Modi to get rockstar reception in New York; US lobby questions his reform credentials

September 26, 2014

New York, Sep 26: It is a rock 'n' roller's dream to "sell out The Garden," but for a foreign politician to pack New York City's most famous sports and entertainment arena is another thing entirely.Modi us visit

Prime Minister Narendra Modi, on his first trip to New York as leader of the world's most populous democracy, will draw perhaps the largest crowd ever by a foreign leader on US soil when he takes the stage on Sunday in Madison Square Garden before a crowd forecast to total more than 18,000 people.

Thousands more are expected to pack New York's Times Square to watch his address in Hindi on big screens as well as smaller viewing parties around the country and on TV in India.

The Indian diaspora hopes this visit by a leader who was until recently barred from the United States will signify India's importance not only on these shores but in the wider world too.

The event is being emceed by prominent members of the Indian American community, Nina Davuluri, who has just relinquished her crown as Miss America 2014, and TV journalist Hari Sreenivasan.

"Indian citizens and diaspora over the world are hopeful that this (Modi) administration will cut bureaucracy and focus on people," said Dr Dinesh Patel, chief of arthroscopic surgery at Massachusetts General Hospital in Boston, who arrived in the United States more than 50 years ago.

Patel, who says he was given an award for work in education by Modi, a fellow Gujarati, added: "People are passionate to see the new leader. Another Narendra is coming to this country to let the USA know what India is about."

The first Narendra was Swami Vivekananda, a 19th-century philosopher and monk who propagated the Hindu faith in the United States. Modi often cites a speech by Vivekananda, born Narendra Nath Datta, to the Parliament of Religions in Chicago in 1893, as a source of inspiration.

"Let us remember the words of Swami Vivekananda and dedicate ourselves to furthering the cause of unity, brotherhood and world peace," Modi wrote on September 11 to his 6.5 million followers on Twitter.

India's economy, the third largest in Asia, has struggled to recover from sub-par growth, shackled by layers of bureaucracy anathema to the diaspora. Modi's general election triumph in May was driven in large part by his entrepreneurial mantra.

On the eve of his US visit, tensions remain between the Washington and New Delhi over trade and spying.

The 64-year-old former chief minister of Gujarat was denied a US visa in 2005 over sectarian rioting that killed more than 1,000 people, mainly Muslims, three years before. Modi, who denies wrongdoing, has been exonerated by a Supreme Court probe.

Washington was late to warm to Modi. Its ambassador to India only met him in February, when opinion polls already put his nationalists on course for a big election win.

Diligent diaspora

India's US diaspora is a highly educated population of nearly 3.2 million, making up about 1 percent of the US population, according to latest US Census Bureau data.

As a group, they are more likely to be hooked to the internet than their fellow Americans, far more likely to have a college or professional degree and twice as well off with an average household income of more than $100,000.

"Indians are generally very ambitious and entrepreneurs," said Mike Narula, the founder, president and chief executive officer of Long Island, New York-based Reliance Communications, a distributor of mobile telecom devices and accessories.

Narula, who came to the United States 17 years ago, first working in the garment industry, now has his own company with more than, 200 employees. He's part of the host committee for Modi's visit to Washington, where the prime minister will meet with President Barack Obama on Monday and Tuesday.

"We attempted to do business in India. I hope Modi will look into streamlining issues such as VAT, the role of FDI (foreign direct investment) and find a way for American businesses to not have to go through 19 red tape bureaucracies," he said.

While Indian Americans are well represented in America's professional class, they are less visible in the military. Some 0.1 percent serve in the armed forces compared to 0.4 percent of Americans as a whole.

"The diaspora does very well on entrepreneurship, but not as much on the physical sacrifices. It is not just enough to be a citizen and taxpayer," said Raj Bhandari, a 48 year old Mumbai-born banker from New Jersey. "As a larger community I would like it to be more engaged on the front lines."

US business questions Modi's reform credentials ahead of visit

The US business lobby on Thursday questioned the reformist credentials of Modi, on the eve of his visit to the United States in which he will encourage investment and declare India open for business.

