Latest news with #AbdulRasheed
The Hindu
a day ago
- Business
- The Hindu
Donkey prices soar in Pakistan due to China's demand for ejiao
Abdul Rasheed is in a fix these days. Tiger, his donkey and the only source of income, died in an accident last week. Staring at the prospect of dire poverty, Mr. Rasheed is undecided about buying a new one as donkey prices have soared in Karachi and other parts of Pakistan. 'A donkey now costs as high as ₹2,00,000 in the market, way too high than ₹30,000 eight years ago,' Mr. Rasheed said. Hundreds of poor wage earners such as Mr. Rasheed, who are dependent on donkeys as their only source of livelihood, now face a tough competition from high-value buyers from China. The reason for this sudden surge in donkey prices has been a growing demand from China to source these animals from Pakistan. Reason: China's multi-billion-dollar ejiao industry. Ejiao is a gelatin used in traditional Chinese medicine, made by stewing and concentrating donkey skin. It is widely used in clinics for its biological advantages of being anti-fatigue, immunity-improving properties, for tumour suppression, and for its anti-anaemia effect. For animal rights advocates, China's interest in sourcing donkeys, particularly for their hide, is not new. Mr. Rasheed said despite having good contacts in Karachi's Lyari, the largest donkey market in the country, the cheapest healthy donkey available is for ₹1,55,000. 'Where can I get that sort of money? And even if I manage something, I am not sure whether the animal will not die out on me before I have recovered the money,' Mr. Rasheed, whose annual income is less than ₹4,00,000, said. Donkeys are an integral part of many industries. Poor wage workers use their donkeys or donkey carts daily to load structural iron and other heavy stuff and transport them across several miles every day in all kinds of terrain. A journey of an hour or more earns Samad, another wage worker, a daily income between ₹1,500 and ₹2,000, almost half of which is spent on the donkey's upkeep.
New Straits Times
23-05-2025
- Business
- New Straits Times
SRR cut strengthens liquidity, unrelated to OPR: Bank Negara governor
KUALA LUMPUR: Bank Negara Malaysia's move to lower the statutory reserve requirement (SRR) is a proactive measure to ensure sufficient liquidity in the country's financial system. In an exclusive interview with TV3, Bank Negara governor Datuk Seri Abdul Rasheed Ghaffour explained that the SRR reduction is crucial in managing current uncertainties in the financial markets. It also aims to ensure that the banking system remains ready to support the financing needs of businesses and individuals. He also addressed reports linking the SRR reduction with a potential adjustment in the overnight policy rate (OPR) during the upcoming monetary policy committee (MPC) meeting in July. "SRR is not a monetary policy tool like the OPR. It is a liquidity management tool to ensure there is enough liquidity in the banking system, so banks can continue providing financing to the economy," he explained. The SRR reduction does not indicate a lack of liquidity in the banking ecosystem, but rather serves to further strengthen the country's financial system. "Even though there is sufficient liquidity in the banking system, we are taking this step to provide added assurance. When banks have surplus cash in their assets, they are more capable and likely to extend loans," he added. The governor said Bank Negara will continue to monitor developments and take appropriate action to maintain stability in the country's financial markets. "We will ensure the financial system remains stable and markets stay orderly, without being overly exposed to significant fluctuations. This is crucial to support economic growth and investor confidence," he added. With a holistic and data-driven policy approach, Bank Negara remains committed to ensuring Malaysia's economy continues to grow in a stable and sustainable environment. The current SRR rate of one per cent was last implemented in 2009 during the financial crisis, and the most recent SRR reduction was in 2020 during the Covid-19 pandemic. Abdul Rasheed clarified that Bank Negara's current monetary policy is aligned with Malaysia's economic growth outlook and is intended to stimulate growth without putting upward pressure on inflation. The current OPR level of three per cent, he said, is based on assessments of inflation prospects and economic growth. "What we see is the need to maintain a balance between economic growth and the inflation rate. The objective of our monetary policy is to achieve sustainable economic growth in a stable price environment," he explained further. In addition to the OPR, Abdul Rasheed said there are various other instruments available to support the national economy, including government fiscal policies and Bank Negara's market operations. "For example, we can ensure the foreign exchange (forex) market remains orderly without excessive volatility, so that companies can make business decisions with confidence," he said. The governor said the central bank will continue to monitor current conditions and take necessary measures to maintain the stability of the country's financial markets. Meanwhile, he said Malaysia's economy remains resilient despite the Middle East geopolitical tensions and rising global trade tensions from potential US tariffs. Abdul Rasheed Ghaffour said Malaysia's economic growth forecast for this year is expected to remain largely unchanged, underpinned by the country's strong and diversified economic fundamentals. "In my view, due to the many factors that can support the country's economic growth, the current projection of 4.5 per cent to 5.5 per cent growth will only shift slightly, InsyaAllah not significantly," he said. Earlier, Bank Negara was reportedly reviewing the gross domestic product forecast, with an official announcement expected within the next one to two months. Abdul Rasheed said the International Monetary Fund had revised its global economic growth forecast down from 3.3 per cent to 2.8 per cent, while global trade growth projections were also reduced from 3.2 per cent to just 1.7 per cent. He said the updated forecast would only be finalised once there is greater clarity on US tariff policies and the outcome of trade negotiations between Malaysia and the world's largest economy. Abdul Rasheed lauded the government's proactive approach to provide targeted support to segments affected by tariff policies, while preserving room for fiscal and monetary policy intervention, if needed. "At this point, there is no need to implement such policies, but we have the space to do so if necessary," he added. He also highlighted the government's structural reform efforts, such as reducing the fiscal deficit and promoting high-quality investments into the country. This means these investments will create high-value jobs and subsequently generate higher income.
