Pontiff says an increase in foreign aid could help stem the flow of refugees and migrants seeking to enter Europe
world6 hours ago
The Forum was organised by the Saudi Arabian General Investment Authority (Sagia) in Riyadh.
He stressed the need to improve the functioning of the international monetary system and start a process of systemic rebuilding, saying that “US President Barack Obama will not solve the problem alone.” Recent credit crisis seems to confirm the fears that the globalisation of financial markets may present important challenges.
The world was not aware of the dangers of systemic risk or systemic crisis in financial markets, which is more evident in the case of Western nations where supervision of the financial market is minimal, he pointed. “This is contrary to the Eastern countries, where you have greater supervision,” he said, and added that Malaysia has looked toward the East in an effort to use its good practices that have helped to boost its economy.
Mahathir said that attempts were made to overlook the problems and patch them up, which later surfaced with alarming proportions.
He referred to the Enron and AIG failures in the US to substantiate his point. He, however, admitted that Malaysia is also feeling the adverse impact of the global recession mainly because of the fact that it has been traditionally a trading nation. “We have been exporting $100 billion worth of goods and services annually,” he said while referring to the sharp decline in Malaysian
exports .
habib@khaleejtimes.com
Pontiff says an increase in foreign aid could help stem the flow of refugees and migrants seeking to enter Europe
world6 hours ago
On the heels of a gruelling 2-2 Premier League draw with Manchester City on Sunday, manager Mikel Arteta shuffled his squad, giving both Nwaneri and 16-year-old keeper Jack Porter their first starts
football6 hours ago
The Impact Hub will support the network with the knowledge, skills, connections, and resources needed to build businesses that have an international impact
lifestyle6 hours ago
The Norwegian-Indian man, Rinson Jose, is founder of a Bulgarian company that was reportedly part of the pager supply chain
world6 hours ago
The second edition of We The Women, that will take place on October 16 at The Address Skyview
lifestyle6 hours ago
‘Claiming Gold and Silver Team Medals in Tunisia surpasses our expectations.’ says General Abdullah Alhashmi
sports6 hours ago
The Israeli military said fighter jets eliminated Mohammed Srur the commander of Hezbollah's air unit in Beirut
world7 hours ago
Regulator launches clear guidance for virtual asset service providers
business7 hours ago