Russia Keen to Sell MiG-35 to Indian Air Force: Official

Agencies
July 23, 2017

New Delhi, Jul 23: Russia is keen on selling its new fighter jet MiG-35 to India with the MiG corporation's chief saying the country has evinced interest in the aircraft and talks were on to understand its requirements. Chief Executive Officer of the MiG Aircraft Corporation Ilya Tarasenko said that after having presented MiG-35 in January, the MiG corporation began to actively promote the aircraft in India and in other parts of the world.

"We are proposing supply of the aircraft for tenders in India and we (are) actively work with its Air Force in order to win the tender," he said while talking to reporters on the sidelines of the MAKS 2017 air show here.

The MiG-35 is Russia's most advanced 4++ generation multipurpose fighter jet developed on the basis of the serial-produced MiG-29K/KUB and MiG-29M/M2 combat aircraft. Asked if India has expressed any interest in the MiG-35, Mr Tarasenko said, "Of course they have."

MiGs have been used by India for almost 50 years and MiG corporation proposes its new products to India among the first countries and intends to continue supplying India with its most modern aircraft, the MiG chief said.

Asked about the current status of the proposal of the aircraft to India, he said, "We are in the negotiation stage where talks on technical and technological specifications that MiG can present to India and the requirements that India has for this aircraft were taking place."

"Since this is a very new plane, it will still take some time to negotiate on exactly what India needs and adjust the product to it," he added.

Talking about the cost of the plane, Mr Tarasenko said it was economical due to the after-sales services being offered along with the aircraft.

"We propose not just the aircraft, but also training for its use, as well as after-sales servicing where we take upon the responsibility to service it for 40 years," he added. He stressed that in comparison to its competitors, the prices offered by MiG were 20-25 per cent cheaper, making it an attractive option for those who wish to purchase this aircraft.

Highlighting the main features of the MiG-35, Mr Tarasenko said its technical specifications were close to a fifth generation aircraft, namely its flight capabilities, its new weapon range and defence systems, including stealth. "I would like to note the demand for this aircraft for our own air force, as well as our foreign partners. The plane is light, multi-functional and has high manoeuvrability," Mr Tarasenko said, adding that the MiG was also offering special commercial terms to its partners.

He also stressed that the plane was fully Russian-made with Rostec companies like United Engine Corporation (UEC), KRET and Technodinamika participating in the project. At MAKS 2017, the MiG-35 grabbed all the limelight as it took to the skies and enthralled the audience with breathtaking manoeuvres like the tail slide, barrel roll and the nesterov loop.

Belyaev Mikhail, the Lead Test Pilot of MiG-35, told reporters that the main feature of this aircraft was the new on board equipment and the new quality of weapons -- air-to- air, air-to-ground and air-to-sea.

"Compared with the basic version of the MiG-29, it is a new aircraft, new airframe, fly-by-wire, glass cockpit, adapted for night vision goggles...new engines, more power, more fuel, new on board equipment and new weapons," said Mikhail, who was earlier this year presented the star of the 'Hero of Russia' by President Vladimir Putin for bravery in piloting and testing of aviation equipment.

Asked if it was easier to fly MiG-35, Mikhail said new tasks were required for such an aircraft so one needs to learn these.

"On the basic level it is not that difficult to switch from MIG 29 to 35 as the plane remains the same. It is still a light simple plane. The combat tasks that can be achieved from this plane are much more serious and much more complex," he said.

"More combat tasks can be achieved from this plane than with the MiG-29. So it will take time to learn new tasks and to adapt," he added.

An overhauled MiG-35 multi-role fighter completed a successful demonstration flight at the MAKS 2017 air show, with Russian officials saying the first combat-ready plane will be delivered to the Air Force next year.

While speaking to reporters at MAKS, Mr Tarasenko also noted that around 30 countries are using various modifications of MiG-35's predecessor, the MiG-29, and that "talks are already ongoing with potential buyers."

The fighter jet features improved flight and technical characteristics, the most advanced on board radio-electronic equipment and a wide arsenal of air-to-air and air-to-surface missiles.

The flight tests of MiG-35 fighter aircraft began on January 26 and the plane's international presentation was held in the Moscow Region on the following day.

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News Network
May 29,2020

Karachi, May 29: Investigators and rescue officials have found around Rs 3 crore in cash in the wreckage of the Pakistan International Airlines' aircraft that crashed wth 99 people on board, killing 97 people, including nine children.

