Putin to hold talks with Palestinian president Abbas on Tuesday, says TASS

In this pool photograph distributed by Russian state owned Sputnik agency President Vladimir Putin makes a video address on the opening of the 10th international military-technical forum Army-2024 at the Kremlin in Moscow, on August 12, 2024
Updated 13 August 2024
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Putin to hold talks with Palestinian president Abbas on Tuesday, says TASS

MOSCOW: Russian President Vladimir Putin will hold talks on Tuesday with Palestinian President Mahmoud Abbas, who is visiting Russia, state news agency TASS reported.


UN rights chief demands accountability for Lebanon pager blasts

Updated 4 min 25 sec ago
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UN rights chief demands accountability for Lebanon pager blasts

  • “Simultaneous targeting of thousands of individuals … violates international human rights law,” Volker Turk said
“Simultaneous targeting of thousands of individuals … violates international human rights law,” Volker Turk said

GENEVA: Those responsible for a deadly wave of explosions across Lebanon targeting paging devices used by members of the Hezbollah militant group “must be held to account,” the UN rights chief said Wednesday.
“Simultaneous targeting of thousands of individuals, whether civilians or members of armed groups, without knowledge as to who was in possession of the targeted devices, their location and their surroundings at the time of the attack, violates international human rights law and, to the extent applicable, international humanitarian law,” Volker Turk said in a statement.

Pakistan to organize ‘Seerat Festival’ this week to pay tribute to Prophet Muhammad

Updated 12 min 33 sec ago
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Pakistan to organize ‘Seerat Festival’ this week to pay tribute to Prophet Muhammad

  • Three-day festival to take place in Islamabad’s National Skills University from Sept. 20-22
  • Festival to feature research papers by scholars, documentary screenings on Prophet Muhammad’s life

ISLAMABAD: Pakistan will organize a three-day “Seerat Festival” from Sept. 20-22 in Islamabad to pay tribute to Prophet Muhammad (peace be upon him) and highlight valuable lessons from his life, a government authority said on Wednesday. 

The National Rahmatul-lil-Alameen Wa Khatamun Nabiyyin Authority (NRKNA), an ideological government institution that aims to promote research on Prophet Muhammad’s life for the betterment of society, will organize the festival. 

The NRKNA said the theme for the festival, which will take place in the Islamic month of Rabi Al-Awwal when Prophet Muhammad was born, is titled: ‘Searching for World Peace: In the Light of the Prophet’s Teachings.’ 

“The festival, organized by the Rahmat Lal Alamin wa Khatam-ul-Nabieen Authority, will feature over sixty research papers presented by scholars from both Pakistan and abroad,” the NRKNA said in a statement. 

“Special sessions dedicated to children, women, and minorities will also be included in the festival agenda.”

NRKNA Chairman Khurshid Nadeem told reporters during a press conference that the festival, which would be held in Islamabad’s National Skills University, would “transform the atmosphere of the capital.”

“The international conference, ‘Searching for World Peace: In the Light of the Prophet’s Teachings,’ will bring scholars from around the world to explore various aspects of the Prophet’s biography,” Nadeem told reporters during a press conference. 

“Our aim is to promote scholarly engagement with the teachings of the Prophet Muhammad.”

Pakistani publishers will offer discounts of up to 50 percent on biographical books, the NRKNA said, adding that the festival will also showcase Islamic art and culture through a calligraphy exhibition. 

“Additionally, poetry readings and documentary screenings will highlight the life and teachings of the Holy Prophet, aiming to convey messages of moral integrity based on Qur’anic verses and prophetic sayings,” it said. 


Hungary refuses to pay fines for breaking EU asylum rules

Updated 15 min 25 sec ago
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Hungary refuses to pay fines for breaking EU asylum rules

  • The European Court of Justice described Hungary’s actions as “an unprecedented and extremely serious infringement of EU law”
  • Hungarian Prime Minister Viktor Orbán slammed its ruling as “outrageous and unacceptable”

