India ratifies historic Paris climate deal at UN

October 2, 2016

United Nations, Oct 2: India, the world's third largest carbon emitter, today ratified the landmark Paris climate deal, giving a major boost to the deal which appeared tantalisingly close to enter into force by the end of this year.un

Permanent Representative to the UN Ambassador Syed Akbaruddin handed over the Instrument of Ratification signed by President Pranab Mukherjee, to Santiago Villalpando, the Head of the Treaties Division at the UN, at a special ceremony here attended by top UN officials and senior diplomats to commemorate Mahatma Gandhi's 147th birth anniversary.

UN Secretary-General Ban Ki-moon lauded India's "climate leadership", saying India's ratification of the Paris Climate Change agreement moves the world an "important step closer" toward achieving the goal of entering the landmark deal into force this year.

In his message for the International Day of Non-violence, marked every year on Gandhi's birth anniversary, Ban said there is no better way to commemorate Gandhi and his legacy for people and the planet than with India submitting its instrument of ratification of the Paris Agreement on Climate Change.

He called on all countries to complete their domestic processes for ratification and also strive in all activities to achieve progress through non-violence.

The UN chief said the commitment to sustainable living that Gandhi emphasised on is reflected in a "momentous way" as India is depositing its instrument of ratification to the Paris Agreement on Climate Change.

"India keeps its promise. On Gandhiji's birth anniversary, we deposit the instrument of ratification of Paris Agreement on climate change," External Affairs Ministry spokesperson Vikas Swarup tweeted.

With India stressing on the importance of climate justice, its goal will be that "climate justice ends are also served" once the treaty comes into force, Akbaruddin said.

The ratification by India, which has a population of over 1.2 billion, is expected to give momentum to the implementation of measures at the international level to control global warming by limiting greenhouse gases.

The ratification formalises pledges made by each country, including India, to take actions to curb or lower greenhouse gas emissions from 2020 onwards and try to keep the rise in average global temperature below 2 degrees Celsius and to strive for 1.5 degrees Celsius.

India, the world's third biggest carbon emitter after China and the US which are responsible for around 40 per cent of the global carbon emissions, accounts for 4.1 per cent of global emissions.

Last month, the US and China had formally joined the Paris agreement, which was adopted by 195 parties to the UN Framework Convention on Climate Change last December in Paris.

The pact will come into force after it has been ratified by at least 55 countries which account for 55 per cent of global greenhouse gas emissions. With India's move, a total of 62 countries accounting for almost 52 per cent of emissions have now ratified the accord.

Adopted in Paris by the 195 Parties to the UN Framework Convention on Climate Change (UNFCCC) at a conference known as COP21 last December, the Agreement was signed in New York on 22 April this year by 175 countries.

A total of 191 countries have signed the Paris Agreement so far.

However, India has decided to ratify the agreement "in the context" of its national laws, availability of means of implementation and "its own assessment" of global commitment to combating climate change.

"While agreeing to ratify the Paris agreement, the Cabinet has also decided that India should declare that it will treat its national laws, its development agenda, availability of means of implementation, its assessment of global commitment to combating climate change, and predictable and affordable access to cleaner source of energy as the context in which the agreement is being ratified," an official statement had earlier said.

The Union Cabinet had given its nod to ratifying the Paris climate deal on September 28, days after Modi announced this at BJP's National Council meet in Kozhikode. The move is expected to give momentum to the implementation of measures at the international level to control global warming.

China and the US jointly ratifying the Paris climate change deal has given hope that the landmark accord may come into effect by the end of this year.

Akbaruddin had on Friday said that India had played a "key role" in the negotiations and finalisation of the Paris agreement as Prime Minister Narendra Modi has a "personal commitment" to the climate deal.

He had said that India's effort was to be amongst those nations who give a push to the entry into force.

Ban in his message said: "I warmly congratulate India for its climate leadership, and for building on the strong momentum we see from all corners of the globe for the agreement to enter into force as quickly as possible this year. India's ratification of the agreement moves the world an important step closer toward achieving that goal."

Yesterday, Environment Minister Anil Madhav Dave told reporters in New Delhi that "this (decision) was taken after a lot of deliberations and with a view to give the world a messege... India is fast becoming a super power".

The UN Secretary-General's Special Adviser on the 2030 Agenda for Sustainable Development David Nabarro had last week said the landmark Paris Agreement on climate change is closer to entering into force, after India submits its ratification.

"We are tantalisingly close to the Paris Agreement entering into force," he added.