Flight PK-8303 from Lahore to Karachi crashed in a residential area near Karachi International Airport on Friday, with only two passengers miraculously surviving the crash.

Investigators and rescue officials have found currencies of different countries and denominations worth around Rs 30 million from the aircraft's wreckage, an official said on Thursday.

"An investigation has been ordered into how such a huge amount of cash got through airport security and baggage scanners and found its way into the ill-fated flight," the official said.

He said that the amount was recovered from two bags in the wreckage.

"The process of identifying the bodies and their luggage which will be handed over to their families and relatives is going on," he said.

A total of 97 people including the aircraft crew died in the crash, one of the most catastrophic aviation disasters in Pakistan's history.

A government official said on Thursday that the identification of 47 bodies had been completed, while 43 bodies were handed over for burial.

Friday's accident was the first major aircraft crash in Pakistan after December 7, 2016 when a PIA ATR-42 aircraft from Chitral to Islamabad crashed midway. The crash claimed the lives of all 48 passengers and crew, including singer-cum-evangelist Junaid Jamshed.

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News Network
April 21,2020

New York, Apr 21: Oil prices plunged below zero on Monday as demand for energy collapses amid the coronavirus pandemic and traders don't want to get stuck owning crude with nowhere to store it.

Stocks were also slipping on Wall Street in afternoon trading, with the S&P 500 down 0.9%, but the market's most dramatic action was by far in oil, where benchmark U.S. crude for May delivery plummeted to negative $3.70 per barrel, as of 2:15 pm. Eastern time.

Much of the drop into negative territory was chalked up to technical reasons — the May delivery contract is close to expiring so it was seeing less trading volume, which can exacerbate swings. But prices for deliveries even further into the future, which were seeing larger trading volumes, also plunged.

Demand for oil has collapsed so much due to the coronavirus pandemic that facilities for storing crude are nearly full.

Tanks could hit their limits within three weeks, according to Chris Midgley, head of analytics at S&P Global Platts.

Benchmark U.S. crude oil for June delivery, which shows a more ”normal” price, fell 14.8% to $21.32 per barrel, as factories and automobiles around the world remain idled. Big oil producers have announced cutbacks in production in hopes of better balancing supplies with demand, but many analysts say it's not enough.

“Basically, bears are out for blood,” analyst Naeem Aslam of Avatrade said in a report. “The steep fall in the price is because of the lack of sufficient demand and lack of storage place given the fact that the production cut has failed to address the supply glut.”

Halliburton swung between gains and sharp losses, even though it reported stronger results for the first three months of 2020 than analysts expected. The oilfield engineering company said that the pandemic has created so much turmoil in the industry that it “cannot reasonably estimate” how long the hit will last. It expects a further decline in revenue and profitability for the rest of 2020, particularly in North America.

Brent crude, the international standard, was down $1.78 to $26.30 per barrel. .

In the stock market, the mild drops ate into some of the big gains made since late March, driven lately by investors looking ahead to parts of the economy possibly reopening as infections level off in hard-hit areas.

Pessimists have called the rally overdone, pointing to the severe economic pain sweeping the world and continued uncertainty about how long it will last.

The Dow Jones Industrial Average was down 364 points, or 1.5%, to 23,887. The Nasdaq was down 0.1%..

More gains from companies that are winners in the new stay-at-home economy helped limit the market's losses Amazon rose 1.4%, and Netflix jumped 3.8% as people shut in at home buy staples and look to fill their time. Clorox likewise rose toward a new record and was up 1% as households and businesses that remain open look to stay clean.

In Tokyo the Nikkei 225 fell 1.1% after Japan reported that its exports fell nearly 12% in March from a year earlier as the pandemic hammered demand in its two biggest markets, the U.S. and China.

The Hang Seng index in Hong Kong lost 0.2%, and South Korea's Kospi fell 0.8%.

European markets were modestly higher The German DAX was up 0.5%, the French CAC 40 was up 0.7% and the FTSE 100 in London gained 0.7%.

In a sign of continued caution in the market, Treasury yields remained extremely low. The yield on the 10-year Treasury slipped to 0.64% from 0.65% late Friday. It started the year near 1.90%. Bond yields drop when their prices rise, and investors tend to buy Treasurys when they're worried about the economy.

