Pakistan’s current account deficit has surged 3.5 times, reaching $733 million, signaling a deepening financial crisis. This major jump is a concern for the nation’s economic stability and could have serious implications on the country’s foreign reserves and currency value.


Pakistan’s External Deficit Deepens: Current Account Jumps 3.5X to $733 Million 

A 32-year-old woman's shocking story has gone viral in which she revealed how she took the heart-wrenching decision of placing her two children for adoption because of her financial struggles.&nbsp;

Hannah Martin, who is from Waymart, Pennsylvania, spoke about a difficult choice she made in her life, which she said was "traumatic" and "heartbreaking". However, she added that her move was also "heartwarming" as it allowed her children to lead a better life, reported the Mirror.&nbsp;

"The feeling of giving a child up for adoption hurts. It’s traumatic. It’s very heartbreaking, but at the same time, it’s heartwarming because you’re doing the right thing," Martin said.

Also Read:&nbsp;<a href="https://www.wionews.com/world/china-is-now-monitoring-couples-right-time-to-conceive-a-baby-and-pregnancy-but-why-772048">China is now monitoring couples' 'right time' to conceive a baby and pregnancy. But why?</a>

Currently, Martin is a stay-at-home mom to her three children - a 15-year-old son, an 8-year-old daughter, and a 6-year-old son.

<h2>US woman narrates her 'heartwrenching' story</h2>

Remembering the decision she took in 2011, Martin - who was then a 19-year-old girl - said that she took the decision of putting her daughter Adriana for adoption because of the financial struggles.

She said that when she got to know about her pregnancy, it left her "excited but scared". She added that she had gotten pregnant after a casual encounter with a friend of her brother's.&nbsp;

The birth control pill somehow failed to stop the pregnancy and the father of the baby was not willing to take responsibility or provide any support.&nbsp;

She took care of Adriana for nearly six weeks but then she realised that she could not manage the child alone.

Watch:&nbsp;Shocking Rise In AI-produced Child Abuse Material

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/shocking-rise-in-ai-produced-child-abuse-material-768803/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"I couldn't do it," she said while speaking to The Mirror. "The father refused to help me. He said it wasn't his child," the woman added.&nbsp;

Hence, she decided to let someone else adopt her daughter and for the adoption process, she reached out to Maria, a lawyer from Miami.

"Maria was like another mother to me. She helped me through everything-therapy and reassurance that I was doing the right thing," Martin said.&nbsp;

A similar situation came in front of her when she gave birth to her son Tyler, who was also given in adoption.&nbsp;

Martin said that she has not contacted either of the two children and does not know if they are aware of her.&nbsp;

Martin said that the decisions took a toll on her mental health. "It was very hard. I went through a bad time because I had depression. If I could change things, I would have kept them, but I was young, struggling, and didn't know how to access the resources that could have helped us," she said.&nbsp;

(With inputs from agencies)

A 32-year-old woman's shocking story has gone viral in which she revealed how she took the heart-wrenching decision of placing her two children for adoption because of her financial struggles.

A 32-year-old woman's shocking story has gone viral in which she revealed how she took the heart-wrenching decision of placing her two children for adoption because of her financial struggles. Hannah Martin, who is from Waymart, Pennsylvania, spoke about a difficult choice she made in her life, which she said was "traumatic" and "heartbreaking". However, she added that her move was also "heartwarming" as it allowed her children to lead a better life, reported the Mirror. "The feeling of giving a child up for adoption hurts. It’s traumatic. It’s very heartbreaking, but at the same time, it’s heartwarming because you’re doing the right thing," Martin said. Also Read: China is now monitoring couples' 'right time' to conceive a baby and pregnancy. But why? Currently, Martin is a stay-at-home mom to her three children - a 15-year-old son, an 8-year-old daughter, and a 6-year-old son. US woman narrates her 'heartwrenching' story Remembering the decision she took in 2011, Martin - who was then a 19-year-old girl - said that she took the decision of putting her daughter Adriana for adoption because of the financial struggles. She said that when she got to know about her pregnancy, it left her "excited but scared". She added that she had gotten pregnant after a casual encounter with a friend of her brother's. The birth control pill somehow failed to stop the pregnancy and the father of the baby was not willing to take responsibility or provide any support. She took care of Adriana for nearly six weeks but then she realised that she could not manage the child alone. Watch: Shocking Rise In AI-produced Child Abuse Material "I couldn't do it," she said while speaking to The Mirror. "The father refused to help me. He said it wasn't his child," the woman added. Hence, she decided to let someone else adopt her daughter and for the adoption process, she reached out to Maria, a lawyer from Miami. "Maria was like another mother to me. She helped me through everything-therapy and reassurance that I was doing the right thing," Martin said. A similar situation came in front of her when she gave birth to her son Tyler, who was also given in adoption. Martin said that she has not contacted either of the two children and does not know if they are aware of her. Martin said that the decisions took a toll on her mental health. "It was very hard. I went through a bad time because I had depression. If I could change things, I would have kept them, but I was young, struggling, and didn't know how to access the resources that could have helped us," she said. (With inputs from agencies)

Heartbreaking! Single mother places her two children for adoption due to financial struggle in US

A giant in the world of finance, Charlie Munger, the longtime vice chairman of Berkshire Hathaway, has died at the age of 99.

Farewell to a financial maestro Charlie Munger

The U.S. Stock market just had its greatest week in over a year. But worries about corporate America's earnings prospects remain just below the surface. The outlook for more companies is lower than analysts' expectations this earnings season.

US earnings: More than what meets the eye?

Russia has tweaked its regulations for Indian tourists and students in the country who are vying to open bank accounts with Russian financial institutions, making the process simpler. In a positive step, Russia will now permit the Indian nationals to get Russian bank cards remotely.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The announcement was made by the Russian Embassy in India which in a statement on X social media platform said, “We are excited to announce the decision of the Russian government to introduce simplified norms for Indian nationals seeking to open bank accounts with Russian financial institutions."

The embassy said that as per the new norms, Indian national tourists and students will be able to open bank accounts remotely, along with making deposits.&nbsp;&nbsp;

"It is now possible to open bank accounts or deposit funds in Russian banks remotely," the embassy said.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/hamas-chief-ismail-haniyeh-says-massacre-by-israel-is-to-hide-its-setback-654021">Hamas chief Ismail Haniyeh says 'massacre' by Israel is to hide its setback</a>

<h2>What is the process for opening bank accounts?&nbsp;</h2>

Sharing further information on its embassy's X account, the mission advised Indian nationals to reach out to an Indian bank in partnership agreement with the Central Bank of the Russian Federation to seek help in opening up the bank accounts.&nbsp;

"The process is straightforward: Indian nationals wishing to open such a bank account are advised to approach an Indian bank that has a partnership agreement with the Central Bank of the Russian Federation for guidance," the embassy statement added.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/15-anti-israel-protesters-jailed-over-anti-israel-riot-at-russian-airport-653986">15 anti-Israel protesters jailed over riots at Russian airport</a>

The changes made by Russia will assist Indian tourists and students in getting Russian bank cards as soon as they land in Russia.

Once the bank account is opened, the financial transaction can then be easily carried out by Indian nationals.&nbsp;

Watch | Humanitarian crisis worsen, how much water and power does Gaza have?

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/humanitarian-crisis-worsen-how-much-water-and-power-does-gaza-have-654022/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

It added, "Upon arrival in Russia, it will be possible to quickly obtain a bank card in a partner Russian bank and initiate financial transactions. This feature is especially convenient for Indian tourists and students."

(With inputs from agencies)

Russia has tweaked its regulations for Indian tourists and students in the country who are vying to open bank accounts with Russian financial institutions, making the process simpler.