Arab News
22-05-2025
- Politics
- Arab News
Sifting through the rubble of latest Pakistan-India conflict
NEELUM VALLEY, Pakistan: Two weeks after Pakistan and India's most intense military clashes in decades, clearance teams along the border comb through fields for unexploded shells so residents can safely build back from the rubble of their homes. Around 70 people, mostly Pakistanis, were killed in the four-day conflict that spread beyond divided Kashmir, over which the neighbors have fought three major wars. The military confrontation — involving intense tit-for-tat drone, missile, aerial combat and artillery exchanges — came to an abrupt end after US President Donald Trump announced a surprise ceasefire, which is still holding. On the Pakistan side of Kashmir, called Azad Kashmir, 500 buildings were damaged or destroyed, including nearly 50 in the picturesque Neelum Valley, where two people were killed. 'There is a possibility that there are unexploded shells still embedded in the ground,' said local official Muhammad Kamran, who has been helping clear educational institutions near the border. Unexploded ordnance dating from conflicts past killed several children in 2021 and 2022 in Azad Kashmir. Headmaster Muhammad Zubair follows a mine detector into a classroom of his high school in the valley where a writing on a whiteboard standing in the debris reads 'we are brave' in English. 'Although the fighting has stopped, people still hold so much fear and anxiety,' he told AFP. 'Despite calling them back to school, children are not showing up.' Abdul Rasheed, a power department official, said he worked 'day and night' to repair power lines damaged by Indian firing. Over the years, investment in roads has helped to create a modest tourism sector in the Neelum Valley, attracting Pakistanis who come to marvel at the Himalayan mountains. Hotels reopened on Monday, but they remain deserted in the middle of peak season. Alif Jan, 76, who has lived through multiple clashes between the two sides, is yet to call her grandchildren back to her border village after sending them away during the latest hostilities. 'It was a very difficult time. It was like doomsday had arrived,' she said. The children were sent to Azad Kashmir's main city of Muzaffarabad, usually safe but this time targeted with an Indian air strike. Jan wants to be certain the fighting doesn't resume and that she has enough to feed them before they eventually return. In a schoolyard, she collects a 20-kilogram (45-pound) bag of flour, a can of oil, and some medicine from a local NGO. Thousands of other families are still waiting to be relocated or compensated for damage. 'We have identified 5,000 families,' said Fawad Aslam, the program manager of local aid group. 'Our first priority is families who suffered direct damage, while the second priority is those who were forced to migrate — people who had to leave their homes and are now living in camps or temporary shelters.' For 25-year-old Numan Butt whose brother was killed by shrapnel, the aid is little consolation. 'This conflict keeps coming upon us; this oppression is ongoing,' he told AFP. 'It is a good thing that they have agreed to peace, but the brother I have lost will never come back.'
