Its been well over 2 months since the Taliban took over control of Afghanistan since then country has been plagued with multiple economic crises. From the falling value of its currency to increasing fuel prices. WION correspondent Anas Mallick spoke to the Taliban finance ministry spokesperson, listen to this exclusive conversation.

Taliban's finance ministry spokesperson speaks to WION on rising fuel prices

Steel mills have faced power cuts. Computer chip shortages have slowed car production. Troubled property companies have purchased less construction material. Floods have disrupted business in north-central China.

It has all taken a toll on China’s economy, an essential engine for global growth.

The National Bureau of Statistics announced Monday that China’s economy increased by 4.9% in the third quarter, compared to the same period last year; the period was markedly slower than the 7.9% increase the country notched in the previous quarter. Industrial output, the mainstay of China’s growth, since the early days of the pandemic.

Two bright spots prevented the economy from stalling. Exports remained strong. And families, particularly prosperous ones, resumed spending money on restaurant meals and other services in September, as China succeeded once again in quelling small outbreaks of the coronavirus. Retail sales were up 4.4% in September from a year ago.

Chinese officials are showing signs of concern, although they have refrained from unleashing a big economic stimulus. Their own efforts, though, are part of the current economic challenges.

“Though the government’s economic policies during the past months have some social benefits, they have also somewhat trimmed economic growth lately,” said George Yu, an economist at Renmin University in Beijing.

In recent months, the government has unleashed a raft of measures to address income inequality and tame businesses, in part with the goal of protecting the health of the economy. But those efforts, including penalizing tech companies and discouraging real estate speculation, have also weighed on growth in the current quarter.

The government had also imposed limits on energy use as a part of a broader response to climate change concerns. Now, the power shortages are hurting industry, and the country is rushing to burn more coal.

“The economy is sluggish,” said Yang Qingjun, the owner of a corner grocery store in an aging industrial neighborhood of shoe factories in Dongguan, near Hong Kong. Power cuts have prompted nearby factories to reduce operations and eliminate overtime pay. Local workers are living more frugally.

“Money is hard to earn,” Yang said.

<h2>Trying to Solve the Real Estate Question</h2>

Urbanization was once a great engine of growth for China. The country built spacious apartments in modern high-rises for hundreds of millions of people, with China producing as much steel and cement as the rest of the world output combined, if not more.

Now, real estate — in particular, the debt that developers and homebuyers amassed — is a major threat to growth. The country’s biggest developer, China Evergrande Group, faces a serious cash shortage that is already rippling through the economy.

Construction has ground to a halt at some of the company’s 800 projects as suppliers wait to be paid. Several smaller developers have had to scramble to meet bond payments.

This could create a vicious cycle for the housing market. The worry is that developers may dump large numbers of unsold apartments on the market, keeping homebuyers away as they watch to see how far prices may fall.

“Some developers have encountered certain difficulties, which may further affect the mood and confidence of buyers, causing everyone to postpone buying a house,” said Ning Zhang, a senior economist at UBS.

The fate of Evergrande has broader import for the long-term health of the economy.

Officials want to send a message that bond buyers and other investors should be more wary about lending money to debt-laden companies like Evergrande and that they should not assume that the government will always be there to bail them out. But the authorities also need to make sure that suppliers, builders, homebuyers and other groups are not badly burned financially.

These groups “will get made more whole than the bondholders, that’s for sure,” predicted David Yu, a finance professor at the Shanghai campus of New York University.

<h2>Addressing Difficulties in Heavy Industry</h2>

As electricity shortages have spread across eastern China in recent weeks, regulators have cut power to energy-intensive operations like chemical factories and steel mills to avoid leaving households in the dark. It has been a double whammy for industrial production, which has also been whacked by weakness in construction.

Industrial production in September was up only 3.1% from a year earlier, the lowest since March of last year, when the city of Wuhan was still under lockdown because of the pandemic.

“The power cuts are more concerning to some extent than the Evergrande crisis,” said Sara Hsu, a visiting fellow at Fudan University in Shanghai.

The Energy Bureau in Zhejiang province, a heavily industrialized region of coastal China, reduced power this autumn for eight energy-intensive industries that process raw materials into industrial materials like steel, cement and chemicals. Together, they consume nearly half the province’s electricity but account for only an eighth of its economic output.

Turning down the power to these industries risks creating shortages in industrial materials, which could ripple through supply chains.

Assembly plants in industries that use less electricity, like car manufacturing, have not faced the same demands for power cuts. But they face other challenges.

Ongoing coronavirus outbreaks in Southeast Asia have interrupted supplies of some auto parts. There is also a global shortfall of semiconductors, a critical component in cars.

Volkswagen, the market leader in China, said on Friday that its production and sales were falling in the country because of an ever worsening chip shortage and problems in Southeast Asia.

<h2>Finding Strength in Exports</h2>

For months, economists have made the same prediction: the fast growth of China’s exports cannot last.

The economists were wrong.

China’s exports kept surging through the third quarter and finished strong, up 28.1% in September compared with the same month last year. China posted its third-highest monthly trade surplus ever last month.

China has essentially maintained its strength in exports ever since its economy emerged from the pandemic in the spring of last year. As much of the world hunkered down at home, families splurged on consumer electronics, furniture, clothing and other goods that China manufactures in abundance.

The export boom, though, is creating another source of tension between the United States and China.

Katherine Tai, the U.S. trade representative, suggested in a speech two weeks ago that China’s export prowess was partly the result of subsidies and other unfair practices. “For too long, China’s lack of adherence to global trading norms has undercut the prosperity of Americans and others around the world,” she said.

But Chinese officials and experts contend that the country’s success is the result of a strong work ethic and consistent, large investments in manufacturing. They are quick to point out that by bringing the pandemic firmly under control within several weeks early last year, China was able to reopen its factories and offices quickly.

“We have very strong supply, but weak demand,” said Tu Xinquan, the executive dean of the China Institute for World Trade Organization Studies at the University of International Business and Technology in Beijing. “So companies have to export.”

Steel mills have faced power cuts. Computer chip shortages have slowed car production. Troubled property companies have purchased less construction material. Floods have disrupted business in north-central China.

Steel mills have faced power cuts. Computer chip shortages have slowed car production. Troubled property companies have purchased less construction material. Floods have disrupted business in north-central China. It has all taken a toll on China’s economy, an essential engine for global growth. The National Bureau of Statistics announced Monday that China’s economy increased by 4.9% in the third quarter, compared to the same period last year; the period was markedly slower than the 7.9% increase the country notched in the previous quarter. Industrial output, the mainstay of China’s growth, since the early days of the pandemic. Two bright spots prevented the economy from stalling. Exports remained strong. And families, particularly prosperous ones, resumed spending money on restaurant meals and other services in September, as China succeeded once again in quelling small outbreaks of the coronavirus. Retail sales were up 4.4% in September from a year ago. Chinese officials are showing signs of concern, although they have refrained from unleashing a big economic stimulus. Their own efforts, though, are part of the current economic challenges. “Though the government’s economic policies during the past months have some social benefits, they have also somewhat trimmed economic growth lately,” said George Yu, an economist at Renmin University in Beijing. In recent months, the government has unleashed a raft of measures to address income inequality and tame businesses, in part with the goal of protecting the health of the economy. But those efforts, including penalizing tech companies and discouraging real estate speculation, have also weighed on growth in the current quarter. The government had also imposed limits on energy use as a part of a broader response to climate change concerns. Now, the power shortages are hurting industry, and the country is rushing to burn more coal. “The economy is sluggish,” said Yang Qingjun, the owner of a corner grocery store in an aging industrial neighborhood of shoe factories in Dongguan, near Hong Kong. Power cuts have prompted nearby factories to reduce operations and eliminate overtime pay. Local workers are living more frugally. “Money is hard to earn,” Yang said. Trying to Solve the Real Estate Question Urbanization was once a great engine of growth for China. The country built spacious apartments in modern high-rises for hundreds of millions of people, with China producing as much steel and cement as the rest of the world output combined, if not more. Now, real estate — in particular, the debt that developers and homebuyers amassed — is a major threat to growth. The country’s biggest developer, China Evergrande Group, faces a serious cash shortage that is already rippling through the economy. Construction has ground to a halt at some of the company’s 800 projects as suppliers wait to be paid. Several smaller developers have had to scramble to meet bond payments. This could create a vicious cycle for the housing market. The worry is that developers may dump large numbers of unsold apartments on the market, keeping homebuyers away as they watch to see how far prices may fall. “Some developers have encountered certain difficulties, which may further affect the mood and confidence of buyers, causing everyone to postpone buying a house,” said Ning Zhang, a senior economist at UBS. The fate of Evergrande has broader import for the long-term health of the economy. Officials want to send a message that bond buyers and other investors should be more wary about lending money to debt-laden companies like Evergrande and that they should not assume that the government will always be there to bail them out. But the authorities also need to make sure that suppliers, builders, homebuyers and other groups are not badly burned financially. These groups “will get made more whole than the bondholders, that’s for sure,” predicted David Yu, a finance professor at the Shanghai campus of New York University. Addressing Difficulties in Heavy Industry As electricity shortages have spread across eastern China in recent weeks, regulators have cut power to energy-intensive operations like chemical factories and steel mills to avoid leaving households in the dark. It has been a double whammy for industrial production, which has also been whacked by weakness in construction. Industrial production in September was up only 3.1% from a year earlier, the lowest since March of last year, when the city of Wuhan was still under lockdown because of the pandemic. “The power cuts are more concerning to some extent than the Evergrande crisis,” said Sara Hsu, a visiting fellow at Fudan University in Shanghai. The Energy Bureau in Zhejiang province, a heavily industrialized region of coastal China, reduced power this autumn for eight energy-intensive industries that process raw materials into industrial materials like steel, cement and chemicals. Together, they consume nearly half the province’s electricity but account for only an eighth of its economic output. Turning down the power to these industries risks creating shortages in industrial materials, which could ripple through supply chains. Assembly plants in industries that use less electricity, like car manufacturing, have not faced the same demands for power cuts. But they face other challenges. Ongoing coronavirus outbreaks in Southeast Asia have interrupted supplies of some auto parts. There is also a global shortfall of semiconductors, a critical component in cars. Volkswagen, the market leader in China, said on Friday that its production and sales were falling in the country because of an ever worsening chip shortage and problems in Southeast Asia. Finding Strength in Exports For months, economists have made the same prediction: the fast growth of China’s exports cannot last. The economists were wrong. China’s exports kept surging through the third quarter and finished strong, up 28.1% in September compared with the same month last year. China posted its third-highest monthly trade surplus ever last month. China has essentially maintained its strength in exports ever since its economy emerged from the pandemic in the spring of last year. As much of the world hunkered down at home, families splurged on consumer electronics, furniture, clothing and other goods that China manufactures in abundance. The export boom, though, is creating another source of tension between the United States and China. Katherine Tai, the U.S. trade representative, suggested in a speech two weeks ago that China’s export prowess was partly the result of subsidies and other unfair practices. “For too long, China’s lack of adherence to global trading norms has undercut the prosperity of Americans and others around the world,” she said. But Chinese officials and experts contend that the country’s success is the result of a strong work ethic and consistent, large investments in manufacturing. They are quick to point out that by bringing the pandemic firmly under control within several weeks early last year, China was able to reopen its factories and offices quickly. “We have very strong supply, but weak demand,” said Tu Xinquan, the executive dean of the China Institute for World Trade Organization Studies at the University of International Business and Technology in Beijing. “So companies have to export.”

