VATICAN CITY: Luxury sports car maker Lamborghini has presented Pope Francis with a brand-new, special edition Huracan that will be auctioned off with the proceeds donated to charity.
Lamborghini officials presented the sleek, white car with yellow-gold detailing to Francis on Wednesday in front of the Vatican hotel where he lives. The pope promptly blessed it.
Some of the funds raised from the Sotheby’s auction will go to rebuilding Christian communities in Iraq devastated by the Daesh group. The Vatican said Wednesday that the aim is to allow displaced Christians “to finally return to their roots and recover their dignity.”
Base prices for the Huracan, introduced in 2014, usually start at around 183,000 euros. A special edition built for a papal charity would be expected to fetch far more at auction.
Pope gets Lamborghini, auctions it to rebuild Christian Iraq
Pope gets Lamborghini, auctions it to rebuild Christian Iraq
UK net migration hit record of more than 900,000 in 2023
- Immigration is a big political issue in Britain where voters worry public services cannot cope with immigrants
- Current Labour government says it wants to reduce immigration numbers by training workers to fill skills gaps
LONDON: Net migration to Britain hit a record of more than 900,000 in 2023, much higher than original estimates, although tougher visa rules have started to reduce the number of arrivals, official data showed.
Immigration is a big political issue in Britain, where voters worry that already stretched public services cannot cope with such large numbers arriving, but sectors such as health care say they cannot function without foreign workers.
Data from the Office for National Statistics on Thursday showed net migration of 906,000 for the year to the end of June 2023, revised up from the previous estimate of 740,000, in what the ONS described as “unprecedented levels” since 2021.
Numbers did fall 20 percent from the record high to 728,000 for the year to the end of June 2024, the ONS said, driven by declining numbers of dependents coming with those on study visas after the rules were changed.
The jump to a record level in 2023 came under the previous Conservative government’s watch. It had promised to cut immigration and introduced measures to curb students and care workers bringing in family members.
The current Labour government, elected in July, has also said it wants to reduce numbers by training workers to fill skills gaps.
The big jump to 2023 numbers was attributed to more available data, more information on Ukraine visas and improvements to how it estimates migration, the ONS said.
High levels of legal migration in 2016 was one of the driving forces behind Britain’s vote to leave the European Union.
While post-Brexit changes to visas saw a sharp drop in the number of European Union migrants to Britain, new work visa rules led to a surge in immigration from India, Nigeria and Pakistan, often to fill health and social care vacancies.
‘Europe’s best’ Liverpool aim to pile pain on Man City
- Jude Bellingham said Real Madrid were beaten by “the best-performing team in Europe
LIVERPOOL: Jude Bellingham said Real Madrid were beaten by “the best-performing team in Europe” as Liverpool’s dismantling of the Spanish giants set a new bar in Arne Slot’s stunning start at Anfield.
Beleaguered Manchester City are next to run the gauntlet against the rampant Reds on Sunday as Liverpool sense the opportunity to land a knockout blow to Pep Guardiola’s men in the Premier League title race.
Slot has won 17 and drawn one of his 19 matches in all competitions since replacing a legendary figure in Jurgen Klopp.
Liverpool enjoy a commanding eight-point lead at the top of the Premier League and have one foot in the last 16 of the Champions League as the only side in the competition with a perfect record from five games.
Overcoming the might of Madrid was the sweetest one so far as Slott did what Klopp could not do during his glorious reign in leaving the kings of the Champions League with a bloodied nose.
Liverpool had not won in the previous eight meetings between the clubs, including defeats in the 2018 and 2022 Champions League finals.
“You know how special it is to play against a club that won this Champions League so many times, are the reigning champions and were a pain in the ass for Liverpool many times as well,” said Slot.
“We are happy where we are but we are not getting carried away by only winning in a group-stage game. This club wants more than only winning group-stage games.”
Slot described the visits of Madrid and City within the space of five days as an “incredible week.”
Halfway through they remain unscathed and are big favorites to take a huge step toward just a second league title in 35 years on Sunday.
Even at their strongest under Guardiola, City have not won in front of an Anfield crowd since 2003.
This version of the English champions is winless in six games and suffering from an existential crisis of confidence.
City blew a 3-0 lead to draw 3-3 with Feyenoord on Tuesday on the back of Guardiola’s first ever five-game losing streak as a coach.
Liverpool have often been the victim of City’s relentless consistency in the Guardiola era.
