ֱ

Taliban in talks with Russia, China for trade transactions in local currencies

Taliban in talks with Russia, China for trade transactions in local currencies
Development agencies and economists say the Afghani currency has so far remained relatively stable but may face challenges in future. (AFP)
Short Url
Updated 23 May 2025

Taliban in talks with Russia, China for trade transactions in local currencies

Taliban in talks with Russia, China for trade transactions in local currencies
  • Annual bilateral trade between Russia and Afghanistan is currently around $300 million
  • Afghanistan’s financial sector has been largely cut off from the global banking system due to sanctions

KABUL: The Taliban administration is in advanced talks with Russia for banks from both sanctions-hit economies to settle trade transactions worth hundreds of millions of dollars in their local currencies, Afghanistan’s acting commerce minister said.

The Afghan government has made similar proposals to China, the minister, Hajji Nooruddin Azizi, told Reuters on Thursday. Some discussions have been held with the Chinese embassy in Kabul, he said.

The proposal with Russia, Azizi said, was being worked on by technical teams from the two countries. The move comes as Moscow focuses on using national currencies to shift reliance away from the dollar and as Afghanistan faces a stark drop in the US currency entering the country due to aid cuts.

“We are currently engaged in specialized discussions on this matter, considering the regional and global economic perspectives, sanctions, and the challenges Afghanistan is currently facing, as well as those Russia is dealing with. Technical discussions are underway,” Azizi said in an interview at his office in Kabul.

The Chinese foreign ministry and the Russian central bank did not immediately respond to requests for comment.

Azizi added that annual bilateral trade between Russia and Afghanistan was currently around $300 million and that was likely to grow substantially as the two sides boost investment. His administration expected Afghanistan to buy more petroleum products and plastics from Russia, he said.

“I am confident that this is a very good option...we can use this option for benefit and interests of our people and our country,’ Azizi said.

“We want to take steps in this area with China as well,” he said, adding Afghanistan had around $1 billion in trade with China each year. “A working team composed of members from the (Afghan) Ministry of Commerce and the Chinese embassy which is an authorized body representing China in economic programs has been formed, and talks are ongoing.”

Afghanistan’s financial sector has been largely cut off from the global banking system due to sanctions placed on some leaders of the ruling Taliban, which took over the country in 2021 as foreign forces withdrew.

Rivalry with China and fallout from Russia’s war in Ukraine have put the dollar’s status as the world’s dominant currency under fresh scrutiny in recent years. In December, Russian President Vladimir Putin questioned the need to hold state reserves in foreign currencies since they could easily be confiscated for political reasons, saying that domestic investment of such reserves was more attractive.

The dollar has had a lock on commodity trading, allowing Washington to hinder market access for producer nations from Russia to Venezuela and Iran.

Afghanistan since 2022 has imported gas, oil and wheat from Russia, the first major economic deal after the Taliban returned to power facing international isolation following 20 years of war against US-led forces.

Billions of dollars in cuts to aid to Afghanistan, accelerated this year by the United States, have meant far fewer dollars, which are flown in cash for humanitarian operations, are entering the country.

Development agencies and economists say the Afghani currency has so far remained relatively stable but may face challenges in future.

Azizi said that the stability of the currency and his administration’s efforts to boost international investment including with the Afghan diaspora, would prevent a shortage of US dollars in the country.


UK police detain 2 suspects after train stabbings leave 9 people with life-threatening injuries

UK police detain 2 suspects after train stabbings leave 9 people with life-threatening injuries
Updated 18 sec ago

UK police detain 2 suspects after train stabbings leave 9 people with life-threatening injuries

