 sec ago

OPEC+ has a role in containing inflation, says Saudi oil minister

OPEC+ has a role in containing inflation, says Saudi oil minister
  • The minister also warned that the increase in oil prices was not clear and could be due to “real supply and demand” or due to “expectations and trajectories that are excessively optimistic”

RIYADH: Saudi Arabia’s Energy Minister, Prince Abdul Aziz bin Salman said the OPEC+ alliance will play a role in “taming and containing” inflationary pressures, just hours after Brent crude surged back above $75 a barrel, Bloomberg reported.
“We also have a role in taming and containing inflation, by making sure that this market doesn’t get out of hand,” he said Wednesday at a conference organized by Bank of America Corp., according to a recording of his remarks obtained by Bloomberg News.
The minister also warned that the increase in oil prices was not clear and could be due to “real supply and demand” or due to “expectations and trajectories that are excessively optimistic,” he said.
He said the group should remain cautious because the oil market wasn’t out of the “doldrums” created by the coronavirus pandemic. He also warned traders against conflating caution with inaction, Bloomberg said.
“We have to be cautious. But caution doesn’t mean we don’t have to do something,” he told the conference. “It means we have to ensure that we don’t make


Bitcoin Fund breaks new ground in Middle East with debut on Nasdaq Dubai

Bitcoin Fund breaks new ground in Middle East with debut on Nasdaq Dubai
Updated 58 min 9 sec ago

Bitcoin Fund breaks new ground in Middle East with debut on Nasdaq Dubai

Bitcoin Fund breaks new ground in Middle East with debut on Nasdaq Dubai
  • The fund has roughly $1.5 billion in assets under management and plans to double that next year

DUBAI: The Bitcoin Fund debuted on the Nasdaq Dubai on Wednesday, becoming the Middle East’s first listed cryptocurrency fund.
The fund, which was listed by Canadian digital asset management firm 3iQ on the Toronto Stock Exchange last year, has roughly $1.5 billion in assets under management and plans to double that next year.
“With the listing of the Bitcoin Fund, it’s going to give people access in the region to this fund on the Dubai exchange in the hours that the Dubai exchange trades at,” Frederick Pye, the chief executive officer of 3iQ, told Reuters.
“If the volumes are significant, we’ll be looking to raise capital to increase the size of the Bitcoin Fund here in Dubai and we will continue to issue shares based on the demand that comes from the region,” Pye said in an interview.
The listing will help satisfy demand for investment diversification in the region, as well as environmental, social and governance (ESG) needs, such as for pension funds and family offices, Pye said.
Dalma Capital, a Dubai-based alternative investment firm, was lead arranger for the Nasdaq Dubai listing. Corporate finance adviser 01 Capital and investment firm Razlin Capital, both based in London, advised on the listing and Pinsent Masons was legal counsel for the listing process.
“Today’s secondary listing of existing units from Canada was met with very strong demand, which has validated the need for an additional offering to satisfy the demand from regional investors,” said Zachary Cefaratti, CEO of Dalma Capital, declining to say when that could be.
Pye acknowledged that China’s recent crackdown on mining cryptocurrencies has hit digital currency prices, but he said the timing of that move would help those who bought into the Dubai listing.
“We’re very excited because when we hit an all-time high, our investors and our clients and our friends will have doubled their money,” Pye added.


Backing grows for new IMF COVID and climate fund

Backing grows for new IMF COVID and climate fund
Updated 24 June 2021

Backing grows for new IMF COVID and climate fund

Backing grows for new IMF COVID and climate fund
  • The COVID crisis is expected to leave 47 of the 82 vulnerable countries with gross debt already above levels deemed sustainable.