Russia has tweaked its regulations for Indian tourists and students in the country who are vying to open bank accounts with Russian financial institutions, making the process simpler. In a positive step, Russia will now permit the Indian nationals to get Russian bank cards remotely. The announcement was made by the Russian Embassy in India which in a statement on X social media platform said, “We are excited to announce the decision of the Russian government to introduce simplified norms for Indian nationals seeking to open bank accounts with Russian financial institutions." The embassy said that as per the new norms, Indian national tourists and students will be able to open bank accounts remotely, along with making deposits. "It is now possible to open bank accounts or deposit funds in Russian banks remotely," the embassy said. Also Read | Hamas chief Ismail Haniyeh says 'massacre' by Israel is to hide its setback What is the process for opening bank accounts? Sharing further information on its embassy's X account, the mission advised Indian nationals to reach out to an Indian bank in partnership agreement with the Central Bank of the Russian Federation to seek help in opening up the bank accounts. "The process is straightforward: Indian nationals wishing to open such a bank account are advised to approach an Indian bank that has a partnership agreement with the Central Bank of the Russian Federation for guidance," the embassy statement added. Also Read | 15 anti-Israel protesters jailed over riots at Russian airport The changes made by Russia will assist Indian tourists and students in getting Russian bank cards as soon as they land in Russia. Once the bank account is opened, the financial transaction can then be easily carried out by Indian nationals. Watch | Humanitarian crisis worsen, how much water and power does Gaza have? × It added, "Upon arrival in Russia, it will be possible to quickly obtain a bank card in a partner Russian bank and initiate financial transactions. This feature is especially convenient for Indian tourists and students." (With inputs from agencies)

Indian tourists, students can now open bank accounts in Russia, deposit funds remotely

A recent Federal Reserve survey on financial stability may not be good news for the US economy. Persistent high inflation & losses in the commercial real estate market seem to be the top concerns of Americans. The latest version of the central bank's semiannual report finds that 75% of respondents cite these two issues as prominent near-term risks.

What concerns the average US citizen

India is currently caught in a whirlwind of uncertainty, with rumours of a significant change in the pipeline – the prospective rebranding of the nation as "Bharat".

The speculations stem from the recent G20 Summit hosted by India on September 9 and 10, wherein&nbsp;President Droupadi Murmu's invitation for the dinner reception referred to her as the "President of Bharat," in Hindi, instead of the conventional "President of India."

The conjecture is further fuelled by the forthcoming five-day special parliamentary session starting on September 18, with heightened expectations of a significant government decision.

Following initiatives like the Uniform Civil Code and 'one-nation, one election,' speculation now revolves around the formal change of our country's name from 'India' to 'Bharat' through a constitutional amendment under Article 368.

"From a constitutional perspective, any name change would introduce a normative shift in the interpretation of the constitution itself. Using the name 'Bharat' would also raise the question of what the term 'Bharat' signifies," explained Ashit Srivastava, Professor of constitutional law,&nbsp;National Law University, Jabalpur&nbsp;to WION.

In many theocratic states, when terms signifying a specific religion are employed, the laws tend to align closely with that religion's teachings. If we examine the constitutions of countries like Pakistan, Sri Lanka, or those in the Middle East, a common feature emerges: they explicitly define the state's religion and often use it as the normative foundation guiding all legislative alignment, explained Srivastava.

If India, proclaiming itself a secular country, relinquishes the name 'India' and adopts 'Bharat,' it would raise questions about what it might mean.

"In a secular nation like ours, adopting the name 'Bharat' might carry a distinct leaning towards a specific community," opined Srivastava.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/india-news/explained-origin-of-bharat-indias-past-present-and-future-632906">Explained | Origin of the name 'Bharat' - India's past, present and future</a>

<h2>How much would it cost?</h2>

This very idea of a name change has also&nbsp;prompted experts to calculate the financial implications of such a rebranding venture on the nation's treasury.

While the act of changing a country's name may initially seem symbolic, it would necessitate significant modifications at local, national, and international levels. From revising government documents and maps to updating highway signage and promoting the rebranding, each aspect would bear a financial burden for the nation.

Drawing insights from the experiences of other countries that have undergone similar transitions, such as eSwatini (formerly Swaziland), offers valuable perspective.

In 2018, the cost estimation for eSwatini's rebranding was not explicitly disclosed, but intellectual property lawyer and blogger <a href="http://afro-ip.blogspot.com/2018/04/swaziland-rebrands-siyingaba.html?m=1">Darren Olivier</a>, based in South Africa, devised a noteworthy formula.

Olivier proposed that, for a large company, the average marketing budget represents about six&nbsp;per cent of its revenue. In eSwatini's case, this would amount to $60 million, with rebranding budgets typically constituting 10 per cent of these marketing costs. This formula yielded an estimated $6 million cost for the eSwatini government, a significant sum for a smaller nation.

<img alt="picture" data-entity-type="file" data-entity-uuid="d2abab42-cbcb-4743-8ff2-40843391a535" src="//cdn.wionews.com/sites/default/files/inline-images/The%20battle%20for%20Kyiv%20-%202023-09-13T142725.664.png" />

<div class="videoWrapper trancodeVideo">Applying this formula to a country as vast as India, the projected cost stands at approximately Rs 14,000 crore ($1.75&nbsp;billion),&nbsp;using Olivier's methodology. However, this figure is an estimate, and the actual cost could vary considerably depending on the extent of financial resources the Indian government chooses to allocate to publicise this monumental change, if it really goes ahead with a&nbsp;plan to change the name.</div>

&nbsp;

&nbsp;

WATCH WION LIVE HERE:

<iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed" style="width:100%;max-width:560px;" width="560"></iframe>

India is currently caught in a whirlwind of uncertainty, with rumours of a significant change in the pipeline – the prospective rebranding of the nation as "Bharat".

India is currently caught in a whirlwind of uncertainty, with rumours of a significant change in the pipeline – the prospective rebranding of the nation as "Bharat". The speculations stem from the recent G20 Summit hosted by India on September 9 and 10, wherein President Droupadi Murmu's invitation for the dinner reception referred to her as the "President of Bharat," in Hindi, instead of the conventional "President of India." The conjecture is further fuelled by the forthcoming five-day special parliamentary session starting on September 18, with heightened expectations of a significant government decision. Following initiatives like the Uniform Civil Code and 'one-nation, one election,' speculation now revolves around the formal change of our country's name from 'India' to 'Bharat' through a constitutional amendment under Article 368. "From a constitutional perspective, any name change would introduce a normative shift in the interpretation of the constitution itself. Using the name 'Bharat' would also raise the question of what the term 'Bharat' signifies," explained Ashit Srivastava, Professor of constitutional law, National Law University, Jabalpur to WION. In many theocratic states, when terms signifying a specific religion are employed, the laws tend to align closely with that religion's teachings. If we examine the constitutions of countries like Pakistan, Sri Lanka, or those in the Middle East, a common feature emerges: they explicitly define the state's religion and often use it as the normative foundation guiding all legislative alignment, explained Srivastava. If India, proclaiming itself a secular country, relinquishes the name 'India' and adopts 'Bharat,' it would raise questions about what it might mean. "In a secular nation like ours, adopting the name 'Bharat' might carry a distinct leaning towards a specific community," opined Srivastava. Also read | Explained | Origin of the name 'Bharat' - India's past, present and future How much would it cost? This very idea of a name change has also prompted experts to calculate the financial implications of such a rebranding venture on the nation's treasury. While the act of changing a country's name may initially seem symbolic, it would necessitate significant modifications at local, national, and international levels. From revising government documents and maps to updating highway signage and promoting the rebranding, each aspect would bear a financial burden for the nation. Drawing insights from the experiences of other countries that have undergone similar transitions, such as eSwatini (formerly Swaziland), offers valuable perspective. In 2018, the cost estimation for eSwatini's rebranding was not explicitly disclosed, but intellectual property lawyer and blogger Darren Olivier, based in South Africa, devised a noteworthy formula. Olivier proposed that, for a large company, the average marketing budget represents about six per cent of its revenue. In eSwatini's case, this would amount to $60 million, with rebranding budgets typically constituting 10 per cent of these marketing costs. This formula yielded an estimated $6 million cost for the eSwatini government, a significant sum for a smaller nation. Applying this formula to a country as vast as India, the projected cost stands at approximately Rs 14,000 crore ($1.75 billion), using Olivier's methodology. However, this figure is an estimate, and the actual cost could vary considerably depending on the extent of financial resources the Indian government chooses to allocate to publicise this monumental change, if it really goes ahead with a plan to change the name. WATCH WION LIVE HERE:

Data Lab | From India to 'Bharat': What's the price tag of a national rebrand?

European Union ministers agreed on Friday (May 12)&nbsp;to decrease the bloc's financial dependence on China, but will now have to find out how to make that a reality, according to foreign policy chief&nbsp;Josep Borrell.

Borrell stated that foreign ministers broadly supported a strategy to shift China policy to emphasise its role as a political rival while continuing to consider Beijing as both a partner on global problems and an economic competitor, as reported by Reuters.

“Colleagues welcomed the paper that we presented. They agree on the basic lines of this re-calibration of our strategy on China,” Borrell told reporters after their meeting in Stockholm.

“When a dependency is too big, it’s a risk,” he declared.

Borrell stated that the EU must learn from the "strategic mistake" of becoming overly reliant on Russian gas in the years preceding Moscow's conflict in Ukraine.

He said that the EU is now even more reliant on China for important technology such as solar panels and essential materials than it was on Russia for energy.&nbsp;

“De-risking is just a word. But behind this word, there is a lot of work that will take time, to review all our economic relations with China,” he said.

