Modi govt to lend $1 billion for Adani Australia coal mine

November 17, 2014

Melbourne, Nov 17: Adani Enterprises (ADEL.NS) won support on Monday from the State Bank of India (SBI) and an Australian state to help it build a $7 billion coal mine, defying a slump in coal prices to 5-1/2 year lows that has stalled rival projects.

The trading and infrastructure conglomerate signed a memorandum of understanding for a loan of up to $1 billion from the SBI for the mine, rail and port project in Queensland, which it aims to build by end-2017.

adani"The MOU with SBI is a significant milestone in the development of our Carmichael mine," Adani Group Chairman and founder, Gautam Adani, who has close ties with Indian Prime Minister Narendra Modi, said in a statement.

Adani was in Brisbane with a business delegation for the G20 summit, which Modi attended over the weekend.

The company also won a commitment from the state government to take short-term, minority stakes in rail and port infrastructure needed to unlock massive coal reserves in the untapped Galilee Basin. Coal from the region must be sent 400 km by rail to Australia's east coast.

Adani aims to reach a final investment decision on the Carmichael project in late 2015.

Australia's federal and Queensland governments are eager to see the mine built following the loss of more than 4,000 coal jobs over the past two years, but analysts and project finance experts believe Adani may have underestimated the challenge of raising funds for the project.

"People have been very sceptical about the financing of this project. As we always said, we'll keep getting this, one by one. The pieces are falling in place," Adani Mining CEO Jeyakumar Janakaraj told Reuters.

Adani, which is also facing a campaign by anti-coal campaigners, is counting on securing A$1.2 billion to A$1.5 billion in funding from South Korea's export credit agencies, as well as a loan from the U.S. Export-Import Bank.

The company's apparent momentum on Carmichael is in stark contrast to rival Indian firm GVK's slow progress on another huge coal mine in the Galilee Basin, the Alpha project, which is co-owned by Australian billionaire Gina Rinehart.

Much bigger coal rivals, like BHP Billiton (BHP.AX) and Glencore (GLEN.L), have shelved coal developments at a time when a third of Australia's coal output is making losses.

Janakaraj dismissed comments by Indian Power and Coal Minister Piyush Goyal that the country may be able to stop importing thermal coal within three years.

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News Network
February 18,2020

Beijing, Feb 18: Police in China have arrested a prominent activist who had been a fugitive for weeks and criticised President Xi Jinping's handling of the coronavirus epidemic while in hiding, a rights group said Tuesday.

Anti-corruption activist Xu Zhiyong was arrested on Saturday after being on the run since December, according to Amnesty International.

China's ruling Communist Party has severely curtailed civil liberties since Xi took power in 2012, rounding up rights lawyers, labour activists and even Marxist students.

The death this month of a whistleblowing doctor who was reprimanded by police for raising the alarm about the deadly new virus before dying of it himself triggered rare calls for political reform and freedom of speech.

The "Chinese government's battle against the coronavirus has in no way diverted it from its ongoing general campaign to crush all dissenting voices," said Patrick Poon, China researcher at Amnesty International, in an emailed statement.

Another source, who spoke to news agency on the condition of anonymity, said Xu had been arrested in the southern city of Guangzhou.

Guangzhou police did not respond to requests for comment.

Xu went into hiding after authorities broke up a December gathering of intellectuals discussing political reform in the eastern coastal city of Xiamen in Fujian province, prior to the coronavirus crisis.

Over a dozen lawyers and activists were detained or disappeared after the Xiamen gathering, according to rights groups -- and Xu's detention appears linked to his presence at the meeting, explained Poon.

But while on the run, Xu continued to post information on Twitter about rights issues.

On February 4 Xu released an article calling on Xi to step down and criticised his leadership across a range of issues including the US-China trade war, Hong Kong's pro-democracy protests and the coronavirus epidemic, which has now killed nearly 1,900 people.

"Medical supplies are tight, hospitals are filled with patients, and a large number of infected people have no way to be diagnosed," he wrote. "It's a mess."

"The coronavirus outbreak shows just how important values like freedom of expression and transparency are -- the exact values that Xu has long advocated," Yaqiu Wang, China researcher at Human Rights Watch, told news agency.

But the disappearance of Xu illustrates how the Chinese state "persists in its old ways" by "silencing its critics", she said.

Xu -- who founded a movement calling for greater transparency among high-ranking officials -- previously served a four-year prison sentence from 2013 to 2017 for organising an "illegal gathering".

"That he was a fugitive for so many days while continuing to speak out, that in itself was... a kind of challenge to (Chinese authorities)," said Hua Ze, a long-time friend of Xu who told AFP she lost contact with the Chinese activist on Saturday morning.

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News Network
February 26,2020

Feb 26: Looking out over the world’s largest cricket stadium, the seats jammed with more than 100,000 people, India’s prime minister heaped praise on his American visitor.

“The leadership of President Trump has served humanity,” Prime Minister Narendra Modi said Monday, highlighting Trump’s fight against terrorism and calling his 36-hour visit to India a watershed in India-U.S. relations.

The crowds cheered. Trump beamed.

“The ties between India and the U.S. are no longer just any other partnership,” Modi said. “It is a far greater and closer relationship.”

India, it seems, loves Donald Trump. It seemed obvious from the thousands who turned out to wave as his motorcade snaked through the city of Ahmedabad, and from the tens of thousands who filled the city’s new stadium. It seemed obvious from the hug that Modi gave Trump after he descended from Air Force One, and from the hundreds of billboards proclaiming Trump’s visit.

But it’s not so simple.

Because while Trump is genuinely popular in India, his clamorous and carefully choreographed welcome was also about Asian geopolitics, China’s growing power and a masterful Indian politician who gave his American visitor exactly what he wanted.