UK police detain 2 suspects after train stabbings leave 9 people with life-threatening injuries
  • The attack caused chaos as bloodied passengers spilled out of the train during an emergency stop in Huntingdon
  • Police arrested two suspects but have not disclosed their identities or a motive. Counterterrorism police are supporting the investigation
LONDON: Ten people are hospitalized, nine with life-threatening injuries, after a mass stabbing attack caused fear and chaos on a London-bound train in eastern England, British police said Sunday. Two suspects are in custody and police are working to find a motive.
Bloodied passengers spilled out of the long-distance train when it made an emergency stop in the town of Huntingdon, where dozens of police waited, soon after multiple stabbings were reported onboard.
Two people were arrested by armed officers at the station.
Police have not identified the suspects or disclosed a motive, but said counterterror police are supporting the investigation.
“Ten people have been taken to hospital with nine believed to have suffered life-threatening injuries,” British Transport Police said in a statement early Sunday. “This has been declared a major incident and Counter Terrorism Policing are supporting our investigation whilst we work to establish the full circumstances and motivation for this incident.”
The police force said that “Plato,” the national code word used by police and emergency services when responding to what could be a “marauding terror attack,” was initiated. That declaration was later rescinded but no motive for the attack was disclosed.
“We’re conducting urgent enquiries to establish what has happened, and it could take some time before we are in a position to confirm anything further,” Chief Superintendent Chris Casey said. “At this early stage it would not be appropriate to speculate on the causes of the incident.”
The attack took place as the train from Doncaster in northern England to London’s King’s Cross station headed south toward Huntingdon, a market town a few miles northwest of the university city of Cambridge.
Passenger Olly Foster told the BBC he heard people shouting “run, run, there’s a guy literally stabbing everyone,” and initially thought it might have been a Halloween prank. But as passengers pushed past him to get away, he noticed his hand was covered in blood from a chair he had leaned on.
Emergency services, including armed police and air ambulances, responded quickly as the train drew into Huntingdon. The attack appears to have been contained swiftly after the train arrived at the station, and police officers wearing forensic suits, with a police dog, could be seen on the platform.
Cambridgeshire Constabulary, the local police force, said officers were at the scene, about 75 miles (120 kilometers) north of London, at 7:39 p.m. on Saturday.
British Prime Minister Keir Starmer said his “thoughts are with all those affected” after the “appalling incident.”
Paul Bristow, the mayor of Cambridgeshire and Peterborough, said he had heard of “horrendous scenes” on the train.
London North Eastern Railway, or LNER, which operates the East Coast Mainline services in the UK, confirmed the incident had happened on one of its trains and said there would be major disruption on the route until Monday.

Blaze at Mexico store kills 23, including children

Blaze at Mexico store kills 23, including children
Updated 02 November 2025

Blaze at Mexico store kills 23, including children

Blaze at Mexico store kills 23, including children
  • Most of the deaths appeared to have been from inhalation of toxic gases, said Gustavo Salas, the state’s attorney general

MEXICO CITY: A festive holiday weekend turned tragic for families in northwestern Mexico on Saturday when a deadly blaze engulfed a discount store in the city center of Hermosillo, killing at least 23 people and injuring a dozen.
Mexico is celebrating the Day of the Dead this weekend with colorful festivities in which families honor and remember deceased loved ones.
“I have ordered a thorough and transparent investigation to clarify the causes of the accident,” Alfonso Durazo, governor of the state of Sonora home to the city, said in a video on social media, adding that children were among the victims.
Most of the deaths appeared to have been from inhalation of toxic gases, said Gustavo Salas, the state’s attorney general, citing its forensic medical service.
“My heartfelt condolences to the families and loved ones of those who lost their lives,” President Claudia Sheinbaum said in a post on X, adding that she had directed support teams to be sent to help victims’ families and the injured.
Sonora’s Red Cross said its 40 staff and 10 ambulances joined in the effort, making six trips to the hospital.
The cause of the fire, now doused, was still unclear, though some media blamed an electrical failure. City officials said the store, part of popular discount chain Waldo’s, was not the target of an attack.
The chief of the city’s firefighters said it was still being investigated whether there was an explosion.


