Chinese government to sell sovereign bonds worth $340bn by year-end

The issuance of a total of 3.45 trillion yuan in local government special bonds for infrastructure has been completed by the end of June. (Shutterstock)
Short Url
Updated 29 September 2022
Follow

Chinese government to sell sovereign bonds worth $340bn by year-end

RIYADH: China will sell sovereign bonds totalling $340 billion in the final months of this year as the Asian giant taps the remaining annual quota and refinances maturing special bonds.

The government has issued 1.09 trillion yuan ($151 billion) of general bonds so far this year ⁠— less than 40 percent of the budgeted central deficit of 2.75 trillion yuan for 2022, Bloomberg reported based on its calculations.

According to the report, the government is expected to issue a total of 2.45 trillion yuan in sovereign bonds between October and December, which comprises 1.66 trillion yuan of new bonds and 786 billion yuan to refinance maturing special debts.

Meanwhile, Reuters, citing people familiar with the matter, said that the treasury bond issuance plan was made during a meeting of the finance ministry on Wednesday.

According to the Reuters report, the ministry also urged local governments to complete issuing the roughly 500 billion yuan in special bonds by the end of October under carryover quotas from previous years, the sources said.

The issuance of a total of 3.45 trillion yuan in local government special bonds for infrastructure has been completed by the end of June.

Amid weak consumption recovery and softening export growth, authorities are doubling down on an infrastructure push, dusting off an old playbook by issuing debt to fund big public works projects to revive the economy.

China’s economy generally recovered and stabilized in the third quarter and the country will push ahead with its economic program in the fourth, state media quoted Li Keqiang, premier of the State Council of the People’s Republic of China, as saying on Wednesday.

But with few signs China will significantly ease its zero-COVID policy soon, many analysts expect the economy to grow by just 3 percent this year, which would be the slowest since 1976, excluding the 2.2 percent expansion during the initial COVID hit in 2020.

(With input from Reuters)


King Abdullah Medical City in Makkah pioneers first robotic thoracic surgery with Da Vinci system

Updated 1 min 15 sec ago
Follow

King Abdullah Medical City in Makkah pioneers first robotic thoracic surgery with Da Vinci system

  • Dr. Adel Tash, CEO of KAMC, told Arab News that the launch of the service is a significant medical milestone

MAKKAH: King Abdullah Medical City in Makkah has successfully performed the first precise robotic thoracic surgery using the Da Vinci Xi system.

Dr. Adel Tash, CEO of KAMC, told Arab News that the launch of the service is a significant medical milestone, further solidifying the city’s role as a leading reference center for advanced specialized healthcare, driven by the latest innovations in medical and surgical technology.

“The first case involved a patient in his thirties who suffered from recurrent air accumulations in his left chest cavity, causing persistent breathing difficulties. Tests revealed cysts in the upper and lower lobes of his left lung. These cysts were successfully removed, and the lung was attached to the chest wall using a surgical robot during a delicate operation that took an hour and a half,” Tash said.

The operation was performed under the leadership of Dr. Muteb Al-Zaidi, a consultant in thoracic, esophageal, and gastric surgery, using robotic and minimally invasive endoscopic techniques. He was assisted by Dr. Ayman Jaafar, assistant consultant in thoracic surgery, in collaboration with a specialized team from the anesthesia and nursing departments.

Tash said robotic surgery is characterized by the high precision provided by the 3D camera, and the ability to precisely access complex areas of the body with minimal intervention, which is reflected in reduced post-operative pain, accelerated recovery, and faster discharge of the patient from the hospital compared with traditional operations.

He said that traditional operations required surgical incisions that could be more than 10 centimeters whereas a single incision in robotic surgery does not exceed 1 cm, which reduces side effects and improves overall surgical outcomes.

Tash concluded by underscoring KAMC’s ongoing commitment to adopting the latest scientific technologies and providing advanced and safe healthcare services that contribute to improving patients’ quality of life and making the treatment experience a model to be emulated across the Kingdom and the region.

In this context, KAMC, a member of the Makkah Health Cluster, launched the Da Vinci surgical system, positioning itself among the first healthcare institutions in the Western Region to adopt this state-of-the-art technology for intricate and high-precision surgeries. This step is expected to enhance the quality of medical services and elevate the patient experience, aligning with the goals of the Kingdom’s Vision 2030.

The Da Vinci system is a robotic platform that allows surgeons to perform complex procedures with exceptional precision. Operated from a central console, the system translates the surgeon’s hand movements into highly refined, microscopic actions, enhanced by a high-definition, magnified 3D view of the surgical site. It comprises three key components: the surgeon console, where the surgeon directs the procedure via an advanced visual interface; the patient cart, which houses robotic arms equipped with surgical instruments and a high-resolution camera; and the vision cart, responsible for image transmission and visual processing. Crucially, the system is not autonomous. The entire operation is performed under the full control of a surgeon.

The system was first used at KAMC in a thoracic surgery, followed by a complex procedure for a patient with uterine cancer. The surgery was completed without complications, and the patient was discharged in less than 24 hours.

