Business
Trump warns BRICS nations against replacing US dollar
“They can go find another ‘sucker’. There is no chance that the BRICS will replace the U.S. Dollar in International Trade, and any Country that tries should wave goodbye to America.”
U.S. President-elect Donald Trump on Saturday demanded that BRICS member countries commit to not creating a new currency or supporting another currency that would replace the United States dollar or face 100% tariffs, Reuters reported.
"We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy," Trump wrote on his social media platform, Truth Social.
"They can go find another 'sucker'. There is no chance that the BRICS will replace the U.S. Dollar in International Trade, and any Country that tries should wave goodbye to America."
The BRICS countries - which now include Egypt, Iran, and UAE as well - discussed boosting non-dollar transactions and strengthening local currencies at a summit held in Russia's Kazan in October, read the report.
A joint declaration for the "strengthening of correspondent banking networks within BRICS and enabling settlements in local currencies in line with BRICS Cross-Border Payments Initiative" was secured at the summit in October.
However, Russia's President Vladimir Putin indicated at the summit's end that no alternatives have been made so far to compete with the Belgium-based SWIFT financial messaging system.
Business
China’s first railway consignment arrives in Afghanistan via Iran
China's first railway transit consignment to Afghanistan via Iran, carrying 1,000 tons of iron coil, arrived at Roznak station in Herat province, the Ministry of Public Works said on Friday.
The consignment, which started its journey from China, arrived in Afghanistan via Iran's railway network, Public Works Ministry spokesman Mohammad Ashraf Haqshenas said in a statement.
"The transportation of cargo through this route is an important step in the development of Afghanistan's transit links and connection to open waters and represents progress in the field of regional transport and transit," he said.
Haqshenas added that the completion of the Khaf-Herat railway would offer new potentials for Afghanistan's economy and create a good platform for expanding trade and transit in the region.
Business
Russia is using bitcoin in foreign trade, finance minister says
This year, Russia permitted the use of cryptocurrencies in foreign trade and has taken steps to make it legal to mine cryptocurrencies, including bitcoin.
Russian companies have begun using bitcoin and other digital currencies in international payments following legislative changes that allowed such use in order to counter Western sanctions, Finance Minister Anton Siluanov said on Wednesday.
Sanctions have complicated Russia's trade with its major partners such as China or Turkey, as local banks are extremely cautious with Russia-related transactions to avoid scrutiny from Western regulators, Reuters reported.
This year, Russia permitted the use of cryptocurrencies in foreign trade and has taken steps to make it legal to mine cryptocurrencies, including bitcoin. Russia is one of the global leaders in bitcoin mining.
"As part of the experimental regime, it is possible to use bitcoins, which we had mined here in Russia (in foreign trade transactions)," Siluanov told Russia 24 television channel.
"Such transactions are already occurring. We believe they should be expanded and developed further. I am confident this will happen next year," he said, adding that international payments in digital currencies represent the future.
Earlier this month, President Vladimir Putin said that the current U.S. administration was undermining the role of the U.S dollar as the reserve currency by using it for political purposes, forcing many countries to turn to alternative assets, Reuters reported.
He singled out bitcoin as an example of such assets, saying that no-one in the world could regulate bitcoin. Putin's remarks indicated that the Russian leader backs the extensive use of cryptocurrencies.
Business
Shoemaking industry in Takhar province facing stagnation
A number of shoemakers in northern Takhar province say that while their handmade shoes are of better quality than imported shoes, but still sales are down.
According to them, there were more than 20 shoe-making shops in the past, but now some have been closed due to the decline in sales.
The shoemakers make most of their shoes from leather. A number of industrialists say that this industry is now facing stagnation.
Abdul Raqib, a shoemaking factor owner, said: “The government should support us. Currently, we import soles. It can be made with good quality in Afghanistan, and we could even compete against Turkish shoes.”
Meraj, another shoemaking factory owner, said: “Shoe sales were higher in the republic era. There were military shoes. Sales have declined now, but we still thank Allah.”
Shoemakers make these shoes with basic tools and by hand, with 5 to 8 people working in each shop.
Javed, a shoemaker, said: “Our sales are not so good. We can make any type of shoe or slipper. We want the government to support us.”
A number of Takhar residents say that domestically produced shoes are of high quality and with lower price compared to imported shoes, so people prefer domestic products to foreign products.
Mir Ata, a resident of Takhar, said: “We are very happy about domestic shoes. People should buy it. They are of good quality.”
However, the officials of Takhar Industry and Commerce Department say that they are committed to support the industrialists.
Abdul Rahman Ghaznawi, provincial director of industry and commerce, said: “People prefer domestic shoes and slippers. Takhar’s products are sold in Kunduz, Baghlan and Badakhshan as well.”
Meanwhile, industrialists say that if the government supports them, they will be able to make the best products and can be more competitive.
-
Latest News3 days ago
Ministry: $1 billion invested in Afghanistan’s poultry production sector
-
Regional4 days ago
U.N. body accuses Israel of destroying Gaza healthcare
-
Latest News3 days ago
Declining water levels affect 50 percent of fish farms in Kandahar
-
Latest News3 days ago
Salt refinery plant to be built in Takhar province
-
Latest News4 days ago
At least 71 killed in Ethiopia road accident
-
World3 days ago
US vet formerly deployed in Afghanistan rams truck into New Orleans crowd, killing 15
-
Sport3 days ago
Afghanistan set for second test against Zimbabwe in Bulawayo
-
Regional4 days ago
US imposes sanctions on entities in Iran, Russia over election interference