People visit a market in Lahore, Pakistan. PHOTO: AFP
ISLAMABAD (AP) – Pakistan’s Prime Minister Shehbaz Sharif said on Thursday that his country has met all the conditions set by the International Monetary Fund (IMF) to qualify for a new USD7 billion loan to help prop up its economy.
During a Cabinet meeting, Sharif praised his finance team and other advisers for complying with the requirements set by the IMF, which is expected to sign a formal approval to the loan on September 25, when the global lender’s board of executive directors is scheduled to meet. Sharif specially thanked China for helping Pakistan to secure the bailout, but declined to provide further details.
The IMF had asked Pakistan to broaden the country’s tax base and eliminate energy subsidies, a demand Sharif’s government has already implemented, raising concerns among Pakistanis who say they are unable to pay high energy bills.
Pakistan’s Finance Ministry said on Thursday in a statement that all the matters with the IMF have been finalised “amicably”.
Thursday’s announcement comes two months after the IMF said it had reached a staff-level agreement with Pakistan for the new USD7 billion loan deal.
Pakistan is currently facing one of its worst economic crises and Sharif has expressed hope that the country would be able to reduce its reliance on foreign loans in the years to come.
The new loan deal, if approved by the IMF’s board of executive directors, would last for 37 months.
People visit a market in Lahore, Pakistan. PHOTO: AFP
Shein and Temu are known for selling items at low prices. PHOTO: AFP
WASHINGTON (AFP) – The United States (US) government said yesterday it will work to curb the “overuse and abuse” of a mechanism allowing lower-value imports to enter the country duty-free.
Under a new regulatory effort, US officials will be seeking to disqualify certain products from this trade exemption – a move that could impact a majority of Chinese textile and apparel imports.
While roughly 140 million annual shipments entered the US under the de minimis exemption a decade ago, this has surged to over a billion last year.
A key factor behind the rise in volume is the growth of Chinese-founded online retailers Shein and Temu, according to US officials. Both platforms are known for selling items at low prices.
“Foreign companies, predominantly e-commerce platforms, are flooding the US market with low-value products,” National Economic Council Deputy Director Navtej Dhillon told reporters.
“This exponential increase in de minimis shipments makes it more challenging to enforce our laws,” he added.
As the exemption stands, such foreign shipments enter the country with fewer oversights, potentially allowing unsafe products and illicit substances to avoid scrutiny as they enter the US, Dhillon said.
To prevent this, President Joe Biden’s administration will seek to disqualify certain products from the exemption.
This includes goods facing Section 301 tariffs.
Section 301 tariffs hit approximately 70 per cent of Chinese textile and apparel imports, meaning the move would drastically reduce the number of shipments entering through the de minimis exemption, said Deputy national security advisor for international economics Daleep Singh.
But officials added that the tighter rules would not only apply to imports from a single country.
On Wednesday, a group of over 120 US lawmakers raised “grave concerns” over the de minimis “trade loophole” in a letter and urged Biden to close it. They said such imports threatened US manufacturers and charged that these “expose American consumers to great risk by flooding the market with fake and sometimes dangerous imported goods”.
US officials will also look to introduce rules for those who continue using the de minimis exemption, such as new information collection requirements.
“The administration is calling on Congress to pass legislation this year to comprehensively reform the de minimis exemption,” said Singh.
Shein and Temu are known for selling items at low prices. PHOTO: AFP
Barcelona’s Ronald Araujo vies with Girona’s Artem Dovby. PHOTO: XINHUA
AFP – Hansi Flick’s Barcelona face Girona tomorrow in a Catalan derby aiming to secure a fifth win from five La Liga matches at the start of the season.
Last season the Catalan giants were upset twice by their upstart minnow neighbours, who thumped Xavi Hernandez’s side 4-2 home and away in the top flight.
Girona, in their fourth ever season in La Liga, ultimately finished third, behind second-place Barca, but for much of the season the Blaugrana could only watch as the tiny club battled Real Madrid for top spot.
Although Girona’s title bid eventually collapsed, their second triumph over Barca secured them Champions League football and delivered Madrid’s record-extending 36th league crown.