Borrell emphasised that the goal was not to "decouple" the European and Chinese economies, but to rebalance them.

ALSO WATCH |&nbsp;European Union looks to 'Re-Calibrate' position on China as Beijing grows assertive

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/european-union-looks-to-re-calibrate-position-on-china-as-beijing-grows-assertive-591945/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Lithuanian Foreign Minister Gabrielius Landsbergis said that even if the EU does not wish to economically decouple from China, it must be prepared for such a situation.

“Somebody has to devise a possibility that a de-coupling might happen – not because we wished it, like with Russia, not because we willed it but because the situation, for example in the Taiwan Strait, has been changed by force,” he said.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Good to talk to Minister <a href="https://twitter.com/Menlu_RI?ref_src=twsrc%5Etfw">@Menlu_RI</a> Retno, this time in the margins of the Indo-Pacific Ministerial Forum in Stockholm. 
 
We exchanged views on how to best address the disastrous situation of the people in <a href="https://twitter.com/hashtag/Myanmar?src=hash&amp;ref_src=twsrc%5Etfw">#Myanmar</a> and to help implement <a href="https://twitter.com/ASEAN?ref_src=twsrc%5Etfw">@ASEAN</a>’s 5-point consensus. <a href="https://t.co/zXs01EjkmT">pic.twitter.com/zXs01EjkmT</a>
— Josep Borrell Fontelles (@JosepBorrellF) <a href="https://twitter.com/JosepBorrellF/status/1657527390447316994?ref_src=twsrc%5Etfw">May 13, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Officials will now optimise the plan before presenting it to EU leaders, who will meet in June to discuss China.

The idea is the latest attempt to achieve a compromise between the EU's 27 member countries, maintain a separate EU strategy to Beijing, and maintain a tight collaboration with Washington, which is pressing for a tougher stance on China.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/eu-china-relations-to-worsen-unless-beijing-uses-influence-with-russia-to-end-ukraine-war-borrell-591961">EU-China relations to worsen unless Beijing uses influence with Russia to end Ukraine war: Borrell</a>

According to the letter, collaboration with the US would "remain essential."&nbsp;

But it says the EU “should not subscribe to an idea of a zero-sum game whereby there can only be one winner, in a binary contest between the US and China.”

As per&nbsp;the declaration, the EU should "diversify sources of supply in key sectors, particularly those critical to our green and digital transition," such as semiconductors, 5G and 6G telecoms, batteries, raw materials, and critical minerals.

<h2>Why is achieving financial independence from China not as easy as it sounds?</h2>

More mining in Europe, in particular, as well as stable new and renewed ties with friendly, resource-rich nations, ideally structured by bi- or multilateral trade agreements, are required. Furthermore, sustainable alternatives such as the shift to a more circular economy may disrupt present value chains and reduce Europe's overall desire for resources. It will take many years to execute and accomplish these tasks, according to the Friedrich Naumann Foundation.&nbsp;

Europe not only mines its own resources to a very limited extent, but critical refining procedures have also been outsourced. If China stops supplying resources to Europe, the majority of its most powerful industries, particularly its most forward-thinking technology, will grind to a halt. This is something China is well aware of. And, while Europe remains optimistic about the ability to prioritise opportunities for "partnership," Europe's more recent ambivalent perception of China as a "competitor" and "systemic rival" is fueled by a deep scepticism and lack of trust in the ability of "partnership" to guarantee long-term stable relations and joint goals.&nbsp;

As a result, as long as Europe has not yet diversified its resource supply, China can use Europe's reliance to force political concessions or put pressure on single member states to influence EU decision-making.

Europe's biggest problem is that time is not on its side: the lengthy process of resource diversification must work at multiple levels: between the EU and its member states, between EU member states in the European Council, within single member states operating under very different economic conditions, between EU member states and third states, between the EU and third states or state groups, and finally, at the level of companies and industries that must develop. Negotiations take time, as does the creation of new infrastructure, which often necessitates a significant initial expenditure, noted&nbsp;he Friedrich Naumann Foundation.&nbsp;

(With inputs from agencies)

WATCH WION LIVE HERE:

<iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed" style="width:100%;max-width:560px;" width="560"></iframe>

European Union ministers agreed on Friday (May 12) to decrease the bloc's financial dependence on China, but will now have to find out how to make that a reality, according to foreign policy chief Josep Borrell.

European Union ministers agreed on Friday (May 12) to decrease the bloc's financial dependence on China, but will now have to find out how to make that a reality, according to foreign policy chief Josep Borrell. Borrell stated that foreign ministers broadly supported a strategy to shift China policy to emphasise its role as a political rival while continuing to consider Beijing as both a partner on global problems and an economic competitor, as reported by Reuters. “Colleagues welcomed the paper that we presented. They agree on the basic lines of this re-calibration of our strategy on China,” Borrell told reporters after their meeting in Stockholm. “When a dependency is too big, it’s a risk,” he declared. Borrell stated that the EU must learn from the "strategic mistake" of becoming overly reliant on Russian gas in the years preceding Moscow's conflict in Ukraine. He said that the EU is now even more reliant on China for important technology such as solar panels and essential materials than it was on Russia for energy. “De-risking is just a word. But behind this word, there is a lot of work that will take time, to review all our economic relations with China,” he said. Borrell emphasised that the goal was not to "decouple" the European and Chinese economies, but to rebalance them. ALSO WATCH | European Union looks to 'Re-Calibrate' position on China as Beijing grows assertive Lithuanian Foreign Minister Gabrielius Landsbergis said that even if the EU does not wish to economically decouple from China, it must be prepared for such a situation. “Somebody has to devise a possibility that a de-coupling might happen – not because we wished it, like with Russia, not because we willed it but because the situation, for example in the Taiwan Strait, has been changed by force,” he said. Good to talk to Minister @Menlu_RI Retno, this time in the margins of the Indo-Pacific Ministerial Forum in Stockholm. We exchanged views on how to best address the disastrous situation of the people in #Myanmar and to help implement @ASEAN’s 5-point consensus. pic.twitter.com/zXs01EjkmT — Josep Borrell Fontelles (@JosepBorrellF) May 13, 2023 × Officials will now optimise the plan before presenting it to EU leaders, who will meet in June to discuss China. The idea is the latest attempt to achieve a compromise between the EU's 27 member countries, maintain a separate EU strategy to Beijing, and maintain a tight collaboration with Washington, which is pressing for a tougher stance on China. ALSO READ | EU-China relations to worsen unless Beijing uses influence with Russia to end Ukraine war: Borrell According to the letter, collaboration with the US would "remain essential." But it says the EU “should not subscribe to an idea of a zero-sum game whereby there can only be one winner, in a binary contest between the US and China.” As per the declaration, the EU should "diversify sources of supply in key sectors, particularly those critical to our green and digital transition," such as semiconductors, 5G and 6G telecoms, batteries, raw materials, and critical minerals. Why is achieving financial independence from China not as easy as it sounds? More mining in Europe, in particular, as well as stable new and renewed ties with friendly, resource-rich nations, ideally structured by bi- or multilateral trade agreements, are required. Furthermore, sustainable alternatives such as the shift to a more circular economy may disrupt present value chains and reduce Europe's overall desire for resources. It will take many years to execute and accomplish these tasks, according to the Friedrich Naumann Foundation. Europe not only mines its own resources to a very limited extent, but critical refining procedures have also been outsourced. If China stops supplying resources to Europe, the majority of its most powerful industries, particularly its most forward-thinking technology, will grind to a halt. This is something China is well aware of. And, while Europe remains optimistic about the ability to prioritise opportunities for "partnership," Europe's more recent ambivalent perception of China as a "competitor" and "systemic rival" is fueled by a deep scepticism and lack of trust in the ability of "partnership" to guarantee long-term stable relations and joint goals. As a result, as long as Europe has not yet diversified its resource supply, China can use Europe's reliance to force political concessions or put pressure on single member states to influence EU decision-making. Europe's biggest problem is that time is not on its side: the lengthy process of resource diversification must work at multiple levels: between the EU and its member states, between EU member states in the European Council, within single member states operating under very different economic conditions, between EU member states and third states, between the EU and third states or state groups, and finally, at the level of companies and industries that must develop. Negotiations take time, as does the creation of new infrastructure, which often necessitates a significant initial expenditure, noted he Friedrich Naumann Foundation. (With inputs from agencies) WATCH WION LIVE HERE:

Alleviating financial dependency on China is complex for EU. Know why

Former US president Donald Trump disclosed his personal finances with the Federal Election Commission showing a massive boost in his wealth after leaving office in 2020.

