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Ursula von der Leyen re-elected to a second 5-year term as European Commission president

Ursula von der Leyen reacts after being chosen President of the European Commission for a second term, at the European Parliament in Strasbourg, France, July 18, 2024. (Reuters)
Ursula von der Leyen reacts after being chosen President of the European Commission for a second term, at the European Parliament in Strasbourg, France, July 18, 2024. (Reuters)
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Updated 18 July 2024

Ursula von der Leyen re-elected to a second 5-year term as European Commission president

Ursula von der Leyen reacts after being chosen President of the European Commission for a second term, at European Parliament.

STRASBOURG, France: Lawmakers at the European Parliament on Thursday re-elected Ursula von der Leyen to a second 5-year term as president of the European Union’s executive commission, giving her a comfortable majority and heading off a possible leadership vacuum.
Von der Leyen raised both fists in victory as the Parliament President Roberta Metsola read out the result at the legislature.
“5 more years. I can’t begin to express how grateful I am for the trust of all MEPs that voted for me,” she said on the social media platform X.
The re-election ensures leadership continuity for the 27-nation bloc as it wrestles with crises ranging from the war in Ukraine to climate change, migration and housing shortages.
German Chancellor Olaf Scholz was quick to send his congratulations on X, calling von der Leyen’s re-election “a clear sign of our ability to act in the European Union, especially in difficult times. Europeans expect us to take Europe forward. Let’s do it!”
A majority in the 720-seat legislature voted for the German Christian Democrat after a speech in which she pledged to be a strong leader for Europe in a time of crisis and polarization.
Von der Leyen gained 401 of the 707 votes cast. There were 284 votes against her candidacy, 15 abstentions and seven void ballots.
The secret ballot came hot on the heels of strong gains by the far right in last month’s election for the European Parliament.
“I will never let the extreme polarization of our societies become accepted. I will never accept that demagogues and extremists destroy our European way of life. And I stand here today ready to lead the fight with all the Democratic forces in this house,” von der Leyen said in her final pitch.
If lawmakers had rejected her candidacy, it would leave leaders of the 27-nation bloc scrambling to find a replacement as Europe grapples with crises ranging from the war in Ukraine to climate change. Instead, the continent now has an experienced pair of hands at the helm.
In a speech that sought to shore up support from across the political spectrum, von der Leyen pledged to strengthen the EU economy, its police and border agencies, tackle migration and pursue policies tackling climate change while also helping farmers who have staged protests against what they call stifling EU bureaucracy and environmental rules.
She also vowed to tackle housing shortages across Europe and said she would appoint a commissioner for the Mediterranean region due to the multiple challenges it faces.
She also took a swipe at Hungarian Prime Minister Viktor Orbán and his recent visit to Russia shortly after his country took over the rotating six-month EU presidency.
“This so-called peace mission was nothing but an appeasement mission,” von der Leyen said as she vowed that Europe would remain shoulder-to-shoulder with Ukraine.
One radical right lawmaker, Diana Iovanovici-Sosoaca of Romania, was escorted out of the parliament’s chamber for heckling a speaker during the debate following von der Leyen’s speech. Iovanovici-Sosoaca briefly wore what appeared to be a muzzle and held up religious icons before being led out of the room.
Over the past five years, von der Leyen has steered the bloc through a series of crises, including Britain’s exit from the EU, the COVID-19 pandemic and Russia’s invasion of Ukraine. She has also pushed a Green Deal aiming to make the EU climate-neutral by 2050.
Von der Leyen’s election came as newly elected UK Prime Minister Keir Starmer was welcoming some 45 heads of government to discuss migration, energy security and the threat from Russia as he seeks to restore relations between the UK and its European neighbors.
EU leaders signed off on the conservative German von der Leyen at a summit meeting late last month. The 65-year-old von der Leyen’s bid was boosted when the European People’s Party, which includes von der Leyen’s Christian Democratic Union, remained the largest group at the EU Parliament after the elections.
The German politician has been praised for her leading role during the coronavirus crisis, when the EU bought vaccines collectively for its citizens. But she also found herself receiving sharp criticism for the opacity of the negotiations with vaccine makers.
The EU general court ruled Wednesday that the commission did not allow the public enough access to information about COVID-19 vaccine purchase agreements it secured with pharmaceutical companies during the pandemic.
Before voting got underway, a majority of lawmakers rejected a motion from a leftist bloc in parliament calling for the election to be delayed until September in light of the court ruling.
Following the elections for EU Parliament, European Union leaders agreed on the officials who will hold the key positions in the world’s biggest trading bloc in the coming years for issues ranging from antitrust investigations to foreign policy. At the side of von der Leyen will be two new faces: Antonio Costa of Portugal as European Council president and Estonia’s Kaja Kallas as the top diplomat of the world’s largest trading bloc.
While Costa’s nomination only needed the leaders’ approval, Kallas will also need to be approved by European lawmakers later this year. The Estonian prime minister is a staunch supporter of Ukraine and a fierce critic of Russia within the European Union and NATO.


