Connect with us

News

ABAC Release: Achieving Integration and Inclusion in the Age of Disruption

Avatar photo

Published

on

Business leaders from around the Asia-Pacific met in Sydney, Australia, last week to discuss the year ahead, including engaging with APEC senior officials on how best to advance shared goals around integration, innovation and inclusion in the region.

“We are seeing disruption and volatility in the geopolitical situation, in trade and markets, in economic inequality, in the digital economy and even in our physical environment,” commented ABAC Chair Dato Rohana Tan Sri Mahmood. “One thing is clear: to overcome these challenges, we need more regional cooperation, not less. This was our key message to senior officials in our annual dialogue this week,” Dato Rohana added.

The chair said that ABAC would be looking to find durable solutions to those issues as part of the post-2020 vision for the region, which is due to be finalized by APEC this year. ABAC would be seeking a seamless, dynamic, resilient, inclusive and sustainable Asia-Pacific economic community, underpinned by a Free Trade Area of the Asia Pacific, and with people at its heart.

In the meantime, ABAC members reiterated their strong support for the World Trade Organization (WTO). “The mid-year WTO Ministerial Conference represents a crucial opportunity to make progress on reforming WTO rules and resolving the impasse on dispute settlement. As we see our small businesses and developing economies exporting more, this is critical. This will mean that the multilateral rules-based system remains relevant to and effective for all in our modern economies,” added Dato Rohana.

Chair Dato Rohana also emphasized the importance of business leadership to mitigate climate change impacts and spearhead the transition to a low-emissions economy. “Business has an important role to play in helping shape the path ahead here. As businesspeople, we are adept at simplifying complex issues and finding innovative solutions,” said Dato Rohana. “We have a real contribution to make here.”

On the digital economy, the chair said that ABAC remained convinced that fostering an innovation-friendly, resilient and cyber-secure digital ecosystem was the best way to help unlock growth for underserved groups including women, indigenous communities and micro-, small and medium-sized enterprises (MSMEs) in the region. “As we face the emergence of new technologies such as artificial intelligence, we need to equip APEC economies to create an environment for successful development and ethical uptake of AI,” added Dato Rohana.

Underpinning these efforts was a need for ongoing structural reform to increase the resilience of all APEC economies

“In Sydney we set out an ambitious forward agenda and work program which will lead us through the year to the APEC Summit in Kuala Lumpur in November, where we will present our advice directly to APEC Economic Leaders,” concluded Dato Rohana.

For more information on the APEC Business Advisory Council, click here.

Continue Reading
Comments

World News

Uzbekistan’s Artel joins UN’s ‘Orange The World’ campaign against gender-based violence

Avatar photo

Published

on

Artel Electronics LLC (Artel), Central Asia’s largest home appliance and electronics manufacturer, has teamed up with the UN Population Fund (UNFPA) on a public information campaign against gender-based violence.

The campaign is in line with the UN’s 16 Days of Activism against Gender-Based Violence, which utilizes the color orange to symbolize a brighter future. Artel’s green branding turned orange for several days in advertising material throughout Uzbek capital Tashkent, and public figures made statements to raise awareness.

Artel joins an international movement that kicked off on 25th November and lasts for 16 days. Since 1991, it has been used by individuals and organizations to call for the prevention and elimination of violence against women and girls.

This is the second year the company has ‘gone orange’. Artel Electronics HR Director, Lazizbek Mamatov, also took part in a panel discussion about Gender Equality in the Workplace hosted by the UNFPA at Westminster International University in Tashkent in line with the campaign.

Shohruh Ruzikulov, CEO of Artel, said “It is a privilege to once more work with the UN in raising awareness about the issue of Gender Based Violence. In Uzbekistan, this conversation is at a relatively young stage. We are proud to stand against domestic violence and continue Artel’s work in all areas to contribute to a better society.”

Mr. Yu Yu, Country Representative of the United Nations Population Fund, said “We are delighted to partner with a company like Artel on such an important issue. The public reach of the private sector is vital in ensuring our message to stand against domestic violence can be heard across all segments of society. We are grateful to Artel for taking leadership on this important issue in Uzbekistan. Together, we can make the change.”

The true rate of domestic violence in Uzbekistan is not known. However, the government alongside diplomatic partners and aid organizations are prioritizing the issue. In recent years the Presidential Administration has issued decrees targeted at domestic violence prevention, the government has adopted laws guaranteeing equal rights for women, and funding has been provided for information campaigns and rehabilitation centers.

Support for this campaign is just one of Artel’s initiatives to support women’s empowerment. Internally, the company has introduced whistle-blowing mechanisms, and is implementing an internal legal clinic to improve the legal literacy of employees. Over the last year, the proportion of women in the company’s 10,000 employees has risen by 5%, to 35%. The global average for the manufacturing industry is thought to be around 30%.

In 2021, Artel became a full participant of the UN Global Compact (UNGC), the world’s largest business community focused on sustainable development. In doing so, the company committed to promoting ten principles covering human rights, labor rights and environmental protection.

Continue Reading

Finance

US Anti-Inflation Law threatens Europe

Avatar photo

Published

on

Europe and the US are heading towards a serious trade and economic conflict, writes “Berliner Morgenpost”.

