Latest news with #OrganizationforEconomicCooperationandDevelopment
See - Sada Elbalad
4 days ago
- Business
- See - Sada Elbalad
Germany Reaffirms Commitment to Minimum Tax on Multinational Corporations
Taarek Refaat Germany reaffirmed its commitment to the global agreement for a minimum 15% tax on the profits of multinational corporations, despite a recent exception made for U.S. companies. The announcement came from German Finance Minister, Lars Klingbeil, who addressed the matter during a joint press conference with French Finance Minister Eric Lombard near Berlin on Wednesday. Klingbeil emphasized that both he and Chancellor Friedrich Merz are fully aligned in their support for the international tax framework, stating: 'The Chancellor and I are united in our commitment to this global tax, and we will do everything in our power to keep this project on track.' The issue gained significant traction last month when the G7 nations agreed to grant U.S. companies an exemption from the first pillar of the tax agreement. This pillar aimed to impose taxes on digital companies based on their customers' countries. The exemption was viewed as a major win for the Trump administration, which had heavily lobbied for such a concession. Despite this, reports from German media on Tuesday revealed that Chancellor Friedrich Merz expressed skepticism regarding the future of the global tax initiative. However, Minister Klingbeil denied any internal disagreement, assuring that Germany remains committed to the broader project. In 2021, approximately 140 countries reached a historic agreement under the Organization for Economic Cooperation and Development (OECD) on taxing multinational corporations. The agreement consists of two key pillars, including focusing on taxing companies, particularly digital ones, in the countries where their customers are located, and establishing a global minimum tax rate of 15% on profits. Since returning to power, U.S. President Donald Trump announced his country's withdrawal from Pillar One. Trump also threatened retaliatory actions against any nation that applies this provision to American companies. Despite the U.S. exit from Pillar One, Pillar Two is still in effect in about 60 countries, including major economies such as Brazil, the UK, Canada, Japan, Switzerland, and European Union member states. Klingbeil's comments highlight Germany's ongoing efforts to preserve and implement the minimum tax system. This global tax framework is seen as an important step in addressing tax avoidance by large multinational corporations, particularly those in the digital sector. While the U.S. exemption under Pillar One has raised concerns, Germany and other nations remain focused on the broader goal of creating a fairer tax system that prevents large corporations from exploiting lower tax jurisdictions. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
Zawya
5 days ago
- Business
- Zawya
Ministry of Economy & Tourism launches second phase of economic policy development project in partnership with OECD
Abu Dhabi: The Ministry of Economy and Tourism launched the second phase of the UAE's Economic Policy Development Project in partnership with the Organization for Economic Cooperation and Development (OECD). The project aims to modernize economic policies and legislation in line with global best practices and standards, reinforce national efforts to enhance the competitiveness of the business environment, and support the diversification and growth of the national economy. The announcement was made during an event organized by the Ministry in Dubai in the presence of H.E. Abdulla bin Touq Al Marri, Minister of Economy and Tourism; H.E. Dr. Maria Hanif Al Qassim, Assistant Undersecretary for Policies and Economic Studies at the Ministry of Economy & Tourism. The event was also attended by representatives from various other ministries, federal and local government entities, as well as senior officials from the OECD. H.E. Bin Touq said: 'Thanks to the directives of our wise leadership, the UAE today stands out with an advanced and pioneering economic legislative environment that has achieved significant milestones in recent years. Over the past four years alone, more than 30 economic legislations and resolutions were developed, driving national economic growth and fostering a competitive legislative landscape that attracts investors, entrepreneurs, and business owners from around the world. Today, the country is home to over 1.1 million businesses and economic institutions.' His Excellency added in his speech at the event: 'The launch of the second phase of the Policy Alignment Project reflects the UAE's ongoing national efforts and steadfast commitment to shaping a