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Arab News
2 days ago
- Business
- Arab News
OPEC+ has proven to be oil market's central bank, says Saudi energy minister
RIYADH: OPEC+ has proven to be the 'central bank' and regulator of the global oil market, providing much-needed stability, Saudi Arabia's energy minister said. Speaking at the annual St. Petersburg International Economic Forum in Russia, Prince Abdulaziz bin Salman praised the alliance's role in balancing oil markets amid global economic uncertainties. 'I would have to say that OPEC+ had proven to be an instrument that if it wasn't invented by us and Russia and our colleagues, it should have been invented a long time ago because this is what OPEC+ had achieved in terms of bringing stability to the market and had proven that it is the central bank and the regulator of oil markets,' the energy minister said. Prince Abdulaziz also highlighted the ongoing partnership between Saudi Arabia and Russia through the Saudi-Russian Joint Committee, noting plans for Russian Deputy Prime Minister Alexander Novak to visit the Kingdom later this year with a high-level business delegation. 'I'm looking forward to host Alexander — the co-chair of our joint committee — to Saudi Arabia this year, with the biggest, most sizable business community participation,' he said. Prince Abdulaziz emphasized that the collaboration seeks to deepen bilateral economic ties and foster diversified investment opportunities. 'We have a lot to showcase that bonding together. It will allow us to have a much more diversified relationship, and we are, as a government, working together to provide the right environment for those who want to invest in Saudi Arabia or in Russia or in any type or form of joint venturing that we should facilitate that and ensure that the investment environment is congenial for it to happen,' he added. The minister described the energy alliance as a flexible mechanism responsive to changing global conditions, reaffirming Saudi Arabia's commitment to cooperation with partners to maintain market stability. Acknowledging the challenges facing Russia, Prince Abdulaziz noted the Kingdom's support amid external restrictions. 'It's been a challenging time what Russia is going through, but we have shown a great deal of understanding of the situation, and we're trying to maneuver with the restrictions that are existing today,' he said. 'That has been the discharge of our leadership willingness to accommodate with this current situation and hopefully helping to support Russia in mitigating these exterior most daunting issues.' On whether Saudi Arabia and Russia would compensate for any loss of Iranian crude supplies, the minister stressed that such scenarios are hypothetical and that OPEC+ decisions are collective. 'You give me a question that is not evidently seen happening, I don't have an answer for you. Again, we only react to realities. But if anybody gives a question that is not relating to the reality today, I fail to see where we could predict things and how we would relate to it,' he said. The minister clarified that OPEC+ consists of 22 member states and is not dominated by Saudi Arabia and Russia alone. A core group of eight countries is tasked with engaging the full membership to ensure coordinated responses to market changes. 'To respond to a hypothetical question by giving a hypothetical answer, which none of us two here have the right to speak on behalf of everybody without knowing their opinion, is too much of an ask,' he added. He concluded by highlighting OPEC+'s reputation as a reliable and adaptive organization. 'What we know and what Alexander was saying just a while ago is that we have, as OPEC even before, an OPEC+ attending to so many circumstances since its first, it was in sequence, even inception, that we have been a reliable organization, a serious organization, an effective organization, and attentive to circumstances when they prevail,' he said.
