LONDON: Saudi Arabia will review its VAT increase after the coronavirus pandemic ends, the Kingdom’s acting media minister said on Thursday.
The decision to triple VAT earlier this year was a “painful” one and has undoubtedly caused concern for every individual and family, Majid Al-Qasabi said.
“This decision is like any other decision, it will be revised when this crisis is over,” the minister told a news conference.
Al-Qasabi added that consumer protection is a top priority for the Kingdom and it would not allow people to be exploited.
As such, 370,000 inspections have been carried out in 13 regions, during which more than 3,700 violations were recorded and nearly 500 tons of food items were confiscated.
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Saudi Arabia to review VAT increase after COVID-19
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Saudi Arabia to review VAT increase after COVID-19
- Al-Qasabi added that consumer protection is a top priority for the Kingdom
- The decision to triple VAT earlier this year was a “painful” one, the Kingdom’s acting media minister said
Disgraced Singapore oil tycoon sentenced to nearly 18 years for fraud
- Lim Oon Kuin was convicted in May in a case that dented the city-state’s reputation as a top Asian oil trading hub
- His firm was among Asia’s biggest oil trading companies before its sudden and dramatic collapse in 2020
SINGAPORE: The founder of a failed Singapore oil trading company was sentenced Monday to nearly 18 years in jail for cheating banking giant HSBC out of millions of dollars in one of the country’s most serious cases of fraud.
Lim Oon Kuin, 82, better known as O.K. Lim, was convicted in May in a case that dented the city-state’s reputation as a top Asian oil trading hub.
His firm, Hin Leong Trading, was among Asia’s biggest oil trading companies before its sudden and dramatic collapse in 2020.
Sentencing him to 17 and a half years in jail, State Courts judge Toh Han Li said he agreed with the prosecution that the offenses had the potential to undermine confidence in Singapore’s oil trading industry.
The amount involved “stood at the top-tier of cheating cases” in the city-state, a global financial hub, he said.
The judge shaved off a year due to Lim’s age but did not give any sentencing discount on account of his health, saying the Singapore Prison Service has adequate medical facilities.
Lim, however, remained free on bail after his lawyers said they would file an appeal before the High Court.
State prosecutors had sought a 20-year jail term, saying “this is one of the most serious cases of trade financing fraud that has ever been prosecuted in Singapore.”
The defense had argued for seven years imprisonment, playing down the harm caused by Lim’s offenses and citing his age and poor health.
The businessman faced a total of 130 criminal charges involving hundreds of millions of dollars, but prosecutors tried and convicted him on just three – two of cheating HSBC, and a third of encouraging a Hin Leong executive to forge documents.
Prosecutors said he tricked HSBC into disbursing nearly $112 million by telling the bank that his firm had entered into oil sales contracts with two companies.
The transactions were, in fact, “complete fabrications, concocted on the accused’s directions,” prosecutors said, adding that his actions “tarnished Singapore’s hard-earned reputation as Asia’s leading oil trading hub.”
Lim built Hin Leong from a single delivery truck shortly before Singapore became independent in 1965.
It grew into a major supplier of fuel used by ships, and its rise in some ways mirrored Singapore’s growth from a gritty port to an affluent financial hub.
The firm played a key role in helping the city-state become the world’s top ship refueling port, observers say, and it expanded into ship chartering and management with a subsidiary that has a fleet of more than 150 vessels.
But it came crashing down in 2020 when the coronavirus pandemic plunged oil markets into unprecedented turmoil, exposing Hin Leong’s financial troubles, and Lim sought court protection from creditors.
In a bombshell affidavit seen by AFP in 2020, Lim revealed the oil trader had “in truth... not been making profits in the last few years” – despite having officially reported a healthy balance sheet in 2019.
He admitted that the firm he founded after emigrating from China had hidden $800 million in losses over the years, while it also owed almost $4 billion to banks.
Lim took responsibility for ordering the company not to report the losses and confessed it had sold off inventories that were supposed to backstop loans.
‘Won’t be that challenging’ — Iraq’s Ali Taleb confident as he heads into PFL MENA Championship
- Taleb will take on Moroccan standout Rachid El Hazoume in the league’s 135-pound finale
RIYADH: Iraqi bantamweight Ali Taleb is showing no lack of confidence as he prepares to compete in the inaugural PFL MENA Championships in Riyadh later this month.
“The victory is closer to me, and I’ll surprise my opponent with a level and style he won’t expect,” said the 27-year-old, who boasts slate of 11-1.
Taleb will take on Moroccan standout Rachid El Hazoume in the league’s 135-pound finale.