A lot has changed since then, with Flick’s arrival in place of Xavi seeming to revitalise Barcelona’s squad. Led by teenage star Lamine Yamal, new arrival Dani Olmo and veteran striker Robert Lewandowski they have won their opening four matches and are the only team in La Liga with a 100 per cent record.
Girona, on the other hand, have lost star names including Artem Dovbyk and Savinho and coach Michel Sanchez is still fitting together his replacement puzzle pieces.
After a 3-0 thumping by Atletico, Girona responded with 4-0 and 2-0 wins over Osasuna and Sevilla respectively, indicating they are on the right track once more.
“It was a difficult market because we had an excellent season, we knew it could be a long window,” said Girona Sporting Director Quique Carcel earlier this week.
“We did what we had planned, which was to think about the players who might leave – we had planned for some of them,” he added.
Barcelona’s Ronald Araujo vies with Girona’s Artem Dovby. PHOTO: XINHUA
Manchester City Manager Pep Guardiola holds the Premier League trophy. PHOTO: XINHUA
AFP – Manchester City Manager Pep Guardiola said he is pleased that the club’s long-awaited hearing into 115 charges brought by the Premier League is set to start on Monday.
City face 80 breaches of financial rules between 2009 and 2018, plus a further 35 of failing to cooperate with a Premier League investigation.
The English champions stand accused of failing to provide accurate financial information between 2009 and 2018, including revenue from sponsors and salary details of managers and players.
City have vehemently denied any wrongdoing and Guardiola has backed his superiors when pressed about the charges in the past.
“Start soon, and hopefully finish soon,” Guardiola said of the hearing at his pre-match press conference yesterday ahead of Brentford’s trip to the Etihad. “I am looking forward to the decision.
“I’m happy it’s starting on Monday. I know there will be more rumours, new specialists about the sentences.
“We’re going to see. I know what people are looking forward to, what they expect. I know what I read for many, many years. Everybody is innocent until guilt is proven. So we’ll see.”
If found guilty on some or all of the charges, City face a severe points deduction and possibly even expulsion from the Premier League. The hearing is set to last at least two months, with a decision not expected until 2025. The Premier League brought the charges in February 2023 but there has been a lengthy wait for the case to proceed before an independent commission. In the meantime, City have lifted two more Premier League titles and the club’s first ever Champions League last year.
Manchester City Manager Pep Guardiola holds the Premier League trophy. PHOTO: XINHUA
The Libeskind Tower (Il Curvo), adorned with the logo of PricewaterhouseCoopers (PwC), in the business district of Milan. PHOTO: AFP
BEIJING (AFP) – Accountancy giant PricewaterhouseCoopers (PwC) was banned in China yesterday for six months and slapped with a fine of USD62.2 million over problems with its audit of beleaguered property company Evergrande.
The moves by Chinese regulators mark the latest development in a crackdown on PwC for its work with Evergrande, which has become emblematic of a protracted debt crisis in the country’s real estate sector.
In the announcements yesterday, regulators hammered PwC for its failure to identify and bring attention to severe financial problems within Evergrande – once China’s biggest real estate firm – ahead of its default in 2021.
“After investigation, it was found that PwC and its Guangzhou branch knew that there were major misstatements in Evergrande Real Estate’s financial statements during the audit,” China’s Ministry of Finance said in a statement.
The ministry added it had imposed administrative penalties on PwC that included the “suspension of its business for six months and the revocation of its Guangzhou branch”.
In a separate statement yesterday, China’s top securities regulator said it had penalised PwC, while another fine in coordination with the Finance Ministry brought the total to CNY441 million (USd62.2 million).
The Libeskind Tower (Il Curvo), adorned with the logo of PricewaterhouseCoopers (PwC), in the business district of Milan. PHOTO: AFP
The statement said the penalties were because the firm had “failed to perform due diligence” in its work involving Evergrande.
PwC “failed to maintain due professional scepticism, failed to make correct professional judgements, and failed to discover Evergrande Real Estate’s financial fraud, which was of large scale and high proportion”, it added.
