Latest news with #economicrevitalization
Asharq Al-Awsat
2 days ago
- Business
- Asharq Al-Awsat
Damascus Stock Exchange to Reopen on June 2
Syrian Finance Minister Mohammad Yasar Barnieh announced that the Damascus Stock Exchange will reopen on Monday, June 2, following the completion of necessary reviews and procedures. According to the Syrian state news agency SANA, the minister confirmed that measures have been taken to ensure compliance with anti-money laundering regulations and to prevent the misuse of the market. Initially, trading will be limited to three days per week. Barnieh stated that the reopening aims to help stimulate the economy and revitalize financial transactions. He also revealed that preparations are underway for a comprehensive development plan for Syria's capital markets. This plan includes upgrading trading systems, implementing electronic clearing and settlement processes, enhancing digital services, expanding investment tools, and encouraging both supply and demand in the financial markets. Raising public awareness about the market is also part of the initiative. The minister noted that a thorough review and update of existing financial legislation is being planned to align with modern trends, global standards, and sound international practices. The goal is to strengthen the role of the stock exchange in supporting economic development and funding. Trading on the Damascus Stock Exchange was suspended in early December last year due to the urgent need to assess the operational and financial status of listed companies. The suspension allowed time for these companies to disclose the extent of damages and losses and to reduce the risk of market manipulation and capital flight.
NHK
3 days ago
- Business
- NHK
Japan's negotiator to head to US for another round of tariff talks
Japanese Economic Revitalization Minister Akazawa Ryosei is set to leave for Washington on Thursday for another round of tariff negotiations with the United States. Akazawa is scheduled to meet US Treasury Secretary Scott Bessent on Friday, local time. On Wednesday, Akazawa met with Japan's Chief Cabinet Secretary Hayashi Yoshimasa, who coheads the government's tariff task force with him, to confirm how to proceed with the negotiations. Akazawa told reporters that they discussed the final details and that he will negotiate firmly with the US side according to what was discussed. Japan views that in order to make progress in the tariff talks, it is essential to win over Bessent, as President Donald Trump is said to have great confidence in him. Bessent did not attend the previous negotiations last week. The Japanese government is making final arrangements for a new proposal. Based on Trump's previous remarks, it reportedly includes plans for expanding investment in the US and cooperation in shipbuilding. Japan is also expected to propose measures to make it easier to import US vehicles as Trump has been calling for a reduction of the trade deficit between the countries.
Forbes
21-05-2025
- Business
- Forbes
This Former Militia Leader Is Trying To Reshape Syria's War-Torn Economy
Under the leadership of Syrian leader Ahmed al-Sharaa, Syria has achieved what was once unthinkable. After a meeting in Riyadh between al-Sharaa and U.S. President Donald Trump (the first time a U.S. and Syrian leader have met in 25 years), Trump announced that the U.S. would remove all sanctions on Syria. Given the war-torn country's economic woes, with 90% of Syrians living in poverty, according to the Arab Gulf States Institute, al-Sharaa called the sanctions relief news 'historic.' The decision to lift the sanctions could also expedite the Gulf states offering more financial aid and investment in Syria, as U.S. sanctions had made this impossible in the past. This is all promising news for al-Sharaa, who has managed a remarkable image makeover. Al-Sharaa was once a commander of al-Nusra front, al-Qaeda's wing in the Syrian conflict. At one point he served as Abu Musab al-Zarqawi's deputy in Iraq and was a trusted lieutenant of Abu Bakr al-Baghdadi, the leaders of Al-Qaeda in Iraq and the Islamic State, respectively. Due to tensions over the Islamic State's brutal tactics and Baghdadi's attempt to merge al-Nusra with the Islamic State under his leadership, al-Sharaa announced a change in direction in 2016. Al-Sharaa began publicly cutting ties with the global jihadist movement and focused on the revolution in Syria. Since rising to power, after ousting Bashar al-Assad in 2024, he has prioritized reuniting Syria, building state institutions, and revitalizing the economy. 'We will strive to rehabilitate industry, protect national products, and create an environment conducive to investment,' al-Sharaa said in a public statement, reported by Levant 24. Described by the Economist as persuasive and pragmatic, al-Sharaa led the insurgent group Hayat Tahrir al-Sham alongside the Turkish-backed Syrian National Army and a patchwork of other opposition factions to topple al-Assad in December 2024. By January 29, 2025, a military council decided that al-Sharaa would be the interim leader of Syria. The interim government is led almost exclusively by HTS appointees, though the Syrian media reported that Syrian National Army generals, Abu Amsha and Saif Abu Bakr, are being promoted to command the 25th division of the new Syrian army. For the moment, al-Sharaa holds power undemocratically with no system in place to hold officials to account, including no national parliament. Al-Sharaa remarked that holding elections and constructing a new constitution in Syria could take years, the BBC reported, although a temporary constitution was agreed upon in March. Despite the fact that al-Sharaa pledged to protect Syria's minority groups, Syria has experienced a recent surge in sectarian violence, particularly along the coast in the Alawite strongholds (the minority sect the Assad family belonged to). Human rights groups like Amnesty International claimed that government affiliated militias targeted Alawite civilians in reprisal attacks killing over 1400 people – some shot at close range. In the Northeast, the Kurdish-led Syrian Democratic Forces have occupied about a third of Syria's territory, controlling Syria's most oil-rich and cultivable land. As only 32.8% of Syria's land is arable, not having control over this area has implications for food and economic security, not to mention economic stability. Kurds make up 8-10% of the total Syrian population and the SDF has an armed force of about 100,000 men and women. However, al-Sharaa had success in gaining concessions from the SDF in the past. On March 10, al-Sharaa and SDF leader Mazloum Abdi signed an agreement to end hostilities in both Aleppo and the resource-rich parts of Eastern Syria. Unlike Iraqi Kurdistan, which is overwhelmingly populated by Kurds, these regions of Syria host a mix of both Kurds and Arabs. Local news outlet Al Majalla quoted Abdi voicing support for Syria's territorial integrity and the need to have one institutional framework. In the South of Syria, near its border with Jordan, there are still many tribal Sunni militias that are wary of al-Shaara's rule. Yet the Eighth Brigade, a 3,000 strong group of rebel Sunni forces in the Southern Daraa Governorate, disbanded in April after pressure from al-Sharaa. And while the Druze may feel threatened, as armed men (labeled 'outlaws' by the new Syrian Government) killed more than 100 Druze this spring, al-Sharaa promptly signed an agreement in March with the Druze in the southern province of Suwayda to integrate their community into the overarching state institutions. Though violence and instability still plague Syria, al-Sharaa's ability to make agreements has helped impress upon world leaders to bank on him, getting much needed sanction relief (the first time since 1979), an important step toward rebuilding the economy. As the Arab Gulf States Institute estimates that reconstruction will cost the country $400 billion, the sanctions relief announcement could not have come at a better time.