His record may boast fewer fights but Taleb could have the advantage as he has competed in the PFL since 2022 and has championship experience under the UAE Warriors banner.
Given this, Taleb believes El Hazoume will not be much of a threat.
“I’ve already been a bantamweight champion in 2022, when I defeated Brazilian Vinicius de Oliveira,” he said.
“The fight with El Hazoume won’t be that challenging, especially since he has three losses compared to my one, and this will certainly affect his performance and motivate me to give my best and achieve victory.”
As far as preparations go for what will be the biggest test of his career to date, Taleb says he has had superb training.
“I’m fully prepared and ready for this match. I’ve undergone an intensive and high-quality training camp under the guidance of top coaches,” he said.
The Iraqi is also counting on the fans’ support come fight night.
“Undoubtedly, the presence of Iraqi fans … will fuel my enthusiasm and motivate me to win, fulfilling my plan and satisfying my fans who follow all my fights,” he said.
Taleb will face El Hazoume in the PFL Mena Championships on Nov 29. The event also features three more must-see title bouts. The complete fight card is:
PFL MENA Featherweight Championship: Abdelrahman Alhyasat (5-0) vs. Abdullah Al-Qahtani (9-2)
PFL MENA Welterweight Championship: Mohammad Alaqraa (7-0) vs. Omar El Dafrawy (12-6)
Amateur Women’s Atomweight Bout: Hattan Alsaif vs. Lilia Osmani
PFL MENA Bantamweight Championship: Ali Taleb (11-1) vs. Rachid El Hazoume (15-3)
PFL MENA Lightweight Championship: Mohsen Mohammadseifi (6-1) vs. Georges Eid (10-4)
Showcase Fights:
Lightweight MENA Showcase: Mansour Barnaoui (21-6) vs. Alfie Davis (17-4-1)
Heavyweight MENA Showcase: Slim Trabelsi (7-0) vs. Abraham Bably (5-0)
Featherweight Global Showcase: Jesus Pinedo (23-6-1) vs. Jeremy Kennedy (19-4)
Featherweight Global Showcase: Asael Adjoudj (8-1) vs. Jose Perez (9-1)
Middleweight Global Showcase: Costello van Steenis (15-3) vs. Joao Dantas (7-1)
The PFL MENA Championships can be seen live on MBC on Friday, Nov. 29 at 7:30 p.m. AGT.
Tickets are now on sale via webook.com
Law and disorder as Thai police station comes under monkey attack
- The human inhabitants of Lopburi have long suffered from a growing and aggressive monkey population
- Thousands of the fearless primates rule the streets around the Pra Prang Sam Yod temple in the center of Lopburi
BANGKOK: in central Thailand said they barricaded themselves into their own station over the weekend, after a menacing mob of 200 escaped monkeys ran riot on the town.
The human inhabitants of Lopburi have long suffered from a growing and aggressive monkey population and authorities have built special enclosures to contain groups of the unruly residents.
But on Saturday around 200 of the primates broke out and rampaged through town, with one posse descending on a local police station.
“We’ve had to make sure doors and windows are closed to prevent them from entering the building for food,” police captain Somchai Seedee said on Monday.
He was concerned the marauders could destroy property including police documents, he added.
Traffic cops and officers on guard duty were being called in to fend off the visitors, the Lopburi police said on Facebook on Sunday.
Around a dozen of the intruders were still perched proudly on the roof of the police station on Monday, photos from local media showed.
Down in the streets, hapless police and local authorities were working to round up rogue individuals, luring them away from residential areas with food.
While Thailand is an overwhelmingly Buddhist nation, it has long assimilated Hindu traditions and lore from its pre-Buddhist era.
As a result monkeys are afforded a special place in Thai hearts thanks to the heroic Hindu monkey god Hanuman, who helped Rama rescue his beloved wife Sita from the clutches of an evil demon king.
Thousands of the fearless primates rule the streets around the Pra Prang Sam Yod temple in the center of Lopburi.
The town has been laying on an annual feast of fruit for its population of macaques since the late 1980s, part religious tradition and part tourist attraction.
But their growing numbers, vandalism and mob fights have made an uneasy coexistence with their human neighbors almost intolerable.
Lopburi authorities have tried quelling instances of human-macaque clashes with sterilization and relocation programs.
Pakistan says Islamabad, Washington have ‘unique opportunity’ to revitalize partnership under Trump
- Ties between Islamabad and Washington have just started to warm after years of frosty relations
- Planning Minister Ahsan Iqbal says Pakistan desires enhanced partnership in economy, education, health
ISLAMABAD: Pakistan’s Planning Minister Ahsan Iqbal said on Monday that Washington and Islamabad have a “unique opportunity” to revitalize their partnership and tackle global challenges together under a new administration headed by President-elect Donald Trump, state-run media reported.
