WASHINGTON: Earlier this year, Saudi Arabia indicated it might sell off some of its European debt holdings if G7 countries proceeded with seizing nearly $300 billion of Russia’s frozen assets, Bloomberg reported on Tuesday. Sources familiar with the matter disclosed to Bloomberg that Saudi Arabia’s finance ministry expressed opposition to this proposed confiscation, intended to aid Ukraine, during discussions with select G7 counterparts. The report highlighted Saudi Arabia’s potential influence on European decisions, noting the kingdom’s substantial holdings in euro and French bonds, estimated to be worth tens of billions of euros, which could sway deliberations. However, it emphasized that Saudi Arabia’s holdings alone might…
Author: Hasnain Abid Khanzada
ISLAMABAD: Commerce Minister Jam Kamal said on Tuesday that the post-budget issues faced by local part manufacturers would be resolved to promote ‘Made-in-Pakistan’ products. The minister extended this assurance during a meeting with the Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) and representatives of mobile phone manufacturers. An official announcement issued after the meeting said that Paapam chairman Abdul Rehman Aziz called for the imposition of regulatory duty (RD) on all old and used vehicles. He explained that 70pc of used car imports below 1,300cc are exempt from the newly imposed RD in the Finance Bill 2024. The…
LONDON: Leicester City have signed Italian centre back Caleb Okoli from Serie A side Atalanta on a five-year contract, the newly-promoted Premier League club said on Tuesday. The 22-year-old, who spent the last season on loan at Frosinone Calcio, represented Italy at the European Under-21 Championship last year. “I think now is the right moment (for me) to make a step forward and a very big one. I’m very happy with the choice I made, so I’m very excited to start in the Premier League,” Okoli said in a statement. The clubs did not disclose financial details of the deal.
LONDON: Craig Bellamy has been appointed as the new head coach of the Wales national football team on a contract until 2028, the Football Association of Wales (FAW) announced on Tuesday. Bellamy has replaced Rob Page, who was sacked following Wales’ failure to qualify for Euro 2024. The 44-year-old former Liverpool, Newcastle United and Wales striker leaves Burnley, where he was assistant to former manager Vincent Kompany last season as they were relegated from the Premier League. “I will give my full commitment to develop this team and I am passionate to bring continued success into Welsh football,” Bellamy told…
Social media platform TikTok on Monday said it took action against over 20.2 million videos in Pakistan in the first quarter of the year for breaching its community guidelines, underscoring its “resolve to combat violations effectively”. In its Community Guidelines Enforcement Report for 2024’s first quarter, the platform said that approximately 93.9 per cent of videos that violated the guidelines were removed within 24 hours of posting, and the proactive removal rate for the quarter stood at 99.8pc globally. TikTok said the report was released as part of its “continuous effort to foster a secure and positive online environment”, adding that it…
PARIS: Thierry Henry named Bayern Munich’s new midfielder Michael Olise as well as former Arsenal forward Alexandre Lacazette in his final 18-man France squad for their home Olympics but Paris St-Germain’s Warren Zaire-Emery was left out. The Olympic tournament features under 23 squads with teams allowed to include a maximum of three overage players. Henry has selected Lacazette, 33, Jean-Philippe Mateta, 27, and Loic Bade, 24, as his three overage squad members. PSG’s Zaire-Emery and Bradley Barcola had been included in the preliminary list but did appear on the final roster. Media reports in France said PSG were reluctant for…
PARIS: The World Anti-Doping Agency (WADA) did not mishandle or show favouritism in the case of 23 Chinese swimmers who tested positive for banned substances and were cleared to compete in the Tokyo Olympics, an independent investigation said on Tuesday. A report by Swiss prosecutor and lead investigator Eric Cottier found there was nothing in the file to suggest WADA in any way favoured the 23 swimmers who tested positive for trimetazidine (TMZ), a medication that increases blood flow to the heart. The swimmers were cleared by a Chinese investigation which said they were inadvertently exposed to the drug through…
SAINT MONTROND: Belgian Jasper Philipsen won a mass sprint ahead of Eritrean Biniam Girmay on stage 10 of the Tour de France on Tuesday after a flat 187.3km ride south from Orleans. Before Wednesday’s potentially explosive stage, man-to-beat Tadej Pogacar protected his 33-second overall lead over Remco Evenepoel with defending champion Jonas Vingegaard at 1min 15sec in third. Last year’s green jersey winner Philipsen closed the gap slightly on current occupant Girmay, who has two stage wins and 267 points to the Alpecin-Deceuninck rider’s 193. Philipsen was guided to victory by team-mate and world road race champion Mathieu van der…
KARACHI: The country’s leading industrial chambers and associations have called for the urgent implementation of the Competitive Trading Bilateral Contract Market (CTBCM) regime, which would enable bulk power consumers to purchase electricity directly from generators, bypassing the government. The demand arose during a conference jointly organised on Tuesday by Renewables First and Pakistan Environment Trust, two prominent voices in Pakistan’s energy and environment sectors. The conference featured discussions from prominent chambers and associations, including Zubair Motiwala, CEO of the Trade Development Authority of Pakistan; Tanveer Ahmed Barry, vice president of the Karachi Chamber of Commerce and Industry; Johar Ali Qandhari, president of…
WASHINGTON: Earlier this year, Saudi Arabia indicated it might sell off some of its European debt holdings if G7 countries proceeded with seizing nearly $300 billion of Russia’s frozen assets, Bloomberg reported on Tuesday. Sources familiar with the matter disclosed to Bloomberg that Saudi Arabia’s finance ministry expressed opposition to this proposed confiscation, intended to aid Ukraine, during discussions with select G7 counterparts. The report highlighted Saudi Arabia’s potential influence on European decisions, noting the kingdom’s substantial holdings in euro and French bonds, estimated to be worth tens of billions of euros, which could sway deliberations. However, it emphasized that Saudi Arabia’s holdings alone might…