Nabarro had expressed confidence that the Agreement will enter into force at some point this year, highlighting that at least 14 other countries, representing at least 12 per cent of global emissions, have committed to ratifying the pact.

"There's a kind of race going on now, for countries to come in there and make sure that they are part of the ratification community – to show that they are part of wanting to get the Agreement into force," he said.

"We think we're going to have the speediest entry into force for any agreement that requires such a large number of ratifications. And that's why I've got a smile, because it's really good news," he added.

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Agencies
February 25,2020

Kuala Lumpur, Feb 25: The government party led by Interim Malaysian Prime Minister Mahathir Mohamad has rejected his resignation, urging him to continue leading it and the country, now shrouded in political uncertainty.

During an extraordinary meeting held on Monday night, the Malaysian United Indigenous Party (Bersatu) unanimously rejected the 94-year-old Prime Minister's decision, reports Efe news.

Mahathir, the world's oldest head of government, presented his resignation on Monday, later accepted by King Abdullah Pahang, on condition that he continue as Interim Prime Minister until a new government is formed.

That decision caused a domino effect that broke the Patakan Harapan (Alliance of Hope) alliance, formed in 2018 by four political parties that prevailed in that year's general elections.

Bersatu and 11 Popular Justice Party deputies announced their departure from the coalition, although they reaffirmed their confidence in Mahathir as Malaysia's political leader.

"We remain intact and prepared to build a party to face the difficulties," Marzuki Yahya, Bersatu Secretary-General, said after the meeting.

Confusion reigns in the country, with some local media claiming Bersatu and the 11 deputies Justice Party deputies intended to form a new government with opposition parties, including the historic Barisan Nasional coalition, under Mahathir's leadership.

Lim Guan Eng, Finance Minister and coalition member, said in a statement that the chief executive himself had informed him he had no intention of forming a coalition with Barisan, which suffered a historic defeat in the last elections.

A future government will need at least 112 of 222 parliament votes.

Mahathir returned to politics in 2018 heading the Patakan Harapan coalition to defeat his predecessor Najib Razak, marred by the corruption suspicions offenses.

To that end, Mahathir joined Anwar Ibrahim, a former political ally who fell out of favour in 1999 and was imprisoned five years on charges of corruption and sodomy, whom he promised to be his successor in power.

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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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News Network
July 14,2020

Washington, Jul 14: The United States has the biggest Covid-19 testing programme in the world, better than big countries like Russia, China, India and Brazil, President Donald Trump said on Monday, asserting that America has "just about the lowest mortality rate" due to the disease in the world.

"We have one of the lowest mortality rates anywhere," Trump said at a White House roundtable. More than 34 lakh Americans have tested positive for Covid-19 so far and over 1,37,000 have died due to the disease, both of which are the largest numbers among all the countries.

The huge number of positive cases, the president said, is due to the massive testing efforts undertaken by his administration, more extensive than any other country.

"We test more than anybody by far. And when you test, you create cases. So we have created cases. I can tell you that some countries, they test when somebody walks into a hospital sick or walks into maybe a doctor's office, but usually a hospital. That is the testing they do, so they do not have cases, whereas we have all these cases. So, it is a double-edged sword," he said.

At the same time, the United States has the lowest mortality rate or just about the lowest mortality rate due to the disease in the world, Trump added. "We are doing a great job. We are doing very well with vaccines and we are doing very, very well with therapeutics. I think we are going to have some very good information coming out soon," he said in response to a question.

"But we have the best and certainly, by far, the biggest testing programme anywhere in the world. If you tested China or Russia or any of the larger countries, if you just tested India, as an example, the way we test, you would see numbers that would be very surprising. Brazil too. You know, Brazil is going through a big problem, but they do not do testing like we do," Trump said.

"So we do the testing and by doing the testing, we have tremendous numbers of cases. As an example, we have done 45 million tests. If we did half that number, you would have half the cases probably -- around that number. If we did another half of that, you would have half the numbers. Everyone would be saying, 'Oh, we are doing so well on cases'," he added.

Responding to a question, Trump said what China did to the world should not be forgotten.

"I think what China has done to the world with what took place -- the China plague -- you can call it the China virus, you can call it whatever you want to call it. It has about 20 different names. What they did to the world should not be forgotten," he said.

The trade deal with China that was signed early this year remains intact, the president said. "It is intact, they (China) are buying. Whether they buy or not, that is up to them. They are buying," he said.

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