Associated Press
3 days ago
- Business
- Associated Press
Trump tax bill would widen deficits by $2.8T after factoring in economic impacts, CBO says
WASHINGTON (AP) — President Donald Trump's tax and budget bill would increase deficits by $2.8 trillion over the next decade after including other economic effects, according to a more fulsome analysis of the measure released Tuesday by the Congressional Budget Office. The report, produced by the nonpartisan CBO and the Joint Committee on Taxation, factors in expected debt service costs and finds that the bill would increase interest rates and boost interest payments on the baseline projection of federal debt by $441 billion. Tuesday's report uses dynamic analysis by estimating the budgetary impact of the tax bill by considering how changes in the economy might affect revenues and spending. This is in contrast to static scoring, which presumes all other economic factors stay constant. The CBO released its static scoring analysis earlier this month, estimating that Trump's bill would unleash trillions in tax cuts and slash spending, but also increase deficits by $2.4 trillion over the decade and leave some 10.9 million more people without health insurance. Marc Goldwein, senior vice president and senior policy director for the Committee for a Responsible Federal Budget, said Tuesday on social media that considering the new dynamic analysis, 'It's not only not paying for all of itself, it's not paying for any of itself.' The analysis comes at a crucial moment as Trump is pushing Congress, where Republicans have majority control, to send the final product to his desk to become law by the Fourth of July. Treasury Secretary Scott Bessent and other Republicans have sought to discredit the CBO, saying the organization isn't giving enough credit to the economic growth the bill will create. Republicans on the Senate Finance Committee unveiled a proposal Monday for deeper Medicaid cuts, including new work requirements for parents of teens, as a way to offset the costs of making Trump's tax breaks more permanent in draft legislation unveiled for his self-described big, beautiful bill. The first House proposal on the new Medicaid work requirement exempted parents with dependents. But the Senate's version broadened the requirement to include parents of children older than 14, as part of their effort to combat waste in the program and push personal responsibility. The proposals from Republicans keep in place the current $10,000 deduction of state and local taxes, called SALT, drawing quick blowback from GOP lawmakers from New York and other high-tax states, who fought for a $40,000 cap in the House-passed bill. Senators insisted negotiations continue. Bessent said Tuesday that the Senate Republican proposal for the tax cuts bill 'will deliver the permanence and certainty both individual taxpayers and businesses alike are looking for, driving growth and unleashing the American economy.' 'We look forward to continuing to work with the Senate and the House to further refine this bill and get it to President Trump's desk,' he said in a news release. The CBO separately released another analysis on the tax bill last week, including a look at how the measure would affect households based on income distribution. It estimates the bill would cost the poorest Americans roughly $1,600 a year while increasing the income of the wealthiest households by an average of $12,000 annually.
Yahoo
02-06-2025
- General
- Yahoo
Rep. Ramos proposes bill for red light cameras in Mass.
BOSTON (WWLP) – Massachusetts State Representative Orlando Ramos has introduced legislation to install cameras that track drivers who run red lights. Route 9 in Belchertown closed following multi-car crash According to the Insurance Institute for Highway Safety, at least 22 states and Washington, D.C. permit the use of traffic enforcement cameras. Representative Ramos' bill, An Act Relative to Traffic Safety at Intersections, would not apply to speeding, only to red-light violations. The cameras would automatically fine drivers running red lights. 'This legislation is about saving lives,' Ramos said. 'Red light cameras are a proven tool to improve safety and prevent avoidable tragedies at dangerous intersections.' The act would allow municipalities to opt in after holding public hearings and receiving approval from local governing boards. The bill is scheduled for a public hearing before the Joint Committee on Tuesday. WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Fox News
29-05-2025
- Business
- Fox News
Price tag estimate for House GOP tax package rises to $3.94T
Print Close By Alex Nitzberg Published May 29, 2025 The estimated revenue impact of the GOP tax plan would be nearly $4 trillion in the negative over a decade, the Joint Committee on Taxation — a nonpartisan committee of the U.S. Congress — has indicated. A document issued by the committee puts the net total estimated revenue effects at -$3.939368 trillion for fiscal years 2025-2034. "The problem with all of these studies is they willfully ignore current tax policy. You can't do that and be taken seriously," an Office of Management and Budget spokesperson indicated. Fox News Digital reached out to the Joint Committee on Taxation for comment, but no comment had been provided by the time of publication. GOP RAILS AGAINST 'BLATANTLY FALSE' DEM CLAIMS ABOUT MEDICAID REFORM IN TRUMP'S 'BIG, BEAUTIFUL BILL' The GOP-controlled House of Representatives passed the One Big Beautiful Bill Act last week, even with the U.S. national debt at more than $36 trillion. The measure