MH370 cover-up alleged as 'black box' locator nears

For the first time in the 15 years of the Global Risks Report, the climate change and environment risk has occupied all the top five slots.

According to the 15th edition of the World Economic Forum's (WEF) Global Risks Report, the top five risks in terms of likelihood are extreme weather, climate action failure, natural disasters, biodiversity loss and human-made environmental disasters. They all fall in the one category of climate change and related environmental disasters.

WEF President Borge Brende said the world was feeling long-mounting and interconnected risks.

The report also points to how citizens are protesting across the world as discontent rises with failed systems that are creating inequality. The citizens' discontent had hardened with systems that had failed to promote advancement, it said.

"Disapproval of how governments are addressing profound economic and social issues has sparked protests throughout the world, potentially weakening the ability of governments to take decisive action should a downturn occur. Without economic and social stability, countries could lack the financial resources, fiscal margin, political capital or social support needed to confront key global risks," it said.

Listing the grim scenario, Borge said the global economy was faced with "synchronised slowdown", the past five years had been the warmest on record and cyber attacks were expected to increase this year.

The report warns that while the myriad risks were rising, time was running out on how to prevent them.

Borge said the growing palpability of shared economic, environmental and societal risks indicated that the horizon had shortened for preventing "or even mitigating" some of the direst consequences of global risks.

"It's sobering that in the face of this development, when the challenges before us demand immediate collective action, fractures within the global community appear to only be widening," he said.

The report points to grave concern about the consequences of continued environmental degradation, including the record pace of species decline.

Pointing to an unsettled geopolitical environment, the report said today's risk landscape was one in which new centres of power and influence were forming and old alliance structures and global institutions were being tested.

"While these changes can create openings for new partnership structures in the immediate term, they are putting stress on systems of coordination and challenging norms around shared responsibility. Unless stakeholders adapt multilateral mechanisms for this turbulent period, the risks that were once on the horizon will continue to arrive," it said.

Calling it a "an unsettled world", the WEF report notes that powerful economic, demographic and technological forces were shaping a new balance of power. "The result is an unsettled geopolitical landscape in which states are increasingly viewing opportunities and challenges through unilateral lenses," it said.

"What were once givens regarding alliance structures and multilateral systems no longer hold as states question the value of long-standing frameworks, adopt more nationalist postures in pursuit of individual agendas and weigh the potential geopolitical consequences of economic decoupling. Beyond the risk of conflict, if stakeholders concentrate on immediate geo-strategic advantage and fail to re-imagine or adapt mechanisms for coordination during this unsettled period, opportunities for action on key priorities may slip away," the WEF said.

In a chapter on risks to economic stability and social cohesion, it said a challenging economic climate might persist this year and members of the multi-stakeholder community saw "economic confrontations" and "domestic political polarisation" as the top risks in 2020.

The report also warned of downward pressure on the global economy from macroeconomic fragilities and financial inequality. These pressures continued to intensify in 2019, increasing the risk of economic stagnation.

Low trade barriers, fiscal prudence and strong global investment, once seen as fundamentals for economic growth, are fraying as leaders advance nationalist policies. The margins for monetary and fiscal stimuli are also narrower than before the 2008-2009 financial crisis, creating uncertainty about how well countercyclical policies will work.

The strategic partners for the WEF report included Marsh & McLennan and Zurich Insurance Group. The academic advisers were National University of Singapore, Oxford Martin School, University of Oxford and Wharton Risk Management and Decision Processes Center, University of Pennsylvania.

Jun 23: US President Donald Trump has issued a proclamation to suspend issuing of H-1B visas, which is popular among Indian IT professionals, along with other foreign work visas for the rest of the year.

Trump said the step was essential to help millions of Americans who have lost their jobs due to the current economic crisis.

Issuing the proclamation ahead of the November presidential elections, Trump has ignored the mounting opposition to the order by various business organisations, lawmakers and human rights bodies.

The proclamation that comes into effect on June 24, is expected to impact a large number of Indian IT professionals and several American and Indian companies who were issued H-1B visas by the US government for the fiscal year 2021 beginning October 1.

They would now have to wait at least till the end of the current year before approaching the US diplomatic missions to get stamping. It would also impact a large number of Indian IT professionals who are seeking renewal of their H-1B visas.

