India, UAE agree to settle trade in local currencies  

India, UAE agree to settle trade in local currencies  
During his one-day visit, Modi met President Sheikh Mohamed bin Zayed Al Nahyan. (AFP)
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Updated 16 July 2023
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India, UAE agree to settle trade in local currencies  

India, UAE agree to settle trade in local currencies  
  • The two countries will set up a real-time payment link to facilitate easier cross-border money transfers 
  • Bilateral trade between the two countries was $84.5 billion in the year from April 2022 to March 2023 

NEW DELHI: India has signed an agreement with the United Arab Emirates that will allow it to settle trade in rupees instead of dollars, boosting India’s efforts to cut transaction costs by eliminating dollar conversions.

During a visit by India’s Prime Minister Narendra Modi to the UAE on Saturday, the two countries also agreed to set up a real-time payment link to facilitate easier cross-border money transfers.

The two agreements will enable “seamless cross-border transactions and payments, and foster greater economic cooperation,” said a statement from the Reserve Bank of India on Saturday.

India, the world’s third biggest oil importer and consumer and whose central bank last year announced a framework for settling global trade in rupees, currently pays for UAE oil in dollars.

Bilateral trade between the two countries was $84.5 billion in the year from April 2022 to March 2023.

An official with knowledge of the details of the agreement said India could make its first rupee payment for UAE oil to Abu Dhabi National Oil Co (ADNOC), Reuters reported on Friday.

The Reserve Bank of India said the two central banks agreed to link India’s Unified Payments Interface (UPI) and UAE’s Instant Payment Platform (IPP).

Such arrangements, which are a growing trend in Asia, typically lower the cost of payments.

Modi landed in Abu Dhabi earlier on Saturday for a one-day visit and met President Sheikh Mohamed bin Zayed Al Nahyan.

 


Ministry of Economy and Planning signs MoU with Saudi National Institute of Health

Representatives of Saudi Arabia’s Ministry of Economy and Planning and the Saudi National Institute of Health sign a MoU.
Representatives of Saudi Arabia’s Ministry of Economy and Planning and the Saudi National Institute of Health sign a MoU.
Updated 24 min 32 sec ago
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Ministry of Economy and Planning signs MoU with Saudi National Institute of Health

Representatives of Saudi Arabia’s Ministry of Economy and Planning and the Saudi National Institute of Health sign a MoU.
  • MoU aims to develop and align the strategic direction of national development priorities and economic policies in line with the objectives of Saudi Vision 2030

RIYADH: Saudi Arabia’s Ministry of Economy and Planning signed a Memorandum of Understanding with the Saudi National Institute of Health, the ministry announced on Thursday.

The MoU aims to develop and align the strategic direction of national development priorities and economic policies in line with the objectives of Saudi Vision 2030.

It also aims to enable the decision-making process through the preparation of methodologies and studies, the ministry said.

As part of the MoU, scientific and hands-on experiences will be exchanged and both parties will prepare studies and research related to their work in order to improve quality.

They will also organize joint workshops and training courses to enhance capabilities and skills, and benefit from the infrastructure and public facilities of both parties.


Racism in sport: a local or global issue?

Racism in sport: a local or global issue?
Updated 25 min 17 sec ago
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Racism in sport: a local or global issue?

Racism in sport: a local or global issue?
  • Cricketer Azeem Rafiq’s upcoming book detailing his troubling experiences in the English game will provide lessons for some — and pose difficult questions for others

On Feb. 23, I participated in the inaugural gathering of the Cricket Research Network. This has been initiated by a group of British academics whose research specializations focus on cricket. Their focus is to bring together researchers, writers on cricket, journalists and others with an interest in the game. Their purpose is to provide a forum for disseminating research results to a wider audience than achieved currently on a fragmented basis. It is hoped that a more coordinated approach may lead to a greater voice and input into decision making by the game’s policymakers.

Although there were several papers on issues in other countries, the focus at this stage is on cricket in England and Wales. In that sense, it was fitting that the venue for the conference was Sophia Gardens, Cardiff, the home of the only non-English county cricket club, one fiercely proud of its heritage. This was well exemplified by the displays on view in the Museum where the sessions were held. Proceedings were well-mannered, the only hints of discord arising in relation to two of English and Welsh most emotional topics — The Hundred and structural racism in the game.