China’s economy continues to slow, rattled by real estate and energy

The Pakistani rupee fell further against the US dollar on Monday, reaching a new low against the greenback during intra-day trade in the inter-bank market.

The Pakistani rupee continued to fall, losing another 82 paisas versus the US dollar, which was trading at Rs173 in intra-day trading in the inter-bank market.

Prime Minister Imran Khan stated last week at the opening of the Kisan Portal that the pressure on the Pakistani currency is transitory and would end shortly.&nbsp;

Since May, the Pakistani rupee has been gradually falling.

According to analysts, the rupee has been harmed by persistently high demand for dollars as a result of the country's current account deficit, while the Afghan crisis is putting further strain on the currency.&nbsp;

Since 1948, the Pakistani rupee has served as the country's official currency.

The central bank, the State Bank of Pakistan, issues and controls the coins and notes.&nbsp;

(With inputs from agencies)

The Pakistani rupee fell further against the US dollar on Monday, reaching a new low against the greenback during intra-day trade in the inter-bank market. The Pakistani rupee continued to fall, losing another 82 paisas versus the US dollar, which was trading at Rs173 in intra-day trading in the inter-bank market.

The Pakistani rupee fell further against the US dollar on Monday, reaching a new low against the greenback during intra-day trade in the inter-bank market. The Pakistani rupee continued to fall, losing another 82 paisas versus the US dollar, which was trading at Rs173 in intra-day trading in the inter-bank market. Prime Minister Imran Khan stated last week at the opening of the Kisan Portal that the pressure on the Pakistani currency is transitory and would end shortly. Since May, the Pakistani rupee has been gradually falling. According to analysts, the rupee has been harmed by persistently high demand for dollars as a result of the country's current account deficit, while the Afghan crisis is putting further strain on the currency. Since 1948, the Pakistani rupee has served as the country's official currency. The central bank, the State Bank of Pakistan, issues and controls the coins and notes. (With inputs from agencies)

$1=PKR 173: Pakistani rupee hit an all-time low against the US dollar

India has not only faced the COVID-19 crisis with great resilience and fortitude but has also played a major role and "walked the talk" on the global fight against it, Union Finance Minister Nirmala Sitharaman has said.

Pointing out the fast recovery of India's economy, Sitharaman in her address to the Development Committee of the World Bank said the Modi Government, besides taking economic relief measures, has also undertaken significant structural reforms to turn the crisis into an opportunity and emerge stronger.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/indian-economy-to-grow-at-95-per-cent-in-2021-imf-420211">Indian economy to grow at 9.5 per cent in 2021: IMF</a>

The measures undertaken by the government have set a strong foundation for India's sustained economic growth,&nbsp;she said.

According to the International Monetary Fund's World Economic Outlook, India is estimated to be the fastest-growing major economy in 2021, projected to grow at 9.5 per cent in 2021 and 8.5 per cent in 2022.

Observing that despite the pandemic, India received its highest ever FDI inflows of USD82.0 billion in fiscal 2020-21, the finance minister said this trend in India's FDI is an endorsement of its status as a preferred investment destination amongst global investors.

Addressing the Development Committee meeting, Sitharaman said India has faced the COVID-19 crisis with great resilience and fortitude.

The country's pandemic response has focused on the twin goals of saving both the lives and livelihoods, she said.

When faced with the second wave of infections, India again mounted a carefully calibrated and dynamic response to the evolving situation. Given that the second wave was asynchronous in its onset across states and wider in its spread, only localised lockdowns were imposed during the second wave,&nbsp;she said.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/imf-cuts-chinas-growth-forecast-amid-disorderly-corporate-debt-defaults-420197">IMF cuts China's growth forecast amid 'disorderly corporate debt defaults'</a>

This approach aided reduction in cases in the COVID-19 hotspots without dampening economic activity in regions with fewer cases, she said.

Despite a more brutal second wave, India's GDP grew at 20.1 per cent YoY during April-June quarter of 2021, recovering more than 90 per cent of the corresponding pre-pandemic output levels of 2019,&nbsp;she added.

The broad-based and swift recovery of both the demand and supply-side components reaffirms India's resilient recovery and strong macroeconomic fundamentals.

With the easing of the COVID-19 restrictions, GST collections for July, August and September 2021 have crossed the INR 1 trillion mark, which testifies to the fact that the economy is recovering at a fast pace. The robust GST revenues are expected to continue in the coming months too as the economic recovery gathers momentum,&nbsp;the finance minister said.

India, she said, is one of the frontrunners in the global vaccine deployment race with the second-highest total number of COVID-19 vaccines administered all over the world. 
As of September 30, India has administered 951.35 million doses, covering 72.8 per cent of the 18 years (as on August 10, 2021) and above population with at least one dose of COVID-19 vaccine.

India has also played a major role and truly walked the talk' on the global COVID-19 effort. India's massive Vaccine Maitri programme, under which more than 66.3 million doses of COVID-19 vaccines were exported to 95 countries worldwide bears special mention. India is all set to resume vaccine export in October 2021&nbsp;she said.

Also Read |<a href="https://www.wionews.com/india-news/high-vaccination-rate-will-aid-indias-economic-recovery-gita-gopinath-420597">&nbsp;High vaccination rate will aid India's economic recovery: Gita Gopinath</a>

India also made its digital platform for COVID-19 vaccination, CoWIN, an open-source for all countries to access, adapt and use. India is also at the forefront of multilateral efforts, including the Quad plan for the production of one billion vaccines to be offered to South-East Asian countries, she added.

Sitharaman said in addition to economic relief measures, India has undertaken significant structural reforms to turn the crisis into an opportunity and emerge stronger.

These reforms across diverse areas include agriculture and food processing, commercial coal mining, financial support to MSMEs and change in definition with increased thresholds, production linked incentive schemes to boost manufacturing, privatisation of PSUs and asset monetisation, increased FDI limit in defence and insurance are amongst the most notable reforms and have set a strong foundation for India's post-COVID economic growth, she said.

Production Linked Incentive (PLI) schemes have been introduced across key sectors to create national manufacturing champions and generate employment opportunities for the country's youth.

The objective is to make India a bigger and more important part of the global economy by pursuing policies that are efficient, competitive and resilient,&nbsp;she said.

Observing that Infrastructure development has assumed a major focus in strengthening India's economic recovery, the finance minister said India has a robust National Infrastructure Pipeline (NIP) which is a first-of-its-kind, whole-of-government exercise to provide world-class infrastructure.

Also Read |&nbsp;<a href="https://www.wionews.com/technology/mark-zuckerberg-loses-7-billion-in-hours-as-facebook-plunges-418427">Mark Zuckerberg loses $7 billion in hours as Facebook plunges</a>

Measures have been undertaken to promote ease of doing business with rational tax systems, simple and clear laws, reducing compliance burden and leveraging technology for better compliance,&nbsp;she said.

As a recent major initiative, the government has taken steps to scrap the retrospective tax law which would help resolve tax disputes and boost investor confidence,&nbsp;she added.

Despite the pandemic, India received its highest ever FDI inflows of USD 82.0 billion in FY 2020-21. The trend in India's FDI is an endorsement of its status as a preferred investment destination amongst global investors,&nbsp;said the Union finance minister.&nbsp;

India has not only faced the COVID-19 crisis with great resilience and fortitude but has also played a major role and "walked the talk" on the global fight against it, Union Finance Minister Nirmala Sitharaman has said.

India has not only faced the COVID-19 crisis with great resilience and fortitude but has also played a major role and "walked the talk" on the global fight against it, Union Finance Minister Nirmala Sitharaman has said. Pointing out the fast recovery of India's economy, Sitharaman in her address to the Development Committee of the World Bank said the Modi Government, besides taking economic relief measures, has also undertaken significant structural reforms to turn the crisis into an opportunity and emerge stronger. Also Read | Indian economy to grow at 9.5 per cent in 2021: IMF The measures undertaken by the government have set a strong foundation for India's sustained economic growth, she said. According to the International Monetary Fund's World Economic Outlook, India is estimated to be the fastest-growing major economy in 2021, projected to grow at 9.5 per cent in 2021 and 8.5 per cent in 2022. Observing that despite the pandemic, India received its highest ever FDI inflows of USD82.0 billion in fiscal 2020-21, the finance minister said this trend in India's FDI is an endorsement of its status as a preferred investment destination amongst global investors. Addressing the Development Committee meeting, Sitharaman said India has faced the COVID-19 crisis with great resilience and fortitude. The country's pandemic response has focused on the twin goals of saving both the lives and livelihoods, she said. When faced with the second wave of infections, India again mounted a carefully calibrated and dynamic response to the evolving situation. Given that the second wave was asynchronous in its onset across states and wider in its spread, only localised lockdowns were imposed during the second wave, she said. Also Read | IMF cuts China's growth forecast amid 'disorderly corporate debt defaults' This approach aided reduction in cases in the COVID-19 hotspots without dampening economic activity in regions with fewer cases, she said. Despite a more brutal second wave, India's GDP grew at 20.1 per cent YoY during April-June quarter of 2021, recovering more than 90 per cent of the corresponding pre-pandemic output levels of 2019, she added. The broad-based and swift recovery of both the demand and supply-side components reaffirms India's resilient recovery and strong macroeconomic fundamentals. With the easing of the COVID-19 restrictions, GST collections for July, August and September 2021 have crossed the INR 1 trillion mark, which testifies to the fact that the economy is recovering at a fast pace. The robust GST revenues are expected to continue in the coming months too as the economic recovery gathers momentum, the finance minister said. India, she said, is one of the frontrunners in the global vaccine deployment race with the second-highest total number of COVID-19 vaccines administered all over the world. As of September 30, India has administered 951.35 million doses, covering 72.8 per cent of the 18 years (as on August 10, 2021) and above population with at least one dose of COVID-19 vaccine. India has also played a major role and truly walked the talk' on the global COVID-19 effort. India's massive Vaccine Maitri programme, under which more than 66.3 million doses of COVID-19 vaccines were exported to 95 countries worldwide bears special mention. India is all set to resume vaccine export in October 2021 she said. Also Read | High vaccination rate will aid India's economic recovery: Gita Gopinath India also made its digital platform for COVID-19 vaccination, CoWIN, an open-source for all countries to access, adapt and use. India is also at the forefront of multilateral efforts, including the Quad plan for the production of one billion vaccines to be offered to South-East Asian countries, she added. Sitharaman said in addition to economic relief measures, India has undertaken significant structural reforms to turn the crisis into an opportunity and emerge stronger. These reforms across diverse areas include agriculture and food processing, commercial coal mining, financial support to MSMEs and change in definition with increased thresholds, production linked incentive schemes to boost manufacturing, privatisation of PSUs and asset monetisation, increased FDI limit in defence and insurance are amongst the most notable reforms and have set a strong foundation for India's post-COVID economic growth, she said. Production Linked Incentive (PLI) schemes have been introduced across key sectors to create national manufacturing champions and generate employment opportunities for the country's youth. The objective is to make India a bigger and more important part of the global economy by pursuing policies that are efficient, competitive and resilient, she said. Observing that Infrastructure development has assumed a major focus in strengthening India's economic recovery, the finance minister said India has a robust National Infrastructure Pipeline (NIP) which is a first-of-its-kind, whole-of-government exercise to provide world-class infrastructure. Also Read | Mark Zuckerberg loses $7 billion in hours as Facebook plunges Measures have been undertaken to promote ease of doing business with rational tax systems, simple and clear laws, reducing compliance burden and leveraging technology for better compliance, she said. As a recent major initiative, the government has taken steps to scrap the retrospective tax law which would help resolve tax disputes and boost investor confidence, she added. Despite the pandemic, India received its highest ever FDI inflows of USD 82.0 billion in FY 2020-21. The trend in India's FDI is an endorsement of its status as a preferred investment destination amongst global investors, said the Union finance minister.

