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Rice prices hit a 15-year high



Rice prices hit a 15-year high

The role of banks in the Italian economy is stabilizing, with increasing challenges

Day by day, the role of banks in Italy, located in southern Europe, is strengthening amid global and regional economic challenges around the European continent, which is trying to overcome the effects of the Corona epidemic crisis and the Russian-Ukrainian war. Bringing inflation rates around the world to record levels.

Over the past three years, Italian banks have enjoyed record profits as a result of high interest rates, which have necessitated the mobilization of central banks around the world to control inflation. However, as inflation nears its peak and the path to monetary easing begins, banks will have to find unconventional solutions to keep up with the pace of profit growth and come up with new investment vessels.

Alessandro Lulli, head of the treasury and finance group of the Italian “Intesa Sanpaolo” group, says that the most profitable way to organize a business is to achieve full integration and control of all value chains.

Lally mentioned the role of insurance companies in innovating insurance products and services and protecting against the ever-increasing risks around the world. To prepare products and services that we believe are best for our customers, the banking business is a large-scale business and we try to bring it together and clarify the integration process in everything we offer to customers.

In 2019, “We created a platform that includes 6 billion discounted loans, where we decided to earn less on green or circular loans,” Luli Asharq told Al-Awsad. You are a zero waste situation. We are committed to transitioning towards a greener world. Most of the bonds we have issued in international markets are green bonds, so we commit to raise funds and use them for green debt.

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He said, “With inflation, the CEO of the bank decided to give each employee 500 euros and then an additional 500 euros. He initially conceded to the unions’ demand for a salary hike of about 9 percent because of inflationary pressures. During the Covid-19 crisis, we have decided to allocate 100 million to support the health system in the country, and low-cost loans for less developed social areas and in central and southern Italy.

The orientation of banks in Italy is inseparable from the economic situation of the European continent, which is still affected by the energy crisis, which resulted directly from the Russian-Ukrainian war, and which does not put pressure on the general budget of the countries. Public debt in Italy is around 3 trillion euros.

As raising interest rates slows economic activity, Italian banks face the dilemma of falling into the trap of economic recession or embarking on a path of deflation.

However, “the private sector in Italy is very rich, because the wealth of the private sector is 11.4 billion euros and it has a very low level of debt, and the ratio of household debt against disposable income is 61 percent, while real estate loans in Italy are fixed for 5, 10 or 20 years. Interest rates can reach 63 percent, according to Alessandro Loli.

The Bank of Italy (Central Bank) said in mid-August that the average annual interest rate on mortgages in Italy rose again in June, reaching 4.65 percent compared to 4.58 percent in May.

Variable mortgage payments increased dramatically due to the European Central Bank’s policy of raising interest rates to combat high inflation. However, the central bank added that the average consumer credit ratio declined to 9.03 percent from 10.43 percent in June due to the impact of renegotiations.

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And many Italian banks took precautions and refused large credit facilities at variable interest rates, fearing defaults, which would almost certainly result from global economic and geopolitical changes.

The recent period has witnessed the bankruptcy of many banks in America and the failure of some banks in Europe, which increases the challenges for banks, which are now seen as the biggest winners as a result of the global inflationary crisis. In some countries, this matter has even reached the level of “greed” for bank profits.

Last August, Italian Prime Minister Giorgio Meloni’s administration approved a 40 percent surprise tax, blaming the European Central Bank’s continued interest rate hikes.

It was decided that by 2023 “banks should claw back 40 percent of their extra billions of euros in profits.”

Antonio Tajani, the deputy prime minister at the time, pointed out that the European Central Bank “is wrong to raise interest rates, this is an inevitable consequence”.

The decision came shortly after Italian banks reported huge profits, and Intesa Sanpaolo and UniCredit raised their full-year forecasts for a second straight quarter on the back of the European Central Bank’s rapid tightening of monetary policy. According to estimates by Citigroup, the tax will affect 19 percent of banks’ profits. Despite the tax cut after the shock of the markets, it remains a big challenge.

