UK MP calls on India to end demonetisation stress for NRIs

Washington, May 15: A top US senator has unveiled an 18-point plan, including enhancing military ties with India, to hold the Chinese government accountable for its "lies, deception, and cover-ups" that ultimately led to the global COVID-19 pandemic.

The prominent suggestions are moving manufacturing chain from China and deepening military-strategic ties with India, Vietnam and Taiwan.

"The Chinese government maliciously covered up and enabled a global pandemic that has caused misery for so many Americans. This is the same regime that locks up its own citizens in labour camps, steals America's technology and jobs, and threatens the sovereignty of our allies,” said Senator Thom Tillis, presenting his detailed, 18-point plan on Thursday.

"This is a major wake-up call to the United States and the rest of the free world. My plan of action will hold the Chinese government accountable for lying about COVID-19; sanctioning the Chinese government while protecting America's economy, public health, and national security," he said.

The plan seeking to create a Pacific Deterrence Initiative and immediately approve the military's request for USD 20 billion in funding. It also calls for deepening military ties with regional allies and expand equipment sales to India, Taiwan and Vietnam.

Encourage Japan to rebuild its military and offer Japan and South Korea sales of offensive military equipment, it said.

"Move manufacturing back to the US from China and gradually eliminate our supply chain dependency on China. Stop China from stealing our technology and provide incentives to American companies to regain our technological advantage. Strengthen cybersecurity against Chinese hacks and sabotage," the plan stated.

"Prevent American taxpayer money from being used by the Chinese government to pay off their debt. Implement the US ban on (Chinese technology company) Huawei and coordinate with our allies to implement similar bans,” it added.

The plan seeks restitution from the Chinese government and imposition of sanctions for lying about the virus. It further said China should be sanctioned for their atrocious human rights record.

Senator Tillis' plan urges the Trump Administration to formally request the International Olympic Committee to withdraw the 2022 Winter Olympics from Beijing.

"Stop China's propaganda campaign inside the United States. Treat Chinese government-run media outlets as the propaganda proxies that they are," the plan stated.

Urging the government to investigate the Chinese government's cover-up of the spread of COVID-19, the plan also seeks to investigate America's reliance on China's supply chains and threats to public safety and national security.

"Ensure the independence of the WHO through investigations and reform. Expose and counter China's predatory debt-trap diplomacy targeting developing countries. Increase intelligence sharing on potential pandemics and lead the creation of a watchdog organization to monitor foreign governments' handling of deadly viruses," Tillis said in his suggestions.

The coronavirus, which first emerged in China's Wuhan city in December last, has killed over 3,00,000 people with 4.3 million confirmed cases across the world. More than a quarter of all confirmed COVID-19 cases are from the US.

There has been increasing pressure on the President Trump, in the last several weeks, to take action against China as lawmakers and opinion-makers feel that the COVID-19 spread across the world from Wuhan because of Chinese inaction.

Meanwhile, Senator John Barrasso, in a speech on the Senate floor on Thursday, highlighted the need to update the Foreign Intelligence Surveillance Act (FISA) legislation that was put on hold by the coronavirus pandemic.

"The virus could have been contained had it not been for the Chinese Government's unscrupulous cover-up. China knew the risk months before the rest of the world; yet Chinese communist leaders destroyed key evidence, they under-reported the number of coronavirus cases, and they misled the world about its deadly, rapid spread," he said.

Asserting that the virus should have been contained in Wuhan, he said tens and tens of thousands of Americans and hundreds of thousands of people worldwide have died as a result of China's failure.

Barrasso said the US should encourage its companies to create American and western supply chains. "That way our frontline workers have what they need in the time of crisis," he said.

"Not again, not ever will we be exclusively sourced for critical drugs from China. We should diversify supply and bring home as much of our supply chain as possible," he added.

Congressman Troy Balderson introduced bicameral legislation with Congressman Doug Collins and Senator Lindsey Graham that will hold China accountable for deceptive actions taken by its leaders that led to the spread and subsequent global pandemic.

The COVID-19 Accountability Act authorises president Donald Trump to impose sanctions on China if it fails to cooperate with a full investigation led by the US or its allies into the events that lead to the COVID-19 outbreak.

"The number of Ohioan lives needlessly claimed by this pandemic could have been significantly reduced had China taken appropriate measures to control the virus' spread and disclose its severity," said Balderson.

"The United States can't look the other way when China so recklessly compromised worldwide health and the global economy. China and its Communist Party leadership must be held accountable," he said.

United Nations, Mar 21: The UN has called on all nations to stop the use of capital punishment or put a moratorium on it, a day after four men convicted of gang-raping and murdering a 23-year-old woman were hanged in India.

Seven years after the rape and murder of the young medical student, who came to be known as 'Nirbhaya', sent shock waves across the country, the four convicts - Mukesh Singh (32), Pawan Gupta (25), Vinay Sharma (26) and Akshay Kumar Singh (31) - were hanged to death on Friday at 5.30 am in New Delhi's Tihar Jail.

Responding to the hanging, UN Secretary-General Antonio Guterres' spokesperson Stephane Dujarric said the world organisation calls on all nations to stop the use of capital punishment or put a moratorium on it.

"Our position has been clear, is that we call on all States to halt the use of capital punishment or at least put a moratorium on this," Dujarric said at the daily press briefing on Friday.

The horrific gang-rape and murder of the physiotherapy intern on December 16, 2012, who came to be known as Nirbhaya, the fearless, had seared the nation's soul and triggered countrywide outrage.

This was the first time that four men have been hanged together in Tihar Jail, South Asia's largest prison complex that houses more than 16,000 inmates.

The executions were carried out after the men exhausted every possible legal avenue to escape the gallows. Their desperate attempts only postponed the inevitable by less than two months after the first date of execution was set for January 22.

The execution of the four convicts brings the curtains down on the case that shook not just India but also the world with the details of its brutality The widespread protests subsequently paved the way for a change in India's rape laws.

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.