India has faced Covid crisis with resilience and fortitude: Sitharaman

Afghanistan is inching closer to famine the winters are fast approaching and aid agencies have now ramped up food deliveries amid fears that the nation's already fragile economy would collapse.

Afghanistan, braces for harsh winter, mountainous regions will remain cut of due to snowfall

Sydney's COVID-19 cases fell to the lowest in two months on Tuesday as authorities rolled out support measures for businesses, shifting their focus to rejuvenating the economy after the city exited a nearly four-month lockdown a day earlier.

Pubs, cafes and retail stores reopened in New South Wales (NSW), home to Sydney, on Monday after vaccination levels in the state's adult population crossed 70 per cent.

New daily infections in the state fell to 360 on Tuesday, the majority in Sydney, marking a steady downward trend.

"It is going to be boom time in New South Wales for every single business and worker across our state," Premier Dominic Perrottet said during a media briefing on Tuesday as he unveiled a support package for firms to help them prepare for a "bright summer".

Perrottet said businesses will be compensated for any COVID-19 lockdowns in December and January, encouraging them to stock up ahead of the busy summer holiday period. Under the plan, small firms can access grants of up to A$20,000 ($14,690) if they are forced to close then.

Also Read |&nbsp;<a href="https://www.wionews.com/world/blood-sweat-no-beers-sydney-set-to-ease-key-covid-19-curbs-419558">'Blood, sweat, no beers': Sydney set to ease key COVID-19 curbs</a>

Sydney, along with Melbourne and Australia's capital Canberra, are in the grip of a third wave of infections fuelled by the highly infectious Delta variant, with all cities looking to begin easing curbs in stages when full vaccination rates reach 70 per cent, 80 per cent&nbsp;and 90 per cent.

Canberra is on track to exit its lockdown on Friday, joining Sydney, as inoculations neared 75 per cent&nbsp;there.

The vaccination rate in Victoria, which includes Melbourne, is expected to top 70 per cent&nbsp;in people above 16 around late October, when some curbs will ease. It reported 1,466 cases on Tuesday, the lowest in six days.

The federal government has been pressing states to begin living with the virus when vaccination rates reach 70 per cent-80 per cent but some virus-free states said they may delay their reopening amid concerns that a surge in cases will overwhelm their health systems.

Higher vaccination levels among the most vulnerable population has helped Australia to keep the death rate from the Delta strain lower than last year's outbreaks. It has recorded some 131,400 cases and 1,461 deaths since the pandemic began.

Sydney's COVID-19 cases fell to the lowest in two months on Tuesday as authorities rolled out support measures for businesses, shifting their focus to rejuvenating the economy after the city exited a nearly four-month lockdown a day earlier.

Sydney's COVID-19 cases fell to the lowest in two months on Tuesday as authorities rolled out support measures for businesses, shifting their focus to rejuvenating the economy after the city exited a nearly four-month lockdown a day earlier. Pubs, cafes and retail stores reopened in New South Wales (NSW), home to Sydney, on Monday after vaccination levels in the state's adult population crossed 70 per cent. New daily infections in the state fell to 360 on Tuesday, the majority in Sydney, marking a steady downward trend. "It is going to be boom time in New South Wales for every single business and worker across our state," Premier Dominic Perrottet said during a media briefing on Tuesday as he unveiled a support package for firms to help them prepare for a "bright summer". Perrottet said businesses will be compensated for any COVID-19 lockdowns in December and January, encouraging them to stock up ahead of the busy summer holiday period. Under the plan, small firms can access grants of up to A$20,000 ($14,690) if they are forced to close then. Also Read | 'Blood, sweat, no beers': Sydney set to ease key COVID-19 curbs Sydney, along with Melbourne and Australia's capital Canberra, are in the grip of a third wave of infections fuelled by the highly infectious Delta variant, with all cities looking to begin easing curbs in stages when full vaccination rates reach 70 per cent, 80 per cent and 90 per cent. Canberra is on track to exit its lockdown on Friday, joining Sydney, as inoculations neared 75 per cent there. The vaccination rate in Victoria, which includes Melbourne, is expected to top 70 per cent in people above 16 around late October, when some curbs will ease. It reported 1,466 cases on Tuesday, the lowest in six days. The federal government has been pressing states to begin living with the virus when vaccination rates reach 70 per cent-80 per cent but some virus-free states said they may delay their reopening amid concerns that a surge in cases will overwhelm their health systems. Higher vaccination levels among the most vulnerable population has helped Australia to keep the death rate from the Delta strain lower than last year's outbreaks. It has recorded some 131,400 cases and 1,461 deaths since the pandemic began.

Sydney COVID-19 cases ease further as focus shifts to reviving economy

Another Chinese homebuilder has hit financial trouble after it missed payments on debt obligations, adding to worries over the country's property sector as embattled giant China Evergrande teeters on the brink of collapse.

Fears of contagion through the Chinese economy have grown as Evergrande, the most indebted of the country's private homebuilders, struggles with more than $300 billion in liabilities and heads towards a massive restructuring.

Fantasia Holdings failed to repay a $205.7 million note Monday, the Shenzhen-based company said in a statement.

This came as property management firm Country Garden Services Holdings added that a unit of Fantasia had missed repayment on a 700 million yuan ($108 million) loan, saying it was likely Fantasia would default.

The news comes as investors await news from Evergrande after it suspended trading of its shares Monday pending an announcement on a "major transaction", with reports saying Hong Kong real estate firm Hopson Development Holdings planned to buy a 51 percent stake in its property services arm.

While Fantasia is a smaller player in the market than Evergrande, its struggles highlight investor concerns over companies' financial disclosures.

Fitch Ratings downgraded Fantasia to "CCC-" on Monday, a move that points to default as a possibility.

The ratings agency added in a statement that although media reports said Fantasia missed an earlier payment to bondholders, the bond "does not appear to have been disclosed in the company's financial reports".

"We believe the existence of these bonds means that the company's liquidity situation could be tighter than we previously expected.

"Furthermore, this incident casts doubt on the transparency of the company's financial disclosures," Fitch added.

Separately, S&amp;P Global Ratings has downgraded another Chinese property firm -- Sinic Holdings -- saying its "debt-servicing ability has almost been depleted".

Sinic has been unable to service interest repayments, which could result in "accelerating repayments on Sinic's other debt obligations", S&amp;P said on Monday.

Fitch downgraded Sinic from "CCC" to "C" on Tuesday, reflecting its view that "a default-like process has begun" for the company.

The boss of Shanghai-based Sinic hit the headlines last month when he lost more than a billion dollars in a market meltdown linked to fears about Evergrande.

Zhang Yuanlin saw his net worth drop from $1.3 billion to $250.7 million on September 20, according to Forbes, when his firm was forced to halt trading in Hong Kong following an 87 percent slump in its share price.

China's real-estate sector has been under tightened scrutiny in recent months, with regulators announcing caps for three different debt ratios in a scheme dubbed "three red lines" last year.

Beijing has stayed silent on the travails of Evergrande, but state media has trailed various responses in a nod to the mood towards a private company that grew on a debt binge in the boom years of Chinese real estate.

Another Chinese homebuilder has hit financial trouble after it missed payments on debt obligations, adding to worries over the country's property sector as embattled giant China Evergrande teeters on the brink of collapse.

Another Chinese homebuilder has hit financial trouble after it missed payments on debt obligations, adding to worries over the country's property sector as embattled giant China Evergrande teeters on the brink of collapse. Fears of contagion through the Chinese economy have grown as Evergrande, the most indebted of the country's private homebuilders, struggles with more than $300 billion in liabilities and heads towards a massive restructuring. Fantasia Holdings failed to repay a $205.7 million note Monday, the Shenzhen-based company said in a statement. This came as property management firm Country Garden Services Holdings added that a unit of Fantasia had missed repayment on a 700 million yuan ($108 million) loan, saying it was likely Fantasia would default. The news comes as investors await news from Evergrande after it suspended trading of its shares Monday pending an announcement on a "major transaction", with reports saying Hong Kong real estate firm Hopson Development Holdings planned to buy a 51 percent stake in its property services arm. While Fantasia is a smaller player in the market than Evergrande, its struggles highlight investor concerns over companies' financial disclosures. Fitch Ratings downgraded Fantasia to "CCC-" on Monday, a move that points to default as a possibility. The ratings agency added in a statement that although media reports said Fantasia missed an earlier payment to bondholders, the bond "does not appear to have been disclosed in the company's financial reports". "We believe the existence of these bonds means that the company's liquidity situation could be tighter than we previously expected. "Furthermore, this incident casts doubt on the transparency of the company's financial disclosures," Fitch added. Separately, S&P Global Ratings has downgraded another Chinese property firm -- Sinic Holdings -- saying its "debt-servicing ability has almost been depleted". Sinic has been unable to service interest repayments, which could result in "accelerating repayments on Sinic's other debt obligations", S&P said on Monday. Fitch downgraded Sinic from "CCC" to "C" on Tuesday, reflecting its view that "a default-like process has begun" for the company. The boss of Shanghai-based Sinic hit the headlines last month when he lost more than a billion dollars in a market meltdown linked to fears about Evergrande. Zhang Yuanlin saw his net worth drop from $1.3 billion to $250.7 million on September 20, according to Forbes, when his firm was forced to halt trading in Hong Kong following an 87 percent slump in its share price. China's real-estate sector has been under tightened scrutiny in recent months, with regulators announcing caps for three different debt ratios in a scheme dubbed "three red lines" last year. Beijing has stayed silent on the travails of Evergrande, but state media has trailed various responses in a nod to the mood towards a private company that grew on a debt binge in the boom years of Chinese real estate.