In response, PwC said its China auditors had fallen “unacceptably below standards” during their work with Evergrande.
“Following a thorough investigation, we ensured that actions were taken to hold those responsible to account and a comprehensive remediation programme will build a stronger PwC China firm for the future,” PwC Global Chair Mohamed Kande said in a statement on the firm’s website.
“China remains an important part of the PwC network and I remain confident in the China firm’s partners and staff as we work together to rebuild trust with stakeholders,” Kande added.
Last month, Evergrande liquidators filed a lawsuit against PwC in Hong Kong, part of an effort to recover investments after a court ordered the property firm’s liquidation, according to a report by Bloomberg.
The lawsuit targeted PwC’s “negligence” and “misrepresentation” in connection to reports on Evergrande’s financial statement for 2017 and the first half of 2018, according to the report.
File photo of San Siro stadium in Milan, Italy. PHOTO: AFP
AFP – Inter and AC Milan yesterday rejected the project to modernise and restructure the iconic San Siro stadium which they share, city Mayor Giuseppe Sala announced.
“The two clubs said no to the restructuring of San Siro proposed by (construction group) WeBuild,” Sala said after a meeting with officials of the two Italian clubs.
“They provided detailed analyses of technical and economic feasibility and their conclusions are that this project cannot be carried out at a sustainable cost and that they do not wish to move in this direction.”
The two clubs would, however, be ready to relaunch the initial project of a new stadium in the immediate vicinity of San Siro, according to Sala.
“We are not starting from scratch on this subject, but there is resistance from local residents,” Sala pointed out.
“They must present us with a project within a fairly short time frame, but building stadiums in Italy is never easy, it is always very complex,” he added.
File photo of San Siro stadium in Milan, Italy. PHOTO: AFP
People stand in front of an electronic stock board showing Japan's Nikkei index at a securities firm in Tokyo, Japan. PHOTO: AP
HONG KONG (AP) – Global stocks were mixed yesterday after stocks in the United States (US) pulled closer to their record highs following economic reports that came in close to expectations.
European markets were mostly higher in early trading yesterday after the European Central Bank reduced interest rates again on Thursday to support sluggish growth as inflation continues to subside. France’s CAC 40 rose 0.3 per cent to 7,454.10, and Germany’s DAX added 0.4 per cent to 18,595.43. Britain’s FTSE 100 edged down 0.1 per cent to 8,234.25.
Futures for the S&P 500 climbed 0.2 per cent and those for the Dow Jones Industrial Average were 0.1 per cent higher.
Chinese authorities imposed a six-month ban on the accounting firm PwC yesterday and fined it over CNY400 million (USD56.4 million) for its involvement in the audit of Evergrande, the world’s most indebted property developer, which has collapsed. The punishment is the heaviest yet for international accounting firms operating in China.
Hong Kong’s Hang Seng rose 0.8 per cent to 17,369.09, while the Shanghai Composite was down 0.5 per cent at 2,704.09 after China’s legislature announced yesterday that it would raise the retirement age from 60 to 63 years for men and from 50 to 55 or 58 years for women, according to state media. The Chinese Academy of Sciences said the pension system may run out of money by 2035 because of the current economic slump and an ageing population.
China is also set to release its monthly economic data today, with market predictions that the three key indicators – industrial production, fixed asset investment and retail sales – will show a slowdown.
People stand in front of an electronic stock board showing Japan’s Nikkei index at a securities firm in Tokyo, Japan. PHOTO: AP
Japan’s benchmark Nikkei 225 slipped 0.7 per cent to close at 36,581.76 after data released yesterday showed the nation’s industrial production increased 2.9 per cent year-on-year in July, signalling improved demand in the manufacturing sector.
The dollar fell to JPY141.68 from JPY141.79, adding pressure on Japan’s exports.
“The Bank of Japan is not expected to make any rate move at its meeting next week, but there may be some hawkish pricing brewing for policymakers to lay the groundwork for further rate hikes in December and beyond,” said IG market analyst Yeap Jun Rong.
