MARRAKESH: Egypt and Algeria should further reduce energy subsidies to cut government spending and promote energy efficiency, their energy ministers said on Monday.
Speaking at an Arab energy conference in Marrakesh, Egyptian Petroleum Minister Tarek El-Molla said subsidies were a burden on the budget, using up funds that could be spent on improving social services.
“We will be continuing to remove subsidies,” he said.
Egypt has committed to deep cuts to energy subsidies and other tough fiscal measures as part of a three-year, $12 billion International Monetary Fund (IMF) loan program begun in 2016.
He said subsidised oil encouraged fuel-smuggling, adding that his country had spent $30 billion on oil subsidies in the last five years.
“Oil is sold at a market price representing 75 percent to 80 percent of the cost price,” said the minister.
Echoing him, Algeria’s Energy Minister Mustapha Guitouni said a surge in domestic energy demand should be addressed by gradually reforming the subsidies system.
“Algeria spends $15 billion annually in oil subsidies combined with another $15 billion in subsidising food and health services,” he said.
Algeria, hit by a fall in energy revenues from 2014 to 2017, has increased gasoline prices and talked about reforming a subsidy system but so far kept in place a welfare state as it faces presidential elections in 2019.
Egypt and Algeria want less spending on subsidies
Egypt and Algeria want less spending on subsidies
UN ‘deeply disturbed’ by strikes on Lebanon rescue workers
- “Up to 11 civilians were killed in a single day, including 10 paramedics,” said Imran Riza, the UN’s humanitarian coordinator for Lebanon
- “Attacks on health care violate international humanitarian law and are unacceptable”
BEIRUT: The United Nations on Thursday said it was “deeply disturbed” by attacks on health care facilities, a day after several strikes blamed on Israel killed 10 emergency rescue workers in southern Lebanon.
“The tragic events of the past 36 hours have resulted in a significant loss of life and injuries in south Lebanon. Up to 11 civilians were killed in a single day, including 10 paramedics,” said Imran Riza, the UN’s humanitarian coordinator for Lebanon.
There has been near-daily cross-border fire between Lebanon’s Hezbollah, an ally of Palestinian militant group Hamas, and Israel since Hamas gunmen launched an unprecedented attack on southern Israel on October 7, triggering war in Gaza.
Lebanese groups say three separate Israeli strikes on Wednesday, including on a health center in the border village of Habariyeh, killed the 11 civilians.
“I am deeply disturbed by the repeated attacks on health facilities and health workers who risk their lives to provide urgent assistance to their local communities,” Riza added.
“Attacks on health care violate international humanitarian law and are unacceptable,” the UN official said in a statement.
Several militant groups in Lebanon operate health centers and emergency response operations.
Hezbollah said four of its fighters and two rescuers were killed in Wednesday’s strikes, while its ally the Amal movement said it had lost two members, including a rescuer.
An official from the Jamaa Islamiya militant group had earlier told AFP that “seven rescuers” were killed in Israeli strikes on the emergency center in Habariyeh.
The Israeli military said the target of one of the strikes was “a military compound” and those killed were Jamaa Islamiya militants.
It said a “significant terrorist operative” and other members of the group were planning attacks against Israel at the time of the strike.
Hezbollah responded to the deadly strikes by sending a barrage of rockets into northern Israel, killing one civilian in Kiryat Shmona on Wednesday.
The group on Thursday said they targeted the northern Israeli town of Shlomi and agricultural village of Goren in retaliation for the previous day’s attacks.
The uptick in violence has raised fears of a broader escalation in the conflict.
At least 346 people have been killed in Lebanon — mostly Hezbollah fighters, but also including at least 68 civilians — in clashes with Israel over the last six months, according to an AFP tally.
The fighting has also displaced tens of thousands of people in southern Lebanon and in northern Israel, where the military says 10 soldiers and eight civilians have been killed.
Poland raids Russian spy network targeting EU
- The services said their operations were linked to charges filed earlier this year against a Polish citizen suspected of spying for Russia
- The Internal Security Agency is conducting activities as part of an investigation into espionage activities for Russia directed against European Union countries and institutions
WARSAW: Polish security services said Thursday they had raided a Russian spy network in cooperation with Czech intelligence, which a day earlier had busted a major Russian propaganda network.
The services said their operations were linked to charges filed earlier this year against a Polish citizen suspected of spying for Russia.
“The Internal Security Agency is conducting activities as part of an investigation into espionage activities for Russia directed against European Union countries and institutions,” agency spokesman Jacek Dobrzynski said on social media.
He added in a statement that the agency had carried out raids in the capital Warsaw and the southern city of Tychy and interrogations in connection with the case.
He said the spy network’s “goal was to implement the Kremlin’s foreign policy objectives, including weakening Poland’s position on the world stage, discrediting Ukraine as well as the image of EU organs.”
“The operations carried out are the result of the agency’s international cooperation with a number of European services, coordinated in particular with Czech partners.”
Dobrzynski added that the security agency’s operations began from an investigation that in January resulted in charges against a Polish citizen suspected of Russian espionage.
