- Nancy Pelosi announces of Independent commission being formed to investigate the Capitol Riot
- Saudi Arabia pushes international companies to shift their HQs
- RBA reported “very significant” monetary support was necessary to support the Australian economy
Nancy Pelosi Announces of Independent Commission Being Formed to Investigate the Capitol Riot
US House of Representatives President, Democrat Nancy Pelosi, announced that they would establish a commission similar to the one after the September 11 terrorist attacks to investigate the Congressional raid on January 6. Pelosi sent a letter to the Democratic MPs and gave information about the commission they will establish to investigate the Congressional raid. Transmitting the announcement to the parliamentarians in a letter, Pelosi said, “We must get the truth about how this event happened.”
Former President Trump was acquitted by the Senate of inciting the violence. However, Democrats and some Republicans have backed an independent investigation into the riots, which left five people dead.
Pelosi pointed out that the January 6 Congress press was an extremely important event in US history and should be investigated in every sense. She stated that: “To protect our security, our next step will be to establish an outside, independent 9/11-type commission” to “investigate and report on the facts and causes” surrounding the riots that she has characterized in her statement as as “domestic terrorist attack” upon the Capitol complex and the “interference with the peaceful transfer of power”.
Ms. Pelosi said the panel will also look at the “facts and causes relating to the preparedness and response of the United States Capitol Police and other federal, state, and local law enforcement”.
In the aftermath of the attack, she charged retired US Army Lieutenant General Russel Honoré with reviewing the Capitol’s security needs. She said Congress would distribute additional funds based on his findings “to provide for the safety of members and the security of the Capitol”.
“It is clear from his findings and from the impeachment trial that we must get to the truth of how this happened,” Ms. Pelosi said.
The senior Republican in Congress, Senator Mitch McConnell, had voted against conviction on constitutional grounds, but after the vote declared Mr. Trump “responsible” for the assault on the Capitol.
“President Trump is still liable for everything he did while he was in office,” Mr. McConnell told the chamber. “He didn’t get away with anything yet.”
Other Republicans have also expressed support for an independent inquiry into the riots, including a close ally of Mr. Trump, Senator Lindsay Graham. He told Fox News Sunday that the former president bore some culpability.
“His behavior after the election was over the top,” he said. “We need a 9/11 commission to find out what happened and make sure it never happens again.” It was noted that the commission in question will be shaped and announced to the public in the coming days.
Saudi Arabia Pushes International Companies to Shift their HQs
Saudi Arabia, the region’s largest economy and the world’s largest oil exporter plans to end working with companies headquartered abroad. According to the Saudi Arabian news agency, it has been announced that as of 2024, state institutions and all state-affiliated organizations will not contract with companies and organizations from abroad.
As of 2024, international corporations that want to participate in the investment opportunities of the Saudi government will have to make a choice and set up regional headquarters in the kingdom or they will not win government contracts, the Saudi finance minister reported Monday.
They will, however, be free to work with the private sector.
“If a company refused to move their headquarters to Saudi Arabia it is absolutely their right and they will continue to have the freedom to work with the private sector in Saudi Arabia,” Mohammed al-Jadaan said by telephone. “But as long as it is related to the government contracts, they will have to have their regional headquarters here.”
“Saudi Arabia has the largest economy and population in the region, while our share of regional headquarters is negligible, less than 5% currently. You can imagine what does this decision means in terms of FDI (foreign direct investment), knowledge transfer and job creation,” Jadaan said.
In the news, it was stated that with this decision, it will be ensured that the country’s own resources are used for the services provided by the state institutions and organizations.
It was noted that foreign investors invest in the private sector in Saudi Arabia and foreign investments made will not be affected by the decision.
The policy, which comes into effect on Jan 1. 2024, is designed to encourage foreign firms to open a permanent, in-country regional presence that would help create local jobs, SPA reported. Once it comes into effect, it would increase the efficiency of state spending, help keep capital within the country and guarantee the main goods and services purchased by the government were of local origin, SPA said.
“The decision will reflect positively in the form of creating thousands of jobs for citizens, transferring expertise, and localizing knowledge, as it will contribute to developing local content and attracting more investments to the kingdom,” Minister of Investment Khalid al-Falih later wrote on Twitter.
It was stated that the decision was taken within the scope of the conference called Future Investment Initiative and the 2030 vision of the country, held under the auspices of Saudi Arabia’s Crown Prince Mohammed bin Salman. As his father, the king, made him next in line to the throne in 2017, Saudi Arabia’s de-facto ruler, Crown Prince Mohammed bin Salman, has vowed to open up the kingdom and diversify its economy under a series of reforms.
Earlier this month, SPA confirmed that 24 foreign companies, including PepsiCo and Tim Hortons, had declared their intention to open regional offices in Saudi Arabia.
RBA Reported “very significant” Monetary Support was Necessary to Support the Australian Economy
Australia’s central bank expects “very significant” monetary support to be necessary for some time as, according to the minutes of its February meeting, it will take years to meet its inflation and unemployment targets.
“The bond purchase program had helped to lower interest rates and had contributed to a lower exchange rate than otherwise,” the Reserve Bank said in the minutes released in Sydney Tuesday. “Given this, it would be premature to consider withdrawing monetary stimulus.
Two weeks ago, the RBA announced it was expanding its QE program by another A$100 billion ($77.9 billion) and does not anticipate interest rates to rise until 2024. Governor Philip Lowe and his board are seeking to remain close to global peers who have tried to stamp out rumors about premature tapering speculation.
“A number of central banks in other advanced economies had announced extensions of their bond purchase programs to at least the end of 2021,” the RBA said, adding that there was a widespread market expectation that its program would also be extended in some form. If the central bank had allowed QE to end in mid-April, the currency would likely have risen, it said.
The RBA’s own forecast is that underlying inflation will not even reach 2% by the middle of 2023, a major reason it does not expect to start raising interest rates until 2024 at the earliest.
“Members concluded that very significant monetary support would be required for some time, as it would be some years before the bank’s goals for inflation and unemployment were achieved,” the RBA added.
Australia’s economic recovery from Covid-19 in some cases, better than expected, but there are uncertainties and signs of weakness, demonstrating that relative stability is still a reasonable way to go.
In addition, in the minutes meeting of the Reserve Bank of Australia published on Tuesday, the board noted healthy employment growth and a welcome decline in the unemployment rate.
“An important near-term issue was how households and businesses would adjust to the tapering of some fiscal support measures and to what extent they would use their stronger balance sheets to support spending,” the central bank said. “Members agreed that, while the recovery was expected to continue, the level of output remained noticeably below its pre-pandemic trajectory.”
The RBA has reported that its policy measures to date, including the purchase of bonds, have been working largely as planned, including reducing borrowers’ borrowing costs and promoting the availability of credit.
Following the announcement of RBA minutes, a downward movement was seen in the Australian Dollar.