#The Finance Ministry

Saudi Arabia’s wealth fund plans green debt issuance ‘soon’

Saudi Arabia’s $430 billion sovereign wealth fund plans to announce its first green debt issuance as it looks to increase the role that environmental, social and governance principles play in its investments. The Public Investment Fund will announce the green issuance “very soon,” Governor Yasir Al-Rumayyan said in a virtual...
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Government borrows more to bring the economy through an extended Covid 19 crisis with GDP flat

In the aftermath of the announcement to borrow more and further fiscal stimulus approved by the cabinet on Tuesday, Kasikorn Research Centre has pointed out that nearly all Thai government borrowing is sourced domestically while over 94% is on a long term basis with keenly priced interest rates. Even if, by 2024, public debt rises to 70% of GDP, it will still be well behind nearly all western and developed economies and even some of its peers in Asia. However, in the medium and long term, it will present a challenge to the government to widen the country’s tax base or ramp up economic growth. The latter cannot be assumed easily given a range of chronic issues that have bedevilled Thailand’s economic development, not least political instability.
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Who's Behind The Downfall Of Tajikistan's National Airline?

An investigation by RFE/RL's Tajik Service suggests that top managers of Tajikistan's debt-plagued national airline, Tajik Air, have been orchestrating the firm's downfall to the benefit of the family of President Emomali Rahmon. The collapse of Tajik Air would leave Tajikistan's air-transportation sector dominated by Somon Air -- a private...
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Finance Ministry suggests restarting decades-old apprenticeship program in railways

New Delhi: The finance ministry recommended that the railways restart a 94-year-old apprenticeship program, which was cut short in 2015, to “catch young talent” and tailor them to the demands of the rail transport industry. The Special Class Railway Apprentice (SCRA) program was designed in 1927 where applicants were selected...

Government extends Uday Kotak’s tenure as IL & FS non-executive chairman

New Delhi: The government has decided to extend the tenure of veteran banker Uday Kotak as a non-executive member and chairman of the board of IL & FS for six months. Kotak will continue to serve on the board of directors of Infrastructure Leasing and Financial Services Limited for a further period until April 2, 2022, a notice issued by the finance ministry said on Tuesday.

Government forms panel to examine scope of taxation on crypto trade

The Finance Ministry has constituted a group to examine the scope of taxation on income made from cryptocurrency trading. Reports said that the committee will examine if the income from trading in cryptocurrencies can be taxed as capital gains or a new category should be created. The panel will have to submit its report in 4 weeks.

Concern grows over reconstruction authority taking charge of Ghantaghar project

Finance Minister Janardan Sharma in the revised budget for the fiscal year 2021-22 presented on September 10 announced a plan to renovate the country’s oldest Tri-Chandra College building and retrofit the Ghantaghar clock tower. In line with the government plan, the National Reconstruction Authority has taken charge of the project....

MITI identifying strategies to promote EV production, sales and charging infrastructure in Malaysia – Azmin Ali –

The government says it is in the midst of identifying new strategies to promote the electric vehicle (EV) industry in Malaysia among foreign investors. According to international trade and industry minister Datuk Seri Azmin Ali, these are expected to outline a number of specific initiatives, including those to strengthen the development of the EV ecosystem.

China sees slower R&D growth in 2020 as government spending on science and technology fell amid the Covid-19 pandemic

Research and development spending made up a record 2.4 per cent of China’s economy in 2020, according to government statistics, moving closer to levels of R&D intensity in other advanced economies as spending slowed down as a result of interruptions from the Covid-19 pandemic. China spent a total of 2.43 trillion yuan (US$375.7 billion) on R&D in 2020, up 10.2 per cent from the previous year, according to a report published jointly by the National Bureau of Statistics, the Ministry of Science and Technology and the Finance Ministry on Wednesday. It marked a slowdown from 12.5 per cent growth in the previous year.

Miti identifying new strategies to promote EV industry: Azmin

KUALA LUMPUR – The International Trade and Industry Ministry (Miti) is identifying new strategies to promote the electric vehicle (EV) industry in the country to increase investment and demand, said Datuk Seri Mohamed Azmin Ali (Gombak-Bersatu). During his winding up speech in the Dewan Rakyat today, Azmin said his ministry...
The Daily Star

Commerce ministry should support customers conned by e-commerce firms: Kamal

The commerce ministry will have to take the primary responsibility to support the customers conned by some rogue e-commerce firms, Finance Minister AHM Mustafa Kamal said today. The commerce ministry has the most responsibility as e-commerce firms secured clearances from it, he told reporters after a meeting of the cabinet...

Russia Sees Its Oil Output Close to Post-Soviet High Next Year

(Bloomberg) -- Russia expects oil output next year to be back near its post-Soviet high as OPEC+ eases production curbs. Russian companies are seen raising combined production of crude and a light oil called condensate by 8% to 559.9 million tons in 2022, and stay close to that level from 2023 to 2024, according to a draft budget submitted by the Finance Ministry to the government.

Illegal income won’t be allowed for investment: Finance Ministry

KATHMANDU: The government would not let off the hook the money laundering, terrorist activities, corruption and other crimes. The Finance Ministry made it clear that the government would not inquire about the income source of the investments made in the infrastructure development and industries of national importance till the end of 2080BS by adding Section 11 in the Income Tax Act, 2058 in line with the financial bill, 2078. The Ministry stated a press release, showing severe concern over the comments public on Ministry’s plan on this new scheme.

Crude Oil Higher; API Supply Data Due -- Oil prices rose Tuesday, reversing some of the previous session’s sharp losses ahead of the release of the latest U.S. crude oil supply data. By 9:25 AM ET (1325 GMT), U.S. crude futures were up 0.6% at $70.53 a barrel, while Brent futures were up 0.9% at $74.57 a barrel, after both contracts fell around 2% on Monday.

Finance Ministry Objects To Plan For New E-Commerce Rules: Report – dot newz

India’s plan to tighten rules on its fast-growing e-commerce market has run into internal government dissent, memos reviewed by Reuters show, with the Ministry of Finance describing some proposals as “excessive” and “without economic rationale”. The memos offer a rare glimpse of high-stakes policy-making governing a market already featuring global...

“Rahul Gandhi Created History In Punjab”: Navjot Sidhu On New Chief Minister – dot newz

Punjab Congress chief Navjot Singh Sidhu on Monday said Rahul Gandhi has created history by making Charanjit Singh Channi the first Dalit Sikh Chief Minister of the state. “I feel proud that Rahul Gandhi Ji has created history in Punjab. The fibre of the Constitution has been honoured and such a kind man (Mr Channi) has started solving the problems of common men today,” Mr Sidhu said.