Singapore tops IMD World Competitiveness Index; India ranked 43rd

Agencies
June 16, 2020

India continues to remain ranked 43rd on an annual World Competitiveness Index compiled by Institute for Management Development (IMD) with some traditional weaknesses like poor infrastructure and insufficient education investment keeping its ranking low, the international business school said on Tuesday.

Singapore has retained its top position on the 63-nation list.

Denmark has moved up to the second position (from 8th last year), Switzerland has gained one place to rank 3rd, the Netherlands has retained its 4th place and Hong Kong has slipped to the fifth place (from 2nd in 2019).

The US has moved down to 10th place (from 3rd last year), while China has also slipped from 14th to 20th place. Among the BRICS nations, India is ranked second after China, followed by Russia (50th), Brazil (56th) and South Africa (59th).

India was ranked 41st on the IMD World Competitiveness Ranking, being produced by the business school based in Switzerland and Singapore every year since 1989, but had slipped to 45th in 2017 before improving to 44th in 2018 and then to 43rd in 2019.

While its overall position has remained unchanged in the 2020 list, it has recorded improvements in areas like long-term employment growth, current account balance, high-tech exports, foreign currency reserves, public expenditure on education, political stability and overall productivity, the IMD said.

However, it has moved down in areas like exchange rate stability, real GDP growth, competition legislation and taxes.

Arturo Bris, Head of Competitiveness Center at IMD Business School, said India continues to struggle on the list and the recent country rating downgrade by Moody’s reflects the uncertainties regarding the economy’s future.

"In our ranking this year, we again emphasize the traditional weaknesses of India -- poor infrastructure, an important deficit in education investment, and a health system that does not reach everybody. For India to follow the path of China, it must stress its intangible infrastructure," Bris said.

"In a less global world, with China, USA, and Europe looking inwards, currencies like the rupee (and the Brazilian real for instance) are going to suffer and display high volatilities.

"Moody’s has threatened the country with a downgrade to junk and that would put India in a terrible position to attract foreign capital. So the urgency for the government should be to fix the short-term problems—and this requires to improve the credibility of the government itself," Bris added.

With the exception of Singapore, the Philippines, Taiwan and the Korean Republic, most Asian economies dropped in rankings this year, the IMD said.

The reason for the Asian economies’ less stellar performance as a region, this year is partly the result of the trade frictions between China and the US, particularly because these economies are highly dependent on trade with China.

About Singapore, which moved to the top rank last year, the IMD said its position is largely driven by the relative ease of setting up business, availability of skilled labour and its cutting-edge technological infrastructure.

The IMD said the impact of COVID-19 on the competitiveness ranking has partially been captured by executives’ opinions about the effectiveness of the different health systems.

In the ASEAN countries included in the survey, only Singapore and Thailand have a positive performance in the effectiveness of the health infrastructure.

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News Network
May 25,2020

Karachi, May 25: The pilot of the Pakistan International Airlines (PIA)'s crashed plane ignored three warnings from the air traffic controllers about the aircraft's altitude and speed before the landing, saying he was satisfied and would handle the situation, according to a report on Monday.

The national flag carrier's PK-8303 tragedy on Friday, in which 97 people were killed and two miraculously survived, is one of the most catastrophic aviation disasters in the country's history.

The Airbus A-320 from Lahore to Karachi was 15 nautical miles from the Jinnah International Airport, flying at an altitude of 10,000 feet above the ground instead of 7,000 when the Air Traffic Control (ATC) issued its first warning to lower the plane's altitude, Geo News quoted an ATC report as saying.

Instead of lowering the altitude, the pilot responded by saying that he was satisfied. When only 10 nautical miles were left till the airport, the plane was at an altitude of 7,000 feet instead of 3,000 feet, it said.

The ATC issued a second warning to the pilot to lower the plane's altitude. However, the pilot responded again by stating that he was satisfied and would handle the situation, saying he was ready for landing, the report said.

The report said that the plane had enough fuel to fly for two hours and 34 minutes, while its total flying time was recorded at one hour and 33 minutes.

Pakistani investigators are trying to find out if the crash is attributable to a pilot error or a technical glitch.

