I'm very much into climate, says Trump; slams China, India for doing 'nothing'

News Network
November 13, 2019

New York: US President Donald Trump has said countries like China, India and Russia are doing "absolutely nothing" to clean up their smokestacks and industrial plants and the garbage that they drop in sea floats into Los Angeles.

Terming climate change as a "very complex issue", Donald Trump said he considers himself to be, "in many ways, an environmentalist, believe it or not".

"So...I'm very much into climate. But I want the cleanest air on the planet and I want to have - I have to have clean air - water," Trump said in remarks at the Economic Club of New York on Tuesday.

Donald Trump told the audience that the US withdrew from the "one-sided, horrible, horrible, economically unfair, ''close your businesses down within three years,'' ''don't frack, don't drill, we don't want any energy'' - the horrible Paris Climate Accord that killed American jobs and shielded foreign polluters."

He said the Paris Climate Agreement was a "disaster" for the US, adding that the deal would have resulted in "trillions and trillions of dollars" of destruction to America.

"And it is so unfair. It doesn't kick in for China until 2030. Russia goes back into the 1990s, where the base year was the dirtiest year ever in the world. India, we are supposed to pay them money because they are a developing nation. I said, ''We're a developing nation, too''," Trump said amidst laughter from the audience.

Responding to a question about how he thinks about risk as it relates to trade policy and issues like climate change, Trump said, "when people ask the question...about climate - I always say: You know, I have a little problem."

"We have a relatively small piece of land - the United States. And you compare that to some of the other countries like China, like India, like Russia, like many other countries that absolutely are doing absolutely nothing to clean up their smokestacks and clean up all of their plants and all of the garbage that they're dropping in sea and that floats into Los Angeles, along with other problems that Los Angeles has, by the way."

"But when you see this happening, it's - nobody wants to talk about it. They want to talk about our country. We have to do this. We have can't have planes any longer. We can't have cows any longer. We can't have anything. I said, "What about China?"," he said.

He said he wants clean air and crystal-clean, clear water and the US today has the "cleanest air we've ever had in our country, meaning, over the last 40 years. I guess, 200 years ago was cleaner, but there was nothing around."

"But I want clean air. I want clean water, environmentally," he said.

The US last week formally notified the United Nations of its withdrawal from the 2015 Paris Climate accord, a landmark global agreement which brought together 188 nations, including India, to combat global warming.

The Paris Agreement, in which Donald Trump's predecessor Barack Obama and Prime Minister Narendra Modi played instrumental roles, was adopted at the UN climate conference "COP 21" held in the French capital in 2015 with an aim to reduce the hazardous greenhouse gas emissions.

Although Donald Trump had announced his decision to withdraw from the historic agreement on June 1, 2017, the process began on November 4 with the formal notification and the US will be out of the pact on November 4, 2020.

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News Networkwork
May 14,2020

Bengaluru, May 14: ABB India has posted a profit after tax of Rs 66 crore during the first quarter (January to March) due to lower volumes including service revenue and unfavourable mix.

In Q1 CY19, it had reported a profit after tax of Rs 89 crore. ABB India follows calendar year as its fiscal year.

The company reported a profit including exceptional items and before tax of Rs 87 crore. The resultant under-absorption and mark-to-market impact due to forex volatility were partly offset by refund incomes and a one-time gain on sale of solar business during the quarter.

Revenues for the first quarter stood at Rs 1,522 crore, impacted by lower sales, non-receipt of delivery clearance, lower service revenue in the nationwide lockdown due to the COVID-19 pandemic. This impact primarily occurred in March, the company said in a statement.

ABB India said it continues to maintain a stable cash position of Rs 1,464 crore as on March 31 in a market where cash collection continues to be a challenge.

Besides, despite many activities coming to a standstill in March, the quarter was marked by commissioning for a mining major at Raigarh in Chhattisgarh, electrical and automation systems for a cement major and port and electrics, drives and automation for a leading mill in Bangladesh.

Terminal installation and commissioning for LPG, power management electrical control system for a leading refinery and commissioning of two units of a power plant in Kerala are some of the other projects where ABB's involvement ensured continuity and safe operations, it said.

On a global scale, the impact of COVID-19, as well as the fall in oil prices, has significantly impacted the short-term outlook. The global economy is expected to contract in 2020 after a rapid deterioration in outlook driven by the pandemic.

Despite unprecedented stimuli by governments and central banks around the world and initial signs of recovering economic activity in China, macro-indicators point to a global recession of uncertain duration as many countries continue to face restrictions with anticipated long-term economic consequences, said ABB India.

While the company is taking prompt action to adapt its operations and cost base to safeguard profitability, it expects the results in the coming quarter to be impacted due to the loss of volumes.

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News Network
January 27,2020

Jehanabad, Jan 27: The police here carried out a raid at the ancestral house of anti-CAA activist Sharjeel Imam, who has been slapped with a sedition case in the national capital for alleged inflammatory speeches he gave at Shaheen Bagh and the Jamia Milia Islamia, a senior official said on Monday.

