Anti-Muslim attacks continue in Central Sri Lanka; shops, buildings targeted

New York, Jan 11: The United Nations Security Council (UNSC) on Friday renewed a six-year-long cross-border humanitarian aid deliveries mechanism into Syria.

According to Sputnik, the Security Council voted in favour of a resolution on Friday that allows cross border deliveries to be conducted via Turkey, preserving two checkpoints and excluding the Al-Yarubiyah border crossing with Iraq and the Al-Ramtha crossing with Jordan, until July 10, 2020.

Russia proposed to amend the adopted resolution by replacing a part of the draft which stipulates that humanitarian assistance into Syria should be delivered based on the principles of humanity, neutrality, impartiality and independence by the phrase that such aid should be provided "in accordance with the guiding principles of humanitarian emergency assistance, as contained in UNGA resolution 46/182."

The agreement was reached after Belgium and Germany decided to amend the original version of their joint resolution, which proposed keeping three points for cross-border deliveries into the Arab republic.

In December last year, the United Nations had said that over 235,000 people fled the Idlib region in the last two weeks after Russia and Syria launched airstrikes in a bid to take over the last major opposition bastion.

Russia backed Syria government launched a fresh assault to capture the province.

Syrian Bashar al-Assad regime, backed by Iran, has reportedly promised to take back the rebel-controlled area and broke a ceasefire that was announced in August.

They have since December 19 seized dozens of towns and villages from armed fighters amid clashes that have killed hundreds on both sides.

Singapore, Mar 23: Oil prices fell at the open in Asia on Monday after a trillion-dollar Senate proposal to help the coronavirus-hit American economy was defeated and death tolls soared across Europe and the US.

US benchmark West Texas Intermediate initially tumbled more than three percent but then pulled back some ground to trade 1.5 percent lower, at $22 a barrel.

Brent crude, the international benchmark, fell 4.9 percent to $25 a barrel.

Prices have fallen to multi-year lows in recent weeks as lockdowns and travel restrictions to fight the virus hit demand, and top producers Saudi Arabia and Russia engage in a price war.

The latest drop came after a trillion-dollar Senate proposal to rescue the US economy was defeated after receiving zero support from Democrats, and with five Republicans absent from the chamber because of virus-related quarantines.

The bill had proposed funding for American families, thousands of shuttered or suffering businesses and the nation's critically under-equipped hospitals.

Coronavirus deaths soared across Europe and the United States at the weekend despite heightened restrictions.

The death toll from the virus -- which has upended lives and closed businesses and schools across the planet -- surged to more than 14,300 Sunday, according to an AFP tally.

AxiCorp chief markets strategist Stephen Innes said that "total demand devastation" had set it.

"Oil markets collapsed out of the gate this morning as prices react... to stringent containment lockdown measures," he said.

New Delhi, June 27: The Prime Minister Narendra Modi-led union government of India is not ready to stop all imports from aggressive China in spite of mount calls to boycott Chinese products in India.

The Centre is reportedly considering to stop only non-essential imports from the neighbouring country.

However, the Inward shipment in sectors such as automobiles, pharmaceuticals, certain electronics and others will continue until a domestic alternative is found.

“India will gradually move towards import substitution. It will not happen overnight. In the meantime, attention has to be paid on production and job creation. We cannot throttle our industry. There are certain absolutely essential imports. Needless to say, those will keep going,” official sources said.

Sources said that both the government and the industry are in the process of identifying products that can be domestically manufactured in the medium term. There are certain chemicals, automotive components, handicrafts, cosmetics, agriculture items and certain consumer electronics, which can be manufactured domestically in the short to medium term. The government is doing all it can to raise the capacity of domestic industries.

However, there are certain other imports in the automobile and the pharmaceutical sectors which cannot be done away within the short to medium term. Their domestic production at the moment may not be that cost-effective.

The six-crore strong traders’ body CAIT has been at the forefront of such a demand and has launched a campaign to celebrate Indian Diwali this year with a total absence of Chinese goods.

“Ease of doing business, capital availability at lower rates and globally competitive logistics and energy costs are some of the prerequisites that the government should look into to ensure the growth of the domestic auto component industry,” according to Automotive Component Manufacturers Association of India (ACMA) Director General Vinnie Mehta.

Maruti Suzuki Chairman R C Bhargava said, “People who are boycotting Chinese goods have to remember that in some cases it may lead to their being asked to pay more for the same product."

Meanwhile, domestic rating agency Acuite Ratings & Research has analysed the current import portfolio from China and found 40 sub-sectors have the potential to lower their import dependency on China. These sectors contribute to $33.6 billion worth of imports from China and about 25% of these imports can be substituted by local manufacturing without any significant additional investments.