“The man, embedded in Polish and EU parliament circles, carried out tasks commissioned and financed by colleagues from Russian intelligence,” he said in the statement.
These tasks notably included “propaganda activity, disinformation as well as political provocation. Their objective was to build Russian spheres of influence in Europe.”
The security agency has not revealed the man’s identity.
The Czech Republic announced on Wednesday that it had busted a Moscow-financed network that spread Russian propaganda and wielded influence across Europe, including in the European Parliament.
Prague said the group used the Prague-based Voice of Europe news site to spread information seeking to discourage the European Union from sending aid to Ukraine, which has been battling a Russian invasion since February 2022.
The Czech government has added the Voice of Europe and two pro-Kremlin Ukrainian politicians — Viktor Medvedchuk and Artem Marchevsky — to its sanctions list in relation to the network’s activities.
The Denik N daily said the news site had published statements by politicians demanding the EU halt aid to Ukraine.
Some European politicians cooperating with the news site were paid from Russian funds that in some cases also covered their 2024 EU election campaign, the daily adds.
The payments targeted politicians from Belgium, France, Germany, Hungary, the Netherlands and Poland, Denik N said, citing a Czech foreign ministry source.
Asked about the network, a spokeswoman for the German interior ministry said “this case is another example of Russia’s extensive and wide-ranging influence activities.”
“The Federal Republic of Germany also remains an important target of Russian influence operations,” she told AFP.
“The German security authorities will continue to use all available means and in cooperation with their foreign partners to investigate such influence operations and take measures to prevent them.”
From arts to apps, Riyadh’s youth is redefining a new global narrative
- Talal Al-Hammad, the editor-in-chief of entArabi, said these changemakers are at the forefront of a significant shift toward sustainable and inclusive development
- Talal Al-Hammad: It may come as a surprise, but the young entrepreneurs in Riyadh, both men and women, are deeply engaged with all the latest trends in entrepreneurship
RIYADH: Young people in the Saudi capital are ready to reshape the city’s landscape and show Riyadh as a hub of dynamic social progress.
From grassroots community organizing to pioneering entrepreneurship and cultural innovation, the new generation of changemakers models itself as the driving force behind positive transformation in their community.
Arab News approached some of those inspiring change.
Talal Al-Hammad, the editor-in-chief of entArabi, said these changemakers are at the forefront of a significant shift toward sustainable and inclusive development.
“It may come as a surprise, but the young entrepreneurs in Riyadh, both men and women, are deeply engaged with all the latest trends in entrepreneurship.
“We have genuine problem solvers, addressing issues unique to Saudi society with innovative solutions.
“They’re making waves across various sectors including fintech, edtech, proptech, blockchain and AI (artificial intelligence), among others.”
He highlighted two ventures as examples of the positive impact these young entrepreneurs are making, the Barakah and Hemam apps.
Co-founded by Abdulaziz Al-Saud and Rabah Habiss, the Barakah app tackles the problem of food waste by using a mobile platform to offer discounts on surplus food from restaurants and stores.
Meanwhile, Bader Alarjani’s Hemam app is breaking down barriers for people with disabilities, offering them improved access to transport services and greater inclusivity in daily life.
Al-Hammad, who has witnessed firsthand the dynamic shift in the entrepreneurial landscape of the capital, said that the surge in young changemakers in Riyadh “is driven by Vision 2030 and government support, aiming to diversify the economy and foster innovation” and, coupled with “increased access to venture capital, angel investors, and government grants, provides essential financial support, enabling the testing and scaling of innovative ideas.”
EntArabi plays a critical role in this ecosystem by supporting youth, highlighting their achievements, offering a comprehensive directory of startups and sharing founders’ stories to inspire others.
For aspiring entrepreneurs in Riyadh eager to embark on a journey of social innovation, Al-Hammad emphasized the importance of making use of the many government initiatives and grants available, especially in the early stages of the venture, as well as to harness the power of the media and storytelling.
“Skillful storytelling can attract support, motivate others, and enhance your venture’s influence,” he said.
In a city immersed in tradition, Morouj Meliebary is leading efforts to revitalize Riyadh’s cultural heritage and promote artistic expression.
The senior section manager for communication and engagement at the Royal Commission for Riyadh City is on a mission to transform the capital into a global art gallery.
She said: “The vision of Riyadh Art is to turn the city into a gallery without walls. We are physically and tangibly making a change, architectural changes, we are placing art across the city.
“And this art should represent the people who live in the city or the people who visit, the people who are part of this identity.”
Riyadh Art, one of the largest public art initiatives in the world, was launched in March 2019 by King Salman, under the supervision of the Committee of Grand Projects chaired by Crown Prince Mohammed bin Salman.
The culture expert added: “We have opened the door for youth, we want the youth to be part of this imprint. We have a lot of very young artists who participated in Noor Riyadh, and we always open the door for them to meet with more experienced artists who have been in the industry for much longer for them to learn from each other.
“The idea behind that is to have non-Saudi artists meeting with local artists and kind of exchanging culture.”
Noor Riyadh, a Riyadh Art initiative, is a citywide annual festival of light and art comprising public art installations across Riyadh city, including a diverse program of talks, tours, workshops and events.