Twice Klopp’s sides finished second by the finest of margins despite amassing 97 points in 2018/19 and 92 three years later.
Now they have the chance to open up an 11-point lead that even Guardiola has conceded would be too much for his side to bridge.
“Man City is Man City. They have a bad time now but they have great players,” said Liverpool’s top goalscorer Mohamed Salah.
“We have a game against them so hopefully, we win it and go 11 points clear.”
In stark contrast to Manchester United’s struggles after the departure of Alex Ferguson, Liverpool have thrived despite the loss of a much-loved and charismatic leader in Klopp.
The German explained that part of his reasoning for stepping down when he did was that he was leaving the club in a good place.
Liverpool were on course for a quadruple deep into last season before faltering in the final months of the campaign as injuries and fatigue took hold.
But Klopp had helped rebuild a team in his final year that Slot is now bearing the fruits of.
Alexis Mac Allister and Cody Gakpo scored the goals against Madrid, neither of which were part of Klopp’s major glories in winning the Champions League and Premier League in 2019 and 2020 respectively.
Slot also credited the club’s academy for adding depth to his squad after Caoimhin Kelleher and Conor Bradley shone against Madrid to mitigate the loss of Alisson Becker and Trent Alexander-Arnold to injury.
“We know that players that come in are really important to finish the games and if you want to win trophies, you need them,” said Mac Allister.
“Of course, you don’t want to be on the bench but we know that every guy here, when he comes in, does his best for the team.”
All three sides that have ever enjoyed an eight-point lead at the top of the Premier League after 12 games went on to win the title.
On current form, Liverpool are an unstoppable force that an under-par City look incapable of handling.
Saudi Arabia sends 25th relief plane to Lebanon
RIYADH: Saudi Arabia’s 26th relief aircraft loaded with humanitarian aid including food, medical supplies and shelter equipment arrived at Beirut-Rafic Hariri International Airport on Thursday, state news agency SPA reported.
The plane, operated by King Salman Humanitarian Aid and Relief Center, departed King Khalid International Airport in Riyadh earlier in the day as part of a continuing effort to transport hundreds of tonnes of medical supplies and food aid for Lebanese families displaced by the conflict.
A earlier statement from the Saudi aid agency KSrelief said the aid deliveries showed that the Kingdom was “standing with needy and affected countries … in the face of crises and difficulties.”
S&P Global forecasts 4.7% GDP growth for Saudi Arabia in 2025
RIYADH: S&P Global has projected steady growth for Saudi Arabia’s economy, forecasting a 0.8 percent gross domestic product increase in 2024 and a robust 4.7 percent in 2025.
The agency’s adjustments to its earlier forecasts reflect a recalibration of oil production assumptions, now expected at 9.5 million barrels per day in 2025, down from 9.7 million.
The Kingdom’s non-oil sector continues to exhibit strong potential, supporting Saudi Arabia’s economic diversification efforts.
S&P also anticipated low and stable inflation in the Kingdom, forecasting rates of 1.8 percent in 2024 and 1.7 percent in 2025, highlighting the country’s success in maintaining price stability amid global economic volatility.
The agency reduced its real GDP growth forecasts for emerging markets by 10 basis points for both 2025 and 2026, now projecting growth rates of 4.3 percent and 4.4 percent, respectively.
The Kingdom saw the largest downward revision for 2025, with a reduction of 60 bps, followed by Hungary and Mexico.
“In Saudi Arabia, our revision reflects lower oil production assumptions than previously anticipated,” S&P stated.
The report cited recent OPEC+ announcements and trends in global oil markets as factors behind the adjusted projections for Saudi oil output.
S&P also revised its forecasts for other regions. South Africa’s GDP growth projections were raised to 1 percent in 2024 and 1.6 percent in 2025, driven by strong retail sales and a new pension scheme boosting household consumption. While infrastructure challenges remain, ongoing reforms could enhance long-term growth prospects.
In Southeast Asia, S&P noted heightened uncertainty due to reliance on trade and slowing growth in China.
However, domestic demand remains resilient, supported by sectors like IT, finance, and a recovering tourism industry. Manufacturing, particularly electronics, continues to perform well, and inflation is under control, enabling some central banks to ease monetary policy.
S&P upgraded growth forecasts for Malaysia and Vietnam, citing strong electronics supply chains and resilient domestic demand. Vietnam also benefits from recovering financial and real estate sectors. India’s growth remains robust but is expected to moderate after April 2025 due to slowing consumer momentum and challenges in the rural economy.