Those intending to run for president in 2024 are mandated by law to disclose their assets and liabilities to the election body.

According to the 101-page financial disclosure report, made public on Friday, the 76-year-old Republican made $5million from speaking engagements, and between $100,001 and $1 million in earnings from CIC Digital, the company behind the sale of Trump-branded non-fungible tokens (NFTs).

Apart from that, the documents show that his business empire generated at least $282 million over 2021 and most of 2022, and is currently valued at a minimum of $1.2 billion.

However, the revenue figures are not exact because many of Trump's holdings are in illiquid real estate assets and because federal disclosures require reporting only in broad ranges, with the top one over $50 million, Bloomberg reported.

Here are some of the key takeaways from the financial disclosure

Trump’s Truth Social lowers its valuation

According to the disclosure, Trump Media &amp; Technology Group Corp., the company behind the Trump’s preferred social media platform Truth Social, is valued between $5 million and $25 million.

He has reported earning less than $201 in income from the group in&nbsp;which he is the chairman of the board of directors.

The value is significantly lower than the initial $9 billion valuation for the company when it announced a merger in October 2021 with a Digital World Acquisition Company.

Trump NFTs a hit

Trump has made between $100,001 and $1 million in income from NFTs, according to his 2022 financial disclosure form.

The NFTs, some of which shows him in a space suit wearing sunglasses while another depicted him as a superhero shooting lasers from his eyes—were priced at $99.

Despite inviting ridicule, around 45,000 series of NFTs were sold out in less than a day, according to the website that listed them.

Other sources of revenues

Trump's Mar-a-Lago Club, which has served as a destination spot for his supporters and allies, raked in over $5 million over the last 15 months, according to the report. The club brought in more than $24 million in the final year of his presidency,.

The Trump Hotel at the Old Post Office in Washington, D.C., which also served as a popular spot for Trump's allies during his presidency, also brought in more than $5 million last year in the months prior to its sale in May, per the filing.

Trump sees new income from deal with a Saudi-based firm

According to New York Times newspaper, the financial disclosure showed the first payment to Trump for a new deal backed by a Saudi Arabia-based real estate investment firm to build a new golf and hotel complex in Oman. The payments so far are listed as being worth just over $5 million.

The former president filed the disclosure – which is required to be submitted by candidates within 30 days of announcing their candidacy – only after seeking and securing two 45-day extensions.&nbsp;

Trump’s legal team sought an additional 30-day extension that was rejected by the FEC’s acting general counsel Lisa Stevenson, according to CNN.&nbsp;

(With inputs from agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Former US president Donald Trump disclosed his personal finances with the Federal Election Commission showing a massive boost in his wealth after leaving office in 2020.

Former US president Donald Trump disclosed his personal finances with the Federal Election Commission showing a massive boost in his wealth after leaving office in 2020. Those intending to run for president in 2024 are mandated by law to disclose their assets and liabilities to the election body. According to the 101-page financial disclosure report, made public on Friday, the 76-year-old Republican made $5million from speaking engagements, and between $100,001 and $1 million in earnings from CIC Digital, the company behind the sale of Trump-branded non-fungible tokens (NFTs). Apart from that, the documents show that his business empire generated at least $282 million over 2021 and most of 2022, and is currently valued at a minimum of $1.2 billion. However, the revenue figures are not exact because many of Trump's holdings are in illiquid real estate assets and because federal disclosures require reporting only in broad ranges, with the top one over $50 million, Bloomberg reported. Here are some of the key takeaways from the financial disclosure Trump’s Truth Social lowers its valuation According to the disclosure, Trump Media & Technology Group Corp., the company behind the Trump’s preferred social media platform Truth Social, is valued between $5 million and $25 million. He has reported earning less than $201 in income from the group in which he is the chairman of the board of directors. The value is significantly lower than the initial $9 billion valuation for the company when it announced a merger in October 2021 with a Digital World Acquisition Company. Trump NFTs a hit Trump has made between $100,001 and $1 million in income from NFTs, according to his 2022 financial disclosure form. The NFTs, some of which shows him in a space suit wearing sunglasses while another depicted him as a superhero shooting lasers from his eyes—were priced at $99. Despite inviting ridicule, around 45,000 series of NFTs were sold out in less than a day, according to the website that listed them. Other sources of revenues Trump's Mar-a-Lago Club, which has served as a destination spot for his supporters and allies, raked in over $5 million over the last 15 months, according to the report. The club brought in more than $24 million in the final year of his presidency,. The Trump Hotel at the Old Post Office in Washington, D.C., which also served as a popular spot for Trump's allies during his presidency, also brought in more than $5 million last year in the months prior to its sale in May, per the filing. Trump sees new income from deal with a Saudi-based firm According to New York Times newspaper, the financial disclosure showed the first payment to Trump for a new deal backed by a Saudi Arabia-based real estate investment firm to build a new golf and hotel complex in Oman. The payments so far are listed as being worth just over $5 million. The former president filed the disclosure – which is required to be submitted by candidates within 30 days of announcing their candidacy – only after seeking and securing two 45-day extensions. Trump’s legal team sought an additional 30-day extension that was rejected by the FEC’s acting general counsel Lisa Stevenson, according to CNN. (With inputs from agencies) WATCH WION LIVE HERE

US ex-president Donald Trump’s financial disclosures: Millions earned in NFTs, speaking events

Global bankers are flying back to Hong Kong as it returns as a financial hub. A financial event is also aimed at showing that the city is back in business.

Global bankers fly into Hong Kong as it returns as a financial hub

Giving financial advice can be risky in Australia. Well, we are not kidding, it's absolutely true. &nbsp;&nbsp;

If rules are not followed while giving financial advice, an influencer can face up to five years in jail in Australia, a new information sheet has warned. &nbsp;

There is a need to have a licence to give such advice, said the Australian Securities and Investments Commission (ASIC). &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/science/to-show-coolness-orangutans-like-humans-use-slang-says-study-464507" hreflang="en">To show coolness, orangutans like humans use slang, says study</a>

Around 33% people from the age group of 18 to 21 years follow financial influencers, as per a 2021 ASIC survey. &nbsp;

Not just this, it also found that 64% young people in Australia altered a financial behaviour due to an influencer. &nbsp;

It was crucial that "influencers who discuss financial products and services online comply with the financial services laws. If they don't, they risk substantial penalties and put investors at risk," said ASIC commissioner Cathie Armour. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/india-news/india-australia-virtual-summit-both-countries-firm-up-series-of-initiatives-to-boost-ties-464458" hreflang="en">India-Australia virtual summit: Both countries firm up series of initiatives to boost ties</a>

Aleks Nikolic, who posts about financial investment on several social media platforms but dislikes the label influencer, told the Guardian that the information sheet was very useful. &nbsp;

"I think it's some of their clearest and best comms they've ever put out, potentially ever. Obviously, everyone will now madly scramble to become compliant, but that was the point," Nikolic said. &nbsp;&nbsp;

(With inputs from agencies)&nbsp;

Giving financial advice can be risky in Australia. Well, we are not kidding, it's absolutely true. If rules are not followed while giving financial advice, an influencer can face up to five years in jail in Australia, a new information sheet has warned.

Giving financial advice can be risky in Australia. Well, we are not kidding, it's absolutely true. If rules are not followed while giving financial advice, an influencer can face up to five years in jail in Australia, a new information sheet has warned. There is a need to have a licence to give such advice, said the Australian Securities and Investments Commission (ASIC). Also Read: To show coolness, orangutans like humans use slang, says study Around 33% people from the age group of 18 to 21 years follow financial influencers, as per a 2021 ASIC survey. Not just this, it also found that 64% young people in Australia altered a financial behaviour due to an influencer. It was crucial that "influencers who discuss financial products and services online comply with the financial services laws. If they don't, they risk substantial penalties and put investors at risk," said ASIC commissioner Cathie Armour. Also Read: India-Australia virtual summit: Both countries firm up series of initiatives to boost ties Aleks Nikolic, who posts about financial investment on several social media platforms but dislikes the label influencer, told the Guardian that the information sheet was very useful. "I think it's some of their clearest and best comms they've ever put out, potentially ever. Obviously, everyone will now madly scramble to become compliant, but that was the point," Nikolic said. (With inputs from agencies)

Giving financial advice as influencer in Australia? Follow rules or face prison

The Taliban administration has now approved its very first budget for the country. The budget has come for the first time since the hardline Islamists have managed to return back to power on the 15th of August last year.

The Taliban administration has now approved its very first budget for the Afghanistan

$508 Million budget approved for the 1st quarter by the Taliban administration in Afghanistan

Taliban administration approves the first budget since the takeover of the Afghanistan

A financial crisis is intensifying in Taliban-controlled Afghanistan. In the face of economic hardship, the Taliban administration is expanding its food for work program.

