India, Japan sign USD 75 bn currency swap agreement

Agencies
October 29, 2018

New Delhi, Oct 29: India and Japan Monday concluded a USD 75 billion bilateral currency swap agreement, a move that will help in bringing greater stability in foreign exchange and capital markets in the country.

The agreement will further strengthen and widen the depth and diversity of economic cooperation between the two countries.

Prime Minister Narendra Modi, who is visiting Japan, and his Japanese counterpart Shinzo Abe held delegation-level talks during which the two leaders discussed a range of bilateral, regional and global issues including the situation in the Indo-Pacific region.

"With a view to enhancing financial and economic cooperation, governments of Japan and India welcomed the agreement to conclude a Bilateral Swap Arrangement (BSA) of USD 75 billion," said India-Japan Vision Statement issued after the summit-level meeting between the two leaders. 

The swap agreement, a Finance Ministry's release said, should "aid in bringing greater stability to foreign exchange and capital markets in India...This facility will enable the agreed amount of foreign capital being available to India for use as and when need arises".

Recognising the unparalleled potential for development of relations between the two countries, the prime ministers reviewed the significant milestones achieved over the last four years.

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News Network
April 27,2020

London, Apr 27: British Prime Minister Boris Johnson returns to work on Monday more than three weeks after being hospitalised for the coronavirus and spending three days in intensive care.

Johnson, one of the highest-profile people to have contracted the virus, returned to 10 Downing Street on Sunday evening and will chair a meeting on Monday morning of the coronavirus "war cabinet", his colleagues confirmed.

Dominic Raab, the foreign secretary who has deputised in Johnson's absence, told the BBC on Sunday that his return would be a "boost for the government and a boost for the country".

Raab also claimed the prime minister was "raring to go".

Johnson, 55, was admitted to hospital on April 5 suffering from "persistent symptoms" of the deadly disease.

His condition worsened and he later admitted after being put in intensive care that "things could have gone either way".

He was discharged on April 12 and has been recuperating at his official residence, west of London.

In a video message after leaving hospital, Johnson thanked "Jenny from New Zealand and Luis from Portugal" for helping him recover.

On medical advice, he has not been doing official government work during his convalescence but has spoken to Queen Elizabeth and US President Donald Trump on the phone.

The British leader was diagnosed with the virus late last month but initially stayed at Downing Street and was filmed taking part in a round of applause for health workers in the days before he went to hospital.

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Agencies
January 20,2020

Wuhan, Jan 20: A 45-year-old Indian woman has become the first foreigner in China to have contracted a mysterious virus, which is suspected to be Severe Acute Respiratory Syndrome (SARS)-like corona virus.

In 2002-2003, the SARS corona virus killed around 650 people in China and Hong Kong. This time, a new strain of virus with 62 cases have been reported in Wuhan and two in Shenzhen so far. 19 patients have been already cured and discharged, as per the Chinese media.

Official sources in Beijing said that the patient, Preeti Maheshwari, a school teacher at an international school, is undergoing treatment for the new strain of pneumonia outbreak, which has been spreading in two major cities of China - Wuhan and Shenzen. She has been on a ventilator in the intensive care unit.

Maheshwari was admitted to a local hospital after she seriously fell ill last Friday. Her husband, a businessman from Delhi, is allowed to visit her daily.

Following a second death due to the outbreak of the virus in Wuhan, India on Friday issued an advisory to its nationals travelling to China. Over 500 Indian medical students are studying in Wuhan.

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News Network
March 11,2020

Rome, Mar 11: Italy has recorded its deadliest day of the coronavirus crisis despite locking down the entire country, as New York deployed the National Guard to contain a disease that has sown worldwide panic.

The hardest-hit country in Europe said its death toll from the COVID-19 virus had risen Tuesday by a third to 631, with the surging epidemic taking its toll on global sporting, cultural and political events.

While authorities in China, where the outbreak began, have declared it "basically curbed", cases are multiplying around the world, sparking panic buying in shops, and wild swings on financial markets.

China remains the hardest-hit overall with more than 80,000 cases and over 3,000 deaths, out of a global total of 117,339 cases and 4,251 deaths across 107 countries and territories, according to an AFP tally.

The virus is infecting all walks of life, including politics, with US Democratic presidential hopefuls Bernie Sanders and Joe Biden both cancelling campaign rallies and British health minister Nadine Dorries saying she had tested positive.

And amid criticism of the US authorities' response, New York deployed the National Guard for the first time during the crisis to help contain the spread of the disease from an infection-hit suburb.

There have been 173 confirmed cases in New York state, including 108 in Westchester County, home to New Rochelle where the majority of infections have been detected.

"It is a dramatic action, but it is the largest cluster in the country. This is literally a matter of life and death," said state governor Andrew Cuomo.

"People are scared, it's an unusual situation to be in," Miles Goldberg, who runs a New Rochelle bar, told AFP.

"It makes people nervous to be around others, it makes people nervous to get inside into businesses and such," he said.

In an unprecedented move, Italian Prime Minister Giuseppe Conte has told the 60 million residents of his country they should travel only for the most urgent work or health reasons.

And while squares in Milan and Rome were emptied of their usual bustle and traffic, some residents appeared uncertain if they were even allowed to leave their homes for everyday tasks like shopping.

The virus has battered tourism around the world, as people scrap travel plans, and a restaurant owner in Florence in northern Italy said that the impact on business had been catastrophic.

"We hope that we will see the end of it, because from around 140 covers a day, this afternoon, we've gone down to 20-25," Agostino Ferrara told AFP.

Pope Francis also seemed to muddy the waters, holding a mass in which he urged priests to go out and visit the sick -- something Conte has specifically discouraged.

Sporting events continued to fall victim to the virus as authorities urge people to avoid large gatherings.

Arsenal's game at Manchester City was postponed after players from the London club were put into quarantine, making it the first Premier League fixture to be called off because of the virus.

The virus has sparked doubts about the Olympics due to open in Tokyo on July 24 and the traditional flame lighting ceremony in Greece is set to be held without spectators.

In the United States, organisers rescheduled the two-week Coachella music festival for October.

The virus and the response to the crisis has prompted pandemonium on global markets with volatility not seen since the world financial crisis in 2008.

After suffering its worst session in more than 11 years at the beginning of the week, the Dow Jones Index in New York bounced back significantly, rising five percent on Tuesday.

Politicians around the world have scrambled to put together emergency packages to ease the significant financial hardships the virus is expected to cause for households and businesses.

US President Donald Trump, who is relying on a strong economy to boost his re-election hopes, promised to announce "major" economic measures on Tuesday.

The biggest item on his wish list is a cut in payroll taxes. But even allies in Congress and reportedly some aides in the White House are sceptical, questioning the cost.

Italy prepared Tuesday to let families skip mortgage and some tax payments while Japan unveiled a second emergency package to tackle economic woes stemming from the outbreak, including $15 billion in loan programmes to support small businesses.

Analysts warned of further volatility ahead however.

"It's like winding up a rubber band. The more you wind it, when you let go, the more it pops," said LBBW's Karl Haeling.

"A lot of the uncertainty goes to the root of the virus itself."

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