The US Chamber of Commerce and 15 other US business associations representing sectors ranging from agriculture to movie making, pharmaceuticals and telecoms, called on President Barack Obama to press Modi to remove barriers to fair trade when the two leaders meet in Washington on Monday and Tuesday.

"Since taking office, Prime Minister Modi has declared India 'open for business' and promised to incentivize investment and 'give the world a favorable opportunity to trade with and produce in India,'" the Alliance for Fair Trade with India said in a letter to Obama.

"Thus far, however, the new Indian government has produced troubling policies of its own," the group said, adding: "These actions send perplexing and contradictory new signals about India's role in the global marketplace."

The letter highlighted India's blockage of a key World Trade Organization agreement reached in Bali last year, which overshadowed a July 30-August 1 visit to India by US Secretary of State John Kerry.

The business alliance also complained about India's raised tariffs and "burdensome" new testing requirements on imported information and communication technology products.

US officials say the United States will press Modi to end the WTO blockage during his visit, something that could dampen the mood of a trip aimed at revitalizing a strategic relationship Washington sees as a key counterbalance in Asia to an increasingly assertive China.

Also on Thursday, US Congressional leaders dealing with trade and finance wrote to the US International Trade Commission calling for a second investigation into India's "unfair" trade practices, detailing any changes under Modi. They called for the ITC to deliver a report to Congress on September 24, 2015, a statement said.

A report requested in August last year is due to be delivered to Congress on December 15 this year.

Stephen Ezell, senior trade policy analyst at the Washington based Information Technology & Innovation Foundation, told a teleconference that Modi had taken some positive steps, including an easing of some restrictions on investment in the defense, insurance and railway sectors.

"However ... we've also seen the continuation of existing — and even the promulgation of some new — trade-distorting policies that do give us some pause," he said.

Chris Moore, of the National Association of Manufacturers, said Modi and his administration were "saying positive things."

"But their actions tell a different story."

Patrick Kilbride, of the US Chamber of Commerce, welcomed the Indian government's plans to review the environment for intellectual property rights, but said it remained "very poor."

The chamber would take the pledges at face value, he said, but added: "Recent history has given us many reasons to be wary."

Modi is due to arrive in the United States on Friday for his first visit as prime minister and has meetings scheduled with 17 US corporate chiefs including those of Google, IBM, GE, Goldman Sachs and Boeing.

Analysts say maintaining a positive mood will be important during the visit.

There was no immediate comment from the Indian embassy in Washington on the letter from the US business lobby.

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News Network
June 15,2020

Jun 15: Oil prices fell on Monday, with U.S. oil dropping more than 2%, as a spike in new coronavirus cases in the United States raised concerns over a second wave of the virus which would weigh on the pace of fuel demand recovery.

Brent crude futures fell 66 cents, or 1.7%, at $38.07 a barrel as of 0016 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 81 cents, or 2.2%, to $35.45 a barrel.

Both benchmarks ended down about 8% last week, their first weekly declines since April, hit by the U.S. coronavirus concerns: More than 25,000 new cases were reported on Saturday alone as more states, including Florida and Texas, reported record new infection highs.

"Concerns about the recent uptick in COVID-19 infections in the U.S. and a potential 'second wave' are weighing on oil at the moment," said Stephen Innes, chief global market strategist at AxiCorp.

Meanwhile, an OPEC-led monitoring panel will meet on Thursday to discuss ongoing record production cuts to see whether countries have delivered their share of the reductions, but will not make any decision, according to five OPEC+ sources.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, have been reducing supplies by 9.7 million barrels per day (bpd), about 10% of pre-pandemic demand, and agreed in early June to extend the cuts for a month until end-July.

Iraq, one of the laggards in complying with the curbs, agreed with its major oil companies to cut crude production further in June, Iraqi officials working at the fields told Reuters on Sunday.

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News Network
May 5,2020

May 5: Global coronavirus deaths reached 250,000 on Monday after recorded infections topped 3.5 million, a news agency tally of official government data showed, although the rate of fatalities has slowed.

