Russian President Vladimir Putin said on Monday that the process of de-dollarization of the global economy is "inevitable."

Speaking at a meeting in Moscow with the government, Putin suggested discussing Russia's budget for the next three years, which has to be focused on development, implementation of major infrastructure projects, and stimulating economic activities.

"There are disputes about what to pay more attention to, where to direct more funds or (whether it is better) to save more and create a 'safety cushion,' how to create it in new conditions and what is a 'safety cushion' in modern conditions, when we have a well-known and inevitable process of de-dollarization," he said.

Putin stressed that Russia confidently copes with external pressure that he calls "financial and technological aggression by some countries."

He noted that the government promptly implemented effective protective measures, launched mechanisms to support key industries, system-forming enterprises, as well as small and medium-sized businesses.

All measures are aimed at preserving employment and jobs, as well as providing targeted assistance to Russian citizens, especially to families with children, and pensioners, he said.

"As a result of the implementation of this set of measures, we did not allow a sharp decline in the economy. Inflation was also quickly stabilized. After a peak of 17.8% in April, it dropped today to 14.1%, as of September 5," he said, adding that the inflation will be around 12% by the end of the year.

The monthly dynamics of key indicators also suggest that the economy is gradually stabilizing, leveling off, and entering a growth trajectory, with enterprises returning to the normal rhythm of work, he said.

In August, banks intensified their work, which is a good sign, showing the growth of the economic activities, he noted.

"We see that the actions of our, to put it mildly, ill-wishers are largely unpredictable and have recently been impulsive.

"They are clearly unprofessional, and that's why they are impulsive, which means that all the more we have to work in our logic, keep the initiative. Not just to react to some unfriendly steps, but to consistently solve their development tasks -- in the economy, social sphere, infrastructure. This fully applies to the preparation of the draft federal budget," Putin stressed.

The president also said responsible macroeconomic policy pursued in previous years paid off in crisis, and now the state of the Russian budget is much better than those in the economies of the G20 and BRICS countries, and so it is necessary to follow this line further.

Agencies

There are 50 million people trapped in modern slavery, as one in every 150 people are "either forced to work against their will or in a marriage that they were forced into," a UN report revealed on Monday.

The International Labour Organization (ILO), the International Organization for Migration (IOM) and Walk Free, an international rights group, jointly released the report named the Global Estimates of Modern Slavery: Forced Labour and Forced Marriage.

The 2021 global estimates showed that much more men, women, and children have been forced to work or marry in the period since the previous estimates released in 2017.

It said 27.6 million people, or 3.5 people in every 1,000 worldwide, are in situations of forced labor.

While women and girls share were 11.8 million, more than 3.3 million children also face forced labor, according to the report.

It said the figure rose by 2.7 million versus the previous report.

Out of the total, Asia and the Pacific host more than half with 15.1 people facing forced labor in the region, while 4.1 million people are forced to work in Europe and Central Asia, 3.8 million in Africa, 3.6 million in the Americas, and 900,000 people in the Arab States.

In proportion to population, however, forced labor is highest in the Arab States with 5.3 per thousand people.

It was followed by Europe and Central Asia with 4.4 per thousand, the Americas, Asia, and the Pacific – both at 3.5 per thousand and Africa with 2.9 per thousand.

The report also showed that migrant workers face higher risks in forced labor than other people.

Some 6.3 million people are expected to be in situations of forced commercial sexual exploitation at any point in time.

Meanwhile, the number of men, women, and children facing forced marriages has risen globally.

"An estimated 22 million people were living in situations of forced marriage on any given day in 2021," the report said, adding: "This is a 6.6 million increase in the number of people living in a forced marriage between 2016 and 2021."

While Asia and the Pacific rank first globally in a forced marriage with 14.2 million people, Africa, Europe, and Central Asia followed it with 3.2 million and 2.3 million people, respectively.

"When we account for the population in each region, the prevalence of forced marriage is highest in the Arab States (4.8 per thousand population), followed by Asia and the Pacific (3.3 per thousand population)," it added.

More than two-thirds of these people are female – 14.9 million women and girls, the report said.

It added: "Three in every five people in a forced marriage are in lower-middle income countries; however, wealthier nations are not immune, with 26% of forced marriages in high or upper-middle income countries."

AA

The demand for the dollar decreased as global monetary policies became less unpredictable, while commodity prices rose and gold's three-week downward trend came to an end.

On Thursday, the European Central Bank (ECB) hiked its three key rates by 75 basis points each in a historic move as eurozone inflation faces a record-high and war-driven energy crisis, creating new risks for the entire region.