Thousands lose power supply after Russia attacks frontline region, Ukraine says

Thousands lose power supply after Russia attacks frontline region, Ukraine says
Updated 02 November 2025

Thousands lose power supply after Russia attacks frontline region, Ukraine says

Thousands lose power supply after Russia attacks frontline region, Ukraine says
  • Nearly 60,000 people were deprived of power supply after Russia’s overnight air attack
  • Zaporizhzhia endures near-daily Russian artillery, missile and drone strikes

Nearly 60,000 people were deprived of power supply after Russia’s overnight air attack on Ukraine’s frontline region of Zaporizhzhia, while two people were killed in the southern region of Odesa, Ukrainian authorities said on Sunday.
As winter nears, Russia has stepped up missile and drone strikes on Ukraine’s power grid, triggering outages and forcing Kyiv’s emergency crews to race to repair damage and manage rolling blackouts.
The attack on Zaporizhzhia left two people wounded and reduced buildings to rubble, the regional governor, Ivan Federov, said on the Telegram messaging app.
“Crews will restore power as soon as the security situation allows,” Fedorov said on Telegram, where he posted nighttime photographs of buildings with facades and windows torn off.
Zaporizhzhia endures near-daily Russian artillery, missile and drone strikes that have destroyed homes, crippled utilities and killed scores, as Moscow pressures Ukraine’s defenses and disrupts links between its south and the rest of the country.
Fedorov said the overnight attack wounded two people. Russia’s 800 strikes on 18 settlements in the region killed one person and injured three over the 24 hours into Sunday morning, he added.
Two people died as a result of Russia’s overnight drone attack on Odesa on Ukraine’s Black Sea coast, Ukraine’s state emergency service said on Telegram.
Separately, the death toll from a Russian air attack that set ablaze a shop in the Dnipropetrovsk region on Saturday has risen to four and includes two boys aged 11 and 14, the region’s acting governor said.
There was no immediate comment from Russia about the attacks.
Both sides deny targeting civilians in the war that Russia launched with a full-scale invasion on Ukraine in 2022, but thousands have been killed in the conflict, the vast majority of them Ukrainian.


Tourists return to Vietnam’s Hoi An as cleanup efforts progress after floods

Tourists return to Vietnam’s Hoi An as cleanup efforts progress after floods
Updated 02 November 2025

Tourists return to Vietnam’s Hoi An as cleanup efforts progress after floods

Tourists return to Vietnam’s Hoi An as cleanup efforts progress after floods
  • Tourism and services, driven by accommodation, dining and ticket sales, form the backbone of Hoi An’s economy
  • The historic floods last week submerged Hoi An’s lantern-lit streets and centuries-old wooden houses

HANOI: Tourists are returning to Vietnam’s ancient town of Hoi An as residents clean up mud and debris to reopen the UNESCO-listed site following floods that devastated the central region and killed at least 35 people.
Tourism and services, driven by accommodation, dining and ticket sales, form the backbone of Hoi An’s economy and contributed nearly two-thirds of regional income last year as the town welcomed more than 4.4 million visitors, including 3.6 million foreigners, official data showed.
Domestic and international visitors were seen strolling along the riverfront and visiting heritage landmarks from Saturday, despite most hotels, lantern shops and restaurants undergoing extensive cleaning to prepare for a full reopening ahead of the peak travel season.
The historic floods last week submerged Hoi An’s lantern-lit streets and centuries-old wooden houses, forcing hundreds of businesses to temporarily close.
While no official financial damage estimates have been released, small shop owners reported losses in the hundreds of millions of dong, which equates to thousands of US dollars.
The nearby city of Thua Thien Hue, also impacted by the heavy rains, reopened its iconic citadel to tourists on Friday.
Authorities, however, continue to warn of rising river levels and potential renewed flooding as prolonged rains are expected in the coming days.
The floods also left five people missing and inundated more than 16,000 houses and 5,300 hectares (13,100 acres) of crops. Around 75,000 people are still experiencing power shortages, the government’s disaster agency said in a report.
Vietnam, prone to severe storms and flooding, frequently faces widespread property damage during its storm season, which typically lasts from June to October.