For his part, Andrea Fzollari, head of the governance systems and strategic initiatives department in the international banking sector of the “Intesa San Paolo” group, believes that there is a set of axes that will help prepare and face future challenges. “First these axes improve the speed of development and performance.” This means, “Increasing the strength and solidity of our presence in different markets, even with the integration of our model or structure, we should always increase its strength. Make it to cover the largest amount of different sectors.”

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The second axis is related to digital transformation, which “represents great importance, so we are keen to increase our investments in it in the current period,” while the third axis is “growth in wealth management and insurance,” said Fazolli.

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Emirates News Agency – The “Emirates Pavilion” shares the country’s agricultural heritage at the 2023 Doha International Horticultural Exhibition.



Emirates News Agency – The “Emirates Pavilion” shares the country’s agricultural heritage at the 2023 Doha International Horticultural Exhibition.

DUBAI, September 30 / WAM / The Qatari capital Doha has announced the participation of the UAE Pavilion at the International Horticulture Exhibition 2023, which will be held from October 2, 2023 to March 28, 2023 under the theme “Legacy and Impact”. 2024, the International Horticultural Exhibition brings together… nearly 80 international participants to showcase their latest innovations and solutions centered on the exhibition’s slogan “Green Desert, Better Environment”.

The UAE Pavilion at the exhibition, overseen by the Ministry of Foreign Affairs in collaboration with the Salama Bint Hamdan Al Nahyan Foundation and the Office of National Planning, tells the inspiring stories of dreamers and pioneers in the UAE and the close and enduring connection between them. It also chronicles its long history of qualitative and innovative contributions focused on efforts to improve the country’s society and natural.. heritage of prosperous agriculture.

His Highness Ibrahim Al-Alawi was appointed Commissioner-General of the UAE Pavilion at Expo 2023 Doha, whose design is inspired by the majestic kaff tree, the pavilion’s walls are surrounded by sculpted mud and a roof made of palm fronds. The building and its landscaping were designed by the International Park Ingels Group (BIG) for a garden that includes a variety of local plants suited to the country’s environment.

The Emirates Pavilion also offers a number of sensory and informative stations designed to help visitors understand the agricultural heritage of the UAE and get to know Emirati dreamers from around the world. Visitors will be able to get up close and personal with the people who have contributed and continue to contribute to creating a more sustainable future for everyone in the country, especially how the people of the Emirates coexist with their land and how they support the late founders. Father Sheikh Zayed bin Sultan Al Nahyan contributed to developing a prosperous and diversified agricultural sector for future generations.

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The multi-sensory experience for guests includes six educational stations that tell different stories, showcase different endeavors and shed light on the lifestyle of the people of the Emirates, from their ancestors to today, a style characterized by harmony. Environment and innovation will go hand in hand with it. At the beginning of their journey at the pavilion, guests learn about… the first dreamers at the Emirates and then go on an emotional experience to explore the efforts of the founding father, Sheikh. Saeed bin Sultan Al Nahyan established the country’s forward-looking approach to agriculture today, focusing on collaboration, innovation and community empowerment to preserve the heritage of our forefathers. The pavilion also celebrates the diverse efforts of those behind the agricultural scenes in the Emirates. At the end of the experience, guests will also have the opportunity to interact with an installation designed by the Atelier Bruckner office in Stuttgart that encourages self-reflection on environmental legacy on a personal level. Other notable works include its contributions to the museum in the future.

The “Legacy and Impact” exhibition is the UAE’s third participation in international horticultural exhibitions, as the UAE participated in this special category for the first time in Beijing 2019, followed by “Saltwater Cities: Where the Land Meets the Sea” at Expo Floriad 2022 in Almere, the Netherlands. held

Muhammad Nabil Abu Taha/ Muhammad Jaballa/ Zakaria Mohideen

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A federal shutdown threatens America…and lawmakers face deadlock



A federal shutdown threatens America…and lawmakers face deadlock

The U.S. moves closer to shutting down federal agencies at midnight today as lawmakers reach an impasse over agreeing a short-term spending bill and the chances of averting it dwindle.

