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Cambodia sets to become first country to store gold with China

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Cambodia sets to become first country to store gold with China


Cambodia sets to become first country to store gold with China

Cambodia has reached a milestone in global finance by becoming one of the first countries to accept China’s offer to repatriate its foreign gold reserves, marking an early victory in Beijing’s campaign to establish itself as a key center in the world bullion market.

Experts stated that the Southeast Asian country will deposit part of its reserves in a vault registered at the Shanghai Gold Exchange, located in a bonded zone in Shenzhen. 

As reported by Bloomberg, other countries have also shown interest in this initiative.

The move is a strategic one towards China, aiming to rival the dominance of the past by traditional gold storage centres such as London and New York. 

This step of attracting foreign sovereign gold will enable China to increase the liquidity and international credibility of its financial markets and facilitate the adoption of the yuan as a medium of trade and reserve in the world markets.

In the case of Cambodia or other countries that might be partners, the relocation is an opportunity to diversify their assets of value. 

The hoarding of gold in China would be seen as a means of developing warmer economic relations with the world’s second-largest economy and an influential regional power.

Although the actual volume of gold that Cambodia will send has not been announced, the deal is a significant stamp of approval of the Chinese financial system. 

Over the past few years, the Shanghai Gold Exchange has expanded rapidly to become the largest physical gold market in the world.

It will most likely be closely followed by the central banks and finance ministries of other countries, as it might prompt them, especially in Asia and China’s Belt and Road Initiative (BRI) partners, to consider similar arrangements. 

This change, though slow, is an indication of a gradual, progressive geographical rebalancing of financial power around the world.





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Will Trump stop NYC’s funding? Threat looms after Mamdani wins mayoral election

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Will Trump stop NYC’s funding? Threat looms after Mamdani wins mayoral election


Will Trump stop NYC’s funding? Threat looms after Mamdani wins mayoral election

In a landmark election that drew attention worldwide, Zohran Mamdani has secured victory in the New York City (NYC) mayoral race.

However, the win of Mamdani immediately got clouded by a threat from President Donald Trump to withhold federal funds from the city.

The 34-year-old democratic representative and state assemblyman from Queens will be the city’s first millennial and Muslim mayor having South Asian descent.

He won against independent former Governor Andrew Cuomo and Republican Curtis Sliwa. The 2025 NYC mayoral election also observed the highest participation since 1969.

But the celebratory mood at Mamdani’s Brooklyn headquarters was tempered by the looming political confrontation with the White House.

Just hours before, President Trump intensified his attacks on the Mamdani, whom he has repeatedly labelled as a “communist.”

While posting on his Truth Social platform, the 47th U.S. The President wrote, “If Communist Candidate Zohran Mamdani wins the Election for Mayor of New York City, it is highly unlikely that I will be contributing Federal Funds… because of the fact that, as a Communist, this once great City has ZERO chance of success, or even survival!”

He previously also hinted at this move stating that it would be difficult to send federal money to a city run by a “communist” during a 60 Minutes interview.

Responding to the looming threat, Mamdani directly addressed the elephant in the room saying, “If anyone can show a nation betrayed by Donald Trump how to defeat him, it is the city that gave rise to him.”

“So Donald Trump, since I know you’re watching, I have four words for you: ‘Turn the volume up,” he said enthusiastically.

Responding to Mamdani’s win, Trump initially responded on Truth Social briefly, “…AND SO IT BEGINS!”

Will Trump stop NYC’s funding? Threat looms after Mamdani wins mayoral election

Can Trump legally withhold any city’s federal funds?

The President’s claim of withholding federal funds of NYC raises serious legal and constitutional questions.

According to the U.S. Constitution, the power of the purse lies with Congress, not the President.

According to Article I section 9, clause 7, “No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time.”

Additionally, in the US constitution, the 1974 Impoundment Control Act specifically limits the president’s power to withhold funds after President Richard Nixon previously attempted to do so.

Titles I through IX of the law are known as the Congressional Budget Act of 1974. Title II created the Congressional Budget Office.

Title III governs the procedures by which Congress annually adopts a budget resolution, a concurrent resolution that is not signed by the president, which sets fiscal policy for the Congress.

This budget resolution sets limits on revenues and spending that may be enforced in Congress through procedural objections called points of order. The budget resolution can also specify that a budget reconciliation bill be written, which the Congress will then consider under expedited procedures.

What funding is at stake?

Federal funding plays a crucial role in the development of New York City.

According to the recent New York State Comptroller report, the city is set to receive $7.4 billion in federal funds for fiscal year 2026, accounting for 6.4% of its total budget.

This funding contributes to support housing, social services, and programs like Temporary Assistance for Needy Families (TANF).

Previously, Trump administration blocked a $12 million grant for the NYPD’s subway counterterrorism efforts.

The city is currently challenging that decision in court. 





