Islamic alliance will wipe terrorists from the earth: Saudi crown prince

Agencies
November 27, 2017

Riyadh, Nov 27: Saudi Arabia's powerful crown prince vowed to "pursue terrorists until they are wiped from the face of the earth" as officials from 40 Muslim countries gathered Sunday in the first meeting of an Islamic counter-terrorism alliance.

"In past years, terrorism has been functioning in all of our countries... with no coordination" among national authorities, Prince Mohammed bin Salman, who is also the Saudi defence minister, said in his keynote speech at the gathering in Riyadh.

"This ends today, with this alliance."

The summit is the first meeting of defence ministers and other senior officials from the Islamic Military Counter Terrorism Coalition, which officially counts 41 countries and identifies as a "pan-Islamic unified front" against violent extremism.

The alliance was announced in 2015 under the auspices of Prince Mohammed, whose rapid ascent since his appointment as heir to the throne in June has shaken the political scene across the region.

The alliance groups largely, although not exclusively, Sunni-majority or Sunni-ruled countries.

It excludes Saudi Arabia's neighbor, Shiite-dominated Iran, as well as Syria and Iraq, whose leaders have close ties to Tehran.

Sunday's meeting coincides with an escalation in tensions between Riyadh and Tehran, particularly over wars in Syria and Yemen and the political structure of multi-confessional Lebanon.

Saudi Arabia accuses Iran of supporting armed groups across the Middle East, including Lebanon's Shiite Hezbollah and Yemen's Huthi rebels.

The meeting also comes as several military coalitions, with backers including both Iran and key Saudi ally the United States, battle to push the Islamic State terror group from its last remaining bastions in Iraq and Syria.

The alliance meeting in Riyadh brings together Muslim or Muslim-majority nations including Egypt, the United Arab Emirates, Bahrain, Afghanistan, Uganda, Somalia, Mauritania, Lebanon, Libya, Yemen and Turkey.

Retired Pakistani general Raheel Sharif has been appointed commander-in-chief.

The alliance aims to "mobilise and coordinate the use of resources, facilitate the exchange of information and help member countries build their own counter-terrorism capacity," Sharif said.

While the alliance officially includes Qatar, which is the target of a six-month boycott led by Saudi Arabia, organisers in Riyadh said no Qatari officials were present at the meeting.

Qatar's flag was also absent.

Saudi Arabia, the UAE, Egypt and Bahrain abruptly cut diplomatic and trade ties with Qatar in June, accusing the emirate of being too close to Iran and supporting Islamist extremism. Qatar denies the allegations.

Egypt, which sent a military official and not its defence minister to the Sunday meeting, is reeling from a Friday attack on a mosque that killed more than 300 people during prayer time.

While IS has not claimed responsibility, Egyptian authorities say the organisation is the main suspect as the mosque is associated with followers of the mystical Sufi branch of Sunni Islam, whom IS has branded heretics.

Prince Mohammed said Friday's "painful event" was a reminder of the "danger of terrorism and extremism". "Beyond the killing of innocent people and the spread of hatred, terrorism and extremism distort the image of our religion," he said.

Since his sudden appointment as crown prince, Prince Mohammed has moved to consolidate power, announcing crackdowns on both terrorism and corruption.
A corruption purge saw around 200 Saudi elites including princes, ministers and business tycoons arrested or sacked earlier this month.

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News Network
March 10,2020

Mar 10: Indian energy tycoon Mukesh Ambani is no longer Asia’s richest man, relinquishing the title to Jack Ma after oil prices collapsed along with global stocks.

The rout, exacerbated by mounting fears that the spread of the novel coronavirus will thrust the world into a recession, erased $5.8 billion from Ambani’s net worth on Monday and pushed him to No. 2 on the list of Asia’s richest people, according to the Bloomberg Billionaires Index. Ma, the Alibaba Group Holding Ltd. founder who relinquished the No. 1 ranking in mid-2018, is back on top with a $44.5 billion fortune, about $2.6 billion more than Ambani.

Oil plunged the most in 29 years on Monday as Saudi Arabia and Russia vowed to pump more in a struggle for market share. The slump comes just as the coronavirus is spurring the first decline in demand in more than a decade. That raises questions about whether Ambani’s flagship Reliance Industries Ltd. will be able to cut net debt to zero by early 2021, as he has pledged. The plan hinges on a proposal to sell a stake in the group’s oil and petrochemicals division to Saudi Arabian Oil Co., the world’s biggest crude producer.

While the coronavirus has curtailed some of tech giant Alibaba’s businesses, the damage has been mitigated by increased demand for its cloud computing services and mobile apps.

