by admin | May 25, 2021 | World
Donald Trump and Jerome Powell
Washington : Announcing Jerome Powell’s appointment as chairman of the Federal Reserve, US President Donald Trump expressed confidence and said the former has the “wisdom and leadership to guide our economy”.
“Based on his record I am confident that Jay has the wisdom and leadership to guide our economy,” Efe news quoted Trump as saying in the White House Rose Garden.
He emphasized that Powell “has proved to be a consensus builder for the sound monetary and financial policy that he believes in”.
Powell, who will succeed Janet Yellen, said he was “honoured” to be nominated to head the Fed.
The President also thanked Yellen for the “dedication and devotion” she has displayed in her four years in the post, calling her a “spectacular person”.
The nomination of Powell, a member of the Fed Board of Governors since 2012, is not likely to face any serious opposition in the Senate.
Trum had during his campaign said that he would fire Yellen if he were elected, although after he met her he said he liked her.
—IANS
by admin | May 25, 2021 | Muslim World
Rabat : Despite descending in the World Bank’s Doing Business ranking, Morocco continues to stand in third place in the MENA region and first in North Africa.
Morocco ranked 69th out of 190 rated countries, losing one position compared to the previous year’s report, revealed the World Bank in its 2018 Doing Business report, which “provides objective measures of business regulations for local firms” through the world, Morocco World News reported.
With a score of 67.91 points, Morocco’s business climate remains much more favorable than that of its neighbors in North Africa; Tunisia ranks 88th, Egypt 128th, and Algeria 166th.
The report indicated that Morocco was able to rise up to the third position among the MENA countries, behind the United Arab Emirates at 21st place and at Bahrain 66th, and ahead of Oman at 71st.
At the level of Africa, Morocco maintained its third place behind Mauritius at 25th place and Rwanda at 41st.
The ranking shows that Morocco has achieved desirable results in terms of its performance in the categories of “creation of a company” at the 17th position and “payment of taxes” at the 25th place.
“Morocco made starting a business easier by combining the stamp duty payment with the application for business incorporation,” said the World Bank.
The country was also favored for its cross-border trade at the 65th position and the granting of building permits at the 17th place.
On the other hand, Morocco’s ranking was hurt by legal and regulatory indicators, such as insolvency regulation at the 134th position and loans at 105th.
The list was topped by New Zealand, Singapore, and Denmark, while Venezuela, Eritrea, and Somalia came in last.
—SM/OIC-UNA
by admin | May 25, 2021 | Halal Food, Halal Industries, Muslim World
Ankara : Turkey’s parliament approved on Wednesday a law for establishing the country’s first halal accreditation agency.
Under the law, the Halal Accreditation Institution (HAK) will have the sole authority for certifying and accrediting halal products goods made according to Muslim standards in Turkey. It will also be able to establish offices abroad.
The agency will also accredit Turkish and foreign institutions that grant certificates of halal compliance.
The agency, with a staff of 50, will be under the Economy Ministry, and represent Turkey in the international arena and obtain membership in both regional and international accreditation unions, Anadolu Agency (AA) reported.
Halal accreditation agencies enforce halal standards according to Islam in their countries and territories. They also aim to protect the growing number of halal consumers and facilitate international trade.
Global trade in halal products and services is valued at around $3.9 trillion.
The halal food market in Turkey is now worth $6 billion annually, and this could rise to $15-20 billion within a decade, according to Hasan Ali Cesur, head of the Anatolian Businessmen’s Association (ASKON).
—SM/OIC-UNA
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Key Indian equity indices on Wednesday scaled record highs yet again as positive global cues, coupled with a strong rupee and robust buying activities in banking, metals and FMCG stocks, gave a boost to investor sentiments.
According to market observers, expectations of upbeat quarterly results, as well as the latest report that India for the first time has moved into the top 100 in the World Bank’s Ease of Doing Business global rankings riding on sustained government reforms, added to the upward trajectory of the indices.
Both the indices breached their earlier record levels, both on closing and intra-day basis, scaled on October 30.
The broader Nifty50 of the National Stock Exchange (NSE) breached the 10,400-mark for the first time and stayed above that level on closing basis.
The Nifty50 rose by 105.20 points, or 1.02 per cent, to close at a fresh high of 10,440.50 points — cracking its earlier closing high level of 10,363.65 points.
