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1 year ago
Sweden has announced plans to pay migrants 350,000 SEK (€30,809) to return to their homeland in a new voluntary remigration scheme proposed by the center-right government. Remix News was one of few English-language sites to report on the plans proposed last month by then Migration Minister Maria Stenergard and reviewed by the Swedish justice ministry. “For those who have not entered Swedish society, remigration can be a way to create a better life for themselves,” Stenergard said at the time. “This is one of several ways we achieve sustainable immigration that strengthens integration and reduces exclusion,” she added. This week, Stenergard was appointed the new foreign secretary and succeeded by Johan Forssell who announced the new policy on Thursday. “Migrants who voluntarily return to their home countries from 2026 onwards will be eligible to receive 350,000 Swedish kronor (€31,000),” he said. Even those with Swedish citizenship will be eligible. Forssell, whose appointment was backed by the right-wing Sweden Democrats who influence government policy, said upon starting his new role that the government must commit to remigration and abandon the open borders policies of the previous liberal administrations. “The important thing now is that we should not return to the previous […]
1 year ago
According to the International Labour Organization (ILO), youth unemployment hit its lowest level in the past 15 years in 2023, at 13%, marking a strong recovery from the high rates during the COVID-19 pandemic. However, these unemployment figures vary significantly by geographical region. This map, via Visual Capitalist’s Kayla Zhu, visualizes youth unemployment rates by global region in 2023. Youth are defined as individuals between the ages of 15 to 24. Which Region has the Highest Youth Unemployment? Below, we show youth unemployment rates by region in 2023. The Arab States, consisting of countries like Saudi Arabia, United Arab Emirates, Qatar, Yemen, and others, recorded the highest (28.6%) youth unemployment rate globally, with Northern Africa, consisting of countries like Algeria, Egypt, and Morocco, following closely behind at 22.5%. According to the Brookings Institution, youth unemployment rates in the MENA (Middle East and North Africa) region have been the highest in the world for over 25 years. In 2019, just before the onset of the COVID-19 pandemic, 30% of youth in the MENA region were NEET–not in education, employment, or training, according to the ILO. Experts say the combination of low infant mortality rates and high fertility rates, which translated into […]
1 year ago
The Saudis have joined other Asian countries in ditching their long-term sensitivity to the gold price. Evidence suggests the Saudi central bank has been covertly buying 160 tonnes of gold in Switzerland since early 2022, contributing to the current gold bull market. Although the Saudis played a key role in the birth of the global dollar standard in the early 1970s, this time around they might even become a lynchpin for its dissolution. Introduction Until recently, Saudi Arabia’s gold demand would decline when the gold price went up and strengthen when the price went south. This dampened volatility in the gold market, which for many decades was ruled by the West. Ever since the West immobilized Russia’s dollar assets in February 2022, those with diplomatic disagreements with the West are increasingly exchanging their dollars for physical gold. Saudi Arabia is the latest country—after China and Thailand—of which I have found cross-border trade statistics showing it has shifted from being price sensitive to a price driver. During the entire rally from late 2022 until present, the Saudis have been a constant net importer which has boosted the gold price. The icing on the cake is that part of the flow into Saudi Arabia, the gold coming […]
1 year ago
Million-dollar homes are becoming more common, with the U.S. having 621 cities where a typical home is worth $1 million or more. While high interest rates have caused commercial real estate prices to fall, it hasn’t had the same impact on the residential market. Housing inventory has increased, but it still remains below average historical levels. At the same time, while mortgage rates have fallen, U.S. home prices continue to climb, nearing record highs. This graphic, via Visual Capitalist’s Dorothy Neufeld, shows the number of cities in each U.S. state where a typical home costs $1 million or more, based on data from Zillow. Ranked: The Number of Million-Dollar Cities, by State Below, we show the number of cities where a typical home (the average home in the 35th to 65th percentile) costs $1 million or more by state: Rank State Number of Million-Dollar Cities 1 California 218 2 New York 76 3 New Jersey 60 4 Massachusetts 44 5 Florida 30 6 Washington 23 7 Colorado 22 7 Hawaii 22 9 Texas 17 10 Maryland 11 11 Utah 9 11 Virginia 9 13 Illinois 8 14 Minnesota 7 15 Connecticut 6 15 Missouri 6 15 South Carolina 6 18 North Carolina 5 […]
1 year ago
With the support of Team Bahrain, the Bahrain Economic Development Board (Bahrain EDB) has secured investment commitments valued at $16.65 million from three leading India-based companies across the sectors of manufacturing, renewable energy, and ICT. The announcements were made during Bahrain EDB’s ongoing week-long visit to Mumbai, Bengaluru, and Chennai, designed to strengthen bilateral economic ties and attract foreign direct investment to Bahrain. H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain EDB, said, “We at Bahrain EDB are proud to welcome these companies to our business-friendly island nation, further underscoring the robust economic and commercial ties between India and Bahrain that have been traced back 5,000 years to the Dilmun and Indus Valley civilizations. This cumulative investment reflects the strength and competitiveness of Bahrain’s value-proposition and fast-growing reputation as a key regional hub for leading manufacturing and niche technology firms seeking a trusted international destination for expansion.” Among the Indian companies expanding, Chemco is gearing up for its third expansion in Bahrain since it first announced its plans to set up its factory in Bahrain in 2013, to augment its rigid packaging production capacity at Bahrain International Investment Park (BIIP), incorporating fully automated production lines […]