Elsewhere, Australia’s S&P/ASX 200 rose 0.3 per cent to 8,099.90. South Korea’s Kospi picked up 0.1 per cent to 2,575.41.
On Thursday, the S&P 500 rose 0.7 per cent to 5,595.76, climbing back to within 1.3 per cent of its record set in July following a shaky summer. It’s on track for a fourth winning week in the past five.
The Dow Jones Industrial Average added 0.6 per cent to 41,096.77, and the Nasdaq composite gained one per cent to 17,569.68.
One report said the number of US workers applying for unemployment benefits last week ticked up, though it remains low relative to history. Another said prices charged at the wholesale level were 1.7 per cent higher in August than a year before. That’s a slowdown from July’s inflation rate, but an underlying measure that economists see as a better predictor of future trends also ticked up more than expected.
The inflation data was similar to Wednesday’s report on prices at the US consumer level. It kept traders betting the Fed will deliver a traditional-sized cut of a quarter of a percentage point next week, instead of the larger half-point that some had been expecting.
While lower interest rates help goose the economy and investment prices, they can also give inflation more fuel.
In energy trading, benchmark US crude gained 48 cents to USD69.45 a barrel. Brent crude, the international standard, added 50 cents to USD72.47 a barrel.
LONDON (AFP) – Environmental campaigners yesterday claimed a “huge victory” after a court ruling overturned a decision to allow planning permission for the United Kingdom’s (UK) first deep coal mine in 30 years.
High Court judge David Holgate said previous Conservative government’s original decision to grant permission for the Whitehaven mine in Cumbria, northwest England, was “legally flawed”.
The new Labour government had already withdrawn its support for the mine and the project now faces further uncertainty after the ruling in favour of environmental groups that brought the case.
Senior lawyer Niall Toru with ‘Friends of the Earth’, one of the groups bringing the legal action, called it “fantastic news and a huge victory”.
“This mine should never have been given permission in the first place… it would have huge climate impacts,” he said.
He called on the mine developer, West Cumbria Mining Limited (WCM), to withdraw its application.
Lawyers for WCM argued during the case that the mine would have a “broadly neutral effect on the global release of greenhouse gas”.
But Holgate rejected the claim, saying, “The assumption that the proposed mine would not produce a net increase in greenhouse gas emissions, or would be a net zero mine, is legally flawed.”
AFP – Germany swept past Chile to keep their perfect record after two ties in the Davis Cup group stage finals on Thursday with wins also for Canada, Australia and the Netherlands.
Despite the absence of their top four players, including world number two Alexander Zverev, the Germans dominated their Group ‘C’ tie 3-0 in Zhuhai, China. The group also includes the United States and Slovakia.
In Manchester, England, Canada beat Finland 3-0 without dropping a set in Group ‘D’, Australia winning by the same scoreline over the injury-hit Czechs in Group ‘B’ in Valencia, Spain.
In Group ‘A’ in Bologna, Italy, the Netherlands took the doubles to beat Brazil 2-1.
In Zhuhai, Maximilian Marterer, ranked 104, and 96th-ranked Yannick Hanfmann won their singles ties in straight sets.
Marterer beat Tomas Barrios Vera and Hanfmann eased past 22nd-ranked Alejandro Tabilo 7-5, 6-4.
In the doubles, Kevin Krawietz and Tim Puetz then teamed up to beat Barrios Vera and Matias Soto 6-1, 6-3.
“Before our first match we said ‘okay we need six matches out of nine’,” said Germany captain Michael Kohlmann. Germany also beat Slovakia 3-0 on Tuesday. “Now we have won six out of six. I think that’s pretty impressive.”
Germany will next play the United States (US), 32-time champions today.
Chile who lost 3-0 to the US on Wednesday play Slovakia tomorrow.
In Manchester, Felix Auger Aliassime, ranked 21 in the world, put Canada ahead with a 6-2, 6-3 victory over 110th ranked Finn Otto Virtanen.
Denis Shapovalov, who is 100th in the ATP rankings, then beat Eero Vasa, who is 360th, 7-6 (7/2), 6-2.