Pakistan kicks off investor roadshow in China for inaugural panda bond

Pakistan kicks off investor roadshow in China for inaugural panda bond
Updated 14 sec ago

Pakistan kicks off investor roadshow in China for inaugural panda bond

Pakistan kicks off investor roadshow in China for inaugural panda bond
  • Pre-marketing meetings in Beijing draw strong investor interest in debut Panda Bond
  • Finance Ministry says move will help diversify funding through China’s onshore market

KARACHI: Pakistan has launched a series of investor meetings in Beijing this week as it prepares to issue its first-ever panda bond, the finance ministry said on Wednesday, marking a significant step in the country’s strategy to diversify its funding sources through China’s onshore capital market.

Representatives from the Pakistani ministry of finance are holding the non-deal investor roadshow (NDR) in China from July 7 to 11, 2025. The delegation has engaged in technical discussions with potential investors, underwriters, prospective guarantors, the Chinese Rating Agency, and Chinese legal counsel as part of the pre-marketing process for the debut issuance.

The investor meetings focus on Pakistan’s macroeconomic outlook, ongoing debt management reforms and the proposed bond’s structure. The initiative reflects Pakistan’s push to broaden its investor base and strengthen its credibility in international capital markets.

A panda bond is a Renminbi-denominated bond issued by a foreign government, multilateral institution, or company in China’s onshore bond market, allowing overseas issuers to raise funds from Chinese investors while diversifying their investor base and gaining access to China’s deep capital pool.

“The visit reflects the Government’s commitment to proactive investor engagement and diversification of funding sources through access to China’s onshore capital market,” the finance ministry said in a statement.

According to the ministry, the inaugural panda bond is expected to be launched later this year after the completion of documentation and regulatory approvals, including credit guarantees from multilateral development partners.

Officials said the roadshow has drawn strong initial interest, signalling investor confidence in Pakistan’s reform trajectory. The ministry described the move as a milestone that would help Pakistan tap China’s deep and diversified onshore bond market while using local currency instruments backed by multilateral partners.

“The successful NDR so far reflects the Government’s commitment to innovative and forward-looking financial diplomacy — and sends a clear message: Pakistan is ready to enter new capital frontiers with confidence and credibility,” the statement added.


Pakistan launches new fisheries policy, eyeing $10 billion from sector

Pakistan launches new fisheries policy, eyeing $10 billion from sector
Updated 17 min 7 sec ago

Pakistan launches new fisheries policy, eyeing $10 billion from sector

Pakistan launches new fisheries policy, eyeing $10 billion from sector
  • Despite Pakistan having over 1,050 kilometers of coastline, its untapped fisheries sector contributes only 0.5 percent to GDP
  • Ten-year policy focuses on climate resilience, gender inclusion, modern technologies, says maritime affairs ministry

KARACHI: Pakistan’s government launched its 10-year national fisheries and aquaculture policy on Wednesday, with a senior official saying that better management and value addition could help the fisheries sector generate up to $10 billion in value.

Pakistan has the potential to become a major player in the global fisheries markets with over 1,050 kilometers of coastline along the Arabian Sea and vast inland water resources. However, its fisheries sector remains largely undertapped due to poor regulations and issues such as overfishing, contributing only 0.5 percent to the country’s GDP. 