The latter had been given an adrenaline shot three days before the conference took place. This was in the form of a hearing of the Parliamentary Select Committee for Culture, Media and Sport, which was continuing the work it began in 2021. At its first hearing, on Nov. 16, 2021, Azeem Rafiq testified about his experiences at Yorkshire County Cricket Club.

Earlier, in March 2021, the England and Wales Cricket Board announced the setting up of the Independent Commission for Equity in Cricket to look at issues of diversity, inclusion and equity in cricket, at all levels and in all roles. Terms of reference were established in July 2021, followed by an online call for evidence in November 2021 that generated about 4,200 responses. A call for written evidence in March 2022 resulted in 150 responses. The findings, based on the evidence and underpinning research, were published in June 2023.

No punches were pulled by the commission, which concluded that “structural and institutional racism” exists within the game, women are treated as “subordinate” to men at all levels of the sport, Black cricket has been failed, and there is a prevalence of “elitism and class-based discrimination.” It was left to the ECB, under new leadership, to formulate how it would respond and draw up measures to address the ICEC’s recommendations.

A major part of the select committee hearing last week, also under new leadership, was to explore how much progress has been made since June 2023. In the first part of the hearing, three ICEC commissioners reported that the ECB had accepted all of their findings, most of their recommendations, along with displaying a commitment to tackle the issues. However, several press headlines focussed on the disappointment that the ICEC chair expressed about Lord Botham’s disparaging response to the report, given that he chairs a county cricket club.

In the second part of the hearing, the ECB’s chair revealed that he had spoken privately to Lord Botham to say that he did not agree with his views. It may safely be assumed that they would not be welcomed by the ECB’s leadership. They are faced with a herculean task to implement the ICEC’s recommendations. Failure to do so will pose questions about the board’s fitness for purpose and caliber of personnel. Finance is also an issue. In the last cycle up to 2024, sale of media rights accounted for 75 percent of the ECB’s income, about $260 million. In his testimony to the select committee, ECB’s chair said that in the new cycle to 2028, media rights have been sold that equate to around 90 percent of income.

This is a highly vulnerable, seemingly unavoidable, position. The need to attract additional funding into the game, partly in order to finance the ICEC’s recommendations, is encapsulated in the conundrum of The Hundred. It is now highly probable that private investment will be allowed into the competition using a model that is still to be finalized. Into this equation steps the returning Chair of YCCC, Colin Graves. He accepted an invitation to appear in front of the select committee for the third part of its hearing, alongside YCCC’s retiring chair. Cricket’s ability to polarize views seems to know no bounds, and Graves is a potent example. Even the committee chair remarked that he is “a gentleman who divides opinions.”

This potential was aptly demonstrated in response to a question asking why he had not picked up the phone to apologize to Rafiq. Graves’ response was that he “did not feel that was appropriate at the time.” Graves was executive chair of YCCC between 2012 and 2015, before becoming ECB chair between 2015 and 2020. It has always been difficult to understand why, during those years, he claims to have been unaware that racism might exist in cricket. He says that he “read about the complaints in the papers, just like everyone else.”

This has been and still is a sordid affair, which is not yet over. My sense, from listening and taking to people in the game, is that English and Welsh cricket is tired of the matter. They feel that the issue is being addressed, so leave us alone. Rafiq is branded as a controversial character. He is now exiled from the UK. Graves has returned to be in charge of YCCC. Where, one might ask, is the equity in this? Money, power and control appear to rule the roost.

In late April a book is due to be published under Rafiq’s name, chronicling his unsavory journey. It is likely to have lessons for others. One such lesson is that someone who has the bravery to stand up for their cause may, not for the first time, be downed by those with vested interest. It is for this reason, alone, that racism in sport is a global matter.