The two Canadians then teamed up to beat Virtanen and Harri Heliovaara 6-2, 7-5 in the doubles.
“We couldn’t ask for more today,” said Canada captain Frank Dancevic
“Felix had an amazing performance in the singles and the guys stepped it up in the doubles. It was phenomenal. It was such a clean day.”
The Canadians, who beat Argentina 2-1 in their opener, top their group. Britain, who beat Finland 2-1 in their opener are second with matches to come against Argentina and Canada.
In Valencia, the Czech Republic entered the competition with two players ranked in the top 40, but ended on Thursday without either.
His Royal Highness Prince Haji Al-Muhtadee Billah ibni His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah, the Crown Prince and Senior Minister at the Prime Minister’s Office and Her Royal Highness Paduka Seri Pengiran Anak Isteri Pengiran Anak Sarah binti Pengiran Haji Salleh Ab Rahaman with Singapore President Tharman Shanmugaratnam and spouse Jane Ittogi Shanmugaratnam at Istana Villa in Singapore.
PHOTO: INFOFOTO
His Royal Highness Prince Haji Al-Muhtadee Billah ibni His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah, the Crown Prince and Senior Minister at the Prime Minister’s Office and Her Royal Highness Paduka Seri Pengiran Anak Isteri Pengiran Anak Sarah binti Pengiran Haji Salleh Ab Rahaman yesterday attended an afternoon tea hosted by Singapore President Tharman Shanmugaratnam and spouse Jane Ittogi Shanmugaratnam. The ceremony was held at Istana Villa in Singapore.
Their Royal Highnesses first signed the visitor’s book and then proceeded to the Press Room and were welcomed by the president and spouse upon arrival. Their Royal Highnesses, accompanied by the president and spouse, then proceeded to the Delegation Room for afternoon tea.
His Royal Highness then proceeded to hold a courtesy call with Singapore Prime Minister Lawrence Wong.
Upon arrival at the Press Room, His Royal Highness was greeted by the prime minister before proceeding to the Delegation Room for the courtesy call. During the courtesy call, His Royal Highness and the prime minister exchanged views and discussed the bilateral relationship that has been established for 40 years, and at the same time, 2024 marks the 10th year of the Young Leaders’ Programme (YLP). His Royal Highness also expressed appreciation to the prime minister for his continued support and commitment to YLP. YLP plays an important role in maintaining and strengthening the bridges of friendship and understanding, based on mutual respect and trust.
His Royal Highness and the prime minister then proceeded to unveil the commemorative stamps in conjunction with the 40th anniversary of diplomatic relations between Brunei Darussalam and Singapore.
The commemorative stamps are a collaborative effort between the Brunei Postal Services Department and Singapore Post, featuring designs from the Sultanate and Singapore. The Brunei stamp depicts the ficus elastica tree which was jointly planted by His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam and President Tharman Shanmugaratnam at Taman Mahkota Jubli Emas during the president’s state visit to the Sultanate in January. The Singapore stamp features the dendrobium Hassanal Saleha, named in honour of the state visit of His Majesty and Her Majesty Duli Raja Isteri Pengiran Anak Hajah Saleha binti Al-Marhum Pengiran Pemancha Pengiran Anak Haji Mohamed Alam to Singapore in August 2022.
His Royal Highness Prince Haji Al-Muhtadee Billah ibni His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah, the Crown Prince and Senior Minister at the Prime Minister’s Office with Singapore Prime Minister Lawrence Wong in front of commemorative stamps to mark the 40th anniversary of diplomatic relations between Brunei Darussalam and Singapore. PHOTO: INFOFOTOHis Royal Highness Prince Haji Al-Muhtadee Billah ibni His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah, the Crown Prince and Senior Minister at the Prime Minister’s Office and Her Royal Highness Paduka Seri Pengiran Anak Isteri Pengiran Anak Sarah binti Pengiran Haji Salleh Ab Rahaman with Singapore President Tharman Shanmugaratnam and spouse Jane Ittogi Shanmugaratnam at Istana Villa in Singapore. PHOTO: INFOFOTO