According to Superintendent of Police, Jehanabad, Manish Kumar, Imams house in Kako police station area was raided late on Sunday night following "help sought by central agencies" which are investigating the cases lodged against the JNU research scholar.

Imam was not found at his house but two of his relatives and their driver were detained for interrogation and let off thereafter, the SP said.

A graduate in computer science from IIT-Mumbai, Sharjeel Imam had shifted to Delhi for pursuing research at the Centre for Historical Studies, JNU.

He was slapped with a sedition case after his alleged speeches went viral on the social media wherein he was heard speaking about Assam's possible secession from the country in the wake of the Citienship (Amendment) Act (CAA).

Earlier, he had been booked on similar charges at a police station in Aligarh for a speech he delivered on the AMU campus.

Besides, a case under the stringent anti-terror law UAPA has been registered against him at Assam.

Imams late father Akbar Imam was a local JD(U) leader who had unsuccessfully contested an assembly election in his lifetime.

Reacting to the developments, his distraught mother Afshan Rahim told the media, "My son is innocent. He is a bright young man and not a thief or a pickpocket. I swear in the name of God that I do not know about his whereabouts. But I can guarantee that upon learning about the cases, he will appear before the investigating agencies and fully cooperate in the probe."

She said that it has been a long time since she met her son though she had a telephonic conversation with him a few weeks ago.

"He was obviously disturbed by the CAA and fears of the National Register of Citiznes (NRC) about being implemented across the country which, he said, would affect not just Muslims but all poor people," she said.

In fact, after 15 days of Shaheen Bagh protest, he had asked the agitators there to withdraw and watch the situation for a month, and then decide on the further course of action, she said. "But they refused to relent. He was calling for a 'chakkajam' (road blockade). He is just a kid and not capable of instigating people for secession," she added.

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News Network
July 27,2020

Tokyo, Jul 27: Gold hit an all-time high on Monday as tit-for-tat consulate closures in China and the United States rattled investors, boosting the allure of safe-haven assets, although sentiment was mixed with tech gains supporting some Asian stocks.

MSCI's ex-Japan Asia-Pacific index rose 1.3 percent as Taiwan's TSMC, Asia's third-largest company by market capitalisation, rose almost 10 percent.

The chipmaker's gains boosted other tech stocks in the region and came after rival Intel signalled it may give up manufacturing its own components due to delays in new 7-nanometer chip technology.

Also soothing sentiment, Chinese shares eked out gains after big falls late last week, with CSI300 index rising 0.5 percent.

S&P500 futures were last up 0.4 percent in choppy trade while Japan's Nikkei fell 0.5 percent, resuming trade after a long weekend and catching up with falls in global shares late last week.

Global shares had lost steam last week after Washington ordered China's consulate in Houston to close, prompting Beijing to react in kind by closing the US consulate in Chengdu.

US Secretary of State Mike Pompeo took fresh aim at China last week, saying Washington and its allies must use "more creative and assertive ways" to press the Chinese Communist Party to change its ways.

"US President (Donald) Trump used to say China's President Xi Jinping is a great leader. But now Pompeo's wording is becoming so aggressive that markets are starting to worry about further escalation," said Norihiro Fujito, chief investment strategist at Mitsubishi Securities.

Gold rose 1.0 percent to a record high of $1,920.9 per ounce, surpassing a peak touched in September 2011, as Sino-US tensions boosted the allure of safe-haven assets, especially those not tied to any specific country.

The yellow metal is also helped by aggressive monetary easing adopted by many central banks around the world since the pandemic plunged the global economy into a recession.

Some investors fret such an unprecedented level of money-printing could eventually lead to inflation.

MORE STIMULUS

Hopes of a quick US economic recovery are fading as coronavirus infections showed few signs of slowing.

That means the economy could capitulate without fresh support from the government, with some of earlier steps such as enhanced jobless benefits due to expire this month.

Investors hope US Congress will agree on a deal before its summer recess but there are some sticking points including the size of the stimulus and enhanced unemployment benefits.

US Treasury Secretary Steve Mnuchin said the package will contain extended unemployment benefits with 70 percent "wage replacement".

Democrats, who control the House of Representatives, want enhanced benefits of $600 per week to be extended and look to much bigger stimulus compared with the Republicans' $1 trillion plan.

Investors are looking to corporate earnings from around the world for hints on the pace of recovery in the global economy.

"It looks like rising coronavirus cases are starting to slow down recovery in many countries," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

Concerns about the US economic outlook started to weigh on the dollar, reversing its inverse correlation with the economic well-being over the past few months.

The dollar index dropped 0.3 percent to its lowest level in nearly two years.

The euro gained 0.3 percent to $1.1693, hitting a 22-month high of $1.16590 as sentiment on the common currency improved after European leaders reached a deal on a recovery fund in a major step towards more fiscal co-operation.

Against the yen, the dollar slipped 0.5 percent to 105.605 yen, a four-month low while the British pound hit a 4 1/2-month high of $1.2832.

Oil prices dipped on worries about the worsening Sino-US relations.

Brent futures fell 0.46 percent to $43.14 per barrel while US crude futures lost 0.44 percent to $41.11.

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