Latest news with #StandingCommittee
Zawya
6 hours ago
- Business
- Zawya
South African rand edges up before parliamentary committee debates budget
JOHANNESBURG - The South African rand edged up on Wednesday before a parliamentary committee was due to debate the long-delayed national budget. At 0730 GMT, the rand traded at 17.81 against the dollar , about 0.2% stronger than Tuesday's closing level. The Standing Committee on Finance was to meet from 0800 GMT to consider the first piece of legislation associated with the budget. It is set to adopt a report to either recommend that lawmakers pass the fiscal framework and revenue proposals or send them back to the National Treasury for further changes. The budget was meant to be presented in February but has had to be revised twice due to disagreements in the ruling coalition government, largely over contentious plans to raise tax. The third budget version presented by Finance Minister Enoch Godongwana in May is now expected to pass, after a coalition partner that rejected the two previous iterations backed it. Early on Wednesday a purchasing managers' index survey showed South African business activity grew at its fastest pace in four years in May. That followed Tuesday's gross domestic product data showing Africa's biggest economy stagnated in the first quarter. The benchmark 2035 government bond was slightly stronger in early deals, as the yield fell 2.5 basis points to 10.085%.
Reuters
9 hours ago
- Business
- Reuters
South African rand edges up before parliamentary committee debates budget
JOHANNESBURG, June 4 (Reuters) - The South African rand edged up on Wednesday before a parliamentary committee was due to debate the long-delayed national budget. At 0730 GMT, the rand traded at 17.81 against the dollar , about 0.2% stronger than Tuesday's closing level. The Standing Committee on Finance was to meet from 0800 GMT to consider the first piece of legislation associated with the budget. It is set to adopt a report to either recommend that lawmakers pass the fiscal framework and revenue proposals or send them back to the National Treasury for further changes. The budget was meant to be presented in February but has had to be revised twice due to disagreements in the ruling coalition government, largely over contentious plans to raise tax. The third budget version presented by Finance Minister Enoch Godongwana in May is now expected to pass, after a coalition partner that rejected the two previous iterations backed it. Early on Wednesday a purchasing managers' index survey showed South African business activity (ZAPMIM=ECI), opens new tab grew at its fastest pace in four years in May. That followed Tuesday's gross domestic product data showing Africa's biggest economy stagnated in the first quarter. The benchmark 2035 government bond was slightly stronger in early deals, as the yield fell 2.5 basis points to 10.085%.
Indian Express
17 hours ago
- Business
- Indian Express
Delhi MCD's Standing Committee inches closer to formation
The long-delayed formation of the Municipal Corporation of Delhi's (MCD) Standing Committee inched closer to completion on Tuesday after the Bharatiya Janata Party's (BJP) Satya Sharma won the election for the committee's last vacant seat. Sharma, a councillor from Gautampuri ward, secured 130 of the 227 votes cast, defeating the Aam Aadmi Party's (AAP) candidate, Hema from Jaitpur, who received 95 votes. Two votes were declared invalid. The seat was previously held by Gajendra Daral, who vacated it after winning in the recent Assembly elections, Mayor Raja Iqbal Singh congratulated Sharma on her victory, stating that her 'extensive political experience will greatly benefit the Corporation'. He also commended AAP's Hema for putting up a strong fight. With all 18 seats of the Standing Committee now filled, the MCD is set to hold elections for its Chairperson and Deputy Chairperson on June 12. The nomination process for these key posts will remain open until June 6. The formation of the Standing Committee, which is the sole decision-making body of the MCD in vetting proposals exceeding Rs 5 crore, was in limbo for over 2.5 years due to several legal and political roadblocks, and constant scuffles between the BJP and the AAP. Several civic projects had been stalled due to the absence of this committee, which serves as the corporation's decision-making arm. The BJP, which won the mayoral elections in April, had pledged to expedite the completion of the committee and restart pending development work. With the BJP now holding a majority —11 of 18 members— in the Standing Committee, the upcoming leadership elections are likely to consolidate its control over MCD's most powerful panel.