Pakistan’s stock market records gain as National Assembly holds maiden sitting

Pakistan’s stock market records gain as National Assembly holds maiden sitting
Updated 29 min 39 sec ago
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Pakistan’s stock market records gain as National Assembly holds maiden sitting

Pakistan’s stock market records gain as National Assembly holds maiden sitting
  • Analysts say maiden National Assembly session boosted investors’ confidence in Pakistan’s stock market
  • After much political uncertainty and rigging accusations, Pakistani legislators will elect a new premier on Sunday

KARACHI: Pakistan’s stock market continued its bullish run on Thursday, extending its previous day’s gains to close with an increase of 1.3 percent, as political uncertainty somewhat decreased after the country’s National Assembly convened its maiden session following controversial polls this month.
The stock market’s benchmark KSE100 index gained 875 points to close at the 64,579 level on Thursday, official data showed. On Wednesday, the KSE100 index had gained by 484 points to close at 63,703 points. 
Pakistan has been wracked with political uncertainty due to countrywide protests by political parties, who say the national polls of Feb. 8 were heavily rigged. However, financial analysts noted that investors’ confidence in the market increased as Pakistan’s National Assembly held its maiden session on Thursday, indicating that the country would soon be led by a new democratic government. 
“Stocks closed bullish after the president summoned the National Assembly session himself for the formation of a government,” Ahsan Mehanti, the chief executive officer of Arif Habib Corporation, told Arab News. 
“The move is easing political noise.” 
The Pakistan Peoples Party (PPP) and the Pakistan Muslim League-Nawaz (PML-N) parties have announced joining hands to form their government at the center. The two parties have the required number of seats to form a coalition government. They also have the support of smaller parties in the assembly and have announced former premier Shehbaz Sharif as their candidate for prime minister. 
Sheheryar Butt, portfolio manager at Pakistani securities brokerage company Darson Securities, said the market had continued its bullish trend from Wednesday amid growing anticipation of the PML-N forming the next government. 
“The next government will have to negotiate with IMF (International Monetary Fund) and the manifesto of the PML-N is compatible with the IMF,” Butt noted. 
He said that Pakistani investors expect the new government will continue to implement the measures undertaken by the caretaker administration to secure a new long-term program from the IMF.
One of the principal tasks of the new government would be to secure a long-term bailout program from the international lender, as its short-term program expires next month. Pakistan’s fragile $350-billion economy is in desperate need of external financing to shore its up its foreign exchange reserves and escape its economic crisis. 
“Pakistan needs a long-term program for at least three years to ensure economic stability, so the market expects that the PML-N will follow the footprint of the caretaker government,” he explained.
Butt was confident Pakistan would secure the last tranche from the IMF under the $3 billion short-term financing agreement it reached with the lender last summer. 
Pakistan’s National Assembly will elect the country’s prime minister on March 3 while elections for the speaker and deputy speaker’s posts are scheduled to be held on Friday, March 1.


Russell Peters, the comedian enjoying the last laugh

Russell Peters, the comedian enjoying the last laugh
Updated 29 February 2024
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Russell Peters, the comedian enjoying the last laugh

Russell Peters, the comedian enjoying the last laugh
  • Canadian performer advises people to follow their dreams despite setbacks
  • Stand-up veteran recalls earning $50 for gigs, being booed off stage and learning on the job

RIYADH: Award-winning Canadian comedian Russell Peters has revealed the secret behind his successful career.

“Identify your dream and actively chase it,” Peters said during a recent interview on Arab News’ podcast, The Mayman Show. “It’s far more rewarding to have pursued your dream, even if you fail, than to passively wonder about it.”

Peters found his own path in 1989 when he began performing stand-up comedy at amateur shows. Despite not being allotted more than five minutes with the mic, he was determined to pursue his passion.

“If I got one laugh, I think that’s all I needed: Let’s figure this out, let’s try to figure out how to get more of those people,” he said on learning from his first performances.

Discussing his early career, he talked about being booed off stage in Toronto in 1993 while opening for The Pharcyde, a hip-hop group from the US. With hindsight, he laughs at his own arrogance then, viewing the experience as a well-deserved lesson.

Peters recounted how he would drive hours to perform, earning $50 plus complimentary chicken wings, a tank of gas, and a soda. During those days, he thought: “If I stayed, I’d be in the exact same financial position I would have been had I gone. So I wasn’t losing anything and I’d stay there and I’d be talking to people for free,” he said. “I just remember all the hard gigs, those were the fun ones.”

Fast-forward to 2024, and Peters has been hailed as one of the greatest comedians of all time by Rolling Stone, and has held the record for being the longest-standing comedian since 2007. He was also the first comedian to sell out Toronto’s Air Canada Center in 2007, and has performed in Vancouver’s Rogers Arena, London’s O2 Arena, and more. As part of his “Act Your Age” tour, which he has been doing since 2021, Peters recently took to the stage in Riyadh, performing at the Princess Nourah bint Abdulrahman University on Feb. 24.