cleared the chamber with zero Democrat votes, and two House Republicans — Reps. Thomas Massie of Kentucky and Warren Davidson of Ohio — voting against it. House Freedom Caucus Chair Rep. Andy Harris, R-Md., voted present, explaining in a statement, "I voted to move the bill along in the process for the President. There is still a lot of work to be done in deficit reduction and ending waste, fraud, and abuse in the Medicaid program." SPEAKER JOHNSON CLASHES WITH RAND PAUL OVER 'WIMPY' SPENDING CUTS IN TRUMP'S BILL Some Senate Republicans have indicated that they would not be willing to support the measure as it stands coming out of the House. Elon Musk is not happy with it either. The business tycoon said during an interview for "CBS Sunday Morning" that he was "disappointed to see the massive spending bill," and that the measure undermines the Department of Government Efficiency team's work. "I'm not happy about certain aspects of it, but I'm thrilled by other aspects of it," President Donald Trump said of the measure when asked about Musk's comments. Last week, Trump hailed the House's passage of the proposal, calling for the Senate to pass it as well. "Great job by Speaker Mike Johnson, and the House Leadership, and thank you to every Republican who voted YES on this Historic Bill! Now, it's time for our friends in the United States Senate to get to work, and send this Bill to my desk AS SOON AS POSSIBLE!" the president declared in part of a Truth Social post last week. MUSK OFFICIALLY STEPS DOWN FROM DOGE AFTER WRAPPING WORK STREAMLINING GOVERNMENT CLICK HERE TO GET THE FOX NEWS APP White House Deputy Chief of Staff for Policy and Homeland Security Advisor Stephen Miller asserted in a post on X, "I see some self-described libertarians siding with lefty bureaucrats at CBO who claim the Big Beautiful Bill will 'explode the debt.' This is based entirely on CBO claiming that extending the current tax rates (not raising them) will 'cost' the government $4 trillion in revenue. "Since when have libertarians argued that NOT raising taxes 'costs' the government money? Private money yet to be earned does not "belong" to the government. This is a Democrat-collectivist argument and I'm shocked to see libertarians deploying it. Under this ludicrous theory, one could raise taxes to 90% on everyone and declare the deficit solved. BBB cuts taxes, cuts spending, reforms welfare and *ends mass migration*," he declared. Print Close URL
Arab Times
27-05-2025
- Politics
- Arab Times
‘Kuwait-India share common vision for peace and security'
KUWAIT CITY, May 27: Head of the Indian parliamentary delegation MP Baijayant Panda praised the stance of Kuwait and its tremendous efforts in resolving conflicts and consolidating the foundations of peace; describing it as 'a model that should be emulated in the pursuit of a better world.' In a press conference held with the media on Tuesday, Panda affirmed that Kuwait plays a notable, effective and influential role; and enjoys high credibility in its efforts to promote peace regionally and internationally. He expressed his satisfaction with the results of the visit and the fruitful meetings held by the delegation, confirming the deep historical relations between Kuwait and India in various fields. He pointed out that the two countries enjoy extensive cooperation, particularly in the trade and economic sectors, which are witnessing rapid growth. He expressed his pride in this cooperation and in the large Indian community in Kuwait. He said the Indian community -- the largest in the country -- receives major support, care and attention from the Kuwaiti authorities. He praised its diversity, productivity and effective contribution to the Kuwaiti economy, stressing it is a peaceful community that does not espouse any political orientations. He cited commonalities between the two countries, specifically, the suffering from terrorism and a shared commitment to combating it, as per the agreement reached during the Dushanbe Conference on Combating Terrorism, chaired by Kuwait. He added 'we discussed with the Kuwaiti side several initiatives to enhance security cooperation in the field of counterterrorism. We witnessed the enthusiasm of our brothers in Kuwait, as reflected in the discussions that took place during the Joint Committee meeting, co-chaired by the two countries' foreign ministers last year.' He lauded Kuwait's clear position in condemning the attack on the Kashmir region through official statements issued at a high level, stressing that his country harbors no hostility toward the Pakistani people. He stated, 'we are ready to build positive relations with Pakistan, provided that it changes its strategy and adopts an approach of peace and mutual respect.' He indicated that India recently adopted a new strategy to confront terrorist threats as a direct response rather than waiting, and includes imposing economic sanctions on trade, shipping, water and visas. He emphasized the importance of time-bound dialogue as a means of reaching final solutions to outstanding issues. He said the challenges associated with combating terrorism exist in India, Kuwait and other countries around the world. 'However, the difference lies in the objectives for which terrorism is used. India is firm in its position of zero tolerance for any form of terrorism,' he asserted. On the Palestinian issue, he reiterated his country's firm position in support of the two-state solution as the primary option for ending the Arab- Israeli conflict. He added that India has allocated a budget to support economic aid for Gaza and the West Bank.
