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
April 18,2020

Washington, Apr 18: The United States on Friday passed 700,000 confirmed coronavirus cases, according to a tally maintained by Johns Hopkins University.

With the highest number of cases and deaths of any country in the world, the US had recorded 700,282 cases of COVID-19 and 36,773 deaths as of 8:30 pm (0030 GMT Friday), according to the Baltimore-based university.

That marked an increase of 3,856 deaths in the past 24 hours, but that figure likely includes "probable" virus-linked deaths, which had not previously been counted.

This week, New York City said it would add 3,778 "probable" virus deaths to its official count.

The US Centers for Disease Control and Prevention gave a toll Friday night of 33,049 dead, including 4,226 probable virus-linked deaths.

The United States has seen the highest death toll in the world in the coronavirus pandemic, ahead of Italy (22,745 deaths) although its population is just a fifth of that of the US.

Spain has recorded 19,478 deaths, followed by France with 18,681.

Trump announces $19 billion relief for farmers amid COVID-19 epidemic

President Donald Trump on Friday announced a $19 billion financial rescue package to help the agriculture industry weather the staggering economic downturn sparked by measures to defeat the coronavirus.

Trump told a press conference the government "will be implementing a $19 billion relief program for our great farmers and ranchers as they cope with the fallout of the global pandemic."

The program will include direct payments to farmers, ranchers and producers who Trump said have experienced "unprecedented losses during this pandemic."

Agriculture Secretary Sonny Perdue said US farmers have been hit hard by a sharp shift in demand, as schools and restaurants close and more Americans eat at home.

That has disrupted the food supply chain, forcing farmers in many places to destroy dairy output and plow under crops that no longer have buyers.

"Having to dump milk and plow under vegetables ready to market is not only financially distressing, but it's heartbreaking as well to those who produce them," Perdue said.

Perdue said some $3 billion of the money would go to buying produce and milk from such farmers, and redistribute it to community food banks.

Millions of Americans have recently turned to food pantries for meals and groceries after losing their jobs.

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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
June 4,2020

Beijing, Jun 4: Around 40 students and staff members of a primary school in China were stabbed by a security guard, official media reported today.

The incident happened at a school in China's Guangxi province, state-run China Daily said in a brief report.

Further details about the attack are awaited.

Knife attacks by disgruntled people have been taking place in different parts of China in the past few years, reported news agency Press Trust of India.

The attackers targeted mainly kindergarten and primary schools besides public transport, the news agency reported.

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