Pakistan’s Maritime Affairs Minister Junaid Anwar Chaudhry launched the 10-year National Fisheries and Aquaculture Policy 2025–2035 at a workshop in Islamabad.

“With better management and value addition, the [fisheries] sector could generate up to $10 billion in value,” Maritime Affairs Minister Secretary Zaffar Ali Shah said at the workshop.

Shah said despite Pakistan’s long coastline, the fisheries sector has failed to achieve its potential, saying that while it remains a vital source of livelihood, it faces serious issues like overfishing and poor regulation.

“He noted that the newly introduced national policy aims to resolve these challenges through coordinated planning,” the maritime affairs ministry said. 

Chaudhry said the policy focuses on cross-cutting priorities such as climate resilience, environmental protection, child safety, gender inclusion, labor rights and the adoption of modern technologies. 

The minister said that the policy’s success depended on sustained commitment, effective coordination and active engagement from all stakeholders.

“He said this policy represents a major milestone for not just the ministry but for all institutions, communities and stakeholders committed to the future of Pakistan’s blue economy,” the maritime affairs ministry said.

The workshop, organized by the maritime affairs ministry, also featured several panel discussions, including sessions on governance and incentives for the fisheries and aquaculture sectors, strategies for the development and management of aquaculture in Pakistan, and the implementation framework and cross-cutting themes of the national policy.

Pakistan reported an increase of over 20 percent in its seafood exports during the last fiscal year, reiterating its commitment to bolster its blue economy. The South Asian country hopes to achieve sustainable economic growth driven largely by exports. 


Palestinian Authority welcomes French president’s affirmation of recognizing statehood during UK parliament speech

Palestinian Authority welcomes French president’s affirmation of recognizing statehood during UK parliament speech
Updated 14 min 58 sec ago

Palestinian Authority welcomes French president’s affirmation of recognizing statehood during UK parliament speech

Palestinian Authority welcomes French president’s affirmation of recognizing statehood during UK parliament speech
  • Emmanuel Macron said attacks in Gaza and West Bank put the prospect of Palestinian statehood at risk
  • He called for an immediate ceasefire in the Gaza Strip, where Israel has been launching military campaigns since late 2023

LONDON: The Palestinian Authority welcomed on Wednesday the statements made by French President Emmanuel Macron during his state visit to the UK, in which he affirmed Paris’ position to recognize a Palestinian state as a way to ensure stability in the Middle East.

The Palestinian Authority’s Ministry of Foreign Affairs and Expatriates said that Macron is leading French efforts to revive the peace process with the Israeli government and contribute to implementing the two-state solution.

During his speech at the UK parliament on Tuesday, Macron said, “With Gaza in ruin and the West Bank being attacked on a daily basis, the perspective of a Palestinian state has never been put at risk as it is.

“And this is why this solution of the two states and the recognition of the State of Palestine is … the only way to build peace and stability for all in the whole region,” Macron said.

Organizers of a planned international conference sponsored by Ƶ and France in mid-June had to postpone the event due to the Iranian-Israeli conflict that erupted. Several Labour lawmakers from the UK’s ruling party have called on Kier Starmer’s government to recognize a Palestinian state and to join France in this effort.

Macron also called for an immediate ceasefire in the Gaza Strip, where Israel has been launching military campaigns since late 2023 following Hamas’ cross-border raids on Israeli towns.

The Palestinian Authority urged European countries that have yet to recognize Palestine to support and follow France’s position, according to Wafa news agency.


Closing Bell: Saudi main index slightly dips to 11,278; Nomu gains

Closing Bell: Saudi main index slightly dips to 11,278; Nomu gains
Updated 17 min 43 sec ago

Closing Bell: Saudi main index slightly dips to 11,278; Nomu gains

Closing Bell: Saudi main index slightly dips to 11,278; Nomu gains
  • Parallel market Nomu gained 104.43 points to close at 27,448.22
  • MSCI Tadawul Index edged down 0.27% to 1,445.25

RIYADH: Ƶ’s Tadawul All Share Index dropped marginally on Wednesday, shedding 16.34 points or 0.14 percent to close at 11,277.73. 

The total trading turnover of the benchmark index was SR5.48 billion ($1.46 billion), with 140 of the listed stocks advancing and 109 declining. 