Meliebary, a Saudi anthropologist who takes pride in her narrative of encapsulating the essence of a “society changemaker,” said that “inclusion is important because there’s so much that we share in common.”
Beyond the tangible artworks, the initiative has embraced digital platforms to boost its reach and allow for a transnational dialogue on art and culture.
This digital expansion is particularly significant for young Saudis, providing them with an opportunity to engage with and contribute to the worldwide art community, demonstrating “that Saudi is transforming, and they are the face of this change,” Meliebary said.
After using her passion for writing to publish her first book, Meliebary’s transition to the Royal Commission for Riyadh City further amplifies her influence, with an eye to improve inclusivity, sustainability and cultural enrichment.
Pakistan’s stock exchange closes at all-time high amid expectations of fresh IMF deal
- Pakistan Stock Exchange closes at all-time high of 67,142.12 points, registering an increase of 594.34 points from Wednesday
- Analysts link recent surge to possibility of Pakistan reaching another bailout agreement with IMF, privatizing national airline
ISLAMABAD: The Pakistan Stock Exchange (PSX) witnessed its highest closing in history on Thursday as the benchmark KSE-100 index closed at 67,142.12 points, with analysts linking the recent surge to market expectations of the possibility of a successful deal with the International Monetary Fund (IMF) for another bailout program.
The benchmark index settled at 67,142.12 points on Thursday at the close of trading, registering an increase of 594.34 points or 0.89 percent. This makes it the stock market’s highest closing in history, the previous highest being 66,547.78 points a day earlier.
Pakistan and the International Monetary Fund (IMF) reached a staff-level agreement last Wednesday which would pave the way for the release of $1.1 billion for the cash-strapped South Asian country. Pakistan has expressed its interest in securing a new loan under the Extended Fund Facility (EFF) program with the IMF.
Financial expert and journalist Faseeh Mangi said the Pakistan Stock Exchange is one of the best performers in the world “in a rally that started last year after Pakistan avoided a default.”
“The latest surge is on possible IMF deal, PIA sale,” Mangi wrote on X on Wednesday, referring to the government’s plans to privatize Pakistan International Airlines, its national airline.
Topline Securities’ Deputy Head of Sales Ali Najib said the index had finally breached the 66,000 barrier, saying it could be attributed to “positive vibes from the IMF, rejuvenated foreign interest at historically low valuations and progress on SOE privatization.”
Shehbaz Sharif, who was elected prime minister for a second term earlier this month, faces the daunting challenge of negotiating a long-term financial bailout program with the IMF. Pakistan’s fragile $350-billion economy is in desperate need of external financing to shore up its foreign exchange reserves and escape a looming macroeconomic crisis.
For Pakistan, committing to a new IMF program, however, will mean committing to steps needed to stay on a narrow path to recovery. This would limit policy options to provide relief to a deeply frustrated population and cater to industries that are looking for government support to spur growth.
Inflation touched a high of 38 percent with record depreciation of the rupee currency under Sharif’s last government from April 2022 to August 2023, mainly due to structural reforms necessitated by the IMF program. Pakistan continues to be enmeshed in economic crisis with inflation remaining high, hovering around 30 percent, and economic growth slowing to around 2 percent.
Moscow attack death toll rises to 143: authorities
- By Wednesday afternoon, 80 people injured in the attack, including six children, remained in hospital
- The previous day that many people in shock had initially not returned to the hospital for treatment
MOSCOW: The death toll from the attack on a Moscow concert hall claimed by Islamic extremists rose on Wednesday to 143, Russian authorities said.
Authorities listed the names of the dead on the Russian ministry for civil defense and emergency situations five days after last Friday’s attack, the deadliest claimed to date by Daesh on European soil and the worst in Russia in two decades.
By Wednesday afternoon, 80 people injured in the attack, including six children, remained in hospital, TASS news agency quoted Russian Health Minister Mikhail Murashko as saying.
An anonymous medical source told TASS 205 people had received outpatient care.
Russian Deputy Prime Minister Tatiana Golikova told reporters the previous day that many people in shock had initially not returned to the hospital for treatment.
On Friday, gunmen opened fire at the Crocus City concert hall near Moscow, also setting fire to the venue.
Four attack suspects — all from Tajikistan according to Russian state media — are under arrest along with several suspected accomplices.
A Moscow court has ordered the men be held in pre-trial detention until May 22 — a date likely to be extended until a full trial.
Russia said Saturday it had arrested 11 people in connection with the attack. There has been no information on the other seven.
The attack was swiftly claimed by Daesh although Moscow has repeated its initial line of a link to Ukraine.
Kyiv rejects any involvement.
Russia has for some years been a target of Daesh owing to its role in suppressing unrest in regions with a substantial Muslim majority as well as its support for the regime in Syria’s civil war.
On Monday, three days after the attack, President Vladimir Putin admitted for the first time that the presumed gunmen were radical Islamists but continued to insist on a link to Ukraine, saying the perpetrators were headed there when they were caught some 150 kilometers (93 miles) from the border.