Taliban increase payment to workers in Wheat amid the ongoing financial crisis in Afghanistan

Indonesia could phase out coal-fired power plants by 2040 if it gets sufficient financial help from the international community, the finance minister told Reuters.

The Southeast Asian archipelago is the world's fourth-most populous country and eighth biggest emitter of greenhouse gas, with coal making up about 65 per cent&nbsp;of its energy mix. It is also the world's biggest coal exporter.

Visiting the Scottish city of Glasgow for the COP26 conference, Sri Mulyani Indrawati said Indonesia would announce on Wednesday detailed plans to move to cleaner energy, with the phase-out of coal being the key issue.

Also Read |<a href="https://www.wionews.com/world/eco-hypocrite-leaders-businessmen-arrive-in-fuel-guzzling-private-jets-at-cop26-425903">&nbsp;'Eco-hypocrite': Leaders, businessmen arrive in fuel-guzzling private jets at COP26</a>

Previously, Indonesia said it planned to phase out coal for electricity by 2056, as part of a plan to reach net zero carbon emissions by 2060 or earlier.

"If we are going to put forward until 2040, then we need to have funding to retire coal earlier and to build the new capacity of renewable energy," Sri Mulyani said.

"That is exactly what has now become the core issue and I'm now as the finance minister calculating what does it mean to retire coal earlier. How much does it cost us" she said.

Also Read |&nbsp;<a href="https://www.wionews.com/world/cop26-india-uk-to-launch-solar-green-grids-initiative-425642">COP26: India, UK to launch solar Green Grids Initiative</a>

British Prime Minister Boris Johnson last week told the UK parliament Engagements that President Joko Widodo had said Indonesia was going to bring forward the abolition of coal use to 2040.

Indonesia had not previously confirmed such a plan.

Sri Mulyani told Reuters that meeting such a target was conditional on getting financial help from multilateral institutions, the private sector and developed countries.

She said the plans to be announced on Wednesday moved Indonesia's climate targets beyond "rhetoric" into the technical details and that the Asian Development Bank (ADB) and other financial institutions were "very excited" with their ideas.

The ADB is leading a group of financial institutions to devise plans to speed up the closings of coal-fired power plants in Asia, including in Indonesia, by buying the assets and winding them down.

Jakarta has identified 5.5 gigawatts of coal power plants that could be retired early in the next 8 years, estimating this would cost $25 billion to $30 billion.

Sri Mulyani said the country would also need international support to ensure electricity remains affordable when it switches to renewable sources, citing a temporary calculation of a need for $10 billion to $23 billion in "implicit subsidies" for renewable power projects until 2030.

"If this is all supposed to be financed from my taxpayers'&nbsp;money, that won't work. The world is asking us, so now the question is what the world could do to help Indonesia."

"The president always says, 'I'm going to be ambitious if the international (community) also aligns with this ambition'," she added.

Indonesia could phase out coal-fired power plants by 2040 if it gets sufficient financial help from the international community, the finance minister told Reuters.

Indonesia could phase out coal-fired power plants by 2040 if it gets sufficient financial help from the international community, the finance minister told Reuters. The Southeast Asian archipelago is the world's fourth-most populous country and eighth biggest emitter of greenhouse gas, with coal making up about 65 per cent of its energy mix. It is also the world's biggest coal exporter. Visiting the Scottish city of Glasgow for the COP26 conference, Sri Mulyani Indrawati said Indonesia would announce on Wednesday detailed plans to move to cleaner energy, with the phase-out of coal being the key issue. Also Read | 'Eco-hypocrite': Leaders, businessmen arrive in fuel-guzzling private jets at COP26 Previously, Indonesia said it planned to phase out coal for electricity by 2056, as part of a plan to reach net zero carbon emissions by 2060 or earlier. "If we are going to put forward until 2040, then we need to have funding to retire coal earlier and to build the new capacity of renewable energy," Sri Mulyani said. "That is exactly what has now become the core issue and I'm now as the finance minister calculating what does it mean to retire coal earlier. How much does it cost us" she said. Also Read | COP26: India, UK to launch solar Green Grids Initiative British Prime Minister Boris Johnson last week told the UK parliament Engagements that President Joko Widodo had said Indonesia was going to bring forward the abolition of coal use to 2040. Indonesia had not previously confirmed such a plan. Sri Mulyani told Reuters that meeting such a target was conditional on getting financial help from multilateral institutions, the private sector and developed countries. She said the plans to be announced on Wednesday moved Indonesia's climate targets beyond "rhetoric" into the technical details and that the Asian Development Bank (ADB) and other financial institutions were "very excited" with their ideas. The ADB is leading a group of financial institutions to devise plans to speed up the closings of coal-fired power plants in Asia, including in Indonesia, by buying the assets and winding them down. Jakarta has identified 5.5 gigawatts of coal power plants that could be retired early in the next 8 years, estimating this would cost $25 billion to $30 billion. Sri Mulyani said the country would also need international support to ensure electricity remains affordable when it switches to renewable sources, citing a temporary calculation of a need for $10 billion to $23 billion in "implicit subsidies" for renewable power projects until 2030. "If this is all supposed to be financed from my taxpayers' money, that won't work. The world is asking us, so now the question is what the world could do to help Indonesia." "The president always says, 'I'm going to be ambitious if the international (community) also aligns with this ambition'," she added.

Indonesia could phase out coal by 2040 with financial help, says finance minister

Britain's financial watchdog announced five new appointments on Thursday, creating an executive committee dominated by women.

The overhaul also comes as the watchdog aims to show lawmakers it has learned lessons after a damning report that said its executive committee was responsible for not responding fast enough to problems at now defunct London Capital and Finance investment fund.

The Financial Conduct Authority, under CEO Nikhil Rathi who took up the reins last October, said Stephanie Cohen will be its new chief operating officer, with Jessica Rusu becoming its first chief data, information and intelligence officer.

There are now seven women and four men on the FCA's executive committee.

Sarah Pritchard has been appointed executive director for markets, while Emily Shepperd will take up a newly created role of executive director for authorisations.

The FCA also appointed Clare Cole as director of market oversight, and she will lead the watchdog's response to a forthcoming review of UK company listings rules. The review is expected to recommend changes to attract more tech and fintech listings.

Rathi, a former finance ministry and London Stock Exchange official, began an internal shake-up last November with a merger of retail and wholesale supervision units to create a "holistic" view of activities.

The FCA said the new appointments were part of its transformation into a "data-led" regulator of more than 60,000 firms, and were aimed at speeding up decision-making.

Britain's financial watchdog announced five new appointments on Thursday, creating an executive committee dominated by women. The overhaul also comes as the watchdog aims to show lawmakers it has learned lessons after a damning report that said its executive committee was responsible for not responding fast enough to problems at now defunct London Capital and Finance investment fund.

Britain's financial watchdog announced five new appointments on Thursday, creating an executive committee dominated by women. The overhaul also comes as the watchdog aims to show lawmakers it has learned lessons after a damning report that said its executive committee was responsible for not responding fast enough to problems at now defunct London Capital and Finance investment fund. The Financial Conduct Authority, under CEO Nikhil Rathi who took up the reins last October, said Stephanie Cohen will be its new chief operating officer, with Jessica Rusu becoming its first chief data, information and intelligence officer. There are now seven women and four men on the FCA's executive committee. Sarah Pritchard has been appointed executive director for markets, while Emily Shepperd will take up a newly created role of executive director for authorisations. The FCA also appointed Clare Cole as director of market oversight, and she will lead the watchdog's response to a forthcoming review of UK company listings rules. The review is expected to recommend changes to attract more tech and fintech listings. Rathi, a former finance ministry and London Stock Exchange official, began an internal shake-up last November with a merger of retail and wholesale supervision units to create a "holistic" view of activities. The FCA said the new appointments were part of its transformation into a "data-led" regulator of more than 60,000 firms, and were aimed at speeding up decision-making.

Britain's financial watchdog appoints five women to top roles

Indian shares were largely unchanged on Thursday, with gains in IT stocks offset by losses in financials, as investors awaited fresh cues before making new bets.

The NSE Nifty 50 Index fell 0.08 per cent&nbsp;to 12,211.50 as on 0400 GMT, while the S&amp;P BSE Sensex index was down 0.09 per cent&nbsp;at 41,515.96.

Shares in broader Asia pulled away from multi-month highs, with the MSCI's broadest index of Asia-Pacific shares outside Japan slipping 0.2 per cent.