BRUSSELS: The European Union on Wednesday began the process of clawing back hundreds of millions of euros in funds meant to go Hungary after its ant-migrant government refused to pay a huge fine for breaking the bloc’s asylum rules.
In June, the EU’s top court ordered Hungary to pay 200 million euros ($223 million) for persistently depriving migrants of their right to apply for asylum. The court imposed an additional fine of 1 million euros for every day it failed to comply.
The European Court of Justice described Hungary’s actions as “an unprecedented and extremely serious infringement of EU law.” Hungarian Prime Minister Viktor Orbán slammed its ruling as “outrageous and unacceptable.”
The EU’s executive branch, the European Commission, said that given Hungary’s failure to pay or provide information about its intentions, Brussels is “moving to what we call the off-setting procedure” by taking the money from common funds that would otherwise go to Budapest.
“So, what we are going to do now is to deduct the 200 million euro from upcoming payments from the EU budget toward Hungary,” commission spokesman Balazs Ujvari said. He said it would take time to identify which parts of Hungary’s funding could be deducted.
Ujvari said the commission has also sent a first payment request on the daily fines amounting to 93 million euros ($103 million) so far. “Counting from receipt, the Hungarian authorities will have 45 days to make that payment,” he said.
Hungary’s staunchly nationalist government has taken a hard line on people entering the country since well over 1 million people arrived in Europe in 2015, most of them fleeing conflict in Syria.
The case against it concerned changes Hungary made to its asylum system in the wake of that crisis, when some 400,000 people passed through Hungary on their way to Western Europe.
The government in Budapest ordered fences with razor wire to be erected on its southern borders with Serbia and Croatia and a pair of transit zones for holding asylum seekers to be set up on its border with Serbia. Those transit zones have since closed.
In 2020, the ECJ found that Hungary had restricted access to international protection, unlawfully detained asylum applicants, and failed to observe their right to stay while their applications were processed.
The transit zones were closed in 2020, shortly after that ruling.
But the commission, which is responsible for monitoring the 27 EU member states’ compliance with their shared laws, took the view that Budapest had still not complied and requested that the ECJ impose a fine.
After the COVID-19 pandemic outbreak in 2020, the government also pushed through a law forcing asylum seekers to travel to Belgrade or Kyiv to apply for a travel permit at its embassies there before entering Hungary. Only once back could they file their applications.
People have the right to apply for asylum or other forms of international protection if they fear for their safety in their home countries or face the prospect of persecution based on their race, religion, ethnic background, gender or other discrimination.


Blinken says Sudan progress threatened by new RSF offensive in Al-Fashir

Updated 27 min 59 sec ago
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Blinken says Sudan progress threatened by new RSF offensive in Al-Fashir

  • Progress in Sudan is threatened by RSF’s new offensive in Al-Fashir

CAIRO: The progress in Sudan is threatened by a new offensive by Sudan’s paramilitary Rapid Support Forces (RSF) in the southwestern city of Al-Fashir, US secretary of state Antony Blinken said on Wednesday during a visit to Cairo.


Growth of Saudi banking sector accelerated by diversification initiatives: Moody’s

Updated 32 min 10 sec ago
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Growth of Saudi banking sector accelerated by diversification initiatives: Moody’s

RIYADH:Saudi Arabia’s efforts toward economic diversification are fueling the growth of its banking sector, with industries such as construction and tourism offering appealing lending opportunities, according to a recent analysis.

In its latest report, the US-based credit rating agency Moody’s said that the performance of the banking sector’s loan portfolio has continued to improve, particularly following the rollout of the Kingdom’s national diversification agenda aimed at reducing dependence on hydrocarbon revenue.

Emphasizing the banking sector’s growth, the Saudi Central Bank, also known as SAMA, reported that the aggregate profit before zakat and tax of banks operating in the Kingdom reached an unprecedented SR7.83 billion ($2.1 billion) in July, reflecting a 23 percent annual increase.

“We expect this trend to persist over the coming 12 to 18 months, further boosting the non-hydrocarbon economy where banks largely operate. Saudi borrowers’ repayment capacity is also supported by government policies and reforms,” said Lea Hanna, an analyst at Moody’s.

She added: “Saudi banks are enjoying lower delinquencies in their loan portfolios, while provisions cover nonperforming loans fully.”

According to Moody’s, Saudi Arabia’s real non-hydrocarbon gross domestic product is expected to grow robustly, by approximately 5.5 percent in both 2024 and 2025, driven by government investments in large infrastructure projects that will increase demand for credit during these years.

The agency also highlighted that construction, along with sectors such as tourism and entertainment, will play a vital role in shaping the growth of Saudi banks’ loan books.

“Although the contribution of giga projects, such as Red Sea and Qiddiyah, to total corporate lending will remain significant, diversification into new sectors, such as tourism, entertainment and renewable energy provide attractive lending opportunities,” said Moody’s.

The report further indicated that lending to small and medium enterprises in Saudi Arabia has increased, although it still represents a small fraction of the overall sector loan book.

Moody’s also pointed out potential risks that could impact the asset quality of banks, including a prolonged period of low oil prices and possible changes in government policy.

“They (banks in Saudi Arabia) remain exposed to downside risks should there be a reversal in economic momentum or a relaxation in authorities’ active support in managing system asset risks,” said Hanna.

In July, another report from Moody’s stated that Saudi banks are likely to see their client base expand due to government-backed economic diversification efforts that are promoting innovation and boosting productivity in the Kingdom.

The analysis also noted that Saudi Arabia and Oman were the top two Gulf Cooperation Council countries with the lowest volatility in non-oil sector expansion from 2020 to 2023.