In the European Union hopes are fading that the US government will significantly amend the controversial subsidies law by providing billions in bailouts to US manufacturers. This forces the EU to protect domestic companies from threatening competitive advantages over US competition and to prevent investment from moving to America.

Fear of the “de-industrialization” of Europe is spreading. For example, buyers of a “Made in USA” electric vehicle with a battery also made in the USA receive a $7,500 subsidy. Subsidies also go to companies that make wind turbines or solar panels from American steel. Europeans are worried that not only will they have to contend with heavily subsidized US competition in future strategic sectors, but industrial cooperation with US companies could also be threatened.

The head of the trade committee in the European Parliament, Bernd Lange, told: “I assume that a few small changes to implement the IRA can still be agreed upon in the negotiations. But I do not think that anything will change significantly, because the Law has already been passed.”

The US IRA law goes into effect on January 1. By that time, the EU countries should have found a common line. France is already openly threatening a trade war and agitating for a tough counterattack: the EU should take a protectionist course and respond with the Buy European initiative. But there are also concerns in Berlin.

An EU trade expert argues that lower energy prices for industry should be considered, as they are currently ten times higher than in the US. European Commission economic policy spokesman Markus Ferber is also calling for a hard line: If the US side doesn’t give in now, the EU commission should “put all instruments of torture on the table” and consider boosting trade. Disappointment with the protectionist course of US President Joe Biden is great, Ferber says: “The American anti-inflationary law threatens Europe, and can make its economic situation much worse.”

International Affairs

Continue Reading

Energy News

OPEC+ agrees to stick to its existing policy of reducing oil production

Avatar photo

Published

on

Led by Saudi Arabia and Russia, OPEC+ agreed in early October to reduce production by 2 million barrels per day from November, – informs CNBC.

An influential alliance of oil producers on Sunday agreed to stay the course on output policy ahead of a pending ban from the European Union on Russian crude.

OPEC and non-OPEC producers, a group of  23 oil-producing nations known as OPEC+, decided to stick to its existing policy of reducing oil production by 2 million barrels per day, or about 2% of world demand, from November until the end of 2023.

The European Union is poised to ban all imports of Russian seaborne crude from Monday, while the U.S. and other members of the G-7 will impose a price cap on the oil Russia sells to countries around the world.

The Kremlin has previously warned that any attempt to impose a price cap on Russian oil will cause more harm than good.

Led by Saudi Arabia and Russia, OPEC+ agreed in early October to reduce production by 2 million barrels per day from November. It came despite calls from the U.S. for the group to pump more to lower fuel prices and help the global economy…

The looming Russian oil price “cap” has all the hallmarks of a historic debacle in the making, – notes “The Hill”.

For months, the United States and the G-7 have haggled over a complex plan to constrain the money that the Kremlin makes from some of its oil exports.

Despite Russian war against Ukraine and subsequent Western sanctions on his regime, Russia is swimming in petrol dollars. By the end of the year, the Russian Economy Ministry estimates that the country will have made a record $338 billion from its energy exports.

Together with America’s existing embargo on Russian crude, when the European Union’s oil embargo comes into full force on Dec. 5, policymakers fear that the move will constrain global petroleum supplies and push prices upward.

Assuming that EU and G-7 leaders can sort out their current price puzzle and fix Russian crude below what the international market would prefer to pay, who will pick winners and losers in the subsequent scramble for cheap Kremlin oil: Putin and his energy cronies?  

The Russian oil “cap” would not be necessary if the Biden White House had been making it easier to open the spigots of American oil from the start. The president’s pledge of “no more drilling” in America continues to undercut his economic and foreign policy against Russia.

If the Russian oil price cap fails to materialize or work as officials intend, the United States and its allies should drop the scheme, – stresses “The Hill”.

Continue Reading

Publications

Latest

Middle East20 mins ago

Why Israel should support the establishment of the Middle Corridor

The governments of Azerbaijan, Georgia, Turkey, and Kazakhstan earlier in the year signed a declaration on improving the transportation potential...

Middle East4 hours ago

Qatar punctures FIFA’s political fantasy

If the Qatar World Cup proved anything, it’s that sports and politics are inseparable Siamese twins joined at the hip....

World News6 hours ago

Uzbekistan’s Artel joins UN’s ‘Orange The World’ campaign against gender-based violence

Artel Electronics LLC (Artel), Central Asia’s largest home appliance and electronics manufacturer, has teamed up with the UN Population Fund...

Finance8 hours ago

US Anti-Inflation Law threatens Europe

Europe and the US are heading towards a serious trade and economic conflict, writes “Berliner Morgenpost”. In the European Union...

Energy News10 hours ago

OPEC+ agrees to stick to its existing policy of reducing oil production

Led by Saudi Arabia and Russia, OPEC+ agreed in early October to reduce production by 2 million barrels per day...

Africa12 hours ago

U.S.-Africa Leaders Summit: Matters Arising and Way Forward

On the eve of the U.S.-Africa Leaders Summit planned for December 13-15 in Washington, the Corporate Council in partnership with...

Terrorism Terrorism
Terrorism14 hours ago

Weapons from Ukraine’s war now coming to Africa

Nigerian President Muhammadu Buhari said that weapons from the raging war between Russia and Ukraine are now slipping into the...

Trending