According to a report prepared by the country's Civil Aviation Authority (CAA), the plane's engines had scraped the runway thrice on the pilot's first attempt to land, causing friction and sparks recorded by the experts.

When the aircraft scraped the ground on the first failed attempt at landing, the engine's oil tank and fuel pump may have been damaged and started to leak, preventing the pilot from achieving the required thrust and speed to raise the aircraft to safety, the report said.

The pilot made a decision "on his own" to undertake a "go-around" after he failed to land the first time. It was only during the go-around that the ATC was informed that landing gear was not deploying, it said.

"The pilot was directed by the air traffic controller to take the aircraft to 3,000 feet, but he managed only 1,800. When the cockpit was reminded to go for the 3,000 feet level, the first officer said 'we are trying'," the report said.

Experts said that the failure to achieve the directed height indicates that the engines were not responding. The aircraft, thereafter, tilted and crashed suddenly.

The flight crashed at the Jinnah Garden area near Model Colony in Malir on Friday afternoon, minutes before its landing in Karachi's Jinnah International Airport. Eleven people on the ground were injured.

The probe team, headed by Air Commodore Muhammad Usman Ghani, President of the Aircraft Accident and Investigation Board, is expected to submit a full report in about three months.

According to the PIA's engineering and maintenance department, the last check of the plane was done on March 21 this year and it had flown from Muscat to Lahore a day before the crash.

In the wake of the COVID-19 pandemic, the Pakistan government had allowed the limited domestic flight operations from five major airports - Islamabad, Karachi, Lahore, Peshawar and Quetta - from May 16.

After the plane tragedy, the PIA has called off its domestic operation.

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Agencies
May 26,2020

UN, May 26: Countries could see a "second peak" of coronavirus cases during the first wave of the pandemic if lockdown restrictions were lifted too soon, the World Health Organization (WHO) has warned.

Mike Ryan, the WHO's head of emergencies, told a briefing on Monday that the world was "right in the middle of the first wave", the BBC reported.

He said because the disease was "still on the way up", countries need to be aware that "the disease can jump up at any time".

"We cannot make assumptions that just because the disease is on the way down now that it's going to keep going down," Ryan said.

There would be a number of months to prepare for a second peak, he added.

The stark warning comes as countries around the world start to gradually ease lockdown restrictions, allowing shops to reopen and larger groups of people to gather.

Experts have said that without a vaccine to give people immunity, infections could increase again when social-distancing measures are relaxed.

Ryan said countries where cases are declining should be using this time to develop effective trace-and-test regimes to "ensure that we continue on a downwards trajectory and we don't have an immediate second peak".

Also on Monday, Tedros Adhanom Ghebreyesus, WHO Director-General, said that a clinical trial of hydroxychloroquine (HCQ) on COVID-19 patients has come to "a temporary pause", while the safety data of the the anti-malaria drug was being reviewed.

According to the WHO chief, The Lancet medical journal on May 22 had published an observational study on HCQ and chloroquine and its effects on COVID-19 patients that have been hospitalized, reports Xinhua news agency.

The authors of the study reported that among patients receiving the drug, when used alone or with a macrolide, they estimated a higher mortality rate.

"The Executive Group of the Solidarity Trial, representing 10 of the participating countries, met on Saturday (May 23) and has agreed to review a comprehensive analysis and critical appraisal of all evidence available globally," Tedros said in a virtual press conference.

The developments come as the total number of global COVID-19 cases has increased to 5,508,904, with 346,508 deaths, according to the Johns Hopkins University.

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News Network
July 2,2020

Los Angeles, Jul 2: New daily coronavirus cases in the United States soared past 50,000 for the first time Wednesday, as the World Health Organization delivered a grave warning that the global pandemic is accelerating.

Restaurants, bars and beaches in the world's worst-hit nation closed from California to Florida, as states reeling from yet another surge in the deadly virus braced for Independence Day festivities.

Global infections have hit their highest level in the past week, WHO data showed, with chief Tedros Adhanom Ghebreyesus saying new cases topped "160,000 on every single day."