Stocks have been on a generally upward swing recently, and the S&P 500 just closed out its first back-to-back weekly gain since the market began selling off in February. Promises of massive aid for the economy and markets by the Federal Reserve and U.S. government ignited the rally, which sent the S&P 500 up as much as 28.5% since a low on March 23.

More recently, countries around the world have tentatively eased up on business-shutdown restrictions put in place to slow the spread of the virus.

But health experts warn the pandemic is far from over and new flareups could ignite if governments rush to allow ”normal” life to return prematurely.

The S&P 500 remains about 15% below its record high in February as millions more U.S. workers file for unemployment every week amid the shutdowns.

Many analysts also warn that a significant part of the recent recovery in stocks is due to the expectation among some investors that the economy will rebound sharply once economic quarantines are lifted. They're essentially predicting that a line chart of the economy will ultimately resemble the letter “V,” with a wild ride down but then a quick pivot to a vigorous recovery.

That may be to optimistic. “We caution that a U-shaped recovery is also quite likely,” where the economy bottoms out and stays at that low level for a while before recovering, strategists at Barclays warned in a recent report.

Without strong testing programs for COVID-19, businesses likely won't feel comfortable bringing back their full workforces for a while.

”With risk assets now overbought, the chance for a correction has increased,” Morgan Stanley strategists wrote in a report.

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News Network
January 22,2020

Davos, Jan 22: President Donald Trump has said that the US is watching the developments between India and Pakistan over Kashmir "very closely" and repeated his offer to "help" resolve the longstanding dispute between the two neighbours as he met Prime Minister Imran Khan on the sidelines of the World Economic Forum here in the Swiss ski resort.

Addressing the media with the Pakistan Prime Minister prior to their private meeting on Tuesday, President Trump asserted that trade and borders were both critical points for discussion, while Khan said that for him, Afghanistan was the top priority.

Trump told Khan, whom he referred to as "my friend", that he would speak to Prime Minister Narendra Modi about the ongoing Kashmir issue. The US president is expected to visit India in the coming weeks, marking his first visit after taking up his post in the White House.

"What's going on between Pakistan and India … if we can help, we certainly will be willing to. We have been watching it very closely and it's an honour to be here with my friend," he said.

"The Pakistan-India conflict is a very big issue for us in Pakistan and we expect the US to always play its part in deescalating the tensions, because no other country can," Khan said.

President Trump has repeatedly offered to mediate following India's August 5 decision to revoke the special status to Jammu and Kashmir and bifurcate the state into two Union Territories, evoking strong reaction from Pakistan which has been trying to internationalise the Kashmir issue.

New Delhi has defended the move, saying Jammu and Kashmir is an integral part of India and the issue was strictly internal to the country, and the special status provisions only gave rise to terrorism in Jammu and Kashmir.

"The country took the decision of abrogation of Article 370, which had only given separatism and terrorism to that state," Prime Minister Narendra Modi said at a function in October last year.

This is the third meeting between Trump and Khan since Pakistan premier assumed office in 2018 and it came against the backdrop of Pakistan Foreign Minister Shah Mehmood Qureshi's recent trip to the US, amid reports that the US and Afghan Taliban were close to striking a peace deal.

"There are issues we want to talk about. The main issue is Afghanistan because it concerns the US and Pakistan. Fortunately, we are on the same page. Both of us are interested in peace there and an orderly transition in Afghanistan with talks with Taliban and the government," Khan said.

When a reporter asked Trump if he would visit Pakistan considering he was already set to visit India, the US president said he was meeting the Pakistan premier in Davos.

"Well, we're visiting right now. So we don't really have to. I wanted to say that from a relationship standpoint, we got a great relationship. From the standpoint our two countries, we're getting along very well. I would say we've never been closer with Pakistan the way we're right now. And this is a big statement," Trump said.

Khan left for Switzerland to attend the World Economic Forum and meet the world leaders, including President Trump, on the sidelines of the annual event which kicked off at the ski resort town of Davos on Tuesday.

The four-day summit marks the 50th anniversary of the forum.

A total of 53 heads of State are on the guest list. Nearly 3,000 participants from 118 countries are expected to attend the event during which political leaders, business executives, heads of international organisations and civil society representatives are set to deliberate on contemporary economic, geopolitical, social and environmental issues.

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