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Arab Labor Conference to Discuss Repercussions of Int’l Crises

A general view of banks, hotels, office and residential buildings in the center of Cairo, Egypt, September 13, 2018. (Reuters)
A general view of banks, hotels, office and residential buildings in the center of Cairo, Egypt, September 13, 2018. (Reuters)
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Arab Labor Conference to Discuss Repercussions of Int’l Crises

A general view of banks, hotels, office and residential buildings in the center of Cairo, Egypt, September 13, 2018. (Reuters)
A general view of banks, hotels, office and residential buildings in the center of Cairo, Egypt, September 13, 2018. (Reuters)

The 49th Arab Labor Conference (ALC) will be held in Cairo on Monday and discuss the repercussions of international crises on the region.

The conference will be held under the auspices of Egyptian President Abdel Fattah al-Sisi and will be chaired by Mauritania. Twenty-one Arab countries are expected to take part in the event that will run until May 29.

The Arab Labor Organization (ALO) said on Friday that Arab countries are facing unprecedented challenges due to the health, social, and economic crises, as well as the consequences of the Russian-Ukrainian crisis.

The ALO stressed the need for reinforcing social dialogue mechanisms that pave the way for recovery.

The agenda of the ALC will tackle means to reinforce social dialogue on the national level to enable economies and communities to confront crises and curtail their impact to achieve sustainable development goals.

The ALO said on Friday that the conference will tackle new work patterns and policies of education and vocational and technical training amid the digital transformation, reported the Middle East News Agency.

The 48th ALC was held in September. It tackled artificial intelligence, new work patterns, digitization of the social protection systems, and the opportunities that are offered by modern technology in enhancing work conditions and relations.

The 47th ALC was held in September 2021 and discussed encouraging entrepreneurship and small projects and backing the efforts toward sustainable development and empowerment, innovation reinforcement, and digital transformation.

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Bank of England Cuts Main Interest Rate by a Quarter-point to 4.75%

Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
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Bank of England Cuts Main Interest Rate by a Quarter-point to 4.75%

Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS

The Bank of England cut its main interest rate by a quarter of a percentage point on Thursday after inflation across the UK fell below its target rate of 2%.
The bank said its rate-setting panel lowered the benchmark rate to 4.75% — its second cut in three months — though its governor Andrew Bailey cautioned that interest rates would not be falling too fast over coming months.
“We need to make sure inflation stays close to target, so we can’t cut interest rates too quickly or by too much,” he said. “But if the economy evolves as we expect it’s likely that interest rates will continue to fall gradually from here.”
In the year to September, UK inflation stood at 1.7%, its lowest level since April 2021 and below the central bank’s target rate of 2%, The Associated Press reported.
Central banks worldwide dramatically increased borrowing costs from near zero during the coronavirus pandemic when prices started to shoot up, first as a result of supply chain issues built up and then because of Russia’s full-scale invasion of Ukraine which pushed up energy costs.
As inflation rates have recently fallen from multi-decade highs, the central banks have started cutting interest rates.
Economists have warned that worries about the future path of prices following last week's tax-raising budget from the new Labour government and the economic impact of US President-elect Donald Trump may limit the number of cuts next year.
The decision comes a week after Treasury chief Rachel Reeves announced around 70 billion pounds ($90 billion) of extra spending, funded through increased business taxes and borrowing. Economists think that the splurge, coupled with the prospect of businesses cushioning the tax hikes by raising prices, could lead to higher inflation next year.
The rate decision also comes a day after Trump was declared the winner of the US presidential election. He has indicated that he will cut taxes and introduce tariffs on certain imported goods when he returns to the White House in January. Both policies have the potential to be inflationary both in the US and globally, thereby prompting Bank of England policymakers to keep interest rates higher than initially planned.