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Saudi Arabia, Spain Discuss Tourism Cooperation

The two sides discussed ways to strengthen the strategic partnership in tourism. SPA
The two sides discussed ways to strengthen the strategic partnership in tourism. SPA
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Saudi Arabia, Spain Discuss Tourism Cooperation

The two sides discussed ways to strengthen the strategic partnership in tourism. SPA
The two sides discussed ways to strengthen the strategic partnership in tourism. SPA

A Saudi delegation from the Ministry of Tourism, headed by Deputy Minister of Tourism for International Affairs Sultan Al Musallam, has taken part in the meeting of the Committee for Activating the Saudi-Spanish Partnership in the Field of Tourism in Madrid.

Spanish Secretary of State for Tourism Rosana Murillo and several senior officials from both countries also attended the meeting.

The two sides discussed ways to strengthen the strategic partnership in tourism through initiatives aimed at training tourism employees in hospitality and hotel management services in the most prominent institutes in Spain. They also reviewed aspects of supporting tourism investment opportunities between the two countries.

The committee expressed keenness to strengthen tourism cooperation and exert efforts to promote the Kingdom's tourist destinations and events that target Spanish tourists in particular.

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Japan's Incoming PM Ishiba Calls for Loose Monetary Policy

Shigeru Ishiba, the newly elected leader of Japan's ruling party, the Liberal Democratic Party (LDP) poses in the party leader's office after the LDP leadership election, in Tokyo, Japan September 27, 2024. REUTERS
Shigeru Ishiba, the newly elected leader of Japan's ruling party, the Liberal Democratic Party (LDP) poses in the party leader's office after the LDP leadership election, in Tokyo, Japan September 27, 2024. REUTERS
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Japan's Incoming PM Ishiba Calls for Loose Monetary Policy

Shigeru Ishiba, the newly elected leader of Japan's ruling party, the Liberal Democratic Party (LDP) poses in the party leader's office after the LDP leadership election, in Tokyo, Japan September 27, 2024. REUTERS
Shigeru Ishiba, the newly elected leader of Japan's ruling party, the Liberal Democratic Party (LDP) poses in the party leader's office after the LDP leadership election, in Tokyo, Japan September 27, 2024. REUTERS

Japan's incoming prime minister, Shigeru Ishiba, said on Sunday the country's monetary policy must remain accommodative as a trend, signaling the need to keep borrowing costs low to underpin a fragile economic recovery.
It was not immediately clear whether Ishiba, who had been a vocal critic of the Bank of Japan's past aggressive monetary easing, was taking a more dovish line with his remarks.
“It's something the Bank of Japan, which is mandated to achieve price stability, will decide while working closely with the government,” Ishiba told public broadcaster NHK, when asked about further interest rate increases by the central bank.
“From the government's standpoint, monetary policy must remain accommodative as a trend given current economic conditions,” he said.
On fiscal policy, Ishiba said he will aim to compile a package of measures at an early date to cushion the economic blow from rising living costs, with a focus on helping low-income households.
Ishiba, a former defense minister, is set to become prime minister on Tuesday after winning the presidency of the ruling Liberal Democratic Party on Friday.
After his victory, Ishiba said monetary policy would broadly remain loose but suggested he would not push back against further increases in still near-zero interest rates.
The BOJ ended negative interest rates in March and raised short-term borrowing costs to 0.25% in July in a landmark shift away from a decade-long, radical stimulus program.
BOJ Governor Kazuo Ueda has signaled a readiness to raise rates further if Japan makes progress towards durably achieving the bank's inflation 2% target, as the board projects it will.
Ishiba told Reuters in August that the BOJ was on the “right policy track” by ending negative rates and endorsed further normalization of monetary policy, saying it could boost industrial competitiveness.
But in an interview this month, he said Japan must prioritize making a full exit from deflation and warned of weak signs in consumption.
The yen, which fell on Friday on news that a dovish rival would join Ishiba in a run-off for the LDP leadership, rebounded on his victory.