Ethiopian army chief, regional president killed

Agencies
June 23, 2019

Addis Ababa, Jun 23: Ethiopia's army chief and the president of a key region have been shot dead in a wave of violence highlighting the political instability in the country as Prime Minister Abiy Ahmed tries to push through reforms.

The latest unrest in the Horn of Africa nation flared on Saturday afternoon in Amhara, one of nine autonomous regions, when a "hit squad" attacked a meeting of top officials, Abiy's office said Sunday.

Spokeswoman Billene Seyoum told journalists the attack was led by Amhara's security chief Asaminew Tsige, and resulted in regional president Ambachew Mekonnen and another top official being shot.

The men were "gravely injured in the attack and later died of their wounds," she said.

"Several hours later in what seems like a coordinated attack, the chief of the staff of the national security forces Seare Mekonnen was killed in his home by his bodyguard" in the capital Addis Ababa, she added.

Also shot dead was a retired general who had been visiting him, Billene added.

The bodyguard has been apprehended while Asaminew is still on the loose, sources said.

The link between the two attacks was not immediately clear.

The internet has been cut nationwide since Saturday evening, after being severed for much of the previous week.

A journalist in the regional capital Bahir Dar told AFP shooting had begun shortly after sunset and continued for several hours before ceasing.

The United States embassy issued alerts about reported gunfire in the capital Addis Ababa, and violence around Amhara's main city Bahir Dar.

An analyst said Saturday's incident showed the seriousness of the political crisis in Ethiopia, where efforts by Abiy to loosen the iron-fisted grip of his predecessors and push through reforms have unleashed a wave of unrest.

"These tragic incidents, unfortunately, demonstrate the depth of Ethiopia's political crisis," said International Crisis Group analyst William Davison.

"It is now critical that actors across the country do not worsen the instability by reacting violently or trying to exploit this unfolding situation for their own political ends," the expert said.

Amhara in Ethiopia's northern highlands is the homeland of the ethnic group by the same name and is the birthplace of many of its emperors as well as the national language Amharic.

The Amhara are the second-largest ethnic grouping after the Oromo, and both spearheaded two years of anti-government protests which led to the resignation of former prime minister Hailemariam Desalegn.

Abiy, an Oromo, took power in April 2018 and has been lauded for a string of efforts to reform a nation which has known only the authoritarian rule of emperors and strongmen.

He has embarked on economic reforms, allowed dissident groups back into the country, sought to crack down on rights abuses and arrested dozens of top military and intelligence officials He also sealed a peace deal with neighbouring Eritrea, a longtime foe.

However, the loosening of the reins has also unleashed a wave of unrest.

Ethiopia's 1995 constitution, written by the Ethiopian People's Revolutionary Democratic Front (EPRDF) after it unseated the Derg military junta in 1991, partitioned the country into nine autonomous regions with borders following ethnic lines.

The EPRDF itself is a coalition of four parties from Oromia, Amhara, Tigray and the Southern Nations, Nationalities, and Peoples' Region.

Observers say that Abiy's plans to hold an election in 2020 have stirred up resentment in local politics, with other regional parties contesting the hold of those within the EPRDF, and seen a rise in ethnonationalism.

At the same time, longstanding tensions in a country of more than 80 ethnic groups have burst into the open, often over land and resources in Africa's second-most-populous nation.

Over a million people have been displaced by ethnic clashes, which analysts attribute to multiple causes, such as the weakening of the once all-powerful ruling EPRDF and different groups trying to take advantage of opportunities presented by the political transition.

In other regions, dozens of people have been killed in the last few months in clashes between residents of northern Benishangul Gumuz and Amhara states.

The security chief Asaminew, accused of being behind the attack in Amhara, was in 2018 released from prison after being held over a 2009 coup plot by the armed opposition group Ginbot 7 and Davison described him as an Amhara hardliner.

The coup attempt comes a year after a grenade explosion at a rally Abiy was addressing left two people dead.

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News Network
February 2,2020

Feb 2: Prime Minister Narendra Modi’s second budget in seven months disappointed investors who were hoping for big-bang stimulus to revive growth in Asia’s third-largest economy.

The fiscal plan -- delivered by Finance Minister Nirmala Sitharaman on Saturday -- proposed tax cuts for individuals and wider deficit targets but failed to provide specific steps to fix a struggling financial sector, improve infrastructure and create jobs. Stocks slumped as a proposal to scrap the dividend distribution tax for companies failed to impress investors.

"Far from being a game changer, the budget provides little in terms of short-term growth stimulus,” said Priyanka Kishore, head of India and South East Asia economics at Oxford Economics Ltd. in Singapore. “While income tax cuts will provide some relief on the consumption front, the multiplier effect is low and the overall stance of the budget is not expansionary."

India has gone from being the world’s fastest-growing major economy three years ago, expanding at 8%, to posting its weakest performance in more than a decade this fiscal year, estimated at 5%.

While the government has taken a number of steps in recent months to spur growth, they’ve fallen short of spurring demand in the consumption-driven economy. Saturday’s budget just added to the glum sentiment.

Okay Budget

“It’s an okay budget but not firing on all cylinders that the market was hoping for,” said Andrew Holland, chief executive officer at Avendus Capital Alternate Strategies in Mumbai.

The government had limited scope for a large stimulus given a huge shortfall in revenues in the current year. The slippage induced Sitharaman to invoke a never-used provision in fiscal laws, allowing the government to exceed the budget gap by 0.5 percentage points. The result: the deficit for the year ending March was widened to 3.8% of gross domestic product from a planned 3.3%.