Reliance Industries, by comparison, has no such silver lining. The Indian conglomerate’s shares plunged 12% on Monday, the most since 2009, extending this year’s decline to 26%. Alibaba’s American depositary receipts have slipped 6.8% so far in 2020.

Ma reclaims crown after Reliance shares were pummeled in 2020.

Few of the world’s billionaires fared well in Monday’s collapse as the S&P 500 Index and Dow Jones Industrial Average each plunged more than 7.5%, the most since the 2008 financial crisis, threatening to end the longest bull market in history. But no one did worse than those whose fortunes are underpinned by oil. Wildcatter Harold Hamm’s fortune was cut almost in half to $2.4 billion and fellow oil magnate Jeff Hildebrand lost $3 billion, bumping both from Bloomberg’s 500-member wealth ranking.

In a pivot toward new businesses such as telecommunications, technology and retail, Ambani’s Reliance Industries has piled on billions of dollars of debt over the years.

It spent almost $50 billion -- most of it funded by borrowings -- to build Reliance Jio Infocomm Ltd., which became India’s No. 1 wireless carrier within about three years of its debut. As the mobile venture took off, Ambani also unveiled plans for an e-commerce empire to rival Amazon.com Inc. in India.

Addressing concerns over the liabilities, Ambani pledged in August to cut the group’s net debt to zero from about $21 billion as of last March. The Aramco deal is crucial to that plan for which Reliance Industries has valued its oil-to-chemicals division at $75 billion including debt, implying a $15 billion valuation for the 20% stake that’s for sale.

Signs of a potential delay to that deal unnerved some investors, hammering the stock since it touched a record high on Dec. 19.

Reliance Industries expected the Aramco transaction to be completed by March, but people familiar with the matter said in February that talks were still ongoing to bridge differences between the two parties over the deal’s structure.

Adding to the uncertainty, Indian Prime Minister Narendra Modi’s administration has petitioned a court to halt the proposed stake sale, threatening a key source of funds needed to pare net debt.

But Ambani, 62, may soon bounce back from the setback, said Harish H.V., managing partner at ECube Investment Advisors in Bengaluru, India.

“The game isn’t over,” he said. “Ambani has successfully built a robust business model which would keep him in the game. Moreover, his telecom business will start yielding results in coming years.”

Comments

SmR
 - 
Tuesday, 10 Mar 2020

The curses of the bank depositors savings which vanished with collapsing economy and fraudlent seems to have gradully affecting riches of Ambani's.

 

AU
 - 
Tuesday, 10 Mar 2020

in Holy Quran Allah says; but they plan and Allah plans, and Allah is the best planners..(Surah Al Anfal 8:30)

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News Network
June 16,2020

New Delhi, Jun 16: Congress president Sonia Gandhi on Tuesday demanded a rollback of hike in fuel prices, saying the government's decision to increase the prices of petrol and diesel during the coronavirus crisis is "wholly insensitive" and "ill-advised".

The government is doing nothing short of "profiteering off its people" when they are down and out, she said in a letter to Prime Minister Narendra Modi.

Petrol and diesel prices were hiked for the 10th day in a row on Tuesday.

"I am deeply distressed that in these exceedingly difficult times since the beginning of March, the government has taken the wholly insensitive decision to increase petrol and diesel prices on no less than ten separate occasions," Gandhi said in her letter.

She accused the government of earning an additional revenue of nearly Rs 2.6 lakh crore through these "ill-advised" hikes in excise duty and increase in prices of petrol and diesel.

"I urge you to roll back these increases and pass on the benefit of low oil prices directly to the citizens of this country.

"If you wish for them to be 'self-reliant' then do not place financial fetters on their ability to move forward," the Congress president said.

Gandhi also urged the government to use its resources to put money directly into the hands of those in need in these times of severe hardship.

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News Network
July 27,2020

New Delhi, Jul 27: India's COVID tally on Monday crossed 14 lakh mark with the highest single-day spike of 49,931 cases reported in the last 24 hours, said the Union Ministry of Health and Family Welfare.

The total COVID-19 cases stand at 14,35,453, including 4,85,114 active cases, 9,17,568 cured/discharged/migrated, it added.

With 708 deaths in the last 24 hours, the cumulative toll reached 32,771.

India had crossed 13 lakhs COVID-19 cases on July 25.

Maharashtra has reported 3,75,799 coronavirus cases, the highest among states and Union Territories in the country.

A total of 2,13,723 cases have been reported from Tamil Nadu till now, while Delhi has recorded a total of 1,30,606 coronavirus cases.

According to the Indian Council of Medical Research (ICMR), 5,15,472 samples were tested for coronavirus on Sunday and overall 1,68,06,803 samples have been tested so far.

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