Chinese developer Fantasia fails to make debt payments

The United States will in the coming days have "frank conversations" with China on trade as the Biden administration believes the Asian giant has not honored its commitments under an agreement signed in January 2020.

"China made commitments intended to benefit certain American industries, including agriculture, that we must enforce," US Trade Representative Katherine Tai will say in a speech on Monday to US think tank the Center for Strategic and International Studies.

According to excerpts from her speech, which she is due to deliver at 10:00 am (1400 GMT), Tai will also announce the launch of "a targeted tariff exclusion process" for exemptions from customs tariffs imposed on $370 billion worth of Chinese goods a year by the previous Trump administration.

The punitive tariffs, imposed in retaliation for Chinese trade practices deemed "unfair", are criticised by many companies.

In early August, some of the most influential US business groups urged the Biden administration to reduce these surcharges, pointing out that US industries faced "increased costs" as the tariffs are paid by importers.

A senior US official, speaking on condition of anonymity, said the tariffs "will remain in place" for the duration of the exemption procedure.

President Joe Biden had asked Tai to conduct a comprehensive review of US trade strategy towards China and the tariffs initiated by his Republican predecessor Donald Trump.

Also Read:&nbsp;<a href="https://www.wionews.com/world/blinken-faces-an-awkward-visit-to-paris-his-second-home-418147" hreflang="en">Blinken faces an awkward visit to Paris, his ‘second home’</a>

"We continue to have serious concerns with China's state-centered and non-market trade practices" that were not addressed in the "Phase One" agreement reached in 2019 to calm a trade war between the two economic superpowers, Tai will say.

"As we work to enforce the terms of Phase One, we will raise these broader policy concerns with Beijing."

The deal signed by Trump and Tai's opposite number, Vice Premier Liu He, committed Beijing to adding an extra $200 billion in purchases of US exports, including energy, agricultural and manufactured products through 2021.

That is far from happening, trade analysts say.

The Biden administration official did not specify the extent of the shortfall, while indicating that Washington is unsatisfied.

"There are some commitments that have not been met and we think the results overall of the agreement have been mixed," the official said, while stressing the US objective "is not to escalate trade tension."

- 'Work with our allies' -

Tai's speech will highlight the Biden administration's strategy of teaming up with allied democracies in its competition with China.

Trump, who rejected traditional US alliances, sparked market anxiety around the world with his trade war.

However, he ended up producing limited concrete results, let alone progress on the deep-seated problems that the United States and its allies say plague their China trade relationship.

These include massive state subsidies for national companies, intellectual property theft and other factors creating a heavily uneven playing field.

Also Read:&nbsp;<a href="https://www.wionews.com/world/for-second-straight-day-chinese-jets-fly-towards-taiwan-in-another-incursion-417965" hreflang="en">For second straight day, Chinese jets fly towards Taiwan in another incursion</a>

Washington "will use the full range of tools we have and develop new tools as needed to defend American economic interests from harmful policies and practices," Tai will say.

"The core of our strategy is a commitment to ensuring we work with our allies to create fair and open markets."

Tai will also stress that the trade and economic relationship between the United States and China "is one of profound consequence."

"As the two largest economies in the world, how we relate to each other does not just affect our two countries. It impacts the entire world and billions of workers."

Overall, Washington sees a bleak outlook, with the administration official saying "we know that China is unlikely to make meaningful reforms right now" and that there is no push for starting long-awaited "Phase Two" negotiations.

"Beijing is increasingly explicit that it is doubling down on its authoritarian, state-centric approach, and is resistant to addressing our structural concerns," the official said.

"We recognize that China simply may not change and that we have to have a strategy that deals with China as it is, rather than as we might wish it be," the official said.

"Our primary focus will be on building resilience and competitiveness, including with our allies and partners."

The United States will in the coming days have "frank conversations" with China on trade as the Biden administration believes the Asian giant has not honored its commitments under an agreement signed in January 2020.

The United States will in the coming days have "frank conversations" with China on trade as the Biden administration believes the Asian giant has not honored its commitments under an agreement signed in January 2020. "China made commitments intended to benefit certain American industries, including agriculture, that we must enforce," US Trade Representative Katherine Tai will say in a speech on Monday to US think tank the Center for Strategic and International Studies. According to excerpts from her speech, which she is due to deliver at 10:00 am (1400 GMT), Tai will also announce the launch of "a targeted tariff exclusion process" for exemptions from customs tariffs imposed on $370 billion worth of Chinese goods a year by the previous Trump administration. The punitive tariffs, imposed in retaliation for Chinese trade practices deemed "unfair", are criticised by many companies. In early August, some of the most influential US business groups urged the Biden administration to reduce these surcharges, pointing out that US industries faced "increased costs" as the tariffs are paid by importers. A senior US official, speaking on condition of anonymity, said the tariffs "will remain in place" for the duration of the exemption procedure. President Joe Biden had asked Tai to conduct a comprehensive review of US trade strategy towards China and the tariffs initiated by his Republican predecessor Donald Trump. Also Read: Blinken faces an awkward visit to Paris, his ‘second home’ "We continue to have serious concerns with China's state-centered and non-market trade practices" that were not addressed in the "Phase One" agreement reached in 2019 to calm a trade war between the two economic superpowers, Tai will say. "As we work to enforce the terms of Phase One, we will raise these broader policy concerns with Beijing." The deal signed by Trump and Tai's opposite number, Vice Premier Liu He, committed Beijing to adding an extra $200 billion in purchases of US exports, including energy, agricultural and manufactured products through 2021. That is far from happening, trade analysts say. The Biden administration official did not specify the extent of the shortfall, while indicating that Washington is unsatisfied. "There are some commitments that have not been met and we think the results overall of the agreement have been mixed," the official said, while stressing the US objective "is not to escalate trade tension." - 'Work with our allies' - Tai's speech will highlight the Biden administration's strategy of teaming up with allied democracies in its competition with China. Trump, who rejected traditional US alliances, sparked market anxiety around the world with his trade war. However, he ended up producing limited concrete results, let alone progress on the deep-seated problems that the United States and its allies say plague their China trade relationship. These include massive state subsidies for national companies, intellectual property theft and other factors creating a heavily uneven playing field. Also Read: For second straight day, Chinese jets fly towards Taiwan in another incursion Washington "will use the full range of tools we have and develop new tools as needed to defend American economic interests from harmful policies and practices," Tai will say. "The core of our strategy is a commitment to ensuring we work with our allies to create fair and open markets." Tai will also stress that the trade and economic relationship between the United States and China "is one of profound consequence." "As the two largest economies in the world, how we relate to each other does not just affect our two countries. It impacts the entire world and billions of workers." Overall, Washington sees a bleak outlook, with the administration official saying "we know that China is unlikely to make meaningful reforms right now" and that there is no push for starting long-awaited "Phase Two" negotiations. "Beijing is increasingly explicit that it is doubling down on its authoritarian, state-centric approach, and is resistant to addressing our structural concerns," the official said. "We recognize that China simply may not change and that we have to have a strategy that deals with China as it is, rather than as we might wish it be," the official said. "Our primary focus will be on building resilience and competitiveness, including with our allies and partners."

US to have 'frank conversations' with China on trade

In 1949, a Soviet expedition in Siberia was looking for uranium to supply the national nuclear arsenal when it stumbled on a vast deposit of copper.

More than 70 years later, a mining complex in Russia's Far East between Lake Baikal and the Pacific Ocean is finally due to launch operations next year.

With copper key to the world's energy transition away from carbon, the hope is it will be a boon for Russia and beyond.

"The long-awaited project is a long-awaited event in the life of the Far East and the entire mining industry of Russia and the world," said Valery Kazikayev, chairman of Udokan Copper, the company developing the site.

Kazikayev, who makes the nine-hour journey by plane from Moscow to the mine twice a month, brought AFP journalists on a tour late September.

At an altitude of 2,000 metres (6,500 feet), the heavy snow covering the mine offers a glimpse at the difficulty of rendering it operable.

"The Soviet Union wasn't able to develop these deposits," Kazikayev, 66, said at the site, where construction began in 2019.

The mine is located both in a seismic zone and on permafrost -- ground that remains completely frozen all-year round. Temperatures can drop to minus 60 degrees Celsius (minus 76 degrees Fahrenheit) in the winter.

These conditions mean developing the site is "difficult", Kazikayev said, noting as a result that "construction is very expensive."

The new 'black gold'

The work of harvesting copper ore has begun and workers are busy setting explosives to blow up permafrost so digging can go ahead.

Holding more than 26 million tonnes of copper, the mine, some 6,500 kilometres (4,000 miles) east of Moscow, claims to be the largest untapped deposit in Russia and the third largest in the world.

To develop the project, Udokan Copper -- which purchased the license in 2008 and is part of billionaire Alisher Usmanov's USM holding company -- raised nearly $3 billion (2.5 billion euros) from Russian banks.

The company also took advantage of preferential conditions granted for developing Russia's Far East, a neglected and isolated region.

The substantial investment is expected to bear fruit.

The price of copper, dubbed the "new black gold", soared to historic heights this year -- and shows no signs of slowing.

"Over the next 15 years, the demand for copper will grow by 30 percent" as the "green economy" grows, said Yulia Buchneva, an analyst at Fitch Ratings in Moscow.

Copper plays a key role in renewable energies and green technologies, she explained, because of its thermal and electrical conductivity properties.&nbsp;

She cited in particular the growing production of electric vehicles, which rely on copper.