Modi “is doing this not necessarily because he loves Trump,” said Tanvi Madan, the director of the India Project at the Brookings Institution in Washington, D.C. “It’s very much about Trump as the leader of the U.S. and recognizing what it is that Trump himself likes.”

Trump likes crowds — big crowds — and the foot soldiers of India’s political parties have long known how to corral enough people to make any politician look popular. In a city like Ahmedabad, the capital of Modi’s home state of Gujarat and the center of his power base, it wouldn’t take much effort to fill a cavernous sports stadium. It was more surprising that a handful of seats remained empty, and that some in the stands had left even before Trump had finished his speech.

For India, good relations with the U.S. are deeply important: They signal that India is a serious global player, an issue that has long been important to New Delhi, and help cement an alliance that both nations see as a counterweight to China’s rise.

“For both countries, their biggest rival is China,” said John Echeverri-Gent, a professor at the University of Virginia whose research often focuses on India. “China is rapidly expanding its presence in the Indian Ocean, which India has long considered its backyard and its exclusive realm for security concerns.”

“It’s very clearly a major concern for both India and the United States,” he said.

Trump isn’t the first U.S. president that Modi has courted. In 2015, then-President Barack Obama was the first American chief guest at India’s Republic Day parade, a powerful symbolic gesture. Obama also got a Modi hug, and the media in both countries were soon writing about the two leaders’ “bromance.”

Trump is popular in India, even if some of that is simply because he’s the U.S. president. A 2019 Pew Research Center poll showed that 56% of Indians had confidence in Trump’s abilities in world affairs, one of only a handful of countries where he has that level of approval. But Obama was also popular: Before he left office, he had 58% approval in world affairs among Indians.

The Pew poll also indicated that Trump’s support was higher among supporters of Modi’s Hindu nationalist party.

That’s not surprising. Both men have fired up their nationalist bases with anti-Muslim rhetoric and government policies, from Trump’s travel bans to Modi’s crackdown in Kashmir, India’s only Muslim-majority state.

And Trump’s Indian support is far from universal. Protests against his trip roiled cities from New Delhi to Hyderabad to the far northeastern city of Gauhati, although those demonstrations were mostly overshadowed by protests over a new Indian citizenship law that Modi backs.

Modi, who is widely popular in India, has faced weeks of protests over the law, which provides fast track naturalization for some foreign-born religious minorities — but not Muslims. While Trump talked about ties with India on Tuesday, Hindus and Muslims fought in violent clashes that left at least 10 people dead over two days.

In some ways, Modi and Trump are powerful echoes of each other.

They have overlapping political styles. Both are populists who see themselves as brash, rule-breaking outsiders who disdain their countries’ traditional elites. Both are seen by their critics as having authoritarian leanings. Both surround themselves with officials who rarely question their decisions.

But are they friends?

Trump says yes. “Really, we feel very strongly about each other,” he said at a New Delhi press briefing.

But many observers aren’t so sure.

“The question is how much of this is real chemistry, as opposed to what I’d call planned chemistry” orchestrated for diplomatic reasons, said Madan. “It’s so hard to know if you’re not in the room.”

Certainly, Modi understands America’s importance to India. While the two countries continue to bicker about trade issues, the prime minister organized a welcome that impressed even India’s news media, which have watched countless choreographed mass political rallies.

“There is no other country for whose leader India would hold such an event, and for which an Indian prime minister would lavish such rhetoric,” the Hindustan Times said in an editorial.

“The spectacle and the sound were worth a thousand agreements.”

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News Network
February 28,2020

Tehran, Feb 28: The coronavirus epidemic in Iran has cost 26 lives, the health ministry announced Thursday, with a vice president becoming the latest top official to be infected as the spread appeared to accelerate.

Health ministry spokesman Kianoush Jahanpour told a news conference that the tally of infections had risen to 245 with 106 more cases confirmed -- the highest number for a single day since Iran announced its first infections on February 19.

The Islamic republic has the highest death toll from the virus outside China, where COVID-19 first emerged.

Among the latest coronavirus sufferers is one of Iran's seven vice presidents, Massoumeh Ebtekar, who oversees women's affairs.

Ebtekar, a former spokeswoman for students who took 52 Americans hostage at the US embassy in Tehran in 1979, is being treated at home and members of her team have been tested, state news agency IRNA reported.

Mojtaba Zolnour, head of parliament's national security and foreign affairs committee, also contracted the virus, appearing in a video posted by Fars news agency saying he was in self-quarantine.

The cleric is a deputy for the Shiite holy city of Qom in central Iran where the country's first cases were detected.

According to media reports, among the deceased in Qom on Thursday was theologian Hadi Khroroshahi, who in 1981 was named Iran's first ambassador to the Vatican.

The announcement by Zolnour comes two days after another top official, deputy health minister Iraj Harirchi, head of the government's coronavirus task force, said he too had contracted the virus.

On Wednesday, Iranian authorities announced domestic travel restrictions for people with confirmed or suspected infections.

They also placed curbs on access to major Shiite pilgrimage sites, including the Imam Reza shrine in second city Mashhad and the Fatima Masumeh shrine in Qom.

Visitors to the shrines will be allowed to visit on condition they are provided "with hand-washing liquids, proper (health) information, masks", Health Minister Saeed Namaki said.

They must "not gather together in groups but just pray and leave", he said.

In a rare move, authorities announced the cancellation of the main Friday weekly prayers in Tehran, Qom and Mashhad as well as in the capitals of 22 of Iran's 31 provinces and other infected areas.

"All of these decisions are temporary and if the situation changes, we might intensify or ease them," Namaki said.

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