US House passes crucial bill on defence co-operation with India

Agencies
July 15, 2017

Jul 15: The US House of Representatives has passed a dollor 621.5 billion defence expenditure bill that proposes to advance defence cooperation with India.usindia

An amendment in this regard, moved by Indian-American Congressman Ami Bera, was adopted by a voice vote by the House as part of the National Defense Authorisation Act (NDAA) 2018, beginning October 1 this year. NDAA-2018 was passed by the House 344-81.

The India-related amendment passed by the House requires the Secretary of Defence, in consultation with the Secretary of State, to develop a strategy for advancing defence cooperation between the United States and India.

"The United States is the worlds oldest democracy and India is the world's largest democracy. It is vitally important to develop a strategy that advances defence cooperation between our two nations," Bera said.

"I am grateful this amendment passed and look forward to the Defence Departments strategy that addresses critical issues like common security challenges, the role of partners and allies, and areas for collaboration in science and technology," he said.

Jul 15: The US House of Representatives has passed a dollor 621.5 billion defence expenditure bill that proposes to advance defence cooperation with India.

An amendment in this regard, moved by Indian-American Congressman Ami Bera, was adopted by a voice vote by the House as part of the National Defense Authorisation Act (NDAA) 2018, beginning October 1 this year. NDAA-2018 was passed by the House 344-81.

The India-related amendment passed by the House requires the Secretary of Defence, in consultation with the Secretary of State, to develop a strategy for advancing defence cooperation between the United States and India.

"The United States is the worlds oldest democracy and India is the world's largest democracy. It is vitally important to develop a strategy that advances defence cooperation between our two nations," Bera said.

"I am grateful this amendment passed and look forward to the Defence Departments strategy that addresses critical issues like common security challenges, the role of partners and allies, and areas for collaboration in science and technology," he said.

Cooperation enhances ability to meet security challenges

"Cooperation between the US and India enhances our own defence and our ability to meet the evolving security challenges of the 21st century," Bera said.

Following the passage of the National Defence Authorisation Act, the Secretary of Defence and Secretary of State have 180 days to develop a strategy for advancing defence cooperation between the United States and India. NDAA needs to be passed by the Senate before it can be sent to the White House for the US President Donald Trump to sign into law.

As passed by the House, NDAA-2018 asks the State Department and the Pentagon to develop a strategy that addresses common security challenges, the role of American partners and allies in India-US defence relationship, and role of the defence technology and trade initiative.

It also asks them to address how to advance the communications interoperability and security memorandum of agreement and the basic exchange and cooperation agreement for geospatial cooperation. The previous NDAA-2017 had designated India as a major defence partner which brings India at par with closest American partners in terms of defence trade and technology transfer.

Cooperation enhances ability to meet security challenges

Meanwhile, a senior defence official yesterday said that India and US defence relationship is on positive track.

"We look at the global order, and when we look at the evolving security environment within Asia, India's rise and role [is] evolving, [and] we see the United States and India increasingly viewing the region in the same way, and our interests are very much aligned," said Cara Abercrombie, Deputy Assistant Secretary of Defence for South and Southeast Asia.

Addressing a New York audience, she said the relationship creates a high level of dialogue in the Pentagon on a range of issues.

"This is all rooted in when we look at the region and [what] we share. We have the same [aerial] security interests, the same counter-proliferation, counter-piracy, and counter- terrorism [interests]," she added.

"We have the same interests in upholding this international system that upholds the rule of law that favours freedom of navigation, open sea lanes of communication, and freedom of over flight. Those are values that are critically important to the United States and India to our economic prosperity and to our access in the region," Abercrombie said during a panel discussion at the 2017 Global Business Forum in New York City.

"Cooperation between the US and India enhances our own defence and our ability to meet the evolving security challenges of the 21st century," Bera said.

Following the passage of the National Defence Authorisation Act, the Secretary of Defence and Secretary of State have 180 days to develop a strategy for advancing defence cooperation between the United States and India. NDAA needs to be passed by the Senate before it can be sent to the White House for the US President Donald Trump to sign into law.

As passed by the House, NDAA-2018 asks the State Department and the Pentagon to develop a strategy that addresses common security challenges, the role of American partners and allies in India-US defence relationship, and role of the defence technology and trade initiative.

It also asks them to address how to advance the communications interoperability and security memorandum of agreement and the basic exchange and cooperation agreement for geospatial cooperation. The previous NDAA-2017 had designated India as a major defence partner which brings India at par with closest American partners in terms of defence trade and technology transfer.

'India-us defence ties on positive track'

Meanwhile, a senior defence official yesterday said that India and US defence relationship is on positive track.

"We look at the global order, and when we look at the evolving security environment within Asia, India's rise and role [is] evolving, [and] we see the United States and India increasingly viewing the region in the same way, and our interests are very much aligned," said Cara Abercrombie, Deputy Assistant Secretary of Defence for South and Southeast Asia.

Addressing a New York audience, she said the relationship creates a high level of dialogue in the Pentagon on a range of issues.

"This is all rooted in when we look at the region and [what] we share. We have the same [aerial] security interests, the same counter-proliferation, counter-piracy, and counter- terrorism [interests]," she added.