1 year ago
A stationery store has been ordered by the Commercial Court to repay BD18,000 to a commercial company after five checks issued for payment of goods bounced due to insufficient funds. The case involved a commercial company that had supplied goods worth BD18,000 to the stationery store. The store, in turn, issued five checks to the company for the full amount owed. However, these checks were returned unpaid. Lawyer Kaltham Al Kooheji, representing the commercial company, stated that the defendant, the stationery store and its owner, signed the checks, making them liable under Article 450 of the Commercial Code. The company had notified the defendants about the outstanding payment but received no response, prompting them to file a lawsuit demanding the payment. Liability The court, in its ruling, found that the plaintiff, the commercial company, successfully proved the liability of the stationery store for the amount claimed. The court noted that the checks were issued from the store’s account and their total value matched the amount owed. The court also confirmed that the checks were returned unpaid, confirming the store’s obligation to pay. The stationery store failed to appear before the court to contest the validity of the checks or provide […]
1 year ago
Fish prices in Bahrain have seen a noticeable decline in recent weeks, with the average price of a kilogram of safi fish reaching around BD3, down from a peak of BD8 in August. This price drop is attributed to the abundance of small safi fish in the markets, a result of the one-month fishing ban imposed by the Ministry of Municipalities Affairs and Agriculture. The ban aimed to allow the fish population to replenish, particularly the smaller safi fish. Fishmongers in the Jidhafs market confirmed that small local safi fish have become increasingly available, while larger safi fish remain scarce, leading to prices ranging from BD5 to BD6 per kilogram. Some vendors also noted that imported fish, particularly from Oman, are available in larger quantities, but the limited local supply and fishing activity remain the primary factors driving up prices. Main driver Habib Jamri, owner of Jamri Fish Workshop, emphasised that safi fish is the main driver of fish prices in Bahrain, likening it to the US dollar. He explained that if the price of safi fish rises, all other fish prices rise accordingly, and vice versa. Jamri attributed the increase in smaller safi fish to the fishing ban, noting […]
1 year ago
The Saudi General Authority for Competition has penalized six gypsum companies operating in the gypsum sector for committing price violations. A total of SR91.1 million fines were imposed on these companies after they were found guilty of agreeing to fix prices in violation of the Competition Law. Two of these companies are listed on the Saudi Tadawul Stock Market and Nomu Parallel Stock Market. The authority also ordered to publish their violations in the local media outlets at their own expense. The following are the amounts of fine imposed on these companies: SR10.7 million — National Gypsum Company; SR14.4 million — United Mining Industries Company; SR23.4 million — Al-Khayat Gypsum Company; SR19.9 million — Mada Gypsum Limited; SR 19 million — ASK Gypsum Factory Limited, and SR 3.7 million — the National Gypsum Company.
1 year ago
The UAE Media Council has overseen growth in publishing and broadcast sectors as it regulates licences for print and entertainment sectors. The UAE Media Council has announced that it has successfully facilitated the entry of nearly half a million titles into the UAE markets in the first half of the year. This significant influx underscores the continuous growth of the publishing sector, aided by streamlined government processes and the Council’s efficient digital services. UAE media landscape During this period, the Council issued more than 46,000 trading permits in multiple languages, granted more than 1,570 printing permits for local Arabic and foreign language publications, representing a 16 per cent growth compared to last year, and approved 18 film scripts, 32 theatrical scripts, and 12 television series scripts for production within the country. Mohammed Saeed Al Shehhi, Secretary-General of the UAE Media Council, emphasised the Council’s commitment to fostering a competitive media landscape and boosting creative production across various formats, all while adhering to applicable laws and policies. He said: “This statement embodies the Council’s vision and leadership within the media sector, cultivating a modern and supportive environment rooted in UAE values and principles. It underscores the importance of delivering responsible and meaningful media content that […]
1 year ago
Saudi authorities to submit tax returns by September 15 or face fines. The Zakat, Tax and Customs Authority (ZATCA) has urged entities dealing in goods subject to the Excise Tax Law to file their tax returns for July and August by September 15. Taxpayers may do so through the authority’s website to avoid a 5 per cent fine for unpaid taxes every 30 days after the due date. Saudi tax returns The excise tax is imposed at varying rates on goods deemed to adversely affect public health or the environment, including soft drinks, energy drinks, sweetened beverages, tobacco, and its derivatives. For more information contact ZATCA by:
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