Meanwhile, investors are also weighing a decision by US&nbsp;House of Representatives to impeach US&nbsp;President Donald Trump for <a href="https://www.wionews.com/world/impeached-us-president-trump-says-democrats-consumed-with-hatred-269042">abuse of power</a> and obstruction of Congress.

But global market reaction to the development so far has been limited as the Senate is widely expected not to vote to remove Trump from office.

In India, sentiments were also dampened by the <a href="https://www.wionews.com/india-news/finance-minister-nirmala-sitharaman-to-chair-38th-gst-council-meeting-today-268815">Goods and Services Tax</a> (GST) Council's decision on Wednesday to leave tax rates unchanged, as the markets were hoping for a rate cut.

The rupee strengthened by 0.06 per cent&nbsp;to 70.98 against the dollar, while the benchmark 10-year bond yield opened at 6.7160 per cent, versus the previous close of 6.7103 per cent.

The biggest laggard on the NSE index was Yes Bank Ltd, which slipped over 2 per cent.

The Nifty PSU Bank index, which tracks the country's state-run lenders, slipped 0.6 per cent, with 10 of the 12 stocks on the index trading in the red.

The <a href="https://www.wionews.com/business-economy/nifty-sensex-end-higher-it-metal-stocks-shine-268969">Nifty IT index</a> rose as much as 0.67 per cent, with HCL Technologies gaining over 1.5 per cent.

Shares in Tata Group companies eked out gains a day after Cyrus Mistry, who had been embroiled in a legal battle with the Group since being ousted in 2016, won backing from a tribunal to be reinstated as executive chairman of its holding company.

Shares of both Tata Consultancy Services and Tata Motors rose over 1 per cent.

Indian shares were largely unchanged on Thursday, with gains in IT stocks offset by losses in financials, as investors awaited fresh cues before making new bets.

Indian shares were largely unchanged on Thursday, with gains in IT stocks offset by losses in financials, as investors awaited fresh cues before making new bets. The NSE Nifty 50 Index fell 0.08 per cent to 12,211.50 as on 0400 GMT, while the S&P BSE Sensex index was down 0.09 per cent at 41,515.96. Shares in broader Asia pulled away from multi-month highs, with the MSCI's broadest index of Asia-Pacific shares outside Japan slipping 0.2 per cent. Meanwhile, investors are also weighing a decision by US House of Representatives to impeach US President Donald Trump for abuse of power and obstruction of Congress. But global market reaction to the development so far has been limited as the Senate is widely expected not to vote to remove Trump from office. In India, sentiments were also dampened by the Goods and Services Tax (GST) Council's decision on Wednesday to leave tax rates unchanged, as the markets were hoping for a rate cut. The rupee strengthened by 0.06 per cent to 70.98 against the dollar, while the benchmark 10-year bond yield opened at 6.7160 per cent, versus the previous close of 6.7103 per cent. The biggest laggard on the NSE index was Yes Bank Ltd, which slipped over 2 per cent. The Nifty PSU Bank index, which tracks the country's state-run lenders, slipped 0.6 per cent, with 10 of the 12 stocks on the index trading in the red. The Nifty IT index rose as much as 0.67 per cent, with HCL Technologies gaining over 1.5 per cent. Shares in Tata Group companies eked out gains a day after Cyrus Mistry, who had been embroiled in a legal battle with the Group since being ousted in 2016, won backing from a tribunal to be reinstated as executive chairman of its holding company. Shares of both Tata Consultancy Services and Tata Motors rose over 1 per cent.

Nifty, Sensex flat as financials offset IT gains

Shares closed largely unchanged on Wednesday as weak global data hurt sentiment, while investors awaited positive cues from the budget due later this week.

The government is set to turn on the fiscal taps in the budget and revise its borrowing target slightly higher for this year and next, prompted by a slowing economy and weak jobs growth, a Reuters poll of economists showed.

The broader NSE Nifty closed 0.05% higher at 11,916.75, while the benchmark BSE Sensex settled 0.06% firmer at 39,839.25.

Financials stock helped the indices finish in the black, with Indiabulls Housing Finance Ltd closing 7.6% higher while IndusInd Bank Ltd ending the day 3.8% higher.

Shares closed largely unchanged on Wednesday as weak global data hurt sentiment, while investors awaited positive cues from the budget due later this week. The government is set to turn on the fiscal taps in the budget and revise its borrowing target slightly higher for this year and next, prompted by a slowing economy and weak jobs growth, a Reuters poll of economists showed.

Shares closed largely unchanged on Wednesday as weak global data hurt sentiment, while investors awaited positive cues from the budget due later this week. The government is set to turn on the fiscal taps in the budget and revise its borrowing target slightly higher for this year and next, prompted by a slowing economy and weak jobs growth, a Reuters poll of economists showed. The broader NSE Nifty closed 0.05% higher at 11,916.75, while the benchmark BSE Sensex settled 0.06% firmer at 39,839.25. Financials stock helped the indices finish in the black, with Indiabulls Housing Finance Ltd closing 7.6% higher while IndusInd Bank Ltd ending the day 3.8% higher.

Sensex, Nifty largely unchanged, financials keep index afloat

Pakistan Prime Minister Imran Khan has vowed to go after the "thieves" who left the country badly in debt and set up a high-powered commission to probe <a href="https://www.wionews.com/south-asia/our-debt-has-gone-up-to-205-billion-in-the-last-decade-pakistan-pm-imran-khan-in-national-address-225840">huge debts incurred during the last 10 years</a>, as he defended arrests of several key political figures in corruption cases.&nbsp;

In an unusual midnight speech after the first budget of his cash-strapped government was presented, Khan said that all economic problem was due to <a href="https://www.wionews.com/south-asia/imran-khan-asks-pakistanis-to-declare-their-undisclosed-assets-by-jun-30-225963">debt which increased to Rs 300 crore</a> from Rs 60 crore in 10 years.&nbsp;

His speech came on the day when Leader of the Opposition in the Punjab Assembly, Hamza Shehbaz was arrested by the National Accountability Bureau (NAB) in cases related to money laundering.&nbsp;

On Monday, former president <a href="https://www.wionews.com/south-asia/zardari-produced-before-court-anti-graft-body-seeks-physical-remand-226185">Asif Ali Zardari </a>was also arrested by the NAB in connection with a multi-million dollar money laundering case.&nbsp;

Former Prime Minister <a href="https://www.wionews.com/pakistan/nawaz-sharif-quizzed-in-jail-by-anti-graft-body-over-illegal-purchase-of-over-30-bulletproof-vehicles-222338">Nawaz Sharif </a>(from the PML-N party) is already in jail having been sentenced in another corruption case in 2018.

Khan announced that after putting to rest the initial focus of the government to stabilise the economy, his attention would be more targeted towards bringing the ones to task who had caused the country to fall into such dire straits.

Also read:&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-to-stay-on-fatfs-grey-list-official-to-wion-222508">Pakistan to stay on FATF's grey list: Official to WION</a>

"Pakistan is stable now. That pressure [to stabilise the economy] has been relieved. Now I will go after them [the corrupt politicians]," declared the prime minister.

"I'm making a high-powered enquiry commission with a one-point agenda: how did they raise the debt to Rs 24,000 billion (240 crore) in 10 years?"

He said that the commission shall comprise the FIA (Federal Investigation Agency), IB (Intelligence Bureau), ISI (the Inter-services Intelligence Directorate), FBR (Federal Board of Revenue) and SECP (Securities and Exchange Commission of Pakistan).&nbsp;

The Pakistan Peoples Party and Pakistan Muslim League-Nawaz served in two successive terms since 2008 when Khan claimed debt increased.

Khan said that the commission will include representatives of the Federal Investigation Agency (FIA), Intelligence Bureau (IB), Inter-Services Intelligence (ISI), Federal Bureau of Revenue (FBR) and Security and Exchange Commission of Pakistan (SECP).

He said that those who were in helms of affairs during last 10 years will not be spared.

Watch: Is the IMF bailout a&nbsp;Lifeline for Pakistan's economy?

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-is-the-imf-bailout-a-lifeline-for-pakistans-economy-218468/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

"All those in power will be fully investigated by this commission which will prepare a report so that no one dares leave the country in tatters ever again," he said.&nbsp;

"Even if my life goes, I will not leave these thieves alone. I had prayed to God to give me one chance. I will not leave them."

He blamed the two previous governments for all ills including low growth, joblessness and devaluations.

Khan's government has been heavily criticised for the politically-motivated arrests in corruption cases, but he defended them.