KAMC now plans to expand the system’s use to a wide range of specialties, including urology, gastrointestinal surgery, thoracic and cardiac procedures, bariatric surgery, and other advanced general surgeries.

The system offers a range of technical and medical advantages, including high-definition 3D visualization that allows surgeons to observe intricate anatomical details with exceptional clarity; ultra-precise instrument control that mimics the natural movement of the human hand with microscopic accuracy; and minimally invasive procedures through small incisions, which significantly reduce pain, blood loss, and the risk of infection.

Patients benefit from faster recovery times, shorter hospital stays, and improved surgical outcomes with lower complication rates compared with traditional surgery. Additionally, the system supports advanced surgical education and training through a safe, highly accurate simulation environment.

KAMC seeks to broaden the application of robotic surgery across additional subspecialties, advance physician training through immersive virtual reality simulations, and use smart analytics and artificial intelligence to elevate the precision, efficiency and overall quality of surgical outcomes.


Saudi Arabia reports five heat exhaustion cases among pilgrims, urges precautions amid soaring temperatures

As temperatures soared at the holy sites, Saudi Arabia confirmed five cases of heat exhaustion among pilgrims. (AP/File)
Updated 25 min 31 sec ago
Follow

Saudi Arabia reports five heat exhaustion cases among pilgrims, urges precautions amid soaring temperatures

  • Kingdom’s National Center for Meteorology forecast hot to extremely hot weather conditions at holy sites during Hajj

MAKKAH: As temperatures soared at the holy sites, Saudi Arabia confirmed five cases of heat exhaustion among the more than one million pilgrims who have arrived to perform Hajj rituals.

All those affected received immediate medical attention and are currently in a stable condition, according to the ministry of health, which added that health teams were on high alert to respond swiftly to similar cases as part of the Kingdom’s commitment to safeguarding the health and safety of pilgrims.

The country’s National Center for Meteorology has forecast hot to extremely hot weather conditions at the holy sites during this year’s Hajj season.

According to the center, maximum temperatures are expected to range between 40°C and 47°C, while minimum temperatures will vary between 27°C and 32°C. Humidity levels are projected to fluctuate between 15 percent and 60 percent.

In a post on its X account, the ministry urged pilgrims to stay hydrated, avoid prolonged exposure to direct sunlight, and follow official health guidelines, such as using shaded walkways, wearing appropriate protective gear, and seeking help at the first signs of fatigue.

“If not treated promptly, heat exhaustion can escalate to heat stroke within 10-15 minutes — a life-threatening medical emergency,” the post stated.

The ministry also advised pilgrims who experience heat exhaustion symptoms to begin immediate cooling measures, such as washing their hands, faces and necks with cold water and moving to a cooler area, as well as drinking plenty of cold water to rehydrate.

In its post, the ministry identified headache, excessive sweating, nausea, dizziness, and severe thirst as key clinical symptoms of heat exhaustion.

Multilingual awareness campaigns have been launched, and field preparedness has been reinforced, particularly in response to seasonal heat risks.

The ministry had announced the health sector's readiness to receive pilgrims, revealing a 60 percent increase in bed capacity compared with last year.

Fahad Al-Jalajel, the minister of health, recently confirmed the deployment of over 50,000 medical and technical personnel to serve pilgrims and emphasized the stability of the health situation, with no reported outbreaks or epidemics, according to the Saudi Press Agency.

“Health efforts began early in pilgrims’ homelands by analyzing international health risks and issuing clear health requirements, including vaccinations against yellow fever, meningitis, polio, COVID-19, and influenza,” SPA reported, citing Al-Jalajel.

The minister underscored the role of the health certificate as the first line of defense during the Hajj season, noting that the Kingdom’s health system launched its services with the arrival of the first Makkah Route Initiative flight.

As part of the Kingdom’s comprehensive preparations, 14 land, air, and sea ports have been fully equipped, delivering more than 50,000 health services so far, including 140 surgical procedures, 65 cardiac catheterizations, and six open-heart surgeries, the minister said.

To combat heatstroke risks, Al-Jalajel announced a series of measures in coordination with the Royal Commission for Makkah City and Holy Sites. These include planting more than 10,000 trees, installing 400 additional water coolers and misting fans, and expanding shaded pedestrian pathways to protect pilgrims from extreme heat.

The ministry of health has also intensified awareness efforts through multilingual campaigns, stationing field teams, launching media programs, and organizing medical missions to ensure important health information reaches all pilgrims.

Al-Jalajel further revealed the establishment of a new 200-bed emergency hospital in Mina, developed in collaboration with Kidana Development Co.

In addition, three new field hospitals with more than 1,200 beds have been set up in partnership with the ministries of national guard, defense, and interior.

These were inaugurated “alongside 71 emergency points, 900 ambulances, 11 evacuation aircraft, and over 7,500 paramedics,” Al-Jalajel told SPA.