The grim milestone came as the European Union left the United States, Brazil and Russia off its final list of nations safe enough to allow residents to enter its borders.

With more than 52,000 new COVID-19 cases in the United States alone in the past 24 hours, according to a Johns Hopkins University tally, several US states imposed 14-day quarantines on visitors in the buildup to the long weekend's July 4 celebrations.

California suspended indoor dining at restaurants in Los Angeles and several counties, while New York scrapped plans to allow restaurants to seat customers inside from next week.

President Donald Trump reiterated his belief that the contagion will "at some point... sort of just disappear, I hope."

But the US leader who has yet to be seen in public wearing a face mask during the pandemic added he would have "no problem" doing so.

EU travel ban eased

The rollbacks came as the European Union reopened its borders to visitors from 15 countries.

The bloc hopes relaxing restrictions on countries from Algeria to Uruguay will breathe life into its tourism sector, choked by a ban on non-essential travel since mid-March.

Travelers from China, where the virus first emerged late last year, will be allowed to enter the EU only if Beijing reciprocates.

And Brazil -- which has suffered the most deaths globally for the last week, and is the second-worst affected country overall -- was excluded entirely.

It topped 60,000 total fatalities Wednesday, after suffering 1,000 deaths in just 24 hours.

However, with over 10 million known infections worldwide and more than 500,000 deaths, the pandemic is "not even close to being over", the WHO warned.

Data provided by the UN health agency for the seven days from June 25-July 1 showed the highest number of new daily cases ever recorded came on June 28, when over 189,500 new cases were registered worldwide.

'Dutch brothels reopen'

According to the United Nations, the coronavirus crisis could cost global tourism and related sectors from $1.2 to $3.3 trillion in lost revenue.

Greece, which has suffered fewer than 200 virus deaths, has seen its economy hit hard by lockdowns and travel restrictions -- all but ending its lucrative tourism season before it began.

Romanian Cojan Dragos was "the first tourist" in one Corfu hotel after driving there with his wife and daughter.

"We have the whole hotel just for us," he told news agency.

Separately, Spain and Portugal held a ceremony as they reopened their land border.

The Netherlands also confirmed the reopening Wednesday of another tourist draw -- its brothels and red-light districts.

"I'm totally booked," said sex worker Foxxy, adding that she had held a "little party" when she heard restrictions would be lifted.

Clusters spur new lockdowns

Russia did not make the EU's list of approved countries so its citizens will be absent from the bloc's tourist hot-spots.

The country, however, enjoyed a public holiday Wednesday as it voted in a referendum to approve constitutional changes allowing President Vladimir Putin to stay in power for another 16 years.

Putin was forced to postpone the vote in April as his government tackled an outbreak that has infected almost 650,000 people -- the third-highest in the world.

In other countries, clusters are still causing problems.

Parts of the Australian city of Melbourne suffered sharp rises in infections, spurring new stay-at-home measures.

The Palestinian Authority announced a five-day lockdown across the West Bank after a surge in confirmed cases.

And textile factories in the central British city of Leicester were suggested as the reason for a spike in infections that has prompted the reimposition of local restrictions.

Americas spike

In the United States, spikes across southern and western states are driving a surge in national infections.

Texas, which again smashed its daily COVID-19 record with over 8,000 new cases, joined Florida and California in closing some beaches for the upcoming holiday weekend.

Apple announced it would close another 30 US stores on Thursday, half of them in California.

A further 700 deaths nationwide took the US past 128,000 deaths in total.

The Pan American Health Organization warned that the death count in Latin America and the Caribbean could quadruple to more than 400,000 by October without stricter public health measures.

The US government announced this week it had bought 92 percent of all remdesivir production -- the first drug to be shown to be relatively effective in treating COVID-19.

Britain and Germany, however, said Wednesday they had sufficient stocks of the drug.

'Corona baby'

In Britain, some 1,500 acts from Ed Sheeran and Coldplay to Paul McCartney and The Rolling Stones urged the county's government to save the live music industry, which has been collapsing because of the coronavirus.

But while lockdown measures have been a disaster for many, some have welcomed the chance to spend more quality time with hard-working partners.

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