Khan said he would not be "blackmailed" with protests.&nbsp;

Talking about the recent arrests of the bigwigs, Khan said, "I am grateful to Allah, the big figures who are now jailed, no one could have imagined [it could be done]."&nbsp;

"People are crying that Sharif and Zardari have been jailed [...] both of them used to call each other corrupt. Mian Nawaz Sharif jailed Zardari twice during his two tenures.

The prime minister said that they [Nawaz and Zardari] came to an agreement that each would rule for five years and "not say anything to each other".&nbsp;

Pakistan Prime Minister Imran Khan has vowed to go after the "thieves" who left the country badly in debt and set up a high-powered commission to probe huge debts incurred during the last 10 years, as he defended arrests of several key political figures in corruption cases.

Pakistan Prime Minister Imran Khan has vowed to go after the "thieves" who left the country badly in debt and set up a high-powered commission to probe huge debts incurred during the last 10 years, as he defended arrests of several key political figures in corruption cases. In an unusual midnight speech after the first budget of his cash-strapped government was presented, Khan said that all economic problem was due to debt which increased to Rs 300 crore from Rs 60 crore in 10 years. His speech came on the day when Leader of the Opposition in the Punjab Assembly, Hamza Shehbaz was arrested by the National Accountability Bureau (NAB) in cases related to money laundering. On Monday, former president Asif Ali Zardari was also arrested by the NAB in connection with a multi-million dollar money laundering case. Former Prime Minister Nawaz Sharif (from the PML-N party) is already in jail having been sentenced in another corruption case in 2018. Khan announced that after putting to rest the initial focus of the government to stabilise the economy, his attention would be more targeted towards bringing the ones to task who had caused the country to fall into such dire straits. Also read: Pakistan to stay on FATF's grey list: Official to WION "Pakistan is stable now. That pressure [to stabilise the economy] has been relieved. Now I will go after them [the corrupt politicians]," declared the prime minister. "I'm making a high-powered enquiry commission with a one-point agenda: how did they raise the debt to Rs 24,000 billion (240 crore) in 10 years?" He said that the commission shall comprise the FIA (Federal Investigation Agency), IB (Intelligence Bureau), ISI (the Inter-services Intelligence Directorate), FBR (Federal Board of Revenue) and SECP (Securities and Exchange Commission of Pakistan). The Pakistan Peoples Party and Pakistan Muslim League-Nawaz served in two successive terms since 2008 when Khan claimed debt increased. Khan said that the commission will include representatives of the Federal Investigation Agency (FIA), Intelligence Bureau (IB), Inter-Services Intelligence (ISI), Federal Bureau of Revenue (FBR) and Security and Exchange Commission of Pakistan (SECP). He said that those who were in helms of affairs during last 10 years will not be spared. Watch: Is the IMF bailout a Lifeline for Pakistan's economy? × "All those in power will be fully investigated by this commission which will prepare a report so that no one dares leave the country in tatters ever again," he said. "Even if my life goes, I will not leave these thieves alone. I had prayed to God to give me one chance. I will not leave them." He blamed the two previous governments for all ills including low growth, joblessness and devaluations. Khan's government has been heavily criticised for the politically-motivated arrests in corruption cases, but he defended them. Khan said he would not be "blackmailed" with protests. Talking about the recent arrests of the bigwigs, Khan said, "I am grateful to Allah, the big figures who are now jailed, no one could have imagined [it could be done]." "People are crying that Sharif and Zardari have been jailed [...] both of them used to call each other corrupt. Mian Nawaz Sharif jailed Zardari twice during his two tenures. The prime minister said that they [Nawaz and Zardari] came to an agreement that each would rule for five years and "not say anything to each other".

Imran Khan vows to go after 'thieves' responsible for Pakistan's economic woes 

The UK government on Tuesday flagged financial implications as one of the factors it had to consider while reflecting upon demands for a formal apology for the Jallianwala Bagh massacre to mark its centenary this week.

UK Foreign Office minister Mark Field told a debate on Jallianwala Bagh massacre at Westminster Hall in the House of Commons complex that while it was important to draw a line under the past over the shameful episode in history, repeatedly issuing apologies for events related to the British Raj came with their own problems.

I have slightly orthodox views on Britain's colonial past. I feel little reluctant to make apologies for things that have happened in the past, the minister said.

He added: There are also concerns that any government department has to make about an apology, given that there may well be financial implications to making an apology.

I feel we perhaps debase the currency of apologies if we are seen to make them for many, many events.

However, while reiterating the UK government's deepest regret over the massacre in Amritsar on April 13, 1919, Field stressed that the issue of appropriately marking the sombre 100th anniversary remains a work in progress and an active debate was taking place amongst ministers and senior officials.

Importantly, our modern relationship with India is focussed on the future, on pooling our strengths However, I also recognise that the relationship is framed in part by the past, Field said, adding that he had been compelled by the latest debate to take a message back to Downing Street that perhaps a little more is required than the deep regret already expressed by the UK government.

Something is holding us back fulfilling the full potential of the flourishing relationship (with India) and I do accept that it (Jallianwala Bagh) perhaps grates particularly strongly, the minister said.

The debate, tabled by Conservative Party MP Bob Blackman, included a series of cross-party British MPs speaking on the enduring and very deep feelings and emotions the monstrous event continues to rise across the world.

Veteran Indian-origin Labour MP Virendra Sharma called for a formal apology to be made by British Prime Minister Theresa May, with others echoing the demand and also raising the prospect of a physical memorial to be constructed in memory of those who lost their lives.

Many of the MPs included an account of General Dyer firing on a Baisakhi gathering at Jallianwala Bagh in Amritsar on April 13, 1919, without warning and blocking the main exit of the park with his soldiers and armoured vehicles.

Dyer is recorded as having continued to fire for 10 minutes even as the thousands gathered in the grounds tried to escape, leaving thousands dead and injured.

Blackman, in wrapping up the outcomes of the latest UK parliamentary intervention over the massacre, said the key messages that came out of the debate was that the incident must form part of the school curriculum in the UK and that a formal apology for the incident remains the right thing to do.

The Westminster Hall event follows a debate in the House of Lords in February when a government minister had confirmed that UK foreign secretary Jeremy Hunt was "reflecting" on demands for a formal apology to mark the centenary of the Jallianwala Bagh massacre this month.

In their capacity as members of a newly-formed Jallianwala Bagh Centenary Commemoration Committee (JBCC), Indian-origin peers Lord Meghnad Desai and Lord Raj Loomba had also written to Theresa May calling for a formal apology.

The JBCC, chaired by businessman and philanthropist Sardar Balbir Singh Kakar and made up of a number of Indians and non-resident Indians (NRIs) including members of the International Punjab Forum, is planning a commemorative event in the House of Lords on Saturday to mark the centenary of the massacre on April 13, 1919.

The UK government on Tuesday flagged financial implications as one of the factors it had to consider while reflecting upon demands for a formal apology for the Jallianwala Bagh massacre to mark its centenary this week.

The UK government on Tuesday flagged financial implications as one of the factors it had to consider while reflecting upon demands for a formal apology for the Jallianwala Bagh massacre to mark its centenary this week. UK Foreign Office minister Mark Field told a debate on Jallianwala Bagh massacre at Westminster Hall in the House of Commons complex that while it was important to draw a line under the past over the shameful episode in history, repeatedly issuing apologies for events related to the British Raj came with their own problems. I have slightly orthodox views on Britain's colonial past. I feel little reluctant to make apologies for things that have happened in the past, the minister said. He added: There are also concerns that any government department has to make about an apology, given that there may well be financial implications to making an apology. I feel we perhaps debase the currency of apologies if we are seen to make them for many, many events. However, while reiterating the UK government's deepest regret over the massacre in Amritsar on April 13, 1919, Field stressed that the issue of appropriately marking the sombre 100th anniversary remains a work in progress and an active debate was taking place amongst ministers and senior officials. Importantly, our modern relationship with India is focussed on the future, on pooling our strengths However, I also recognise that the relationship is framed in part by the past, Field said, adding that he had been compelled by the latest debate to take a message back to Downing Street that perhaps a little more is required than the deep regret already expressed by the UK government. Something is holding us back fulfilling the full potential of the flourishing relationship (with India) and I do accept that it (Jallianwala Bagh) perhaps grates particularly strongly, the minister said. The debate, tabled by Conservative Party MP Bob Blackman, included a series of cross-party British MPs speaking on the enduring and very deep feelings and emotions the monstrous event continues to rise across the world. Veteran Indian-origin Labour MP Virendra Sharma called for a formal apology to be made by British Prime Minister Theresa May, with others echoing the demand and also raising the prospect of a physical memorial to be constructed in memory of those who lost their lives. Many of the MPs included an account of General Dyer firing on a Baisakhi gathering at Jallianwala Bagh in Amritsar on April 13, 1919, without warning and blocking the main exit of the park with his soldiers and armoured vehicles. Dyer is recorded as having continued to fire for 10 minutes even as the thousands gathered in the grounds tried to escape, leaving thousands dead and injured. Blackman, in wrapping up the outcomes of the latest UK parliamentary intervention over the massacre, said the key messages that came out of the debate was that the incident must form part of the school curriculum in the UK and that a formal apology for the incident remains the right thing to do. The Westminster Hall event follows a debate in the House of Lords in February when a government minister had confirmed that UK foreign secretary Jeremy Hunt was "reflecting" on demands for a formal apology to mark the centenary of the Jallianwala Bagh massacre this month. In their capacity as members of a newly-formed Jallianwala Bagh Centenary Commemoration Committee (JBCC), Indian-origin peers Lord Meghnad Desai and Lord Raj Loomba had also written to Theresa May calling for a formal apology. The JBCC, chaired by businessman and philanthropist Sardar Balbir Singh Kakar and made up of a number of Indians and non-resident Indians (NRIs) including members of the International Punjab Forum, is planning a commemorative event in the House of Lords on Saturday to mark the centenary of the massacre on April 13, 1919.