forward-looking, innovative, and sustainable vision for the country's economic legislative system. It also reinforces our partnerships with leading international organizations and institutions in this field. Furthermore, the project supports our national objective of positioning the UAE as the global leader in developing proactive legislation for emerging economic sectors by the next decade, in line with the We the UAE 2031 vision.' Her Excellency Dr. Maria Al Qassim stated: 'Our renewed collaboration with the OECD is a key driver in formulating proactive and agile economic policies in the UAE, empowering the private sector and fostering a dynamic business environment that supports investors and entrepreneurs. This, in turn, contributes to building a competitive, knowledge-based, and sustainable economy, especially in light of the accelerating global transformations we are witnessing today.' The second phase of the project is centered around two main pillars. The first focuses on enhancing governance and institutional integration within the UAE's tourism ecosystem, alongside the development of robust data systems, which serve as a cornerstone for evidence-based policymaking. It also emphasizes embedding sustainability across the tourism sector to ensure sustained growth and lasting economic and social impact. The second pillar involves hosting an edition of the Business Advisory Board (BAB) Forum in Dubai before the end of the year. This forum will serve as the MENA-OECD Competitiveness Programme's primary platform for dialogue between the public and private sectors. The objective of this pillar is to promote regional integration and strengthen private sector participation in the policymaking process, contributing to the development of more open and competitive economies across the region. The event also spotlighted key achievements of the project's first phase, particularly in aligning the UAE's economic legislation and policies with global best practices. Various sessions showcased real-world examples of successful legislative development across various economic and investment sectors, explored mechanisms for building an integrated economic policy framework rooted in diversification, efficiency, and transparency, and reviewed the Business Advisory Board's action plan to enhance public-private sector collaboration. In addition, the sessions shed light on the UAE's policies and ongoing efforts to build a sustainable tourism sector.
Time of India
5 days ago
- Business
- Time of India
After huge US cuts, who pays for aid in the Middle East now?
After huge US cuts, who pays for aid in the Middle East now? (Image: AP) Ask around various civil society organizations working in the Middle East and the answer is always the same. "Nobody really knows what's happening," one project manager running a Syria-based project told DW about the US cuts in aid funding. "They haven't put a complete stop to it yet so we're just spending the money on a monthly basis and hoping for the best. " "We still don't know if we're going to get the funding we were promised this year," the founder of an Iraqi journalists' network in Baghdad said. "We probably won't be able to pay some of our journalists. Right now, we're approaching other organizations to try to replace the money." Neither interviewee wanted their names published because they didn't want to criticize their donors publicly. They are not alone. Since US President Donald Trump took power, he has slashed US funding for what's known as "official development aid," or ODA. Often simply called foreign aid, the Organization for Economic Cooperation and Development defines ODA as "government aid that promotes and specifically targets the economic development and welfare of developing countries." ODA can be bilateral — given from country to country — or multilateral, where funds are pooled by an organization like the UN, then disbursed. The US is not the only country cutting ODA. Even before what insiders described as the US' "chaotic" budget cuts, reductions in ODA were a longer-term pattern. Global ODA fell by over 7 percent in 2024, as European nations and the UK also reduced ODA in favour of channeling more money into defence. Last year marked the first time in nearly 30 years that major donors like France, Germany, the UK and the US all cut ODA. Funding cuts' impact on the Middle East? In 2023, countries in the Middle East got around $7.8 billion (€6.7 billion) out of the $42.4 billion (€36.3 billion) the US spent that year. That is why, Laith Alajlouni, a research associate at the International Institute for Strategic Studies in Bahrain, wrote in March, "the effects of US aid cuts … will be felt deeply in the Middle East, where key US partners continue