Additionally, US Federal Reserve Chair Jerome Powell made it clear on Thursday that rate hikes will continue until inflation comes down.

"The Fed has the responsibility for price stability, by which we mean 2% inflation over time," Powell said at Washington, D.C.-based think tank Cato Institute.

Analysts underlined the fact that demand for the dollar diminished as uncertainties regarding the global monetary policies eased.

Last week, gold gained 0.3%, ending a three-week bearish trend. Silver went up 4.4%, palladium 7.5% and platinum 5.4%.

The World Platinum Investment Council said that due to China's heavy platinum imports, there may be disruptions to platinum supply in other regions.

Metals also saw an upward trend last week.

In the over-the-counter market, copper, aluminum and nickel prices also posted increases with 4.2%, 0.6% and 7.9% respectively.

Copper prices were backed by the fall in production in Peru.

Nickel prices rose as inventories fell and supply woes increased.

The decision of aluminum companies to reduce production worldwide, especially in Europe, has also increased supply concerns about aluminum.

Prices of oil, agricultural commodities

The world's biggest oil producers from the Organization of Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, agreed to cut production by 100,000 barrels per day (bpd) in October.

International benchmark Brent crude on Monday traded at $92.29 per barrel at 10.03 a.m. local time (0703 GMT) for a 0.59% loss from the closing price of $92.84 a barrel in the previous trading session.


Meanwhile, a fluctuating course was observed in agricultural commodities last week. Wheat traded on the Chicago Mercantile Exchange rose 7.5%, corn gained 2.9%, while soybeans fell 0.5% and rice 0.3%.

The main reason behind the rise in wheat prices is the ongoing tension between Europe and Russia as well as supply concerns.

Corn prices also went up due to hot weather in Europe and a decline in production forecasts.

AA

A document announced by a group of conservative candidates for this month’s National Assembly elections reignited debate over constitutional rights in Kuwait, amid efforts to preserve traditional values met by calls for protecting public freedoms in the country.

Several conservative candidates contesting Kuwait’s parliament elections slated for September 29 signed a so-called ‘the values document’ on Sunday in which they pledge to support Islamic laws, enforcing traditional values such as gender segregation at beaches and gyms, rejecting “immoral” parties, concerts and festivals, and implementing stricter controls over massage parlors.

The signatories also undertake to apply, if elected, regulations that call for enforcing modest dress code, and stopping all pagan practices, imitating the opposite sex, gambling and insulting the companions of the Prophet (PBUH).

The candidates’ move seems to cater to a wide segment of the Kuwaiti society who’ve pushed in recent years for more action from politicians to maintain the conservative nature of the Kuwaiti society and its Islamic values and traditions. However, these efforts are often met with a counter drive from liberal activists; the most recent of which are efforts led by civil society groups and liberal candidates who voiced their rejection to the ‘document of values’ that they believe violates the constitution by forcing guardianship on the public.

Kuwait’s Women’s Cultural and Social Society released a statement rejecting the document, saying that Kuwait is a “civil and constitutional state” where personal rights and freedoms are protected by the constitution.

Third constituency candidate Jenan Bushehri said that the Kuwaiti people do not need guardians who tell them how to behave or what values they should follow. “Kuwaitis today need legislators who honor the constitution and understand the importance of intellectual pluralism and responsible freedoms,” she said.

People also took on social media to voice their frustration with the proposed document, saying that future MPs should instead focus on other pressing matters such as improving the state’s public services and infrastructure.

Public freedoms in Kuwait – the first country in the Gulf region to have an elected parliament and draft a constitution that stipulates separation of authorities and protects civil rights – is often a hot topic of discussion in the political scene; often pushed to the front during election campaigns, and also frequently debated in parliament. Earlier this year, Kuwait police canceled a concert after backlash from islamist MPs who threatened political escalation if authorities did not take action against public events where gender segregation isn’t enforced.

KT

Ambassador Tariq Al-Faraj presented his credentials as Ambassador of the State of Kuwait to Iraq's Foreign Minister Fouad Hussein.
In remarks to KUNA Sunday, the ambassador said that during the meeting, he conveyed the greetings of the Kuwaiti Foreign Minister Sheikh Dr. Ahmad Nasser Al-Mohammad Al-Sabah to the Iraqi foreign minister.
Ambassador Al-Faraj confirmed the will to strengthen the strong ties between the two friendly countries and peoples at various levels, in compliance with orders of the leadership of Kuwait to consolidate the relations of the State of Kuwait with various friendly countries./KUNA