On an intra-day basis, the Nifty50 scaled a new high of 10,451.65 points, surpassing its previous high of 10,384.50 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE too closed at a fresh high of 33,600.27 points — surging 387.14 points or 1.17 per cent — higher than its earlier record closing at 33,266.16 points.
The Sensex touched a high of 33,651.52 points during intra-day trade, breaching its previous record high of 33,340.17 points.
The BSE market breadth was bullish — 1,516 advances and 1,274 declines.
“The Nifty closed above the 10,400 level for the first time. Banking and telecom stocks were in limelight. The Nifty witnessed a gap-up opening before touching new life highs as the session progressed,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Market sentiments were boosted by the latest World Bank report, which elevated India by 30 notches at 100 in the World Bank’s Ease of Doing Business rankings. Positive global cues also supported the rally,” he added.
The broader market indices underperformed the BSE Sensex. The S&P BSE mid-cap index closed higher by 0.35 per cent and the small-cap index by 0.55 per cent.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market extended gain on account of continued buying in banks in expectation of credit growth and negating the concern on premium valuation. Telecom stocks are gaining positive sentiment in view of attaining attractive competition after tariff revision by key players.”
“Further, positive global cues and expectation of unchanged policy outcome from today’s (Wednesday’s) FED meet is providing a better way to the domestic market.”
On the currency front, the rupee strengthened by 15-16 paise to close at 64.59-60 against the US dollar from its previous close at 64.75.
“The benchmark indices ended the day at record highs on Wednesday after the index heavyweight Bharti Airtel hit its highest in nearly a decade post its September quarter numbers. Traders await the start of central bank meetings and the nomination of the next Fed chair,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“Strong moves on banks — PSUs and private — along with metals, FMCG, and infrastructure stocks also added to the sentiment,” he added.
Sector-wise, the S&P BSE banking index surged by 568.76 points, followed by metal index by 277.96 points and FMCG index by 136.20 points.
On the other hand, the S&P BSE consumer durables index fell by 112.86 points, automobile index by 52.03 points and healthcare index by 22.92 points.
Major Sensex gainers on Wednesday were: Bharti Airtel, up 8.19 per cent at Rs 538.40; State Bank of India, up 4.58 per cent at Rs 319.80; ICICI Bank, up 4.42 per cent at Rs 313.20; HDFC, up 2.58 per cent at Rs 1,751.35; and Axis Bank, up 2.05 per cent at Rs 533.75.
Major Sensex losers were: Dr Reddy’s Lab, down 2.90 per cent at Rs 2,360.90; Power Grid, down 1.06 per cent at Rs 210.50; Hero MotoCorp, down 0.99 per cent at Rs 3,816.45; Sun Pharma, down 0.89 per cent at Rs 548.45; and Bajaj Auto, down 0.60 per cent at Rs 3,240.50.
—IANS
by admin | May 25, 2021 | Muslim World
Amman : Jordan and the United Arab Emirates (UAE) on Tuesday signed 12 documents, including agreements, protocols, memoranda of understanding and executive programs, which would further boost cooperation between the two countries.
The deals were signed following the 3rd session’s meeting of the Jordanian-UAE joint ministerial committee, which was chaired by Minister of Foreign and Expatriates Affairs Ayman Safadi, and UAE Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan.
Also, the deals covered the fields of financial and technical cooperation, communications, Information technology, electronic power, environment, trade, investments, maritime cooperation, education, higher education and scientific research and media.
Safadi commended as “historic” and “deep-rooted” the relations between Jordan and the UAE and voiced appreciation for the UAE support to the Kingdom.
He said the UAE is Jordan’s strategic partner and bilateral relations are witnessing continuous development in various fields as both countries see eye-to-eye on Arab, Islamic and human issues.
Sheikh Abdullah bin Zayed said his country appreciates Jordan’s burdens since the beginning of the last century as well as the Kingdom’s efforts to defend the Al-Aqsa Mosque.
He stressed the importance of continuing joint bilateral action and creating new frameworks and dimensions for cooperation and coordination.
In a meeting, both ministers discussed regional developments, including the Palestinian issue and efforts to solve the conflict according to the two-state solution as well as fighting terrorism.
The 3-day session addressed ways to promote and develop relations between the two countries in all fields, with an active participation of the private sectors in both countries.
—SM/OIC-UNA