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Dubai sees record 53,838 new companies in 9 months; Pakistani firms rank second

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Dubai sees record 53,838 new companies in 9 months; Pakistani firms rank second


Screens displaying stock information are seen as investors look on at the Dubai Financial Market, June 17, 2013. — Reuters

DUBAI: Dubai continues to attract foreign investors at a record pace, with 53,838 new companies joining the Dubai Chamber of Commerce in the first nine months of 2025.

Pakistani firms ranked second among non-UAE investors, with 4,281 new registrations, underlining the emirate’s growing importance as a hub for trade, investment, and regional business expansion, according to the report.

The chamber reported that the total value of members’ exports and re-exports rose to AED 260 billion, representing a 16% increase compared to the same period last year.

During this period, the chamber also issued 627,908 Certificates of Origin, up 9% from 2024, and processed 3,743 ATA Carnets for goods valued at around AED 3.69 billion, reflecting robust international trade activity.

According to H1 (Jan to June) 2025 nationality-specific data, Indian-owned companies led new memberships with 9,038 registrations, followed by Pakistan’s 4,281 firms, Egypt’s 2,540, and Bangladesh with 1,541 new companies, reflecting strong year-on-year growth.

The United Kingdom ranked fifth with 1,385 new companies, while Syria, China, Jordan, Türkiye, and Canada rounded out the top ten foreign investors.

The chamber also supported the international expansion of 90 local companies, a 20% rise compared to 2024, and reviewed 42 laws and draft laws, with private-sector recommendations achieving a 64% adoption rate. Mediation cases handled by the chamber reached 146, with a combined value of AED 230 million.

Pakistani investors are increasingly taking advantage of opportunities in trade, logistics, e-commerce, and family-owned enterprises, benefiting from Dubai’s growing business ecosystem, trade facilitation services, and legislative support.





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Long-shot socialist and Trump foe: Who is Zohran Mamdani?

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Long-shot socialist and Trump foe: Who is Zohran Mamdani?


Democratic candidate for New York City mayor Zohran Mamdani waves on stage after winning the 2025 New York City Mayoral race, at an election night rally in the Brooklyn borough of New York City, New York, US, November 4, 2025. — Reuters

Zohran Mamdani’s election as New York mayor caps an extraordinary rise for the leftist local lawmaker who emerged from relative obscurity to lead a supercharged campaign for the US megacity’s top job.

Since his surprise victory in the Democratic Party primary in June, New Yorkers have become used to seeing his bearded, smiling face on television — and on badges proudly worn by his supporters.

The 34-year-old election winner was born in Uganda to a family of Indian origin and has lived in the United States since he was seven, becoming a naturalized US citizen in 2018.

He is the son of filmmaker Mira Nair (“Monsoon Wedding,” “Mississippi Masala”) and Mahmood Mamdani, a professor and respected Africa expert — leading some of his detractors to call him a “nepo baby.”

He followed a path paved by other youngsters from elite liberal families, attending the elite Bronx High School of Science followed by Bowdoin College in Maine, a university seen as a bastion of progressive thought.

Under the alias “Young Cardamom,” he ventured into the world of rap in 2015, influenced by hip-hop group “Das Racist,” which had two members of Indian origin who played with references and tropes from the subcontinent.

Mamdani’s attempt to break into the competitive world of professional music did not last, with the performer-turned-politician calling himself a second-rate artist.

He took an interest into politics when he learned that rapper Himanshu Suri, who performed under the alias Heems, was supporting a candidate for city council — and joined that campaign as an activist.

Mamdani went on to become a foreclosure prevention counselor, helping financially struggling homeowners avoid losing their homes.

He was elected in 2018 as a lawmaker from Queens, a melting pot of predominantly poor and migrant communities, representing the area in the New York State Assembly.

‘Disaffected voters’

The self-proclaimed socialist, who has been re-elected three times, put the goal of making the city affordable for everyone who are not wealthy, the majority of its approximately 8.5 million residents, at the heart of his campaign.

He has promised more rent control, free day care and buses, and city-run neighborhood grocery stores.

Mamdani is also a long-standing supporter of the Palestinian cause, although his positions on Israel — which he has called an “apartheid regime” while branding the war in Gaza a “genocide” — have drawn the ire of some in the Jewish community.

In recent months he has made a point of vocally denouncing antisemitism — as well as the Islamophobia he has suffered.

Playing the race card, President Donald Trump, who calls Mamdani a “little communist,” denounced him as a “a proven and self professed JEW HATER” Tuesday as New Yorkers were heading to the polls.

Mamdani is something of an establishment “outsider,” according to Costas Panagopoulos, a political science professor at Northeastern University.

“He has managed to galvanize support from disaffected voters and others in New York City who are dissatisfied with the status quo and with an establishment that they perceive to be overlooking their needs and policy preferences,” he said.

Mamdani, a keen soccer and cricket fan, recently married US illustrator Rama Duwaji, and put his experience of activism to work in a strategically coordinated canvassing and leaflet campaign that he has paired with an extensive and often humorous use of social media.

“He really is a kind of an hybrid of a great 1970s campaign and a great 2025 campaign,” said Lincoln Mitchell, a Columbia University professor.





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