Udokan Copper is eyeing Asian markets, particularly China, South Korea and Japan, where demand is high.&nbsp;

To reach those markets, the company is relying on the Baikal-Amur Mainline track (BAM) railway, where work is ongoing.

The line was constructed in the early 1980s next to the deposits in part to realise the goal of extracting the region's mineral wealth.

Logistical challenges

The BAM, which spans more than 4,000 kilometres across Siberia to the Pacific, is a grandiose Soviet project and financial abyss.

Udokan Copper hopes eventually to send its cathodes and copper condensates by train to the Chinese border or Russian ports on the Sea of Japan.

Kazikayev notes the mine is 2,000 kilometres closer to Tokyo than to Moscow.

Still, in an isolated and icy expanse, the logistical challenges are massive.&nbsp;

The company has had to build a power station to supply the energy for the work.

It had to construct a road to the closest airport, which features a wooden terminal.

And it had to bring 4,000 construction workers from Siberia and ex-Soviet republics to the area, home to a few hundred members of the indigenous Evenk reindeer herding people.&nbsp;

The site's deputy general manager Alexei Yaschuk said the team is now used to extreme conditions.

"The main challenge is keeping the roads in working condition. Bulldozers are constantly working," the 44-year-old told AFP.

The only time they stop, he said, is when temperatures fall below minus 35 degrees and visibility is less than 50 metres (165 feet).

"The storms and snowfalls are pretty heavy here."

In 1949, a Soviet expedition in Siberia was looking for uranium to supply the national nuclear arsenal when it stumbled on a vast deposit of copper. More than 70 years later, a mining complex in Russia's Far East between Lake Baikal and the Pacific Ocean is finally due to launch operations next year.

In 1949, a Soviet expedition in Siberia was looking for uranium to supply the national nuclear arsenal when it stumbled on a vast deposit of copper. More than 70 years later, a mining complex in Russia's Far East between Lake Baikal and the Pacific Ocean is finally due to launch operations next year. With copper key to the world's energy transition away from carbon, the hope is it will be a boon for Russia and beyond. "The long-awaited project is a long-awaited event in the life of the Far East and the entire mining industry of Russia and the world," said Valery Kazikayev, chairman of Udokan Copper, the company developing the site. Kazikayev, who makes the nine-hour journey by plane from Moscow to the mine twice a month, brought AFP journalists on a tour late September. At an altitude of 2,000 metres (6,500 feet), the heavy snow covering the mine offers a glimpse at the difficulty of rendering it operable. "The Soviet Union wasn't able to develop these deposits," Kazikayev, 66, said at the site, where construction began in 2019. The mine is located both in a seismic zone and on permafrost -- ground that remains completely frozen all-year round. Temperatures can drop to minus 60 degrees Celsius (minus 76 degrees Fahrenheit) in the winter. These conditions mean developing the site is "difficult", Kazikayev said, noting as a result that "construction is very expensive." The new 'black gold' The work of harvesting copper ore has begun and workers are busy setting explosives to blow up permafrost so digging can go ahead. Holding more than 26 million tonnes of copper, the mine, some 6,500 kilometres (4,000 miles) east of Moscow, claims to be the largest untapped deposit in Russia and the third largest in the world. To develop the project, Udokan Copper -- which purchased the license in 2008 and is part of billionaire Alisher Usmanov's USM holding company -- raised nearly $3 billion (2.5 billion euros) from Russian banks. The company also took advantage of preferential conditions granted for developing Russia's Far East, a neglected and isolated region. The substantial investment is expected to bear fruit. The price of copper, dubbed the "new black gold", soared to historic heights this year -- and shows no signs of slowing. "Over the next 15 years, the demand for copper will grow by 30 percent" as the "green economy" grows, said Yulia Buchneva, an analyst at Fitch Ratings in Moscow. Copper plays a key role in renewable energies and green technologies, she explained, because of its thermal and electrical conductivity properties. She cited in particular the growing production of electric vehicles, which rely on copper. Udokan Copper is eyeing Asian markets, particularly China, South Korea and Japan, where demand is high. To reach those markets, the company is relying on the Baikal-Amur Mainline track (BAM) railway, where work is ongoing. The line was constructed in the early 1980s next to the deposits in part to realise the goal of extracting the region's mineral wealth. Logistical challenges The BAM, which spans more than 4,000 kilometres across Siberia to the Pacific, is a grandiose Soviet project and financial abyss. Udokan Copper hopes eventually to send its cathodes and copper condensates by train to the Chinese border or Russian ports on the Sea of Japan. Kazikayev notes the mine is 2,000 kilometres closer to Tokyo than to Moscow. Still, in an isolated and icy expanse, the logistical challenges are massive. The company has had to build a power station to supply the energy for the work. It had to construct a road to the closest airport, which features a wooden terminal. And it had to bring 4,000 construction workers from Siberia and ex-Soviet republics to the area, home to a few hundred members of the indigenous Evenk reindeer herding people. The site's deputy general manager Alexei Yaschuk said the team is now used to extreme conditions. "The main challenge is keeping the roads in working condition. Bulldozers are constantly working," the 44-year-old told AFP. The only time they stop, he said, is when temperatures fall below minus 35 degrees and visibility is less than 50 metres (165 feet). "The storms and snowfalls are pretty heavy here."

In Siberia, a copper mine hopes to become a global energy pivot

Standing beside the piles of dark red palm fruits ready for crushing for their essence, Nigerian farmer Micah Ojo hopes to cash in on the government's drive to revive the country's once thriving palm oil business.

His farm is one of the small plantations scattered across southern Nigeria where the government is investing heavily in the industry as part of its drive to diversify away from petroleum and help create jobs.

Once a major producer, Nigeria now imports from Indonesia and Malaysia, further straining foreign exchange reserves already battered by a fall in global crude oil prices and the pandemic.

But the story appears to be changing as Nigeria's government, through the central bank (CBN), is pumping billions of naira in loans to assist farmers and investors in the industry.

Several states, including southern Edo and Akwa Ibom, where roads are lined by hectares of dark green palm trees and moribund factories, are injecting new life into the sector.

"We need assistance. The business is capital-intensive," Ojo said at his farm in Edo. "We need government to come to our aid to assist us."

Across the globe, the palm oil industry has faced heavy criticism for deforestation, loss of community land and claims of worker abuses on Southeast Asian plantations. &nbsp;

But the oil, which is used in cooking, foods and cosmetics products, is a major industry in Indonesia and Malaysia, and Africa has also seen growth in recent years.&nbsp;

Supporters say it helps create local jobs and development.

With an agriculture credit scheme and other programmes, Nigeria is supporting operators to buy quality and up-to-date seedlings and set up new plantations and mills.

At Okomu Oil Palm Company in Edo state, there are three palm and rubber plantations sitting on over 33,000 hectares of land, partly funded by a 14-billion-naira ($34-million) loan.

"It has assisted us greatly to expand our footprints in the sector," said managing director Graham Hefer, a South African executive who has run the company since 2007.

But as with other industries, logistical and infrastructure problems in Africa's most populous nation are hindering growth which would allow the industry's output to meet local demand.

"The level-playing-field, which people talk about, is not level in Nigeria," Hefer said, pointing to problems such as a lack of roads, electricity, multiple taxation and congestion at ports.

"We are seriously lobbying government to look into these concerns."

Nigeria, the world fifth largest palm oil producer, consumes around two million tonnes of palm oil per year, half of which is imported, with local output at 800,000 to one million tonnes.

Hefer said the big players like Okomu account for just 30 percent of local production, while small growers represent 70 percent.

Established in 1976, Okomu has three oil mills, producing 40,000 tonnes of crude palm oil (CPO) per year.

One mill is in operation, while the second is due for commissioning this month and the third expected to come on stream next year.

The company expects to double production to 80,000 tonnes per year by 2025.

Small players struggle&nbsp; 
In neighbouring Akwa Ibom State, local authorities said they are using a CBN loan to revamp more than 3,000 hectares of oil palm plantation abandoned over 30 years ago.

The plantation has 200,000 oil palm trees and a 300,000-capacity nursery for seedlings.

But unlike Okomu and other big players, small farmers say they struggle to get financial help, as they are mostly left outside of the central bank loan schemes and are unable to tap other funds.

Ojo, the local farmer, told AFP lack of investment was hurting his business, which is just a few kilometres from the sprawling Okomu plant.

After starting with only five workers, he now has 30 employees, but needs investment to expand on his 150 hectares of farmland.

He said CBN loan money "does not get to local farmers", adding that "we only hear it in the news".

The Plantation Owners Forum of Nigeria, an industry lobbying group, has appealed to government and lenders to assist smaller operators with concessionary loans.

To develop one hectare of oil palm requires $4,000 to $5,000 and the gestation period is a minimum of three years, according to the association.

"Banks willing to lend are only ready to do so to very large established institutions with already strong revenue streams," one forum representative said.

"These companies are, for the most part, multinationals. The small growers that the fund is meant to target hardly have access."

Local producers want the state-run Nigerian Institute for Oil Palm Research to step in and help farmers with improved seedlings, pest and disease control and proper supervision.

"Given the right incentives, our local farmers will perform," said Sola Oni, an analyst with Sofunix Investment. "Government should create the right environment for them to thrive."

Standing beside the piles of dark red palm fruits ready for crushing for their essence, Nigerian farmer Micah Ojo hopes to cash in on the government's drive to revive the country's once thriving palm oil business.