UK flags financial implications of Jallianwala Bagh apology, calls it 'work in progress'

Zimbabweans stayed at home on Wednesday and foreign banks and most businesses in the capital shut down, in one of the biggest protests against high unemployment, an acute cash shortage and corruption for nearly a decade. 
 
Evan Mawarire, a pastor whose social media movement #ThisFlag organised the &quot;stay-away&quot;, demanded that President Robert Mugabe fire corrupt cabinet ministers and scrap plans to introduce local bank notes or face a two-day shut-down next week. 
 
Wednesday&#39;s protest followed violent clashes between taxi drivers and police on Monday that led to the arrest of 95 people. It also coincided with a strike by doctors, teachers and nurses whose salaries had been delayed. 
 
A devastating drought has compounded economic hardships including high joblessness while an acute cash shortage has angered Zimbabwe&#39;s citizens. 
 
In a story quoting John Mangudya, the governor of Zimbabwe&#39;s central bank, the Financial Times reported on Wednesday that the African Export-Import Bank was arranging a seven-year loan of $986 million so Zimbabwe could pay back arrears to the World Bank. 
 
The FT quoted Mangudya as saying Zimbabwe hoped to pay off its arrears before the September board meetings of the International Monetary Fund and the African Development Bank, paving the way for IMF assistance to alleviate its cash crunch. 
 
African Export-Import Bank and IMF officials could not immediately be reached for comment. 
 
Campaign attracts thousands 
 
The 39-year-old Mawarire started the #ThisFlag campaign in April to protest against corruption, injustice and poverty. 
 
The campaign has attracted thousands of followers who have been speaking out against government excesses. Wednesday&#39;s protest was organised via Twitter, Facebook and WhatsApp. 
 
Mawarire&#39;s campaign includes a series of demands: for Mugabe to fire and prosecute &quot;known&quot; corrupt ministers, for government salaries to be paid on time and for police to remove roadblocks which most people say are posts for bribe taking officers. 
 
&quot;The ball is in your court,&quot; Mawarire wrote on his Facebook page. &quot;We are ready to close down again and this time we will add another day, Wednesday and Thursday. We are not playing and we ask you to take us seriously.&quot; 
 
Mugabe&#39;s spokesman, George Charamba, was not available to comment. 
 
State telecoms regulator POTRAZ said in a statement it would arrest people sending &quot;subversive&quot; messages that cause unrest. 
 
Mugabe, who has held power since Zimbabwe gained independence from Britain in 1980, was attending a scheduled meeting on Wednesday of his party ZANU-PF&#39;s politburo, the party&#39;s top executive organ. Party spokesman Simon Khaya-Moyo declined to say whether ZANU-PF would discuss the protests. 
 
In the volatile township of Mufakose, to the west of Harare, hundreds of youths barricaded roads to keep people from going to work, witnesses said. 
 
More than 40 people were arrested across Zimbabwe for blocking roads and disturbing the peace, said Charity Charamba, a police spokeswoman. Among them was a Belgian tourist held in the resort town of Victoria for unlawful protests, she said, correcting her earlier statement that an Australian had been detained. 
 
There was no need to call out the military, Charamba said. 
 
&quot;The military is not there because in our assessment, for now, the situation has not deteriorated (enough) to warrant the presence of the military,&quot; Charamba told reporters. 
 
Local units of Barclays and Standard Chartered shut their branches in central Harare. Clothing retailers Edgars Stores and Truworths closed stores. 
 
Siyaso, one of the biggest and oldest informal markets in Mbare township near central Harare, was also shut. Few vehicles were on the roads of the capital. Supermarkets like Pick&#39;n&#39;Pay, Ok Zimbabwe and Choppies reported little business. Government departments were open. 
 
Local private media said Zimbabweans in other major cities had also stayed at home, with most businesses closed. Zimbabwe last witnessed such a protest in April 2007. 
 
(Reuters)&nbsp;

In the country's biggest protest in a decade, people stay home and businesses close amid unemployment, cash shortage, corruption and drought

Zimbabweans stayed at home on Wednesday and foreign banks and most businesses in the capital shut down, in one of the biggest protests against high unemployment, an acute cash shortage and corruption for nearly a decade. Evan Mawarire, a pastor whose social media movement #ThisFlag organised the "stay-away", demanded that President Robert Mugabe fire corrupt cabinet ministers and scrap plans to introduce local bank notes or face a two-day shut-down next week. Wednesday's protest followed violent clashes between taxi drivers and police on Monday that led to the arrest of 95 people. It also coincided with a strike by doctors, teachers and nurses whose salaries had been delayed. A devastating drought has compounded economic hardships including high joblessness while an acute cash shortage has angered Zimbabwe's citizens. In a story quoting John Mangudya, the governor of Zimbabwe's central bank, the Financial Times reported on Wednesday that the African Export-Import Bank was arranging a seven-year loan of $986 million so Zimbabwe could pay back arrears to the World Bank. The FT quoted Mangudya as saying Zimbabwe hoped to pay off its arrears before the September board meetings of the International Monetary Fund and the African Development Bank, paving the way for IMF assistance to alleviate its cash crunch. African Export-Import Bank and IMF officials could not immediately be reached for comment. Campaign attracts thousands The 39-year-old Mawarire started the #ThisFlag campaign in April to protest against corruption, injustice and poverty. The campaign has attracted thousands of followers who have been speaking out against government excesses. Wednesday's protest was organised via Twitter, Facebook and WhatsApp. Mawarire's campaign includes a series of demands: for Mugabe to fire and prosecute "known" corrupt ministers, for government salaries to be paid on time and for police to remove roadblocks which most people say are posts for bribe taking officers. "The ball is in your court," Mawarire wrote on his Facebook page. "We are ready to close down again and this time we will add another day, Wednesday and Thursday. We are not playing and we ask you to take us seriously." Mugabe's spokesman, George Charamba, was not available to comment. State telecoms regulator POTRAZ said in a statement it would arrest people sending "subversive" messages that cause unrest. Mugabe, who has held power since Zimbabwe gained independence from Britain in 1980, was attending a scheduled meeting on Wednesday of his party ZANU-PF's politburo, the party's top executive organ. Party spokesman Simon Khaya-Moyo declined to say whether ZANU-PF would discuss the protests. In the volatile township of Mufakose, to the west of Harare, hundreds of youths barricaded roads to keep people from going to work, witnesses said. More than 40 people were arrested across Zimbabwe for blocking roads and disturbing the peace, said Charity Charamba, a police spokeswoman. Among them was a Belgian tourist held in the resort town of Victoria for unlawful protests, she said, correcting her earlier statement that an Australian had been detained. There was no need to call out the military, Charamba said. "The military is not there because in our assessment, for now, the situation has not deteriorated (enough) to warrant the presence of the military," Charamba told reporters. Local units of Barclays and Standard Chartered shut their branches in central Harare. Clothing retailers Edgars Stores and Truworths closed stores. Siyaso, one of the biggest and oldest informal markets in Mbare township near central Harare, was also shut. Few vehicles were on the roads of the capital. Supermarkets like Pick'n'Pay, Ok Zimbabwe and Choppies reported little business. Government departments were open. Local private media said Zimbabweans in other major cities had also stayed at home, with most businesses closed. Zimbabwe last witnessed such a protest in April 2007. (Reuters)

Zimbabwe shuts down to protest financial collapse

financial

Financial, News on Financial, stories on Financial, articles on Financial, Financial stories at Wion, Financial news, Financial latest news