LONDON, 24 December 2022, (TON): British Prime Minister Rishi Sunak said “he was disappointed about disruption caused by strikes by unions representing workers in sectors including rail, health and border staff.”

Sunak told reporters “I’m really sad and disappointed about the disruption that has been caused to so many people’s lives, particularly at Christmas time.”

Adding “I know things are difficult but its the right thing for whole country to beat inflation”

JEDDAH, 24 December 2022, (TON): Iran is planning renewed attacks on Gulf states as well as seeking to expand the supply of advanced weapons to Russia, Israel’s spy chief warned.

David Barnea, head of the Mossad intelligence agency, also said the Tehran regime was driving its nuclear program forward at an unprecedented rate.

Barnea said “we warn against Iran’s future intentions, which they are trying to keep secret, to deepen and expand the supply of advanced weapons to Russia, to expand the uranium enrichment project and to intensify their attacks against friendly Muslim countries in the region.”

WASHINGTON, 24 December 2022, (TON): A $1.7 trillion spending bill financing federal agencies through September and providing more aid to a devastated Ukraine cleared the House as lawmakers race to finish their work for the year and avoid a partial government shutdown.

The bill passed mostly along party lines, 225-201. It now goes to President Joe Biden to be signed into law.

Passage of the bill represented a closing act for Rep. Nancy Pelosi’s second stint as House speaker, and for the Democratic majority she led back to power in the 2018 election. Republicans will take control of the House next year and Rep. Kevin McCarthy is campaigning to replace her.

He is appealing for support from staunch conservatives in his caucus who have largely trashed the size of the bill and many of the priorities it contains.

By Nasriya Naffin

According to Vice Admiral Mohan Wijewickrama, the Sri Lankan High Commissioner, Sri Lanka is considering the China-Pakistan Economic Corridor (CPEC), which could help strengthen trade relations with Pakistan while expanding business opportunities with the Central Asian Republics (CARs).

The high commissioner added during a meeting at the Karachi Chamber of Commerce and

Industry (KCCI). “Sri Lanka’s trade can be developed by connecting Gwadar Port with Colombo

Port, which is one of the biggest ports in South Asia, wherein two more terminals, Eastern and Western terminals, are being developed despite the economic meltdown suffered by the country,”

He was upbeat about Sri Lanka's recovery from the financial crisis. He claimed that because of periodic debt accumulation by the governments, the nation would be unable to repay its loans by 2021.

According to Wijewickrama, the then-government had to decide between paying the debt and keeping the populace hungry or feeding the crowd while forgoing loan payments.

“The government is quite confident that Sri Lanka will come out of economic crises as political stability has been achieved and negotiations are also underway with the IMF for an extended economic facility with restructured loans while reforms will also be introduced in the loss-making enterprises.”

He continued by saying that the Covid-19 pandemic had caused significant issues for Sri Lanka because its hotels and small and medium-sized businesses had to close down during the pandemic.

“Now, we are in the right direction, and we have to make necessary corrections before we take off and are able to do business with our friends.”

Commenting on the 2005 Sri Lanka-Pakistan Free Trade Agreement (FTA), he said that the agreement caused trade volumes to double and that the trend persisted for a further ten years before eventually becoming stagnant.

“Under the FTA, trade should have reached at least $2 billion, but unfortunately, it did not happen as we both are exporting to other countries and importing from other countries instead of each other,” he opined.

He emphasized that members of the South Asian Association for Regional Cooperation (SAARC), which outperformed the Association of Southeast Asian Nations (ASEAN) in terms of GDP and population, must look into ways to improve trade within the SAARC region.

“We will not need to look at anywhere else if we take steps to promote trade amongst SAARC countries.”

The high commissioner praised Jagath Abeywarna, the Sri Lankan consul general in Karachi, for his efforts.

“a lot of activities have started taking place in Karachi thanks to all the sincere efforts made by Jagath Abeywarna, which encourages us in Islamabad that although it is late, it won’t make a difference as we can kick off from now onwards to see trade between the two countries going up.”

“There are a lot of opportunities available, so all of us must look at them positively,” he added.

Earlier, Tariq Yousuf, president of the KCCI, said that despite the 2005 signing of the Free Trade Agreement, trade between Pakistan and Sri Lanka only totaled $457 million, which was extremely low and required special attention from both parties.

He emphasized that for greater ease in comparison to other countries, both countries must consider the possibility of removing trade barriers.

Yousuf believed that a two-way currency swap arrangement should be pursued, allowing both nations to exchange their domestic currencies for dollars.

“This would further strengthen their financial cooperation and deepen their economic relationship.”