The U.S. fiscal year begins tomorrow, Oct. 1, but bitter disagreements among Republicans over the size of the federal debt have prevented passage of bills needed to keep the government funded and open.

A hard-line Republican House of Representatives rejected any temporary measures to save the country from closing federal agencies. Yesterday, Republicans rejected a plan proposed by their leader, Kevin McCarthy, to temporarily fund the government through a draft law that voted 198 to 232.

Moody’s, the credit rating agency, warned that the shutdown would be “negative” for U.S. sovereign debt, threatening its top rating and driving higher borrowing costs.

Here’s what happens in the event of a federal shutdown in the US:

1. No pay for federal employees: Hundreds of thousands of federal employees will be on unpaid leave, while members of the military and other employees deemed “essential” will continue to work without pay. The American Federation of Government Employees estimates that a full shutdown would result in about 1.8 million federal employees receiving their full-time salaries, and about 850,000 non-essential employees would be placed on unpaid leave, according to the Committee for a Responsible Public Budget, an independent organization. If achieved, these restrictions will be lifted and all employees will be paid in advance, the union said.

2. Only essential services: Only essential services will continue to operate, Social Assistance checks continued to be paid during previous shutdowns, and air traffic controllers, border guards and hospital staff remained on duty, but many services are likely to remain. Surveys of food and environmental sites other than national parks, including new applications for social security and medical care, will also have a greater impact on the closure period.

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3. Economic impact: Economists at Goldman Sachs estimate the shutdown will hurt economic growth by 0.2 percentage points each week in the fourth quarter, and Goldman’s note suggests it could take two to three weeks to lift the shutdown. Sachs economists dismissed it as saying “no immediate concessions have been made by either party”. According to the memo, “Even if the funding cuts were quickly lifted, the political environment before the (current) deadline is reminiscent of the situation a long time ago. The shutdowns.”

Oxford Economics estimates that the loss of productivity of government workers irreparably costs annual economic growth 0.1 percent a week, and a shutdown could indirectly hurt the economy because unpaid federal workers would cut back on their spending.

The potential shutdown is starting to weigh on Wall Street, with major stock indexes falling as the deadline nears.

4. No information for the Federal Reserve: Economists fear that the shutdown will also stop the release of federal government data, and that raises concerns about the Federal Reserve, which will be guided by this data to approve possible changes in interest rates. . The Federal Reserve has recently slowed the pace of raising interest rates as it tackles inflation.

In the absence of new data, the US Federal Reserve will be forced to make decisions with ramifications for the economy, without a clear picture of the situation, and the impact of a shutdown in the short term will be limited in the long term. , it could become a big problem if delegates fail to reach an agreement.

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Robert Kennedy Jr. decided to run as an independent in the US presidential election



Robert Kennedy Jr. decided to run as an independent in the US presidential election

US presidential candidate Robert Kennedy Jr. will announce his candidacy as an independent instead of continuing his long-running bid to defeat President Joe Biden as the Democratic nominee, complicating next year’s presidential election.

Kennedy, an anti-vaccination activist and member of a famous American political family, posted a video on YouTube on Friday asking Americans to join him in a “major announcement” in Philadelphia on October 9.

He said he would talk about a radical change in American policy.

Kennedy is the nephew of former President John F. Kennedy, who was assassinated in 1963, and the son of former U.S. Senator Robert Kennedy, who was assassinated during his 1968 presidential bid.

In April, Kennedy said he would challenge Biden to run for the Democratic nomination against the expected Republican nominee, former President Donald Trump.

Since then, Kennedy has complained that the Democratic Party has “basically blended together” with the Biden campaign, which has cost him a fair chance in the nomination race.

Many polls have Biden ahead of Kennedy.

Kennedy’s plan to run as an independent was first reported on the political website Mediaite.

In response to an emailed question from Reuters about the report, the Kennedy campaign responded by sending out its own video.

Democrats worried that any effort by a third party could shift votes away from Biden.

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