This is his third visit to the Kingdom, and Peters admires the generosity of the Saudi people: “I remember at the hotel, they said, how did you sleep? And I said, it was honestly like the best, the most comfortable bed I’d ever felt in my life, and when I came back to my hotel room, they had packed up all the stuff that I complimented and shipped it to me in America.”

Peters also cherishes the memory of his performance at the Maraya building in AlUla in 2016, renowned as the world’s largest mirrored concert venue. “The acoustics are great in there because it’s built for that. And they put the sound dampeners in there. The same can’t be said for when I just performed in Egypt,” he said.

During his one-night performance in the country, American comedian Adam Hunter opened his show. Hunter is known for his popular Instagram channel, MMA Roasted, in which he humorously critiques fighters, and has been traveling with Peters for some time.

His latest show in the current tour is scheduled for March 3 in Bangalore, India, a place he regards as his true home. Beyond the stage, Peters also feels at home in the DJ booth. He said that his DJ career was purely for enjoyment, focusing mostly on old-school music. Peters said that his go-to song is “Black Trump” by Smif-N-Wessun and Raekwon.

Peters is currently practicing jujitsu, a form of martial art. His enduring passion for combat disciplines began at the age of 16 with boxing, because of bullying at school. Boxing became more than just a sport; it was a coping mechanism, especially after he was kicked out of school.

Later on, as his career developed in comedy, it also became a way of dealing with challenges.

“I would do it all the time growing up,” Peters said, “to try and get out of situations, dealt with a lot of racism growing up. So you just kind of figure out a way of getting out of situations by being funny.”


Pakistan concludes 60-hour joint military exercise with Saudi Arabia, US, other nations 

Pakistan concludes 60-hour joint military exercise with Saudi Arabia, US, other nations 
Updated 37 min 9 sec ago
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Pakistan concludes 60-hour joint military exercise with Saudi Arabia, US, other nations 

Pakistan concludes 60-hour joint military exercise with Saudi Arabia, US, other nations 
  • The exercise was held at semi-mountainous terrain of Pakistan’s Punjab province from Feb. 25-27
  • Pakistan’s army chief attends closing ceremony, lauds participating teams for their professionalism

ISLAMABAD: Pakistan concluded a three-day, 60-hour joint military training exercise with participating teams from Saudi Arabia, the United States, Jordan and other countries this week, Pakistan Army’s media wing said on Thursday.
Pakistan opened the 7th International Pakistan Army Team Spirit (PATS) Exercise in the northwestern town of Pabbi on Sunday. The exercise, which ran from Feb. 25-27, was aimed at enhancing combat skills through the sharing of innovative ideas and experiences by participants. 
The exercise would also help hone basic soldierly attributes besides interoperability through the sharing of innovative ideas and mutual best practices, the ISPR said last week. 
Seven teams from the Pakistan Army and 15 teams from Bahrain, Jordan, Kazakhstan, Saudi Arabia, Maldives, Morocco, Qatar, the US, Uzbekistan, Srilanka, Thailand and Turkiye participated in the exercise. Azerbaijan, China, Germany, Indonesia, Saudi Arabia and Myanmar witnessed the exercise as observers, the Inter-Services Public Relations (ISPR) said.
“The exercise was conducted from 25-27 Feb 2024 in the semi-mountainous terrain of Punjab,” the ISPR said. “Over the years, the exercise has gained much prominence as a very competitive professional military activity for friendly countries.”
Pakistan’s army chief General Syed Asim Munir attended the event’s closing ceremony at the eastern city of Kharian, the ISPR said. Munir appreciated the participating teams for their professionalism, and for demonstrating physical and mental endurance during the various stages of the exercise.
“At the end, COAS [chief of army staff] gave away individual and team awards to the participants of the exercise,” the ISPR said.
Pakistan routinely holds joint air, ground and sea exercises with friendly nations to foster interoperability and joint deployment concepts to counter threats to global peace.
Several cadets from these nations annually visit the South Asian country, which has fought back militancy for decades, to undergo specialized military training.