Standing beside the piles of dark red palm fruits ready for crushing for their essence, Nigerian farmer Micah Ojo hopes to cash in on the government's drive to revive the country's once thriving palm oil business. His farm is one of the small plantations scattered across southern Nigeria where the government is investing heavily in the industry as part of its drive to diversify away from petroleum and help create jobs. Once a major producer, Nigeria now imports from Indonesia and Malaysia, further straining foreign exchange reserves already battered by a fall in global crude oil prices and the pandemic. But the story appears to be changing as Nigeria's government, through the central bank (CBN), is pumping billions of naira in loans to assist farmers and investors in the industry. Several states, including southern Edo and Akwa Ibom, where roads are lined by hectares of dark green palm trees and moribund factories, are injecting new life into the sector. "We need assistance. The business is capital-intensive," Ojo said at his farm in Edo. "We need government to come to our aid to assist us." Across the globe, the palm oil industry has faced heavy criticism for deforestation, loss of community land and claims of worker abuses on Southeast Asian plantations. But the oil, which is used in cooking, foods and cosmetics products, is a major industry in Indonesia and Malaysia, and Africa has also seen growth in recent years. Supporters say it helps create local jobs and development. With an agriculture credit scheme and other programmes, Nigeria is supporting operators to buy quality and up-to-date seedlings and set up new plantations and mills. At Okomu Oil Palm Company in Edo state, there are three palm and rubber plantations sitting on over 33,000 hectares of land, partly funded by a 14-billion-naira ($34-million) loan. "It has assisted us greatly to expand our footprints in the sector," said managing director Graham Hefer, a South African executive who has run the company since 2007. But as with other industries, logistical and infrastructure problems in Africa's most populous nation are hindering growth which would allow the industry's output to meet local demand. "The level-playing-field, which people talk about, is not level in Nigeria," Hefer said, pointing to problems such as a lack of roads, electricity, multiple taxation and congestion at ports. "We are seriously lobbying government to look into these concerns." Nigeria, the world fifth largest palm oil producer, consumes around two million tonnes of palm oil per year, half of which is imported, with local output at 800,000 to one million tonnes. Hefer said the big players like Okomu account for just 30 percent of local production, while small growers represent 70 percent. Established in 1976, Okomu has three oil mills, producing 40,000 tonnes of crude palm oil (CPO) per year. One mill is in operation, while the second is due for commissioning this month and the third expected to come on stream next year. The company expects to double production to 80,000 tonnes per year by 2025. Small players struggle In neighbouring Akwa Ibom State, local authorities said they are using a CBN loan to revamp more than 3,000 hectares of oil palm plantation abandoned over 30 years ago. The plantation has 200,000 oil palm trees and a 300,000-capacity nursery for seedlings. But unlike Okomu and other big players, small farmers say they struggle to get financial help, as they are mostly left outside of the central bank loan schemes and are unable to tap other funds. Ojo, the local farmer, told AFP lack of investment was hurting his business, which is just a few kilometres from the sprawling Okomu plant. After starting with only five workers, he now has 30 employees, but needs investment to expand on his 150 hectares of farmland. He said CBN loan money "does not get to local farmers", adding that "we only hear it in the news". The Plantation Owners Forum of Nigeria, an industry lobbying group, has appealed to government and lenders to assist smaller operators with concessionary loans. To develop one hectare of oil palm requires $4,000 to $5,000 and the gestation period is a minimum of three years, according to the association. "Banks willing to lend are only ready to do so to very large established institutions with already strong revenue streams," one forum representative said. "These companies are, for the most part, multinationals. The small growers that the fund is meant to target hardly have access." Local producers want the state-run Nigerian Institute for Oil Palm Research to step in and help farmers with improved seedlings, pest and disease control and proper supervision. "Given the right incentives, our local farmers will perform," said Sola Oni, an analyst with Sofunix Investment. "Government should create the right environment for them to thrive."

Nigeria looks to revive ailing palm oil sector

Supporting Taliban in Afghanistan has come at a very high price for Pakistan, as fears of US sanction are increasing which is affecting the fragility of Pakistan's economy.

Fears of US sanctions surging affects Pakistan's economic fragility

China's top state-owned energy companies have been ordered to ensure there are adequate fuel supplies for the approaching winter at all costs, a report said Friday, as the country battles a power crisis that threatens to hit growth in the world's number two economy.

The country has been hit by widespread power cuts that have closed or partially closed factories, hitting production and global supply chains.

The crisis has been caused by a confluence of factors including rising overseas demand as economies reopen, record coal prices, state electricity price controls and tough emissions targets.

More than a dozen provinces and regions have been forced to impose curbs on energy usage in recent months.

Bloomberg News, citing people familiar with the matter who did not want to be named, reported that Vice Premier Han Zheng had told energy companies to make sure there is enough fuel to keep the country running and that Beijing would not tolerate blackouts.

Han, who supervises the nation’s energy sector and industrial production, was speaking at an emergency meeting this week with officials from Beijing’s state-owned assets regulator and economic planning agency, the people said.

Data released on Thursday showed China's factory activity contracted last month for the first time since February 2020, when the country was essentially closed by lockdowns as authorities battled the first coronavirus outbreak.

Han's statement raised concerns that already high commodity prices could surge even further.

The order "to me implies that we are in no way on the verge of a cool-off. Rather it looks like it is going to get even more crazy", Bjarne Schieldrop, an analyst at SEB said.&nbsp;

"They will bid whatever it takes to win a bidding war for a cargo of coal" or liquefied natural gas.

The power crunch prompted banks Nomura and Goldman Sachs to this week cut their growth forecasts for China this year as they expect more disruptions to supply chains and production.

Factories that supply multinationals such as Apple and carmaker Tesla are among those affected and told to halt production.

And a note from Capital Economics on Friday warned that "power shortages seem unlikely to ease any time soon".

One factory worker in the industrial hub of Dongguan told AFP this week they were working overnight after being forced to cease daytime production.

"Of course we're unhappy... but we’re going along with the hours that the power curbs take place," he said.

China's top state-owned energy companies have been ordered to ensure there are adequate fuel supplies for the approaching winter at all costs, a report said Friday, as the country battles a power crisis that threatens to hit growth in the world's number two economy.

China's top state-owned energy companies have been ordered to ensure there are adequate fuel supplies for the approaching winter at all costs, a report said Friday, as the country battles a power crisis that threatens to hit growth in the world's number two economy. The country has been hit by widespread power cuts that have closed or partially closed factories, hitting production and global supply chains. The crisis has been caused by a confluence of factors including rising overseas demand as economies reopen, record coal prices, state electricity price controls and tough emissions targets. More than a dozen provinces and regions have been forced to impose curbs on energy usage in recent months. Bloomberg News, citing people familiar with the matter who did not want to be named, reported that Vice Premier Han Zheng had told energy companies to make sure there is enough fuel to keep the country running and that Beijing would not tolerate blackouts. Han, who supervises the nation’s energy sector and industrial production, was speaking at an emergency meeting this week with officials from Beijing’s state-owned assets regulator and economic planning agency, the people said. Data released on Thursday showed China's factory activity contracted last month for the first time since February 2020, when the country was essentially closed by lockdowns as authorities battled the first coronavirus outbreak. Han's statement raised concerns that already high commodity prices could surge even further. The order "to me implies that we are in no way on the verge of a cool-off. Rather it looks like it is going to get even more crazy", Bjarne Schieldrop, an analyst at SEB said. "They will bid whatever it takes to win a bidding war for a cargo of coal" or liquefied natural gas. The power crunch prompted banks Nomura and Goldman Sachs to this week cut their growth forecasts for China this year as they expect more disruptions to supply chains and production. Factories that supply multinationals such as Apple and carmaker Tesla are among those affected and told to halt production. And a note from Capital Economics on Friday warned that "power shortages seem unlikely to ease any time soon". One factory worker in the industrial hub of Dongguan told AFP this week they were working overnight after being forced to cease daytime production. "Of course we're unhappy... but we’re going along with the hours that the power curbs take place," he said.

China orders energy firms to secure supplies amid power crisis: report

Ho Chi Minh City on Friday lifted a stay-at-home order that had kept its nine million residents indoors for three months and devastated business in Vietnam's economic hub.

To curb a fast-spreading wave of COVID-19 -- which struck the southern metropolis particularly hard -- residents have been unable to leave home, even for food, and almost all travel in and out of the area was suspended.

Almost half of Vietnam's total 790,000 virus cases were reported in the city, along with three-quarters of the country's deaths.

But after a gradual fall in cases, soldiers began dismantling road barriers on Friday and removing hundreds of checkpoints that had separated city districts.

"I am happy," said Tran Van Vu, who owns a store selling fruit, vegetables and meat and had planned to expand his business before the pandemic.

"During the lockdown our company was affected a lot... we didn't have enough delivery men as they had to be tested every two days and it was costly for the company."

Roads were busy for the first time in months after most businesses were given the go-ahead to reopen and vaccinated people permitted to move freely within the city.

Although authorities have kept a ban on travel to other provinces, thousands of families travelling by motorbike gathered at a checkpoint on the way out of the city, hoping to return to their hometowns.

Vietnam was once hailed as a model for virus containment, but the country struggled to stop the spread of a fourth wave of infection that began in April in northern industrial parks and quickly travelled south.

More than a third of Vietnam's 100 million people were under stay-at-home orders this summer, bringing the country's important manufacturing industry to its knees and breaking supply chains.

Its economy suffered its heaviest contraction on record in the third quarter, officials said Wednesday.

Factories in industrial parks and goods transportation services are among businesses allowed to open, authorities have said.

Less than 10 percent of Vietnamese are fully vaccinated but Ho Chi Minh City had been allocated the biggest number of jabs with almost all the city's adults inoculated.

 
&nbsp;

Ho Chi Minh City on Friday lifted a stay-at-home order that had kept its nine million residents indoors for three months and devastated business in Vietnam's economic hub.

Ho Chi Minh City on Friday lifted a stay-at-home order that had kept its nine million residents indoors for three months and devastated business in Vietnam's economic hub. To curb a fast-spreading wave of COVID-19 -- which struck the southern metropolis particularly hard -- residents have been unable to leave home, even for food, and almost all travel in and out of the area was suspended. Almost half of Vietnam's total 790,000 virus cases were reported in the city, along with three-quarters of the country's deaths. But after a gradual fall in cases, soldiers began dismantling road barriers on Friday and removing hundreds of checkpoints that had separated city districts. "I am happy," said Tran Van Vu, who owns a store selling fruit, vegetables and meat and had planned to expand his business before the pandemic. "During the lockdown our company was affected a lot... we didn't have enough delivery men as they had to be tested every two days and it was costly for the company." Roads were busy for the first time in months after most businesses were given the go-ahead to reopen and vaccinated people permitted to move freely within the city. Although authorities have kept a ban on travel to other provinces, thousands of families travelling by motorbike gathered at a checkpoint on the way out of the city, hoping to return to their hometowns. Vietnam was once hailed as a model for virus containment, but the country struggled to stop the spread of a fourth wave of infection that began in April in northern industrial parks and quickly travelled south. More than a third of Vietnam's 100 million people were under stay-at-home orders this summer, bringing the country's important manufacturing industry to its knees and breaking supply chains. Its economy suffered its heaviest contraction on record in the third quarter, officials said Wednesday. Factories in industrial parks and goods transportation services are among businesses allowed to open, authorities have said. Less than 10 percent of Vietnamese are fully vaccinated but Ho Chi Minh City had been allocated the biggest number of jabs with almost all the city's adults inoculated.

Vietnam's commercial hub back in business after 3-month lockdown

Myanmar's currency has lost more than 60% of its value since the beginning of September in a collapse that has driven up food and fuel prices in an economy that has tanked since a military coup eight months ago.