North America and European countries accounted for most of the new deaths and cases reported in recent days, but numbers were rising from smaller bases in Latin America, Africa and Russia.

Globally, there were 3,062 new deaths and 61,923 new cases over the past 24 hours, taking total cases to 3.58 million.

That easily exceeds the estimated 140,000 deaths worldwide in 2018 caused by measles, and compares with around 3 million to 5 million cases of severe illness caused annually by seasonal influenza, according to the World Health Organization (WHO).

While the current trajectory of COVID-19 falls far short of the 1918 Spanish flu, which infected an estimated 500 million people, killing at least 10% of patients, experts worry the available data is underplaying the true impact of the pandemic.

The concerns come as several countries begin to ease strict lockdowns that have been credited with helping contain the spread of the virus.

"We could easily have a second or a third wave because a lot of places aren't immune," Peter Collignon, an infectious diseases physician and microbiologist at Canberra Hospital, told Reuters. He noted the world was well short of herd immunity, which requires around 60% of the population to have recovered from the disease.

The first death linked to COVID-19 was reported on Jan. 10 in Wuhan, China after the coronavirus first emerged there in December. Global fatalities grew at a rate of 1-2% in recent days, down from 14% on March 21, according to the Reuters data.

DEATH RATE ANOMALIES

Mortality rates from recorded infections vary greatly from country to country.

Collignon said any country with a mortality rate of more than 2% almost certainly had underreported case numbers. Health experts fear those ratios could worsen in regions and countries less prepared to deal with the health crisis.

"If your mortality rate is higher than 2%, you've missed a lot of cases," he said, noting that countries overwhelmed by the outbreak were less likely to conduct testing in the community and record deaths outside of hospitals.

In the United States, around half the country's state governors partially reopened their economies over the weekend, while others, including New York Governor Andrew Cuomo, declared the move was premature.

In Britain, Prime Minister Boris Johnson, who battled COVID-19 last month, has said the country was over the peak but it was still too early to relax lockdown measures.

Even in countries where the suppression of the disease has been considered successful, such as Australia and New Zealand which have recorded low daily rates of new infections for weeks, officials have been cautious.

Australian Prime Minister Scott Morrison has predicated a full lifting of curbs on widespread public adoption of a mobile phone tracking app and increased testing levels.

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News Network
April 10,2020

Melbourne, Apr 10: Scientists have identified six drug candidates from more than 10,000 compounds that may help treat COVID-19.

The research, published in the journal Nature, tested the efficacy of approved drugs, drug candidates in clinical trials and other compounds.

"Currently there are no targeted therapeutics or effective treatment options for COVID-19," said Professor Luke Guddat from the University of Queensland in Australia.

"In order to rapidly discover lead compounds for clinical use, we initiated a programme of high-throughput drug screening, both in laboratories and also using the latest computer software to predict how different drugs bind to the virus," Guddat said.

The project targeted the main COVID-19 virus enzyme, known as the main protease or Mpro, which plays a pivotal role in mediating viral replication, the researchers said.

This makes it an attractive drug target for this virus, and as people don't naturally have this enzyme, compounds that target it are likely to have low toxicity, they said.

"We add the drugs directly to the enzyme or to cell cultures growing the virus and assess how much of each compound is required to stop the enzyme from working or to kill the virus. If the amount is small, then we have a promising compound for further studies," said Guddat.

After assaying thousands of drugs, researchers found of the six that appear to be effective in inhibiting the enzyme, one is of particular interest.

"We're particularly looking at several leads that have been subjected to clinical trials including for the prevention and treatment of various disorders such as cardiovascular diseases, arthritis, stroke, atherosclerosis and cancer," Guddat said.

Researchers said compounds that are already along the pipeline to drug discovery are preferred, as they can be further tested as antivirals at an accelerated rate compared to new drug leads that would have to go through this process from scratch.

"With continued and up-scaled efforts we are optimistic that new candidates can enter the COVID-19 drug discovery pipeline in the near future," Guddat said.

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