Day: April 1, 2023

BEIJING, China National Petroleum Corporation (CNPC), the country’s largest oil and gas producer and supplier, reported a 62.1-percent surge in net profit in 2022.

In a statement carried by Chinese news agency, Xinhua, the company said that net profit attributable to the parent company reached 149.38 billion yuan (about US$21.74 billion) last year.

The company’s business revenue rose 23.9 percent to about 3.24 trillion yuan in the reporting period, it said.

The company also said that its free cash flow increased by 88.4 percent year-on-year.

Source: Emirates News Agency

PARIS, The UAE participated in the second International Financial Architecture Working Group (IFA WG) meeting within the G20 Finance Track for 2023, which was held in Paris, France, on 30th and 31st March to discuss the progress made on the 2023 IFA WG work plan.

20 members, invited countries, and international organisations attended the meeting. The UAE delegation included Ahmad bin Sulaiman, Director of the Federal Debt Management Office at the Ministry of Finance, and Khalifa Al Faheem, Senior Director of Monetary Operations and Monetary Management at the Central Bank of the UAE.

The meeting discussions focused on the priorities of the IFA WG for this year, where members discussed issues related to the sustainability of sovereign debt and ways to limit their increase. Members also deliberated the most proposals and directions to support vulnerable countries, and discussed ways to bridge the gap. Members also discussed the ongoing work by Multinational Development Banks on the implementation of recommendations by the Independent Review on Multinational Development Banks’ Capital Adequacy Frameworks and ways to strengthen Multinational Development Banks to address shared global challenges of the 21st century. Lastly, members shared their views on the impact of climate change-related policies on capital flows.

During the meeting, the UAE team stressed on the need for collaborating with regional organisations to leverage their expertise in formulating initiatives that will promote global debt sustainability. The team emphasised the importance of providing incentives for debt transparency to encourage the adoption of enhanced debt management practices in vulnerable countries. The UAE team also discussed the implications of climate change policies on capital flows, and highlighted the importance of promoting greater integration across financial markets and enabling stronger international cooperation to mitigate the potential for market distortions. Accordingly, the UAE team suggested for the international organisations to develop tools and methodologies needed to track the impact of climate change policies on capital flow.

The members agreed to review the progress on the groups’ work plan during the next upcoming meeting, at a date to be set by the India G20 presidency.

Source: Emirates News Agency

DUBAI, The General Department of Criminal Investigation at Dubai Police has signed Memorandums of Understanding (MoUs) with ten banks and financial institutions, to enhance the security system and collaborate with partners in the field of investigating and anticipating the future of economic crimes.

These MoUs aim to boost cooperation and the exchange of expertise between the parties across areas of mutual interest.

Major General Jamal Salem Al Jallaf, Director of the General Department of Criminal, said, “This collaboration is intended to produce predictive frameworks that achieve the goals of all parties in preventive planning and enhancing performance levels in line with global economic, criminal, and technological changes. These developments necessitate adopting proactive measures capable of strongly and effectively contributing to the development of the security system.”

l Jallaf added, “Dubai is a global economic and investment destination, and we at Dubai Police are keen to intensify our efforts in cooperation with our internal and external partners to strengthen the security system. Accordingly, the General Department of Criminal Investigation develops strategic plans based on global changes, anticipating the future of security work in confronting various types of crimes, including economic crimes.”

“According to global studies, these crimes pose challenges in fraudulent methods due to the increased reliance of countries and individuals on technology in professional and personal practices. Therefore, we also keep pace with these trends to make Dubai the safest city in the world,” he explained.

Source: Emirates News Agency

Hundreds of thousands of protesters marched in Tel Aviv on Saturday evening, demanding that Prime Minister Benjamin Netanyahu scrap a planned judicial overhaul. The embattled PM has already suspended the reforms and vowed to negotiate with the opposition, but protesters view his move as a ploy.

Israeli media outlets reported that between 140,000 and 175,000 people attended the rally, while protest organizers put the head count at 250,000 in Tel Aviv and 450,000 throughout Israel. The so-called ‘Umbrella Movement of Resistance against Dictatorship in Israel’ said in a statement that the protest was “one of the largest demonstrations in Israeli history.”

Groups of protesters blocked the normally busy Ayalon Highway twice over the course of the evening, The Times of Israel reported. Police used water cannons to clear the road.

Israel has been rocked by continuous protests since Netanyahu announced his proposed reforms in January. These legal changes would allow Israel’s parliament to override Supreme Court rulings with a simple majority vote, would grant the government more power in appointing judges, and would limit the ability of the court to review legislation it deems “unreasonable.”

Netanyahu announced on Monday that he would suspend the reform package, after firing his defense minister, Yoav Gallant, for publicly challenging the plan. While Netanyahu pitched the pause as a chance to negotiate a compromise agreement with the opposition, the reforms are a key demand of his hardline coalition partners in the ‘Jewish Power’ party. Should these six lawmakers leave the coalition, Netanyahu will lose his majority and be forced to call a new election.

The Umbrella Movement, however, views the suspension as an attempt by Netanyahu to buy time until public anger subsides. “Netanyahu’s attempt to put the protesters to sleep failed,” the organization said. “We will continue to be in the streets until we guarantee that the State of Israel is a democracy.”

Source: Russia Today