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

[email protected] (Agencies)
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
June 18,2020

Washington, Jun 18: US Defence officials are concerned over China's use of COVID-19 situation to gain stakes in strategically important companies of United States as the impact of novel coronavirus has left several companies in dire need of capital.

Amid the pandemic, it getting hard for the defence department to keep an eye on national security and help protect smaller companies down the chain, CNN reported.

"We are paying close attention to any indicators that China is leveraging Covid-19 to take advantage of a situation where defence companies need capital more than ever," a defence official told CNN.

In April, Ellen Lord, undersecretary of defence for acquisition and sustainment said it is paying close attention to 'adversaries' against the 'economic warfare' with the United States.

"We have to be very, very careful about the focused efforts some of our adversaries have to really undergo sort of economic warfare with us, which has been going on for some time," Ellen Lord, undersecretary of defence for acquisition and sustainment was quoted as saying by CNN.

US Committee on Foreign Investment protects its interest against hostile countries gaining ownership in strategically important companies. But the pandemic is changing the definition of national security concerns to include drugs, protective gear and medical supplies.

"These are now national security needs and we probably should have been thinking about it a long time ago in terms of biowarfare that we should have a trusted industrial base or a set of trusted allies -- the UK, or NATO allies or Japan or Korea -- who are trusted in that regard," Bill Greenwalt, a former Pentagon official.

Give the threat posed by foreign acquisition, Pentagon has been offering tools to help small US businesses defend themselves against adversarial investment and conducting background checks with other government agencies to ensure transparency.

US President Donald Trump's trade adviser Peter Navarro recently told CNN if Trump wins reelection, Washington DC will likely take offshore supply chains as national security priorities.

"If we fail to do that in the face of this crisis, we will have failed this country and all future generations of Americans," Navarro said.

The US State Department has also warned US allies to "avoid economic overreliance on China" and "guard their critical infrastructure" from China's influence.

Chad P Bown, a senior fellow at the Peterson Institute for International Economics, pointed to recent China's economic coercion of Australia on the political matter saying, "this is how China operates and everybody knows it."

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News Network
May 2,2020
Seoul, May 2: North Korean leader Kim Jong Un has made his first public appearance since speculation about his health began last month, cutting the ribbon at the opening of a fertilizer factory, KCNA reported Saturday.
 
Kim attended the event on Friday in Sunchon, near the capital Pyongyang, after nearly three weeks of swirling rumours that the leader of the nuclear-armed nation was seriously ill or possibly dead.
 
The North Korean leader had not made a public appearance since presiding over a Workers' Party politburo meeting on April 11, and the following day state media reported that he had inspected fighter jets.
 
At Friday's event, "all the participants broke into thunderous cheers of 'hurrah!'" when Kim appeared, the Korean Central news agency reported.
 
He inspected the facility and was "briefed about the production processes," the report said.
 
Kim "said with deep emotion" that his grandfather Kim Il Sung and father Kim Jong Il "would be greatly pleased if they heard the news that the modern phosphatic fertilizer factory has been built," it added.
 
Also in attendance were other senior officials, including his sister and close adviser, Kim Yo Jong. Photos from the ceremony were not immediately released.
 
Conjecture over Kim's health had grown since his conspicuous no-show at April 15 celebrations for the birthday of his grandfather, the North's founder -- the most important day in the country's political calendar.
 
His absence unleashed a series of unconfirmed reports over his condition, triggering global fears over the North's nuclear arsenal -- and who would succeed Kim were he unable to lead.
 
A top security advisor to South Korea's President Moon Jae-in said less than a week ago that Kim was "alive and well," downplaying rumors that he was ill or incapacitated.
 
The advisor, Moon Chung-in, told CNN that Kim had been staying in Wonsan -- a resort town in the east of North Korea -- since April 13, adding: "No suspicious movements have so far been detected."
 
South Korea Reports Kim Jong Un Is 'Alive and Well' Amid Rumours of His Death
 
South Korea has told CNN that the rumours of North Korean leader Kim Jong Un's death are untrue.
 
Rumours of ill health
 
Daily NK, an online media outlet run mostly by North Korean defectors, reported that Kim was undergoing treatment after a cardiovascular procedure last month.
 
Citing an unidentified source inside the country, it said Kim -- who is in his mid-30s -- had needed urgent treatment due to heavy smoking, obesity and fatigue.
 
Soon afterwards, CNN reported that Washington was "monitoring intelligence" that Kim was in "grave danger" after undergoing surgery, quoting an anonymous US official.
 
US President Donald Trump appeared to confirm that Kim was alive earlier this week.
 
On Friday, Trump refused to comment on Kim's reported re-emergence.
 
Previous absences from the public eye on Kim's part have prompted speculation about his health.
 
The North is extremely secretive, and doubly so about its leadership.
 
Kim's father and predecessor had been dead for two days before anyone outside the innermost circles of North Korean leadership was any the wiser.
 
In 2014, Kim Jong Un dropped out of sight for nearly six weeks before reappearing with a cane.
 
Days later, the South's spy agency said he had undergone surgery to remove a cyst from his ankle.

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News Network
June 2,2020

Jun 2: Pakistan's COVID-19 cases reached 76,398 on Tuesday after 3,938 new infections were reported across the country, while the death toll due to the coronavirus has gone up to 1,621, according to the health ministry.

The Ministry of National Health Services said that 78 COVID-19 deaths were recorded in the last 24 hours, taking the total number of fatalities in Pakistan to 1,621.

A total of 27, 110 people have recovered, it said.

Sindh has 29,647 patients, Punjab 27,850, Khyber-Pakhtunkhwa 10,485, Balochistan 4,514, Islamabad 2,893, Gilgit-Baltistan 738 and Pakistan-occupied Kashmir 271, it added.

The authorities have conducted 577,974 tests, including 16,548 in the last 24 hours.

The jump in the number of cases comes a day after Prime Minister Imran Khan said that people should learn to live with COVID-19 until a vaccine is developed.

Khan addressed the media after chairing the meeting of National Coordination Committee, the highest body to tackle the pandemic.

"Coronavirus will not go away until the vaccine is discovered. We need to learn to live with it and we can live with it if we follow precautions," he said.

He said the one million volunteers of the government's coronavirus force will raise awareness of the need to follow guidelines.

The government also said that all sectors will be opened slowly after deciding the negative list of businesses which will not be allowed.

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