"This will rattle the generals as they are quite obsessed with the kyat rate as a broader barometer of the economy, and therefore a reflection on them," Richard Horsey, a Myanmar expert at the International Crisis Group, said.

In August, the Central Bank of Myanmar tried tethering the kyat 0.8% either side of its reference rate against the dollar, but gave up on Sept. 10 as pressure on the exchange rate mounted.

The shortage of dollars has become so bad that some money changers have pulled down their shutters.

"Due to the currency price instability at the moment...all Northern Breeze Exchange Service branches are temporarily closed," the money changer said on Facebook.

Those still operating were quoting a rate of 2,700 kyat per dollar on Tuesday, compared to 1,695 on Sept. 1 and 1,395 back on Feb.1 when the military overthrew a democratically elected government led by Nobel Laureate Aung San Suu Kyi.

In a report published on Monday, the World Bank predicted the economy would slump by 18% this year, partly due to the pandemic, and said Myanmar would see the biggest contraction in employment in the region and the number of poor in the country would rise.

The increasing economic pressures come amid signs of an upsurge in bloodshed, as armed militias have become bolder in clashes with the army after months of protests and strikes by opponents of the junta.

"The worse the political situation is, the worse the currency rate will be," said a senior executive at a Myanmar bank, who declined to be named.

Myanmar is also struggling to deal with a second wave of coronavirus cases that started in June with the response by authorities crippled after many health workers joined protests. Reported cases have comes off their highs though the true extent of the outbreak remains unclear.

Stay at home orders in some townships have been withdrawn, but are still in effect in some areas.

In the immediate months after the Feb. 1 coup, many people queued up to withdraw savings from banks and some bought gold, but a jewellery merchant in Yangon said many desperate people were now trying to sell their gold back.

The central bank gave no reason to why it abandoned its managed float strategy earlier this month, but analysts believe its foreign currency reserves must be seriously depleted.

Central bank officials did not answer calls seeking comment on how much foreign currency was left, but World Bank data shows it had just $7.67 billion in reserves at the end of 2020.

After coming off its managed float, the central bank still spent $65 million, buying kyat at a rate of 1,750 to 1,755 per dollar between Sept. 13-27.

The bank executive said the central bank's efforts had limited impact in a currency market shorn of confidence.

The economic crisis has driven up the price of staples, and the United Nations Office for the Coordination of Humanitarian Affairs said this week that around three million people now require humanitarian assistance in Myanmar, up from one million before the coup.

A 48-kilogram bag of rice costs 48,000 kyat, up nearly 40% since the coup, while gasoline prices have nearly doubled to 1,445 kyat per litre.

The crisis is also hurting businesses, particularly those needing to import raw materials. A plastic bag manufacturer in Yangon said he had been forced to increase prices and sales had dropped about 30%.

Per capita gross domestic product was just $1,400 last year, and Zaw, a resident in Yangon who asked to use only part of his name, was under no illusion about where Myanmar was heading.

"People will become poorer."

Myanmar's currency has lost more than 60% of its value since the beginning of September in a collapse that has driven up food and fuel prices in an economy that has tanked since a military coup eight months ago.

Myanmar's currency has lost more than 60% of its value since the beginning of September in a collapse that has driven up food and fuel prices in an economy that has tanked since a military coup eight months ago. "This will rattle the generals as they are quite obsessed with the kyat rate as a broader barometer of the economy, and therefore a reflection on them," Richard Horsey, a Myanmar expert at the International Crisis Group, said. In August, the Central Bank of Myanmar tried tethering the kyat 0.8% either side of its reference rate against the dollar, but gave up on Sept. 10 as pressure on the exchange rate mounted. The shortage of dollars has become so bad that some money changers have pulled down their shutters. "Due to the currency price instability at the moment...all Northern Breeze Exchange Service branches are temporarily closed," the money changer said on Facebook. Those still operating were quoting a rate of 2,700 kyat per dollar on Tuesday, compared to 1,695 on Sept. 1 and 1,395 back on Feb.1 when the military overthrew a democratically elected government led by Nobel Laureate Aung San Suu Kyi. In a report published on Monday, the World Bank predicted the economy would slump by 18% this year, partly due to the pandemic, and said Myanmar would see the biggest contraction in employment in the region and the number of poor in the country would rise. The increasing economic pressures come amid signs of an upsurge in bloodshed, as armed militias have become bolder in clashes with the army after months of protests and strikes by opponents of the junta. "The worse the political situation is, the worse the currency rate will be," said a senior executive at a Myanmar bank, who declined to be named. Myanmar is also struggling to deal with a second wave of coronavirus cases that started in June with the response by authorities crippled after many health workers joined protests. Reported cases have comes off their highs though the true extent of the outbreak remains unclear. Stay at home orders in some townships have been withdrawn, but are still in effect in some areas. In the immediate months after the Feb. 1 coup, many people queued up to withdraw savings from banks and some bought gold, but a jewellery merchant in Yangon said many desperate people were now trying to sell their gold back. The central bank gave no reason to why it abandoned its managed float strategy earlier this month, but analysts believe its foreign currency reserves must be seriously depleted. Central bank officials did not answer calls seeking comment on how much foreign currency was left, but World Bank data shows it had just $7.67 billion in reserves at the end of 2020. After coming off its managed float, the central bank still spent $65 million, buying kyat at a rate of 1,750 to 1,755 per dollar between Sept. 13-27. The bank executive said the central bank's efforts had limited impact in a currency market shorn of confidence. The economic crisis has driven up the price of staples, and the United Nations Office for the Coordination of Humanitarian Affairs said this week that around three million people now require humanitarian assistance in Myanmar, up from one million before the coup. A 48-kilogram bag of rice costs 48,000 kyat, up nearly 40% since the coup, while gasoline prices have nearly doubled to 1,445 kyat per litre. The crisis is also hurting businesses, particularly those needing to import raw materials. A plastic bag manufacturer in Yangon said he had been forced to increase prices and sales had dropped about 30%. Per capita gross domestic product was just $1,400 last year, and Zaw, a resident in Yangon who asked to use only part of his name, was under no illusion about where Myanmar was heading. "People will become poorer."

Myanmar's junta powerless as currency drops 60% in four weeks, economy tanks

An independent investigation has accused IMF chief Kristalina Georgieva of boosting China's economic data during her tenure at the World Bank. Why are global agencies doing Beijing's bidding? What explains China's desperate lobbying? Palki Sharma tells you.

Gravitas: IMF chief boosted China's economic data

The&nbsp;Philippines&nbsp;will ease coronavirus restrictions in the capital Manila to spur economic activity, officials said Tuesday, despite record infection numbers and a warning from the WHO against the move.

Restaurants, churches and beauty salons in the national capital region will open at lower capacities from Thursday to get tens of thousands more people back to work.

"We should strive for total health and this can only be realised by carefully balancing our COVID-19 response by considering both the health of our people and the economic health of the nation," President Rodrigo Duterte's spokesman Harry Roque said.

Virus cases have surged to record levels — more than 140,000 cases in the past week — thanks to an outbreak of the highly contagious Delta variant.

The World Health Organization's representative in the&nbsp;Philippines&nbsp;on Tuesday warned against relaxing curbs.

While six of 10 adults in the capital are fully inoculated, "this is not adequate at this point to relax quarantine positions", the WHO's official in the&nbsp;Philippines, Rabindra Abeyasinghe, told government television.

"If there is a further increase in the current transmission levels, it could lead to an overwhelming of the hospital systems, that's why we need to be very careful in calibrating how we respond to the current situation," he said.

The metropolis of 13 million will be placed on the second-highest alert under a new classification system that replaces guidelines which left many residents and business owners confused about which activities were allowed.

Localised lockdowns targeting specific buildings, streets or neighbourhoods will be enforced to check the spread of the virus, replacing the current scheme that covers entire cities and regions.

Fully vaccinated customers in the capital region can now be served indoors in restaurants and beauty salons at up to 10 per cent capacity, and at outdoor venues at up to 30 per cent capacity regardless of vaccination status.

Churches will also be allowed to seat 10 per cent of their capacity for services but other indoor group activities, including those that lead to crowding, remain banned.

<h2>Cost of lockdown&nbsp;</h2>

A succession of shutdowns since the start of the pandemic has sidelined more than two million workers in the food and leisure sectors in the capital alone, according to Trade Secretary Ramon Lopez.&nbsp;

Millions of children started a second year of remote lessons this week in the&nbsp;Philippines, which has kept schools closed since the start of the pandemic.

Officials said Tuesday that when the alert level is reduced to the second lowest, classrooms may reopen alongside indoor entertainment and social events at up to 50 per cent capacity.

Duterte has previously said the country cannot afford more lockdowns.

But authorities have had few options to slow the spread of the virus as hospitals have filled up and the nationwide vaccination rate remains low at 22 per cent.

The president said in a pre-recorded television address aired Tuesday that vaccinations -- now limited to priority sectors -- could start for the general adult population next month "if there is a stable vaccine supply".

The coronavirus has infected more than 2.2 million people and killed more than 35,000 in the country.

The Philippines will ease coronavirus restrictions in the capital Manila to spur economic activity, officials said Tuesday, despite record infection numbers and a warning from the WHO against the move.

The Philippines will ease coronavirus restrictions in the capital Manila to spur economic activity, officials said Tuesday, despite record infection numbers and a warning from the WHO against the move. Restaurants, churches and beauty salons in the national capital region will open at lower capacities from Thursday to get tens of thousands more people back to work. "We should strive for total health and this can only be realised by carefully balancing our COVID-19 response by considering both the health of our people and the economic health of the nation," President Rodrigo Duterte's spokesman Harry Roque said. Virus cases have surged to record levels — more than 140,000 cases in the past week — thanks to an outbreak of the highly contagious Delta variant. The World Health Organization's representative in the Philippines on Tuesday warned against relaxing curbs. While six of 10 adults in the capital are fully inoculated, "this is not adequate at this point to relax quarantine positions", the WHO's official in the Philippines, Rabindra Abeyasinghe, told government television. "If there is a further increase in the current transmission levels, it could lead to an overwhelming of the hospital systems, that's why we need to be very careful in calibrating how we respond to the current situation," he said. The metropolis of 13 million will be placed on the second-highest alert under a new classification system that replaces guidelines which left many residents and business owners confused about which activities were allowed. Localised lockdowns targeting specific buildings, streets or neighbourhoods will be enforced to check the spread of the virus, replacing the current scheme that covers entire cities and regions. Fully vaccinated customers in the capital region can now be served indoors in restaurants and beauty salons at up to 10 per cent capacity, and at outdoor venues at up to 30 per cent capacity regardless of vaccination status. Churches will also be allowed to seat 10 per cent of their capacity for services but other indoor group activities, including those that lead to crowding, remain banned. Cost of lockdown A succession of shutdowns since the start of the pandemic has sidelined more than two million workers in the food and leisure sectors in the capital alone, according to Trade Secretary Ramon Lopez. Millions of children started a second year of remote lessons this week in the Philippines, which has kept schools closed since the start of the pandemic. Officials said Tuesday that when the alert level is reduced to the second lowest, classrooms may reopen alongside indoor entertainment and social events at up to 50 per cent capacity. Duterte has previously said the country cannot afford more lockdowns. But authorities have had few options to slow the spread of the virus as hospitals have filled up and the nationwide vaccination rate remains low at 22 per cent. The president said in a pre-recorded television address aired Tuesday that vaccinations -- now limited to priority sectors -- could start for the general adult population next month "if there is a stable vaccine supply". The coronavirus has infected more than 2.2 million people and killed more than 35,000 in the country.