Time of India
a day ago
- Business
- Time of India
‘Urban House' proposal to be presented for approval before AMC panel
Ahmedabad: A proposal has been moved before the Standing Committee of the Ahmedabad Municipal Corporation (AMC) to construct a 10-storey building, 'Urban House', near Law Garden in the Navrangpura area. Tired of too many ads? go ad free now The building will accommodate various municipal offices, including City Planning, Town Planning, and Town Development departments, along with state govt offices. The project, planned on a 5,304 sq m plot, requires approval for a Rs 96 crore tender to build the 10-storey structure. The proposal will be taken up for approval during the Standing Committee meeting on June 5. The site formerly housed the office of AMC's chief city planner, which was later demolished. In 2020, the plot became a parking area for over 50 food vans, resulting in a controversy. The authorities have now finalised plans for an 'Urban House' at this site. According to sources, the AMC initially planned this building near Law Garden, opposite the Ellisbridge Police Line, six years ago. Despite budgetary allocations, the project remained dormant. In May 2024, plans emerged for a 7-storey structure under a PPP model, which was later revised to a 10-storey building. Sources revealed that AUDA sanctioned a 16-storey AUDA House opposite Zydus Hospital on SG Highway, with an estimated cost of Rs 100 crore. This building will house state govt offices and a newly established company. Experts suggest that a joint building project between the AMC and AUDA could result in substantial cost savings, as both structures would serve similar administrative purposes and simplify procedures for builders and developers. Tired of too many ads? go ad free now The AMC has incorporated office space for consultant-cum-registrar engineers in the 'Urban House'. This arrangement will accommodate private engineers and consultants involved in plan passing and city planning activities, marking the first such provision by the municipal corporation.
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First Post
3 days ago
- Politics
- First Post
Bangladesh party calls out Yunus' 'reform' excuse to delay polls: How many time will you...
Calling for elections in 2025, BNP leaders accused Bangladesh's Chief Adviser, Muhammad Yunus, of stalling reforms to delay polls. In light of this, Yunus has called for a meeting with Khaleda Zia's party read more The turmoil in Bangladesh continues to persist as parties accuse the country's interim Chief Adviser Muhammad Yunus of allegedly stalling reforms in a bid to delay polls. On Saturday, Bangladesh Nationalist Party (BNP) leader Salahuddin Ahmed alleged that the Yunus administration is offering nothing, just empty gestures in the name of reform. Ahmed emphasised that Yunus has taken no concrete steps to ensure that the national elections can be held by 2025 and not get dragged into 2026. Meanwhile, the Nobel laureate said that the polls will be conducted between December 2025 and June 2026, insisting that reforms need to be implemented before the polls. STORY CONTINUES BELOW THIS AD 'How many times will you inaugurate these reforms?' asked the Standing Committee member of the BNP. According to Bangladeshi news outlet The Daily Star, Ahmed made these remarks while speaking at the event organised by Krishak Dal at the Institution of Diploma Engineers in Dhaka. The event marked the 44th death anniversary of party founder Ziaur Rahman. 'You are showing a banana of reforms': BNP The BNP leader pointed out how the reforms are not substantive in reality. 'Again, in the third phase, you have merged things together … you are just showing us the 'banana of reforms',' he said. In light of this, Yunus has invited the parties for talks tomorrow. Referring to the chief adviser's latest calls for talks, Ahmed said: 'We've told you to compile what has already been discussed and present it to the nation. But instead, you're going through rituals with no real work being done. Why another fresh inauguration on June 2 for the third round? How many inaugurations does it take?' He went on to condemn Yunus for what he described as 'backtracking on earlier assurances'. 'You told us there would be an election by December, but then you backtracked. That is unfortunate,' he said. 'If merely speaking about reclaiming our democratic rights makes you uncomfortable, honourable chief adviser, that is truly disappointing. How much longer will you delay reforms using this excuse?' the Bangladesh politician furthered. The divide between the old and new parties in Bangladesh At a separate event at the Jatiya Press Club, BNP Standing Committee Member Amir Khosru Mahmud Chowdhury responded to Yunus's comments, which he made during a session at the 30th Nikkei Forum in Tokyo on Thursday. At the event, Yunus said that only some politicians want elections this year. 'We don't want to leave the country with the old institutions remaining as it is. If we need a good job in the reforms, we have to wait for six more months [for the election]. Some opinions let's get the election done, but it is not all, just one particular party,' he said. STORY CONTINUES BELOW THIS AD In response to this, Chowdhury claimed that only parties formed after the protests in the country don't want elections this year. 'Only the parties formed after August 5 don't want elections. At least 52 parties want polls by December. If someone says only one party wants elections, is that a truthful statement? Is it directed at us? What does it imply?' He insisted that those opposing a December election are 'only four or five parties', not even registered, and lacking public support. 'The interim government has no connection with the people. Everyone's doing whatever they want. More will do so, causing further damage. This cannot continue,' Chowdhury averred. 'Only an elected parliament, accountable to the people, can bring stability. After Sheikh Hasina fled, major changes took place. Any party that fails to recognise this has no future in Bangladesh,' he added. Overall, the tussle between Yunus and BNP continues to remain persistent.
