Japan to declare state of emergency as COVID-19 cases surge

Washington, Jan 11: US President Donald Trump has signed an executive order imposing another set of crippling sanctions against Iran, targeting several of its top leaders, military commanders, and its infrastructure industry, according to a statement from the White House on Friday.

Trump said the executive order authorises the imposition of sanctions against any individual or entity operating in the construction, manufacturing, textiles, or mining sectors of the Iranian economy or anyone assisting those who engage in this sanctioned business.

The sanctions are the latest in a series of retaliatory measures between the two nations.

Iran's powerful military commander Qasem Soleimani was killed last Friday in US drone strikes, ordered by President Trump, bringing the entire Gulf region close to a full-blown conflict.

Regional tensions remained high after Iran on Wednesday fired missiles at two bases in Iraq used by US forces.

"Today, I am holding the Iranian regime responsible for attacks against United States personnel and interests by denying it substantial revenue that may be used to fund and support its nuclear program, missile development, terrorism and terrorist proxy networks, and malign regional influence," said Trump on Friday, after signing the executive order.

"This order will have a major impact on the Iranian economy, authorising powerful secondary sanctions on foreign financial institutions.

"The Iranian regime has threatened United States military service members, diplomats, and civilians, as well as the citizens and interests of our allies and partners, through military force and proxy groups. The United States will continue to counter the Iranian regime's destructive and destabilising behaviour," the president said.

Trump said the economic sanctions will remain till the Iranian regime changes its behaviour.

Earlier at a White House news conference, Treasury Secretary Steven Mnuchin, along with cabinet colleague Secretary of State Mike Pompeo, said the US will continue its economic and diplomatic sanctions on Iran till Tehran announces it will not pursue the nuclear weapons program and stop its destabilising behaviour in the region.

The eight senior Iranian regime officials against whom sanctions have been issued include Ali Shamkhani, the Secretary of Iran's Supreme National Security Council, Mohammad Reza Ashtiani, the Deputy Chief of Staff of Iranian armed forces, and Gholamreza Soleimani, the head of the Basij militia of the Islamic Revolutionary Guards Corps (IRGC).

The sanction on the Iranian officials would mean denial of visa to the US and seizure of assets, among others.

In addition, the treasury designated 17 Iranian metals producers and mining companies, a network of three China-and Seychelles-based entities, and a vessel involved in the purchase, sale, and transfer of Iranian metals products, as well as in the provision of critical metals production components to Iranian metal producers.

"The United States is targeting senior Iranian officials for their involvement and complicity in Tuesday's ballistic missile strikes," Mnuchin said.

"We are also designating Iran's largest metals manufacturers, and imposing sanctions on new sectors of the Iranian economy including construction, manufacturing, and mining. These sanctions will continue until the regime stops the funding of global terrorism and commits to never having nuclear weapons," he added.

Pompeo told reporters that Iran was planning "broad, large-scale attacks" against American interests in the Middle East, including embassies.

The latest round of sanctions are aimed at striking at the heart of Iran's internal security apparatus, he said.

"The president has been very clear: we will continue to apply economic sanctions until Iran stops its terrorist activities and commits that it will never have nuclear weapons," Mnuchin said.

Apr 12: India and other South Asian countries are likely to record their worst growth performance in four decades this year due to the coronavirus outbreak, the World Bank said on Sunday.

The South Asian region, comprising eight countries, is likely to show economic growth of 1.8 per cent to 2.8 per cent this year, the World Bank said in its South Asia Economic Focus report, well down from the 6.3 per cent it projected six months ago.

India's economy, the region's biggest, is expected to grow 1.5 per cent to 2.8 per cent in the fiscal year that started on April 1. The World Bank has estimated it will grow 4.8 per cent to 5 per cent in the fiscal year that ended on March 31.

"The green shoots of a rebound that were observable at the end of 2019 have been overtaken by the negative impacts of the global crisis," the World Bank report said.

Other than India, the World Bank forecast that Sri Lanka, Nepal, Bhutan and Bangladesh will also see sharp falls in economic growth.

Three other countries - Pakistan, Afghanistan and the Maldives - are expected to fall into recession, the World Bank said in the report, which was based on country-level data available as of April 7.

Measures taken to counter the coronavirus have disrupted supply chains across South Asia, which has recorded more than 13,000 cases so far - still lower than many parts of the world.

India's lockdown of 1.3 billion people has also left millions out of work, disrupted big and small businesses and forced an exodus of migrant workers from the cities to their homes in villages.

In the event of prolonged and broad national lockdowns, the report warned of a worst-case scenario in which the entire region would experience an economic contraction this year.

To minimize short-term economic pain, the Bank called for countries in the region to announce more fiscal and monetary steps to support unemployed migrant workers, as well as debt relief for businesses and individuals.

India has so far unveiled a $23 billion economic plan to offer direct cash transfers to millions of poor people hit by its lockdown. In neighbouring Pakistan, the government has announced a $6 billion plan to support the economy.

"The priority for all South Asian governments is to contain the virus spread and protect their people, especially the poorest who face considerable worse health and economic outcomes," said senior World Bank official Hartwig Schafer.

Islamabad, Jan 3: The United Arab Emirates has extended USD 200 million aid to Pakistan for the development of the small and medium-sized enterprises in the country, Finance Adviser to Prime Minister Imran Khan said.

The announcement came after Abu Dhabi Crown Prince Sheikh Mohamed Bin Zayed Al Nahyan concluded his one-day visit to the country on Thursday.

"The money will be spent on small business promotion and jobs. This support is testimony to the expanding economic relations and friendship between our countries," the adviser, Abdul Hafeez Shaikh, on Thursday said.

The Crown Prince directed the Khalifa Fund for Enterprise Development to allocate USD 200 million in order to assist the Pakistani government's efforts to create a stable and balanced national economy that will help achieve the country's sustainable development, Dawn News reported on Friday.

During the visit, the prince met Prime Minister Khan and held talks on bilateral, regional and international issues.

The UAE is Pakistan's largest trading partner in the Middle East and a major source of investments. The UAE is also among Pakistan's prime development partners in education, health and energy sectors.

It hosts more than 1.6 million expatriate Pakistani community, which contributes remittances of around USD 4.5 billion annually to the GDP.

This is the Crown Prince's second visit to Pakistan since Khan took office in August 2018. He had last visited Pakistan on January 6 last year, just weeks after his country offered USD 3 billion financial assistance to Pakistan to deal with its balance of payment crisis.

The Crown Prince's visit was considered by experts as an attempt to woo Pakistan against the backdrop of recent developments when Saudi Arabia and UAE apparently used pressure to stop Pakistan from attending the Kuala Lumpur summit held last month.

The summit from December 19-21 was seen by Saudis as an attempt to create a new bloc in the Muslim world that could become an alternative to the dysfunctional Organisation of Islamic Cooperation led by the Gulf Kingdom.