Philippines eases virus lockdown in capital to spur economy despite WHO warning

Private sector companies in the UAE will have to fill 10 percent of their positions with Emirati nationals in five years' time, the UAE said on Sunday in its latest tranche of economic reforms.

UAE: Private sector to fill 10% positions with Emiratis in five years

The UN special envoy for Afghanistan urged the world to unite to prevent the collapse of the Afghan economy, to address fears that the Taliban’s Islamic state may spread to its neighbours, and to fight terrorism.

UN envoy urges economic support to stop Afghanistan breakdown

Sri Lanka is currently facing a financial emergency. The island country is running out of food and basic supplies, the currency is plunging and forex reserves are depleting. WION brings you a report.

Massive spike in food prices in Sri Lanka

Sri Lanka is in the grip of an economic crisis triggered by the COVID pandemic that has led to shortages of food and medicine in the country.

Sri Lanka: COVID-19 pandemic & plunging economy leads to food crisis

The United Arab Emirates announced Sunday a major plan to stimulate its economy and liberalise stringent residency laws for expatriates, as the country seeks to overhaul its finances and attract foreign residents and capital.

The country's plan to lure foreign talent reflects a growing contrast with the other oil-rich economies of the Persian Gulf that are becoming increasingly protectionist.

Although many of the Emirati ministers' promised overhauls remained vague at a press conference, their intentions to boost spending after the devastation of the pandemic and loosen laws to draw more residents was clear.

Abdulla bin Touq, the minister of the economy, pledged that the Emirati government would pour some USD 13.6 billion into the economy over the next year. He laid out a raft of investment opportunities for countries to boost development by 10 per cent in the coming years.

"We are confident that these projects in the support of investment will make (the UAE) one of the most competent economies in the world,"&nbsp;he proclaimed at the government's first large in-person press conference since the pandemic

The UAE for years since its independence has tied employment to residency status, giving employers outsized power and forcing people to immediately leave the country once they lost their jobs.

The new plans give residents more time to seek other jobs after termination, allow youth over age 15 to gain employment as they live with their parents, and enable widows and divorced couples to live longer without visa restrictions in the country.

The United Arab Emirates announced Sunday a major plan to stimulate its economy and liberalise stringent residency laws for expatriates, as the country seeks to overhaul its finances and attract foreign residents and capital.

The United Arab Emirates announced Sunday a major plan to stimulate its economy and liberalise stringent residency laws for expatriates, as the country seeks to overhaul its finances and attract foreign residents and capital. The country's plan to lure foreign talent reflects a growing contrast with the other oil-rich economies of the Persian Gulf that are becoming increasingly protectionist. Although many of the Emirati ministers' promised overhauls remained vague at a press conference, their intentions to boost spending after the devastation of the pandemic and loosen laws to draw more residents was clear. Abdulla bin Touq, the minister of the economy, pledged that the Emirati government would pour some USD 13.6 billion into the economy over the next year. He laid out a raft of investment opportunities for countries to boost development by 10 per cent in the coming years. "We are confident that these projects in the support of investment will make (the UAE) one of the most competent economies in the world," he proclaimed at the government's first large in-person press conference since the pandemic The UAE for years since its independence has tied employment to residency status, giving employers outsized power and forcing people to immediately leave the country once they lost their jobs. The new plans give residents more time to seek other jobs after termination, allow youth over age 15 to gain employment as they live with their parents, and enable widows and divorced couples to live longer without visa restrictions in the country.

UAE rolls out plan to invest in economy, liberalise laws

Brazil's economy has contracted by 0.1 percent in the second quarter. The setback for the country's economy came as a serious second wave of COVID-19 infections triggered restrictions in major cities during April and May.

World Business Watch: Brazil's economy down by 0.1% in second quarter

The world’s biggest companies are back to their pre-pandemic levels of confidence in the global economy’s prospects and most expect to make acquisitions to boost growth, as per a KPMG survey.

World Business Watch: KPMG survey shows CEOs back to pre-pandemic levels of confidence

The recovery of global economies worldwide is facing a host of challenges and has been uneven. How developing nations are looking at economic recovery? What's in store for the future? WION's Sumit Chaturvedi talks to Ms. Busi Mabuza, Chair, BRICS Business Council for more perspective.

World Business Watch: How developing nations are looking at global economic recovery?

The Indian economy has grown 20.1% in Q1 of the current financial year.

Indian economy grows by 20.1% in quarter 1 of current financial year

All eyes are on India's April to June or Q1 GDP data figures that will be out today (August 31). During this period though India was hit by the severe second COVID-19 wave.

World Business Watch: India is set to post record fiscal first-quarter GDP

Palestinian President Mahmoud Abbas met Israeli Defence Minister Benny Gantz in the West Bank city of Ramallah during which they discussed ‘security-policy, civilian and economic issues’.

Israeli Defence Minister Benny Gantz meets Palestinian Prez Abbas

Almost two weeks have passed since the Taliban took over Afghanistan. Now Afghan economy is on the brink of collapse, the country is facing an acute financial crunch.

Afghan economy on brink of collapse after Taliban takeover

The world economy is facing a supply chain problem that is more severe in countries like the UK where the surging delta variant has disturbed logistics.

World Business Watch: The world economy’s supply chain problem keeps getting worse

Iran's ultraconservative President Ebrahim&nbsp;Raisi&nbsp;said Saturday his government will prioritise&nbsp;tackling&nbsp;Covid&nbsp;and accelerating vaccinations ahead of an economic revival, as he defended his cabinet choices before parliament.

The conservative-dominated parliament began debating the male-only, largely conservative lineup in the morning ahead of a vote of confidence expected later this week.

"The government's first priority is controlling the coronavirus, improving the health situation and widespread vaccination,"&nbsp;Raisi&nbsp;said.

"The&nbsp;economy&nbsp;and the livelihood situation is the second" priority, he added, noting that his lineup is meant to bring about "justice and progress".

<a href="https://www.wionews.com/south-asia/chinese-embassy-in-pakistan-condemns-balochistan-attack-demand-thorough-investigation-407381">Also read |&nbsp;Chinese Embassy in Pakistan condemns Balochistan attack, demand thorough investigation&nbsp;</a>

Since late June,&nbsp;Iran&nbsp;has seen what officials have called a "fifth wave" of&nbsp;Covid-19 infections, the country's worst yet, which they have largely blamed on the more contagious Delta variant of the virus.

Daily infections and deaths have hit record highs several times this month, raising total cases since the pandemic started to over 4.5 million and fatalities to more than 100,000.

Iran, battling the Middle East's deadliest&nbsp;Covid&nbsp;outbreak, launched a vaccination drive in February but it has progressed slower than authorities had hoped.

Choked by US sanctions that have made it difficult to transfer money abroad,&nbsp;Iran&nbsp;says&nbsp;it has struggled to import vaccines.

Raisi&nbsp;has tapped 63-year-old optometrist Bahram Eynollahi as his health minister.

He defended his pick as "a figure who can rally forces in the fight against coronavirus".

Eynollahi was named by local media as a signatory of a January open letter that warned former president Hassan Rouhani against importing vaccines made by the United States, Britain and France, as they may cause "unknown and irreversible complications".

Iran's Supreme Leader Ayatollah Ali Khamenei had in the same month banned the use of vaccines made by the US and Britain, calling them "completely untrustworthy".

More than 16.3 million people out of the country's 83 million inhabitants have been given a first vaccine dose, but only 5.4 million have received the second, the health ministry said Friday.

Iran's ultraconservative President Ebrahim Raisi said Saturday his government will prioritise tackling Covid and accelerating vaccinations ahead of an economic revival, as he defended his cabinet choices before parliament.

Iran's ultraconservative President Ebrahim Raisi said Saturday his government will prioritise tackling Covid and accelerating vaccinations ahead of an economic revival, as he defended his cabinet choices before parliament. The conservative-dominated parliament began debating the male-only, largely conservative lineup in the morning ahead of a vote of confidence expected later this week. "The government's first priority is controlling the coronavirus, improving the health situation and widespread vaccination," Raisi said. "The economy and the livelihood situation is the second" priority, he added, noting that his lineup is meant to bring about "justice and progress". Also read | Chinese Embassy in Pakistan condemns Balochistan attack, demand thorough investigation Since late June, Iran has seen what officials have called a "fifth wave" of Covid-19 infections, the country's worst yet, which they have largely blamed on the more contagious Delta variant of the virus. Daily infections and deaths have hit record highs several times this month, raising total cases since the pandemic started to over 4.5 million and fatalities to more than 100,000. Iran, battling the Middle East's deadliest Covid outbreak, launched a vaccination drive in February but it has progressed slower than authorities had hoped. Choked by US sanctions that have made it difficult to transfer money abroad, Iran says it has struggled to import vaccines. Raisi has tapped 63-year-old optometrist Bahram Eynollahi as his health minister. He defended his pick as "a figure who can rally forces in the fight against coronavirus". Eynollahi was named by local media as a signatory of a January open letter that warned former president Hassan Rouhani against importing vaccines made by the United States, Britain and France, as they may cause "unknown and irreversible complications". Iran's Supreme Leader Ayatollah Ali Khamenei had in the same month banned the use of vaccines made by the US and Britain, calling them "completely untrustworthy". More than 16.3 million people out of the country's 83 million inhabitants have been given a first vaccine dose, but only 5.4 million have received the second, the health ministry said Friday.

Iran's Raisi says tackling COVID-19, reviving economy priorities

Japan's economy rebounded more than expected in the second quarter after slumping in the first three months of 2021. Q2 GDP grew faster than expected.

Japan's economy rebounds in second quarter after slumping in first 3 months

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