To enhance bilateral economic cooperation, he added that Sri Lankan investors and their corporate sector should take advantage of the potential for joint ventures in Pakistan's enormous energy sector, cement, textile, motorcycles, cars, Basmati rice, livestock, and maritime.

Yousuf emphasized the effects of CPEC on regional economies and urged Sri Lanka to join the initiative, claiming that doing so would aid the crisis-stricken nation in strengthening existing ties through increased regional connectivity and be advantageous for achieving economic growth and development.

“The strategic troika comprising Pakistan-Sri Lanka and China can offset the growing concerns of regional states and overcome the emerging geo-economic challenges.”

The KCCI president emphasized the importance of improving air and maritime connections between the two nations to advance trade and economic growth.

According to him, both countries should ensure that the FTA is implemented effectively and promote business-to-business and people-to-people interactions. Host frequent cultural and educational exchanges and create policies and conditions welcoming foreign investment to strengthen bilateral economic ties and further increase connectivity.

UNITED NATIONS, 23 December 2022, (TON): Deputy UN chief Amina Mohammed urged countries to urgently consider Haiti’s request for an international specialized armed force to help restore security in the Caribbean state and alleviate a humanitarian crisis.

“Now is certainly not the time for the world to turn away from Haiti,” she told the UN Security Council. “It is time to step up and turn the current crisis into an opportunity for Haiti to bounce back stronger.”

Haitian gangs have expanded their territory since the 2021 assassination of President Jovenel Moise. The resulting violence has left much of the country off-limits to government and led to routine gun battles with police.

In September, Haitian gangs created a humanitarian crisis by blocking a fuel terminal for nearly six weeks, halting most economic activity.

BEIRUT, 23 December 2022, (TON): Iraqi state news said “two soldiers were killed and three were injured in an explosion in northern Iraq.”

The soldiers were traveling in an army vehicle a day earlier in the Makhmour district when an explosive device detonated.

No group immediately claimed responsibility for the attack. It was the latest in a string of similar incidents in recent days.

Eight people were killed and three injured Monday in an attack by gunmen on the village of Albu Bali northwest of Fallujah, previously held by the Islamic State extremist group.

MOSCOW, 23 December 2022, (TON): Russia accused Japan of abandoning decades of pacifist policy and embracing unbridled militarization, responding to a $320-billion defense plan announced by Prime Minister Fumio Kishida last week.

Russian Foreign Ministry said in a statement “it can be clearly seen that Tokyo has embarked on the path of an unprecedented build-up of its own military power, including the acquisition of strike potential.”

Kishida’s plan will double defense outlays to about 2 percent of gross domestic product over five years and make Japan the world’s third-biggest military spender after the United States and China.

KYIV, 23 December 2022, (TON): Russia said on Thursday that supplies of US Patriot missile systems to Ukraine, announced during Ukrainian President Volodymyr Zelensky’s visit to Washington, would not help settle the conflict or prevent Russia from achieving its goals.

In a call with reporters, Kremlin spokesman Dmitry Peskov said that there had been no signs of readiness for peace talks during Zelensky’s visit, proving that the United States was fighting a proxy war with Russia to the last Ukrainian.

Zelensky told the US Congress on Wednesday that aid to his country was an investment in democracy as he invoked battles against the Nazis in World War Two to press for more assistance in the war against Russia.

WASHINGTON, 23 December 2022, (TON): The United States is imposing sanctions on 10 Russian naval entities over Russian operations against Ukrainian ports, the US State Department said, as Washington increases pressure on Moscow over its invasion of Ukraine.

The action comes after Ukrainian President Volodymyr Zelensky met with President Joe Biden in Washington and delivered a speech to Congress, during which he thanked the United States for its support of Ukraine in the conflict and pleaded for more weapons.

US Secretary of State Antony Blinken said in a statement “In the wake of Russian naval operations against Ukrainian ports, including those that are providing much-needed food and grain to the world, the United States today is imposing sanctions on Russian naval entities.”

RIYADH, 23 December 2022, (TON): Saudi Arabia’s Crown Prince Mohammed bin Salman has announced the launch of the National Intellectual Property Strategy to support the Kingdom’s economy based on innovation and creativity. 

Saudi Press Agency reported “by establishing an intellectual property value chain that supports economic growth, the Kingdom is set to become a pioneer in the field in line with the Saudi Vision 2030.”

We have minds and energies that are passionate about innovation and creativity, and by enabling them, the Kingdom will be a fertile environment for the knowledge economy through an integrated intellectual property system that supports the development of innovative technologies and industries and contributes to the growth of enterprises.