“In the administration of our Nation's immigration system, we must remain mindful of the impact of foreign workers on the United States labour market, particularly in the current extraordinary environment of high domestic unemployment and depressed demand for labour,” said the proclamation issued by Trump.

In his proclamation, Trump said that the overall unemployment rate in the United States nearly quadrupled between February and May of 2020 -- producing some of the most extreme unemployment rates ever recorded by the Bureau of Labor Statistics.

While the May rate of 13.3 percent reflects a marked decline from April, millions of Americans remain out of work.

The proclamation also extends till the end of the year his previous executive order that had banned issuing of new green cards of lawful permanent residency.

Green card holders, once admitted pursuant to immigrant visas, are granted "open-market" employment authorisation documents, allowing them immediate eligibility to compete for almost any job, in any sector of the economy, he said.

“American workers compete against foreign nationals for jobs in every sector of our economy, including against millions of aliens who enter the United States to perform temporary work. Temporary workers are often accompanied by their spouses and children, many of whom also compete against American workers,” Trump said.

“Under ordinary circumstances, properly administered temporary worker programmes can provide benefits to the economy. But under the extraordinary circumstances of the economic contraction resulting from the COVID-19 outbreak, certain non-immigrant visa programmes authorising such employment pose an unusual threat to the employment of American workers,” he said.

For example, Trump said, between February and April of 2020, more than 17 million United States jobs were lost in industries in which employers are seeking to fill worker positions tied to H-2B nonimmigrant visas.

“During this same period, more than 20 million United States workers lost their jobs in key industries where employers are currently requesting H-1B and L workers to fill positions,” he said.

“Also, the May unemployment rate for young Americans, who compete with certain J non-immigrant visa applicants, has been particularly high -- 29.9 percent for 16-19-year-olds, and 23.2 percent for the 20-24-year-old group,” he said.

“The entry of additional workers through the H-1B, H-2B, J, and L non-immigrant visa programmes, therefore, presents a significant threat to employment opportunities for Americans affected by the extraordinary economic disruptions caused by the COVID-19 outbreak,” Trump said.

Trump observed that excess labour supply is particularly harmful to workers at the margin between employment and unemployment -- those who are typically "last in" during an economic expansion and "first out" during an economic contraction.

In recent years, these workers have been disproportionately represented by historically disadvantaged groups, including African Americans and other minorities, those without a college degree, and Americans with disabilities, he said.

The proclamation suspends and limits entry into the US of H-1B, H-2B and L visas and their dependents till December 31, 2020. It also includes certain categories of J visas like an intern, trainee, teacher, camp counselor, or summer work travel programme.

The new rule would apply only to those who are outside the US, do not have a valid non-immigrant visa and an official travel document other than a visa to enter the country.

According to the proclamation, it does not have an impact on lawful permanent residents of the United States and foreign nationals who are spouses or child of an American citizen.

Foreign nationals seeking to enter the US to provide temporary labour or services essential to the food supply chain are also exempted from the latest proclamation.

Toronto, Apr 25: Canadian Prime Minister Justin Trudeau on Thursday (local time) announced a new CAD 1.1 billion package supporting vaccine research and clinical trials as well as expanded testing capacity.

"We are putting in place an additional CAD 1.1 billion dollars for a national medical and research strategy to address COVID-19," Trudeau said during his daily novel coronavirus pandemic briefing on Thursday.

"This plan has three pillars -- research on vaccines and other treatments, support for clinical trials and expanding national testing and modelling," he added.

Trudeau pointed out that CAD 82 million of the total sum will be directed to the development of a vaccine and treatments against the virus, while CAD 471 million will go towards supporting clinical trials.

A further CAD 249 million is being allocated for expanding testing capacity and modelling, the Prime Minister added.

According to Trudeau, this funding will be allotted to a new "immunity task force" commissioned with conducting serology testing -- blood tests looking for the presence of antibodies indicative of exposure to the virus and subsequent immune response.

He said the taskforce, comprising the country's top medical experts, including Chief Public Health Officer Dr Theresa Tam, will test at least a million Canadians over the next two years.

The funding announced today comes in addition to the CAD 200 million committed for COVID-19-related research on March 11.

Trudeau has repeatedly stressed the daily constraints that much of the population is adhering to will be the new normal until a vaccine is developed.

As of Thursday, Canada has confirmed a total of 40,824 COVID-19 cases since the onset of the outbreak, out of which more than 2,000 have proven to be fatal, according to the latest figures from the country's public health agency.