to rely heavily on US assistance to meet their military and economic needs." Between 2014 and 2024, the US pledged around $106.8 billion to countries in the region. Israel gets just under a third of that, although much of the money is earmarked for military purposes. But for other countries, funds from the US were equivalent to a significant portion of their national income, Alajlouni pointed out. Now funding for emergency food and water in Sudan, medicines in Yemen, children's nutrition in Lebanon, and camps for the displaced, including families allegedly connected to the extremist "Islamic State" group in Syria are all are at risk, Alajlouni argues. Other countries, like Jordan and Egypt, are heavily reliant on foreign funding for "economic development" to keep their ailing economies afloat, he noted. It remains unclear exactly how much Middle Eastern countries will lose due to ODA cuts. Last month, researchers at Washington-based think tank, the Centre for Global Development, tried to calculate the fallout. "Some countries are projected to lose large amounts of ODA simply because of who their main donors are," they noted, "while others are projected to lose very little." For example, Yemen will likely see its ODA reduced by 19 percent between 2023 and 2026. In 2025, its three biggest donors, via the UN's Office for the Coordination of Humanitarian Affairs, or UNOCHA, were Saudi Arabia, the EU and the UK. Somalia, on the other hand may lose as much as 39 percent. Its main donors, via UNOCHA, were the UK, the EU and the US. Who pays for aid in the Middle East now? "It is clear that in the short term, the shortfall in aid funding will not be closed," Vincenzo Bollettino, director of the resilient communities program at Harvard University's Humanitarian Initiative in Boston, told DW. "In the mid-to-long term, it's likely there will be a tapestry of different forms of aid." Part of that will be a larger number of states "providing aid and development assistance where it aligns with their own political objectives," Bollettino predicts. Russia's main agency for international cooperation, Rossotrudnichestvo, recently announced it would restructure to be more like USAID and will open outposts in the UAE and Saudi Arabia. But at just $70 million annually, Rossotrudnichestvo's budget is comparatively small. Chinese money could be another alternative to US and European funding. "China has positioned itself as the US' greatest competitor in global development," experts at US think tank, the Centre for Strategic and International Studies, warned in July. But China isn't all that interested in the Middle East, experts point out, and is more engaged in Southeast Asia and Africa. "Neither Russia nor China have played traditionally significant roles in the international humanitarian aid system and this is unlikely to change anytime soon," Bollettino explains. How aid became more political Much more likely donors in the Middle East will be the wealthy Gulf states, says Markus Loewe, a professor and the coordinator for research on the Middle East and North Africa at the German Institute of Development and Sustainability, or IDOS. Over the last two decades, four Gulf states — Saudi Arabia, the United Arab Emirates, Qatar and Kuwait — have been internationally significant donors. "For example, Saudi Arabia is already offering substantial support to Syria," Loewe told DW. "They have been supporting Lebanon to quite a degree and they would definitely be ready to pay a lot of the costs of reconstruction in Gaza, provided there is an acceptable agreement on a ceasefire." Hardly any Gulf money goes into what are called "pooled" funds like those run by the UN. Most is bilateral, from country to country, because the Gulf states tend to use their ODA in a more transactional way. That is, as a diplomatic tool where it ties into different Gulf states' often-competing foreign policy aims. "Aid recipients who are considered politically important for Gulf donors tend to receive more aid," Khaled AlMezaini, a professor at the UAE's Zayed University, wrote in a recent analysis. For example, despite waging war on parts of Yemen from 2015, Saudi Arabia and the UAE were also the country's biggest donors. But as Harvard's Bollettino points out, ODA is not meant to be political. That goes against basic humanitarian principles of neutrality and impartiality. "The essential problem with instrumentalized aid is that it's just as likely to be a catalyst of conflict and violence as a source of peace and security," he argues. "The so-called Gaza Humanitarian Foundation — where 'humanitarian aid' being delivered to starving civilians has resulted in hundreds of Palestinians being killed — is a case in point."