On Friday, India’s chief economic adviser Krishnamurthy Subramanian said reviving economic growth was an “urgent priority” and deficit goals could be relaxed to achieve that. The adviser’s Economic Survey estimated growth will rebound to 6%-6.5% in the year starting April.

The fiscal gap will narrow to 3.5% next year, as the government budgeted for gross market borrowing to rise marginally to 7.8 trillion rupees from 7.1 trillion rupees in the current year. A plan to earn 2.1 trillion rupees by selling state-owned assets in the year starting April will also help plug the deficit.

Total spending in the coming fiscal year will increase to 30.4 trillion rupees, representing a 13% increase from the current year’s budget, according to latest data.

Key highlights from the budget:

* Tax on annual income up to 1.25 million rupees pared, with riders

* Dividend distribution tax to be levied on investors, instead of companies

* Farm sector budget raised 28%, transport infrastructure gets 7% more

* Spending on education raised 5%

* Fertilizer subsidy cut 10%

Analysts said the muted spending plan to keep the deficit in check will lead to more downside risks to growth in the coming months.

“It is very doubtful that the increase in expenditure will push demand much,” Chakravarthy Rangarajan, former governor at the Reserve Bank of India told BloombergQuint, adding that achieving next year’s budget deficit goal of 3.5% of GDP was doubtful.

With the government sticking to a conservative fiscal path, the focus will now turn to central bank, which is set to review monetary policy on Feb. 6. Given inflation has surged to a five-year high of 7.35%, the RBI is unlikely to lower interest rates.

What Bloomberg’s Economists Say:

The burden of recovery now falls solely on the Reserve Bank of India. With inflation breaching RBI’s target at present, any rate cuts by the central bank are likely to be delayed and contingent upon inflation falling below the upper end of its 2%-6% target range.

-- Abhishek Gupta, India economist

Governor Shaktikanta Das may instead focus on unconventional policy tools such as the Federal Reserve-style Operation Twist -- buying long-end debt while selling short-tenor bonds -- to keep borrowing costs down.

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Agencies
March 25,2020

Beijing:  Around 5,000 people have signed up for the phase I clinical trial of recombinant novel coronavirus vaccine in Chinese city Wuhan where the virus first emerged late last year.

The recruitment for participants ended this week with nearly 5,000 volunteers signing up for the trial, state-run Beijing News reported on Wednesday.

A single-centre, open and dose-escalation phase I clinical trial for recombinant novel coronavirus vaccine (adenoviral vector) will be tested in healthy adults aged between 18 and 60 years, according to the ChiCTR (China Clinical Trial Register).

The trial, led by experts from the Academy of Military Medical Sciences, gained its approval on March 16 and the research is expected to last half a year.

Requiring at least 108 participants, the trial will be conducted in Wuhan, capital of Hubei province, the region worst-affected by the virus in the country, state-run China Daily reported.

Participants will experience 14-day quarantine restrictions after being vaccinated and their health condition will be recorded every day.

Chinese scientists are hastening the development of COVID-19 vaccines through five approaches --- inactivated vaccines, genetic engineering subunit vaccines, adenovirus vector vaccines, nucleic acid vaccines and vaccines using attenuated influenza virus as vectors.

So far, most teams are expected to complete preclinical research in April and some are moving forward faster, Wang Junzhi, an academician with the Chinese Academy of Engineering said.

Wang noted that research and development of COVID-19 vaccines in China is not slower than foreign counterparts and has been carried out in a scientific, standardised and orderly way.

China has stepped up the process to finalise vaccines to counter COVID-19 after Kaiser Permanente research facility in Seattle and Washington stole the march and began human trials.

China lifted tough restrictions on the Hubei province on Wednesday after a months-long lockdown as the country reported no new domestic cases.

But there were another 47 imported infections from overseas, the National Health Commission said. In total, 474 imported infections have been diagnosed in China -- mostly Chinese nationals returning home.

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News Network
March 12,2020

New Delhi, Mar 12: The Supreme Court told the Uttar Pradesh government on Thursday that as of now, there was no law that could back their action of putting up roadside posters of those accused of vandalism during anti-CAA protests in Lucknow.

An apex court bench refused to stay the March 9 Allahabad High Court order directing the Yogi Adityanath administration to remove the posters.

The top court, which grilled the Uttar Pradesh government for putting up such posters in public, described the plea as a matter that needed "further elaboration and consideration".

A vacation bench of justices U U Lalit and Aniruddha Bose said a "bench of sufficient strength" would consider next week the Uttar Pradesh government's appeal against the Allahabad High Court order directing the state administration to remove the posters of those accused of vandalism during anti-CAA protests.

It directed the apex court registry to put up the case file before Chief Justice of India (CJI) S A Bobde so that a "bench of sufficient strength can be constituted at the earliest to hear and consider" the case next week.

During the hearing, the bench told Solicitor General Tushar Mehta, appearing for the Uttar Pradesh government, that it was a matter of "great importance".

It asked Mehta whether the state government had the power to put up such posters.

The top court, however, said there was no doubt that action should be taken against rioters and they should be punished.

Mehta told the court that the posters were put up as a "deterrent" and the hoardings only said that these persons were liable to pay for their alleged acts during the violence.

Senior advocate A M Singhvi, appearing for former IPS officer S R Darapuri whose poster has also been affixed in Lucknow, told the bench that the state was duty-bound to show the authority of law backing its action.

He said the action of the Uttar Pradesh government amounted to a "mega blanket" approach of naming and shaming these persons without final adjudication and it was an open invitation to common men to lynch them as the posters also had their addresses and photographs.

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