Trump fires chief US lawyer who defied him on migrant ban

For the first time in the 15 years of the Global Risks Report, the climate change and environment risk has occupied all the top five slots.

According to the 15th edition of the World Economic Forum's (WEF) Global Risks Report, the top five risks in terms of likelihood are extreme weather, climate action failure, natural disasters, biodiversity loss and human-made environmental disasters. They all fall in the one category of climate change and related environmental disasters.

WEF President Borge Brende said the world was feeling long-mounting and interconnected risks.

The report also points to how citizens are protesting across the world as discontent rises with failed systems that are creating inequality. The citizens' discontent had hardened with systems that had failed to promote advancement, it said.

"Disapproval of how governments are addressing profound economic and social issues has sparked protests throughout the world, potentially weakening the ability of governments to take decisive action should a downturn occur. Without economic and social stability, countries could lack the financial resources, fiscal margin, political capital or social support needed to confront key global risks," it said.

Listing the grim scenario, Borge said the global economy was faced with "synchronised slowdown", the past five years had been the warmest on record and cyber attacks were expected to increase this year.

The report warns that while the myriad risks were rising, time was running out on how to prevent them.

Borge said the growing palpability of shared economic, environmental and societal risks indicated that the horizon had shortened for preventing "or even mitigating" some of the direst consequences of global risks.

"It's sobering that in the face of this development, when the challenges before us demand immediate collective action, fractures within the global community appear to only be widening," he said.

The report points to grave concern about the consequences of continued environmental degradation, including the record pace of species decline.

Pointing to an unsettled geopolitical environment, the report said today's risk landscape was one in which new centres of power and influence were forming and old alliance structures and global institutions were being tested.

"While these changes can create openings for new partnership structures in the immediate term, they are putting stress on systems of coordination and challenging norms around shared responsibility. Unless stakeholders adapt multilateral mechanisms for this turbulent period, the risks that were once on the horizon will continue to arrive," it said.

Calling it a "an unsettled world", the WEF report notes that powerful economic, demographic and technological forces were shaping a new balance of power. "The result is an unsettled geopolitical landscape in which states are increasingly viewing opportunities and challenges through unilateral lenses," it said.

"What were once givens regarding alliance structures and multilateral systems no longer hold as states question the value of long-standing frameworks, adopt more nationalist postures in pursuit of individual agendas and weigh the potential geopolitical consequences of economic decoupling. Beyond the risk of conflict, if stakeholders concentrate on immediate geo-strategic advantage and fail to re-imagine or adapt mechanisms for coordination during this unsettled period, opportunities for action on key priorities may slip away," the WEF said.

In a chapter on risks to economic stability and social cohesion, it said a challenging economic climate might persist this year and members of the multi-stakeholder community saw "economic confrontations" and "domestic political polarisation" as the top risks in 2020.

The report also warned of downward pressure on the global economy from macroeconomic fragilities and financial inequality. These pressures continued to intensify in 2019, increasing the risk of economic stagnation.

Low trade barriers, fiscal prudence and strong global investment, once seen as fundamentals for economic growth, are fraying as leaders advance nationalist policies. The margins for monetary and fiscal stimuli are also narrower than before the 2008-2009 financial crisis, creating uncertainty about how well countercyclical policies will work.

The strategic partners for the WEF report included Marsh & McLennan and Zurich Insurance Group. The academic advisers were National University of Singapore, Oxford Martin School, University of Oxford and Wharton Risk Management and Decision Processes Center, University of Pennsylvania.

Washington, Jul 17: US President Donald Trump's economic adviser Larry Kudlow has said that TikTok may cut off ties to its Chinese parent and become a 100 per cent American company to circumvent demands to ban it as India has done.

"I think TikTok is going to pull out of the holding company which is China-run and operate as an independent American company," he told reporters at the White House on Thursday.

The US has not made a final decision on whether to ban it - which has been suggested by Secretary of State Mike Pompeo, he said.

TikTok being divested by ByteDance Technology Company "is a much better solution than banning or pushing away", said Kudlow, who is the Director of the National Economic Council.

He said that its services will be located in the US and "it will become an hundred per cent American company".

If it becomes a US company without Chinese links, India may have to reconsider the ban on the short video app wildly popular in the country.

India banned TikTok along with 58 other Chinese apps on June 29 citing threats to its defence and national security.

The ban came after a deadly clash between Indian and Chinese troops along the Line of Actual Control in Ladakh.

Under Beijing's National Security Law, all Chinese companies have to provide intelligence requested by the government, creating risks for users and their countries.

India was TikTok's biggest market outside of China, where it operates as Douyin.

There were about 200 million users in India and over 300 million downloads.

The US comes next with over 30 million users for the app.

Beijing, Mar 29: In a rare display of public anger in China, dozens of people in central Hubei province, the epicentre of the coronavirus outbreak till recently, attacked official vehicles after they were stopped from crossing a bridge and travel to neighbouring Jiangxi after the lifting of the lockdown.
Hubei province with over 56 million people was kept under lockdown from January 23 as part of aggressive measures to bring down COVID-19 cases which rapidly spread in the area.

Videos on Chinese social media on Friday showed unprecedented scenes of police from Hubei and Jiangxi clashing on the bridge connecting the two provinces over barricades erected from stopping Hubei people from moving out over fears of coronavirus spreading.

Policemen from both sides argued over how to verify if people were allowed to enter Jiangxi, according to local media reports.

It was a major relief for millions of people in Hubei province, when the Chinese government which kept it under lockdown lifted the restrictions on travel.

The government will permit people from the province to travel if they hold a green health code, meaning no contact with any infected or suspected COVID-19 cases.

But people of Hubei to their shock on Friday found roadblocks on the 1st Yangtze River Bridge that separates Huangmei county in Hubei erected by Huangmei county of Jiangxi province.

In local media reports, witnesses were quoted as saying that Huangmei police in Jiujiang erected roadblocks on the bridge to stop people from Hubei from crossing it, a move they alleged stigmatised them.

Video footage shared online showed rows of police armed with riot shields holding back the crowds, while members of the public could be seen damaging and even overturning police vehicles.

In a clip published by the Huanggang city government, which administers Huangmei, the county's Communist Party chief Ma Yanzhou could be heard speaking to the people through a loud hailer, warning them that by gathering in a large group they were increasing their chances of contracting the virus, Hong Kong-based South China Morning Post reported.

While it is unclear exactly how the clash started, police from the two sides published separate official statements online, which were quickly deleted, it said.

The incident underlines the problems China faces as it seeks a return to normalcy after months of lockdown, the Post said.

After the incident, the governments of Huangmei and Jiujiang on Friday issued a joint statement saying they had agreed to remove the barriers set up to restrict travel during the lockdown, and also to recognise each other's health screening codes to make it easier for people in good health to get to where they needed to be, the Post report said.

An article by the ruling Communist Party of China (CPC) mouthpiece, People''s Daily acknowledged the problems in getting the country back on its feet.

"In the past few days, all walks of life have called for governments to accept workers from Hubei," it said.

"However, it is undeniable that some places, intentionally or not, have set up obstacles for Hubei migrant workers to return to their posts and hold prejudices against them."