Canada and Philippines to sign defense pact to boost combat drills and deter China’s aggression

Canada and Philippines to sign defense pact to boost combat drills and deter China’s aggression
Updated 02 November 2025

Canada and Philippines to sign defense pact to boost combat drills and deter China’s aggression

Canada and Philippines to sign defense pact to boost combat drills and deter China’s aggression
  • Canada and other Western nations have been bolstering their military presence in the Indo-Pacific
  • The moves dovetail with President Ferdinand Marcos Jr.’s efforts to build defense ties with other countries

MANILA: Canada and the Philippines, both staunch critics of China’s increasingly coercive actions in the disputed South China Sea, were to sign a key defense agreement on Sunday that would allow their forces to hold joint battle-readiness drills and expand a web of security alliances to deter aggression, Philippine officials said.
Canada and other Western nations have been bolstering their military presence in the Indo-Pacific to help promote the rule of law and expand trade and investment in the region. The moves dovetail with President Ferdinand Marcos Jr.’s efforts to build defense ties with other countries to help his country’s underfunded military face a militarily superior China in the disputed waters.
There was no immediate comment from China, which has accused the Philippines of being a “troublemaker” and a “saboteur of regional stability” for staging joint patrols and combat drills with the United States and other countries in the South China Sea. Beijing claims the waterway, a major trade route, virtually in its entirety despite a 2016 arbitration ruling that invalidated those claims based on the 1982 UN Convention on the Law of the Sea.
China has dismissed the ruling and continues to defy it. It has employed powerful water cannons and dangerous blocking maneuvers against Philippine coast guard and fisheries vessels in the disputed waters. resulting in minor collisions and injuries to Filipino personnel. Vietnam, Malaysia, Brunei and Taiwan have also been involved in the long-simmering territorial disputes.
Philippine Defense Secretary Gilberto Teodoro Jr. would sign the Status of Visiting Forces Agreement with his Canadian counterpart, David McGuinty, after a meeting in Manila on Sunday, the Department of National Defense in Manila said. The agreement takes effect after ratification.
Such agreements provide a legal framework for temporary visits by foreign troops with their weapons and large-scale combat exercises in either territory of the signatory countries.
The Philippines signed the first such defense pact with its longtime treaty ally, the United States, in 1998, followed by a similar accord with Australia nine years later. The agreement with Canada would be the third signed under Marcos after similar ones with Japan and New Zealand.
Talks are ongoing with France and Singapore for similar agreements. Efforts are also underway to launch similar negotiations with the United Kingdom and possibly with Germany and India, Teodoro and other officials said.
Teodoro renewed his criticisms of China’s actions in the South China Sea in an annual meeting of defense ministers of the Association of Southeast Asian Nations with Asian and Western counterparts on Saturday in Malaysia. He condemned a recent announcement by China that it would establish a “nature reserve” in the Scarborough Shoal, a rich fishing area claimed by Manila and Beijing.
“This, to us, is a veiled attempt to wield military might and the threat for use of force, undermining the rights of smaller countries and their citizens who rely on the bounty of these waters,” Teodoro said.
Canada criticized China’s plan when it was announced in September, saying it opposes “attempts to use environmental protection as a way to take control” of Scarborough. When Chinese ships tried to forcibly drive away Philippine vessels in the shoal, also in September, Canada expressed concern, criticizing “China’s dangerous use of water cannons,” which injured a civilian Filipino fisheries officer during the Scarborough face-off.
Canadian Ambassador to Manila David Hartman has said his country has “been vocal in confronting the provocative and unlawful actions of the People’s Republic of China in the South China Sea and the West Philippine Sea” and “will continue to do so.”
Last year, Canada signed an agreement on defense cooperation with the Philippines. Another agreement signed in Ottawa in 2023 gave the Philippines access to data from Canada’s “Dark Vessel Detection System,” which harnesses satellite technology to track illegal vessels even if they switch off their location-transmitting devices.
The Philippine coast guard has used the high-tech Canadian technology to track Chinese coast guard ships and fishing vessels in the South China Sea.