The Philippines is projected to see slightly slower growth due to softer consumption, though infrastructure investment will provide medium-term support. Indonesia and Thailand maintain stable outlooks, with emerging sectors like electric vehicles and fiscal stimulus driving development.
S&P also highlighted downside risks to global growth, particularly from uncertainties in US trade policy under President-elect Trump.
While the agency assumed a modest tariff increase between the US and China, it warned that more aggressive measures could significantly disrupt global trade and demand.
Tariffs targeting additional countries could amplify these effects, increasing risk premia and tightening financial conditions for emerging markets, especially those with weaker fundamentals.
Geopolitical risks remain elevated, particularly due to the Russia-Ukraine conflict, which has escalated with ballistic missile launches.
According to S&P, this uncertainty could heighten risk aversion toward emerging market assets and impact commodity prices.
Islamic banking in Kuwait and Oman stable amid favorable conditions: Fitch Ratings
RIYADH: The standalone credit profiles of Islamic banks in Kuwait are expected to remain stable in 2025, supported by favorable operating conditions, according to a recent analysis by Fitch Ratings.
The report highlighted that Islamic banking remains a significant sector in Kuwait, accounting for 49 percent of total banking sector assets by the end of the first half of this year.
This follows a similar forecast from Moody’s in September, which predicted faster growth for Islamic financing compared to conventional banking. Moody’s cited rising demand for Shariah-compliant products and the inherent stability of Islamic banks’ net profit margins as key drivers.
Fitch Ratings noted that capital at Kuwaiti Islamic banks remains adequate, supported by moderate growth and steady profitability in 2024 and 2025.
“As for conventional banks, we view Islamic banks’ profitability to have peaked, and we expect earnings to slightly decline in 2025 following expected rate cuts,” said Fitch Ratings.
The credit rating agency noted that funding at Kuwaiti Islamic banks remains strong, with 80 percent sourced from customer deposits.
The report also highlighted a slight increase in the average impaired financing ratio among Islamic banks in Kuwait, rising to 2 percent by the end of the first half, driven by pressure from higher rates and slower financing growth.
“The average financing impairment charges/average gross financing ratio increased slightly in the first half of 2024 but remains well below the pandemic level. Relatively high real estate exposure and concentration are key risks to the bank’s asset quality. Fitch expects asset quality to be stable in 2024-2025,” added Fitch.
Oman’s Islamic finance sector expanding
In a separate report, Fitch Ratings indicated that Omani Islamic banks are benefiting from favorable economic conditions, improving asset quality, stable profitability, and reasonable liquidity.
The total assets of Omani Islamic banks stood at $21.3 billion by the end of the third quarter of this year, with the Islamic banking sector holding a market share of 18.7 percent of the country’s total banking assets.
Fitch pointed to several factors driving the growth of Islamic finance in Oman, including increasing public demand, deeper distribution channels, the use of sukuk by both the government and corporates, and regulatory initiatives.
“The Central Bank of Oman addressed a structural gap in October 2024 with the introduction of the Bank Deposit Protection Law, which would protect Islamic banks’ deposits,” said Fitch.
“We expect this will aid confidence in Oman’s Islamic banking sector as the previous deposits insurance scheme only covered conventional banks’ deposits,” it added.
The report forecast that Oman’s Islamic finance sector will surpass $40 billion in the medium term, with Fitch estimating its total value at $30.9 billion by the end of September 2024.
According to the analysis, the Omani debt capital market reached $45 billion in outstanding debt by the end of the third quarter. There is no expectation of a significant short-term surge, as the government continues to prepay more of its debt using the budget surplus generated by high oil prices.
Fitch also highlighted Oman’s growing sukuk issuance, which increased by 86 percent year on year to $2 billion in the first nine months of 2024, outpacing conventional bond issuance, which rose 53 percent to $5.6 billion during the same period.
Fitch stated: “The Omani Islamic finance sector remains one of the smallest in the GCC (Gulf Cooperation Council),” and pointed out that it continues to face several challenges.
These challenges include “the lack of Islamic liquidity-management instruments and smaller capital bases compared to the conventional banks,” which, according to Fitch, “could restrict their involvement in major government financing projects.”
However, Fitch emphasized the sector’s long-term growth potential, citing recent regulatory developments and Oman’s predominantly Muslim population as key factors supporting future expansion.