Ties between Islamabad and Washington, once close allies, have just started to warm after many years of frosty relations, mostly due to concerns about Pakistan’s alleged support of the Taliban in Afghanistan. Pakistan denies it supported the group.
Relations strained further under the government of former prime minister Imran Khan, who ruled from 2018-22 and antagonized Washington throughout his tenure, welcoming the Taliban takeover of Afghanistan in 2021 and later accusing Washington of being behind attempts to oust him. Washington has dismissed the accusations. Shehbaz Sharif’s government, now in its second term, has tried to mend ties but analysts widely believe the United States will not seek a significant broadening of ties with Islamabad in the near future but remain mostly focused on security cooperation, especially on counterterrorism and Afghanistan.
“Addressing a USAID event in Islamabad today, he [Iqbal] stated that the two countries have a unique opportunity to revitalize their partnership and adapt to the needs of a rapidly changing world, with a new US administration taking the helm,” Radio Pakistan said in a report.
The planning minister spoke about Pakistan’s desire to strengthen relations with the United States in key sectors such as economy, climate change, science and technology, agriculture, education and health.
The minister said that the US remains one of Pakistan’s largest trading partners, with trade exceeding $6.5 billion between the two countries in 2023. He said Pakistan’s key exports to the US include textiles, surgical instruments and IT services which contribute significantly to the country’s economy.
“He however emphasized that there is a vast untapped potential for growth,” the state broadcaster said. “He said the trade relations will not only create jobs and foster innovation but also enhance economic resilience.”
Iqbal said that while bilateral relations between Pakistan and the US have flourished, both nations need to respect each other’s sovereignty and work together constructively to address shared challenges.
“Iqbal said Pakistan-US relationship remains critical to addressing global challenges and achieving regional stability,” Radio Pakistan said.
Pakistan’s Defense Minister Khawaja Asif earlier this month signaled Islamabad’s intentions to collaborate with the new US administration where its interests were aligned. However, he cautioned that cooperation could be strained if interests diverged or Washington persisted in supporting wars in the Middle East.
Trump is widely regarded as an unpredictable leader, with analysts worldwide assessing the potential impact of his return to the top US office on global affairs. However, the Pakistani defense minister praised him during Geo TV’s special election transmission this month for promising to end conflicts around the world after assuming power in Washington.
Climate talks in Azerbaijan head into their second week, coinciding with G20 in Rio
- Talks in Baku are focused on getting more climate cash for developing countries to transition away from fossil fuels
- Several experts put the sum needed at around $1 trillion
BAKU: United Nations talks on getting money to curb and adapt to climate change resumed Monday with tempered hope that negotiators and ministers can work through disagreements and hammer out a deal after slow progress last week.
That hope comes from the arrival of the climate and environment ministers from around the world this week in Baku, Azerbaijan, for the COP29 talks. They’ll give their teams instructions on ways forward.
“We are in a difficult place,” said Melanie Robinson, economics and finance program director of global climate at the World Resources Institute. “The discussion has not yet moved to the political level — when it does I think ministers will do what they can to make a deal.”
Talks in Baku are focused on getting more climate cash for developing countries to transition away from fossil fuels, adapt to climate change and pay for damages caused by extreme weather. But countries are far apart on how much money that will require. Several experts put the sum needed at around $1 trillion.
“One trillion is going to look like a bargain five, 10 years from now,” said Rachel Cleetus from the Union of Concerned Scientists, citing a multitude of costly recent extreme weather events from flooding in Spain to hurricanes Helene and Milton in the United States. “We’re going to wonder why we didn’t take that and run with it.”
Meanwhile, the world’s biggest decision makers are halfway around the world as another major summit convenes. Brazil is hosting the Group of 20 summit, which runs Nov. 18-19, bringing together many of the world’s largest economies. Climate change — among other major topics like rising global tensions and poverty — will be on the agenda.
Harjeet Singh, global engagement director for the Fossil Fuel Non-Proliferation Treaty Initiative, said G20 nations “cannot turn their backs on the reality of their historical emissions and the responsibility that comes with it.”
“They must commit to trillions in public finance,” he said.
In a written statement on Friday, United Nations Climate Change’s executive secretary Simon Stiell said “the global climate crisis should be order of business Number One” at the G20 meetings.
Stiell noted that progress on stopping more warming should happen both in and out of climate talks, calling the G20’s role “mission-critical.”
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