PARIS: Plans for a new IMF “Resilience and Sustainability” fund that would expand its support to dozens more vulnerable countries gained key international backing on Thursday ahead of crucial meetings.
IMF chief Kristalina Georgieva this month proposed the new trust to allow rich countries to channel some of their new IMF reserves to poor and middle-income counterparts ravaged by COVID or climate change.
“This is something we certainly support” said Lars Jensen, a senior economist on the United Nations Development Programme (UNDP) and the author of a new report on how the IMF’s new funding should be directed.
The UNDP estimates the IMF’s Poverty Reduction and Growth Trust (PRGT), which is also expected to play a key role in a voluntary redistribution of new ‘Special Drawing Rights’ (SDRs) money, is only open to 55 of the world’s 82 most debt-vulnerable developing economies.
The Group of Seven (G7) wealthy nations alone will receive $283 billion of the overall $650 billion SDR allocation. All “high-income” countries will get $438 billion, whereas 75 of the poorest countries will get $62 billion among them.
The COVID crisis is expected to leave 47 of the 82 vulnerable countries with gross debt already above levels deemed sustainable.
Additionally, nine of the 10 most climate-change vulnerable countries are also highly debt-vulnerable developing economies.
“As a possible development objective of an SDR channelling to vulnerable countries, it would be natural to target climate due to its global implications,” Jensen said, adding that the fund could even bulked up by leveraging it in borrowing markets.
G7 leaders have already signaled their backing to redistribute $100 billion of the new SDR money. Georgieva has said that China has expressed interest in participating and that she expected other major emerging economies to do the same.
The IMF’s executive board will meet on Friday on the next steps and finance officials from the Group of 20 major economies will discuss the SDR reallocation issue when they meet in Venice in July.
Scott Morris of the Center for Global Development said funding for the proposed new IMF trust was already earmarked in the US Treasury’s recent budget request to Congress, underscoring Washington’s support.
The US Treasury is working closely with the IMF to explore options and design mechanisms for channelling SDRs to vulnerable countries, one US Treasury official told Reuters on condition of anonymity because of the sensitivity of the matter.
“The IMF’s proposed Resilience and Sustainability Trust is one of the options under discussion,” the official said, without elaborating on other options.
Jensen said he hoped the new fund would also give debt-strained countries who have so far resisted restructuring their debt for fear of losing access to borrowing markets, a safety net to take that step.


Arab share of India’s oil imports hits 25-month low

Arab share of India’s oil imports hits 25-month low
Updated 24 June 2021

Arab share of India’s oil imports hits 25-month low

Arab share of India’s oil imports hits 25-month low
  • To replace Middle Eastern oil, refiners hiked imports from Latin America, the United States and the Mediterranean

NEW DELHI: The share of Middle Eastern crude in India’s oil imports fell to a 25-month low in May, tanker data provided by trade sources showed, as refiners tapped alternatives in response to the government’s call to diversify supplies.
India, the world’s third biggest oil importer, in March directed refiners to diversify crude sources after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by top exporter Saudi Arabia, ignored New Delhi’s call to ease supply curbs.
Asia’s third-largest economy imported about 4.2 million barrels per day (bpd) of oil in May, just below the previous month but about 31.5 percent higher than a year earlier, the data showed.
The Middle East’s share dropped to 52.7 percent, the lowest since April 2019 and down from 67.9 percent in April, the data showed.
Imports from Saudi Arabia, India’s second-largest supplier after Iraq, slipped by about a quarter from a year earlier, while supplies from the United Arab Emirates, which dropped to No. 7 position from No. 3 in April, fell by 39 percent, the data showed.
This comes after Indian state refiners nominated to lift less oil from Saudi Arabia in May.
Lower purchases of oil from the Middle East dragged OPEC’s share of Indian oil imports to a record low.
To replace Middle Eastern oil, refiners hiked imports from Latin America, the United States and the Mediterranean.
Indian refiners bought higher volumes of gasoline-rich US oil in March, expecting a recovery in local gasoline demand to continue in the months ahead, said Ehsan Ul-Haq, lead analyst for Oil Research and Forecasts at Refinitiv.
Strong demand for light crude saw Nigeria improving its ranking by two notches to become the No. 3 supplier to India in May.
Private Indian refiners Reliance Industries and Nayara Energy, however, boosted purchases of Canadian heavy oil to a record 244,000 bpd, equivalent to about 6 percent of India’s overall imports.
“Indians bought Kazakhstan’s CPC blend and Canadian oil due to attractive discounts in comparison to dated Brent and WTI, respectively,” Ul-Haq said.
Tanker arrival data showed higher imports in contrast to preliminary government data, as cyclones along India’s coast line last month delayed discharge of cargoes.