Khaleej Times
22-05-2025
- Politics
- Khaleej Times
Sifting through the rubble of Pakistan-India conflict
Two weeks after Pakistan and India's most intense military clashes in decades, clearance teams along the border comb through fields for unexploded shells so residents can safely build back from the rubble of their homes. Around 70 people, mostly Pakistanis, were killed in the four-day conflict that spread beyond divided Kashmir, over which the neighbours have fought three major wars. The military confrontation — involving intense tit-for-tat drone, missile, aerial combat and artillery exchanges — came to an abrupt end after US President Donald Trump announced a surprise ceasefire, which is still holding. On the Pakistan side of Kashmir, 500 buildings were damaged or destroyed — including nearly 50 in the picturesque Neelum Valley, where two people were killed. "There is a possibility that there are unexploded shells still embedded in the ground," said local official Muhammad Kamran, who has been helping clear educational institutions near the border. Unexploded ordnance dating from conflicts past killed several children in 2021 and 2022 in Pakistan-administered Kashmir. 'We are brave' Headmaster Muhammad Zubair follows a mine detector into a classroom of his high school in the valley where a writing on a whiteboard standing in the debris reads "we are brave" in English. "Although the fighting has stopped, people still hold so much fear and anxiety," he told AFP. "Despite calling them back to school, children are not showing up." Abdul Rasheed, a power department official, said he worked "day and night" to repair power lines damaged by Indian firing. Over the years, investment in roads has helped to create a modest tourism sector in the Neelum Valley, attracting Pakistanis who come to marvel at the Himalayan mountains. Hotels reopened on Monday, but they remain deserted in the middle of peak season. Alif Jan, 76, who has lived through multiple clashes between the two sides, is yet to call her grandchildren back to her border village after sending them away during the latest hostilities. "It was a very difficult time. It was like doomsday had arrived," she said. The children were sent to Kashmir's main city of Muzaffarabad, usually safe but this time targeted with an Indian air strike. Waiting for compensation Jan wants to be certain the fighting doesn't resume and that she has enough to feed them before they eventually return. In a schoolyard, she collects a 20-kilogramme (45-pound) bag of flour, a can of oil, and some medicine from a local NGO. Thousands of other families are still waiting to be relocated or compensated for damage. "We have identified 5,000 families," said Fawad Aslam, the programme manager of local aid group. "Our first priority is families who suffered direct damage, while the second priority is those who were forced to migrate -- people who had to leave their homes and are now living in camps or temporary shelters." For 25-year-old Numan Butt whose brother was killed by shrapnel, the aid is little consolation. "This conflict keeps coming upon us; this oppression is ongoing," he told AFP. "It is a good thing that they have agreed to peace, but the brother I have lost will never come back."
New Straits Times
21-05-2025
- Business
- New Straits Times
Minor revision of GDP forecast amid resilient fundamentals: Bank Negara governor
KUALA LUMPUR: Malaysia's economy remains resilient despite Middle East geopolitical tensions and rising global trade tensions from potential US tariffs. The reassurance came from Bank Negara Malaysia governor Datuk Seri Abdul Rasheed Ghaffour, who believes that external risks pose only a minimal and manageable threat to the country's economic stability. He said Malaysia's economic growth forecast for this year is expected to remain largely unchanged, underpinned by the country's strong and diversified economic fundamentals. "In my view, due to the many factors that can support the country's economic growth, the current projection of 4.5 per cent to 5.5 per cent growth will only shift slightly, InsyaAllah not significantly," he said in an exclusive interview with Buletin TV3 aired tonight. Earlier, Bank Negara was reportedly reviewing the gross domestic product (GDP) forecast, with an official announcement expected within the next one to two months. Abdul Rasheed said the International Monetary Fund had revised its global economic growth forecast down from 3.3 per cent to 2.8 per cent, while global trade growth projections were also reduced from 3.2 per cent to just 1.7 per cent. He said the updated forecast would only be finalised once there is greater clarity on US tariff policies and the outcome of trade negotiations between Malaysia and the world's largest economy. Diversified Trade Markets Buffer External Uncertainty Abdul Rasheed said Malaysia stands to benefit from diversified trade markets and products, despite practising an open economic policy. "No single country in the world accounts for more than 15 per cent of our total trade. Exports to the US contribute only 13.2 per cent. "Our economy is diverse in terms of trade markets, trading partners and exported products to international markets. This helps mitigate the impact," he added. The Malaysian economy structure also reflects sectoral diversity, including manufacturing, services, mining and tourism. Strong Growth in 2024, a Shield Against Global Challenges Abdul Rasheed said Malaysia is entering a period of global challenges with a strong economic position. In 2024, the national economy grew by 5.1 per cent, driven by robust domestic consumption and encouraging investments. "Consumption remains strong due to stable household incomes. The unemployment rate in the first quarter of this year was only 3.1 per cent, lower than the 3.3 per cent during the pandemic. When there are jobs and income, people will spend," he explained. In terms of investment, Malaysia recorded its highest investment in 2024 at RM379 billion, comprising both foreign and domestic investments. These investments focused on sectors such as electronics, infrastructure and green technology. "A large portion of electronics exports - around 30 per cent - are not affected by tariffs as they involve semiconductors, machinery and optical instruments, which remain relevant in the digital and AI age," he said. Government Policy Supports Growth Abdul Rasheed lauded the government's proactive approach to provide targeted support to segments affected by tariff policies, while preserving room for fiscal and monetary policy intervention, if needed. "At this point, there is no need to implement such policies, but we have the space to do so if necessary," he added. He also highlighted the government's structural reform efforts, such as reducing the fiscal deficit and promoting high-quality investments into the country. This means these investments will create high-value jobs and subsequently generate higher income.