Korea Herald
13-07-2025
- Business
- Korea Herald
OECD leading index for S. Korea rises for 7th month in June
A leading economic index for South Korea rose for the seventh consecutive month in June, reaching its highest level in three years and seven months, data showed Sunday, amid easing political uncertainty and expectations for government stimulus. The composite leading indicator of economic activity for South Korea came to 101.08 for June, up from 100.97 a month earlier, according to the data from the Organization for Economic Cooperation and Development. It marked the highest reading since November 2021, when the index stood at 101.09. The figure has been on an upward trend since December last year, following a four-month decline from August. The CLI gauges how an economy will fare six to nine months ahead, based on industrial output, gross domestic product, and housing and financial market conditions. South Korea's CLI ranked second among OECD countries in June, trailing only Britain. It has held the No. 2 spot since March. The figure also surpassed the average CLI readings for the Group of 20 (100.50) and the Group of Seven (100.51) nations. Experts said the higher index reflects South Korea's stronger economic recovery outlook compared to other major economies, supported by easing political tensions and the government's aggressive fiscal measures. The Lee Jae Myung administration, which took office on June 4 after the impeachment of former President Yoon Suk Yeol, has pledged to boost weak domestic demand. As part of this effort, the government proposed a 31.8 trillion-won ($23.3 billion) supplementary budget, including universal cash handouts. In response, the Bank of Korea consumer sentiment in June rose to its highest level in four years, while the stock market surged to a near four-year high on Thursday. However, some analysts warned that external risks remain. Ongoing trade tensions with the United States, highlighted by Washington's 25 percent reciprocal tariffs on Korean imports, pose a potential headwind for Asia's fourth-largest economy. "Short-term expectations are positive thanks to fiscal expansion, low interest rates and a stabilizing exchange rate," said professor Kim Jung-sik from Yonsei University. "But over the medium to long term, challenges such as weakening industrial competitiveness, a shrinking labor market, US trade policy uncertainty and slowing global demand could weigh on growth." (Yonhap)
Hindustan Times
09-07-2025
- Business
- Hindustan Times
Africa Wants Its Critical Minerals to Yield Jobs, Not Just Dollars
KAMPALA, Uganda—Trump administration officials seeking deals for critical minerals in Africa are in for a surprise: Governments here are increasingly reluctant to export raw ore, betting instead they'll keep more jobs and revenue if they insist on processing the material at home. Nearly half of Africa's 54 countries—from Angola to Zimbabwe—have restricted or banned raw-material exports over the past two years, according to the Organization for Economic Cooperation and Development. Zimbabwe, Africa's top producer of lithium, a key electric-vehicle battery component, says it plans to ban exports of the raw mineral in 2027. Already its government has been pressuring mining companies to build processing plants there, creating 5,000 new jobs and increasing export earnings from the mineral to $600 million in 2023, from $70 million in 2022, according to the mines ministry. 'Our ultimate objective is to produce batteries and solar panels,' Zimbabwe's mining minister, Winston Chitando, said in a speech last month. 'In the long term, we will get there.' Global demand for lithium tripled between 2017 and 2022, while the appetite for cobalt swelled by 70% during the same period, according to the International Energy Agency. In the U.S., the market for lithium batteries is projected to rise nearly sixfold by 2030 to reach $52 billion, according to a Boston Consulting Group analysis. Such strong demand gives African raw-material exporters new leverage, and they are trying to use it to jump-start domestic industries. Gabon, home to 25% of the world's manganese reserves, plans to stop exporting the raw mineral starting in 2029. 'More and more African countries are keen to secure the benefits of the global demand for critical raw materials,' said Thomas Reilly, a former British diplomat now a senior adviser with the Washington-based law firm Covington & Burling. 'Resource nationalism, if done right, will help these countries to move up the value chain, creating jobs, attracting more international investment and developing local economies.' Countries such as Guinea, Uganda and Namibia have introduced new rules outlawing the export of mineral ores. Others, including Ghana, Rwanda and Zambia, are expanding factories to process minerals within their borders. In Rwanda, which last month signed a U.S.