The minister urged pilgrims to follow health guidelines and affirmed that the Kingdom’s health system is operating at full capacity to ensure a safe and healthy Hajj season for all.


Royal Navy seizes $40m worth of drugs in Arabian Sea bust

Updated 40 min 50 sec ago
Follow

Royal Navy seizes $40m worth of drugs in Arabian Sea bust

  • Crew used Peregrine ‘mini-helicopter’ drones to locate smugglers
  • It was the British warship’s second drug seizure in 3 months

LONDON: A Royal Navy frigate operating in the Arabian Sea seized $40 million worth of drugs in a major operation, the Daily Telegraph reported on Friday.

It came after the HMS Lancaster pursued a drug-trafficking boat for more than a day when British drones launched from the warship spotted illegal activity.

The ship’s crew deployed a Wildcat helicopter to carry out the interception, which saw a boarding team from 42 Commando seize 80 packages of drugs.


A Royal Navy spokesman said the packages contained 1,000 kg of heroin, 660 kg of hashish and 6 kg of amphetamine.

“It’s the second bust in three months for the British warship, which is based in Bahrain and is attached to a New Zealand-led international task force spread across the Indian Ocean hunting down illegal activity,” he added.

“And it’s the second time the Royal Navy’s new Peregrine drones — mini-helicopters that conduct reconnaissance sorties for hours on end and feed live information back to Lancaster’s operations room — have played a vital part in the success.”

In March, the Royal Navy used its Peregrine drones for the first time in a drugs bust, tracking smugglers in the Indian Ocean. More than 3 tonnes of heroin, hashish and amphetamine were seized.

Luke Pollard, the UK’s armed forces minister, said: “I congratulate the crew of HMS Lancaster on this significant seizure, which is keeping dangerous and illegal drugs off our streets.

“This operation highlights the unique role our Royal Navy contributes, working to disrupt criminal operations around the world, keeping us secure at home and strong abroad.”


Concentration not obsession needed in Champions League final, says Inter coach Inzaghi

Updated 51 min 22 sec ago
Follow

Concentration not obsession needed in Champions League final, says Inter coach Inzaghi

  • “I have seen determination and not the obsession that shouldn’t be there,” Inzaghi told reporters
  • “Instead, there should be the right concentration and determination”

MUNICH: Inter Milan are determined to avenge their 2023 Champions League final loss, though manager Simone Inzaghi warned on Friday against letting determination become obsession against Paris St. Germain in this year’s final.

While Inter’s domestic campaign ended trophyless, in Europe, Inzaghi and his players are desperate to banish the ghosts of Istanbul and their defeat to Manchester City, but they will not let their resolve turn into fixation ahead of Saturday’s showdown in Munich.

“I have seen determination and not the obsession that shouldn’t be there,” Inzaghi told reporters.

“Instead, there should be the right concentration and determination, and this is what the guys have shown me in these days.

“I asked during the week for concentration and determination, but not obsession, we must be free, free of mind in preparing in the best possible way.”

Inzaghi believes his squad is experienced and successful enough to be able to put those plans in place on Saturday, and put behind them the disappointment of losing their Serie A title to Napoli.

“The psychological side is important, we worked in the best way, leaving aside the disappointment,” Inzaghi said.

“We know how certain matches are prepared, we have world champions, we have European champions.

“We have also gained experience on how to reach the Champions League final, which is a very important match, just like a World Cup final, a European Championship final.”

Inzaghi will go into the biggest game of the season with his whole squad available, confirming that defender Benjamin Pavard is fit having missed the semifinal win over Barcelona and the final four league games.

“The guys are all available and this year, out of 59 matches, in just three games we have had all 23 available,” Inzaghi said.

“It gives a coach great confidence. Having everyone available is better than anyone could ask for, because you know you can count on all the players, players that I am proud to coach.”

Inzaghi was asked what his team needs more than anything else in order to defeat Luis Enrique’s PSG, a side which has won every trophy they have competed for so far this season.

“Aggressiveness, clarity, there could be many more because to play a match like this, to win, to win such an important match, it will take everything,” Inzaghi said.

“It will take everything, along with all the details that we are trying to take care of in the best possible way, knowing that in front of us we have a great team that has deserved the final, like Inter, which has incredible strength and a great coach.”


Liverpool sign Frimpong from Leverkusen

Updated 30 May 2025
Follow

Liverpool sign Frimpong from Leverkusen

  • Frimpong, who will officially join on June 1, signed a five-year contract

LONDON: Premier League champions Liverpool have signed defender Jeremie Frimpong from Bayer Leverkusen on a long-term contract, both clubs announced on Friday.

Financial details were not disclosed by either club, but British media reported that Liverpool triggered a 35 million euros ($39.73 million) release clause for the 24-year-old Dutch international, whose deal with Leverkusen was valid until 2028.


Frimpong, who will officially join on June 1, signed a five-year contract, media reports said.

The right back, who can also play as a winger, played a key role in the Leverkusen side that won the German domestic double in 2023-24, chipping in with 14 goals and 12 assists across all competitions.