The Kingdom’s parallel market Nomu, gained 104.43 points to close at 27,448.22.

The MSCI Tadawul Index edged down by 0.27 percent to 1,445.25.

The best-performing stock on the main market was Umm Al Qura for Development and Construction Co. The firm’s share price increased by 8.62 percent to SR26.70. 

The share price of Saudi Real Estate Co. also rose by 7.68 percent to SR20.89. 

Retal Urban Development Co. also saw its share price advance by 6.62 percent to SR16.10. 

On the announcements front, Alinma Bank said that it completed the issuance of US dollar-denominated sukuk worth $500 million, under its Trust Certificate Issuance Program. 

According to a press statement, the sukuk issue is expected to settle on July 15. 

The share price of Alinma Bank declined by 1.19 percent to SR26.68. 

Jahez International Co. for Information System Technology announced that it has signed an agreement to acquire a 76.56 percent stake in Snoonu Corporation Holding LLC, a Qatari-based technology and logistics firm that operates an e-commerce and on-demand delivery platform. 

In a press statement, the company revealed that it will acquire 8.14 million shares, representing 75 percent of Snoonu’s share capital, from existing shareholders for $225 million. 

Jahez will also subscribe to 723,960 newly issued shares in Snoonu, representing 1.56 percent of the stake, for $20 million. 

The share price of Jahez edged up by 1.11 percent to SR27.44. 


‘Frozen’ in concert melts hearts at Ithra

‘Frozen’ in concert melts hearts at Ithra
Updated 32 min 2 sec ago

‘Frozen’ in concert melts hearts at Ithra

‘Frozen’ in concert melts hearts at Ithra
  • The film’s sweeping score was performed concert-style by Armenian State Symphony Orchestra

DHAHRAN: The King Abdulaziz Center for World Culture was swept into a winter wonderland this week as Disney’s “Frozen” came to life in a dazzling film-in-concert experience.

The two-day live event at Ithra, which concluded with two performances on July 9, featured a full orchestra performing the film’s score live on stage while the original movie plays on a screen with dialogue and vocals intact.

The music was played live on stage, resulting in an immersive, multi-sensory experience for audiences of all ages.

A sea of tulle could be seen as young girls in Queen Elsa-inspired ice-blue gowns filled the theater, with long lines forming at a nearby “Frozen”-themed space offering optional printed keepsakes for those who patiently waited.

Arab News spoke with audience member Norah Al-Otaibi and her 5-year-old daughter, Mai, during the 20-minute intermission.

“It’s my third time watching it — the first two times was at home. This is nice but I like watching it at home more because you can turn it on or off whenever you want,” said Mai.

“Here, you have to wait until the song you want comes on. But I like the music and singing part here more, it’s better than the regular screening.”

Mai, who turns 6 soon, attended the concert screening as an early birthday present.

Al-Otaibi, a fan of the film herself, added: “Ithra gave it a nice vibe. It’s definitely not just a regular viewing experience, they elevated it.”

Returning to the podium was Erik Ochsner, considered one of the leading conductors in the film-with-live-orchestra format. He led “The Lion King” in concert at Ithra a few days prior and shared his enthusiasm ahead of the performance.

“Perhaps we’re going to build a snowman together and you must be ready to let it go,” Ochsner told the crowd, hinting at the ever-popular songs “Let It Go” and “Do You Want to Build a Snowman?”

“I’m thrilled to be able to share the stage tonight with the wonderful musicians from the Armenian State Symphony Orchestra … you are so fortunate to have such a beautiful center here, Ithra,” he added.

Ochsner conducted the Armenian State Symphony Orchestra under artistic director and principal conductor Sergey Smbatyan.

At Ithra’s “Frozen” concert, the audience sang along to the catchy, now classic songs, from the film.

Released in 2013, “Frozen” was inspired by the 1844 original novel-styled fairytale narrative “The Snow Queen,” written by Danish author Hans Christian Andersen. Arendelle, while a fictional Kingdom, is inspired by the real Norwegian town of Arendal.

It tells a heartwarming story of a newly-crowned young Nordic queen, Elsa, with secret ice-making powers who accidentally freezes everything in her path as her fearless sister, Anna, sets out to save her — and the whole kingdom.