-brokered deal to stop sponsoring rebel groups in the lawless eastern regions of the Democratic Republic of Congo, officials say they'd like to serve as a processing hub for Congolese minerals. Export restrictions have already disrupted the flow of unprocessed minerals including manganese, lithium and bauxite to smelters in Asia and Europe, and the process-it-at-home trend could disrupt the Trump administration's drive to secure more of Africa's critical minerals for the U.S. The U.S. has been seeking deals to invest into critical minerals sectors of a number of African countries. Its role in brokering the deal between Congo and Rwanda was motivated in part to improve American access to critical minerals. But while restrictions on the export of unprocessed minerals may not deter the Trump administration's push for mining deals, the trend may complicate negotiations with some producing countries, said François Conradie, an analyst with South Africa-based Oxford Economics Africa. 'I don't think the U.S. will slow down,' he said. 'The big question is: What can the U.S. offer that will justify a change of position for the producing countries?' A State Department spokesperson didn't answer questions about whether the raw-material export bans would affect Trump's commercial aspirations. 'We are open to mutually beneficial economic partnerships on critical minerals to complement our domestic-production goals,' the spokesperson said. With more export bans on the horizon, Chinese and Western companies are rushing to set up new mineral-processing plants across the continent. These new plants will test whether investors, who usually locate processors in Asia, can succeed in Africa, where skilled labor is in short supply and much of the infrastructure is creaky. Indonesia, which banned unprocessed nickel exports in 2020, has since attracted huge investments from China and now dominates global nickel production. But much of the value was captured by Chinese companies, according to Commodities Research Unit, a London-based business-intelligence firm. Some analysts believe African nations stand to benefit more from the investments. 'Investors who bring not just money but also technical know-how and align with local development goals may find strong opportunities in this new landscape,' said Nj Ayuk, head of the African Energy Chamber, a South Africa-based energy think tank. Sinomine Resource Group, a Chinese state-owned mining company, is building a $300 million lithium-processing plant in Zimbabwe. In Ghana, China's state-owned Ningxia Tianyuan Industry Co is building a $450 million refinery to produce high-grade manganese. Zambia and Congo are on the lookout for investors to bankroll a plant to manufacture electric-vehicle batteries. African policymakers say if they play it right, they can use their countries' mineral wealth to improve the living standards for some of the world's poorest people. Africa's copper belt, for instance, which straddles the border between Congo and Zambia, holds 50% of the world's cobalt deposits and significant deposits of copper and platinum, yet more than 70 million residents in the two countries live in poverty. Africa exports 75% of its crude oil, which is refined elsewhere and often reimported at significantly higher prices as petroleum products. The continent exports 45% of its natural gas, while 600 million Africans have no access to electricity, according to the International Energy Agency. A mining operation in Zimbabwe run by Sinomine Resource Group, a Chinese state-owned company. During the launch of construction of a joint Russian-Malian gold refinery in Mali's capital, Bamako, last month, the country's military leader, Gen. Assimi Goïta, said Africa as a whole had to break this long dependence on exporting raw materials. 'The establishment of this gold refinery is a reaffirmation of our economic sovereignty,' Goïta said at the construction site of the 200-ton-a-year plant, jointly owned by the Malian government and Russia's Yadran. 'It enables us to better capitalize on revenues from gold and its byproducts.' Gabon, home to 25% of the world's manganese reserves, plans to stop exporting the raw mineral starting in 2029. Manganese is critical in the manufacture of steel and electric-vehicle batteries, and Gabon's President Brice Oligui Nguema senses an opportunity to build its economy by processing its reserves domestically. Export restrictions, however, sometimes backfire. When Zimbabwe initially announced a ban on the export of unprocessed ore in 2022, mineral smuggling across the country's porous borders soared. Many small-scale miners, struggling to keep afloat, started selling stockpiled ore to bigger Chinese players at giveaway prices. Zimbabwe, which says it loses $1.8 billion every year to mineral smuggling, eased the ban after a few months. There are also risks for investors. Last month, Niger's government took over the Somaïr uranium mine from its French majority shareholder, Orano, following months of disputes over the size of its stake. In neighboring Mali, the government took over ownership of a gold mine from Canada's Barrick Gold in April, following a longstanding tax dispute. 'The downside of this kind of new scramble for African mineral resources for Western companies is that they may end up losing out,' said Reilly, the Covington & Burling lawyer. 'The stakes are already high and they will get higher.' Write to Nicholas Bariyo at