"We have the same interests in upholding this international system that upholds the rule of law that favours freedom of navigation, open sea lanes of communication, and freedom of over flight. Those are values that are critically important to the United States and India to our economic prosperity and to our access in the region," Abercrombie said during a panel discussion at the 2017 Global Business Forum in New York City.

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Agencies
July 3,2020

The dollar's dominance will slowly melt away over the coming year on weakening global demand and a sombre U.S. economic outlook, according to a Reuters poll of currency forecasters whose views depend on there being no second coronavirus shock.

Despite fears a surge in new Covid-19 cases would delay economies reopening and stymie a tentative recovery, world stocks have rallied - with the S&P 500 finishing higher in June, marking its biggest quarterly percentage gain since the height of the technology boom in 1998.

Caught between bets in favour of riskier investments, weak U.S. economic prospects as well as an easing in the thirst for dollars after the Federal Reserve flooded markets with liquidity, the greenback fell nearly 1.0 per cent last month. It was its worst monthly performance since December.

While there was a dire prognosis from the top U.S. medical expert on the coronavirus' spread, the June 25-July 1 poll of over 70 analysts showed weak dollar projections as Fed Chair Jerome Powell on Monday reiterated the economic outlook for the world's largest economy was uncertain.

"The dollar rises in two instances: when you see risk off or when there is a situation where the U.S. is leading the global recovery, and we don't think that's going to be the case anytime soon," said Gavin Friend, senior FX strategist at NAB Group in London.

"The U.S. is playing fast and loose with the virus, and chronologically they're behind the rest of the world."

Currency speculators, who had built up trades against the dollar to the highest in two years during May, increased their out-of-favour dollar bets further last week, the latest positioning data showed.

About 80 per cent of analysts, 53 of 66, said the likely path for the dollar over the next six months was to trade around current levels, alternating between slight gains and losses in a range. That suggests the greenback may be at a crucial crossroad as more currency strategists have turned bearish.

But more than 90 per cent, or 63 of 68, said a second shock from the pandemic would push the dollar higher. Five said it would push the U.S. currency lower.

Much will also depend on debt servicing and repayments by Asian, European and other international borrowers in U.S. dollars.

While an early shortage of dollars in March from the pandemic's first shock pushed the Fed to open currency swap lines with major central banks, international funding strains have eased significantly since. In recent weeks, usage of the facility has reduced dramatically.

That trend is expected to continue over the next six months with major central banks' usage of swap lines to "stay around current levels", according to 32 of 46 analysts. While 13 predicted a sharp drop, only one respondent said use of them would "rise sharply".

The dollar index, which measures the greenback's strength against six other major currencies, has slipped over 5 per cent since touching a more than three-year high in March.

When asked which currencies would perform better against the dollar by end-December, a touch over half of 49 respondents said major developed market ones, with the remaining almost split between commodity-linked and emerging market currencies.

"The dollar is so overvalued, and has been overvalued for a long time, it's time now for it to come back down again, as we head towards the (U.S.) election," added NAB's Friend.

Over the last quarter, the euro has staged a 1.8 per cent comeback after falling by a similar margin during the first three months of the year. For the month of June, the euro was up 1.2 per cent against the dollar.

The single currency was now expected to gain about 2.5 per cent to trade at $1.15 in a year from around $1.12 on Wednesday, slightly stronger than $1.14 predicted last month. While those findings are similar to what analysts have been predicting for nearly two years, there was a clear shift in their outlook for the euro, with the range of forecasts showing higher highs and higher lows from last month.

"In comparison to even a month or two ago, the outlook in Europe has improved significantly," said Lee Hardman, currency strategist at MUFG.

"I think that makes the euro look relatively more attractive and cheap against the likes of the dollar. We're not arguing strongly for the euro to surge higher, we're just saying, after the weakness we have seen in recent years, there is the potential for that weakness to start to reverse."

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News Network
April 26,2020

Apr 26: The Chinese city of Wuhan, where the global coronavirus pandemic began, now has no remaining cases in its hospitals, a health official told reporters on Sunday.

"The latest news is that by April 26, the number of new coronavirus patients in Wuhan was at zero, thanks to the joint efforts of Wuhan and medical staff from around the country," National Health Commission spokesman Mi Feng said at a briefing.

The city had reported 46,452 cases, 56% of the national total. It saw 3,869 fatalities, or 84% of China's total.

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News Network
January 10,2020

Washington, Jan 10: It is “highly likely” that Iran shot down the civilian Ukrainian jetliner that crashed near Tehran late Tuesday, killing all 176 people on board, U.S., Canadian and British officials declared Thursday.

They said the fiery missile strike could well have been a mistake amid rocket launches and high tension throughout the region.

The crash came just a few hours after Iran launched a ballistic attack against Iraqi military bases housing U.S. troops in its violent confrontation with Washington over the U.S. drone strike that killed an Iranian Revolutionary Guard general. The airliner could have been mistaken for a threat, said four U.S. officials, speaking on condition of anonymity to discuss sensitive intelligence.

Canadian prime minister Justin Trudeau, whose country lost at least 63 citizens in the downing, said in Toronto: “We have intelligence from multiple sources including our allies and our own intelligence. The evidence indicates that the plane was shot down by an Iranian surface-to-air missile.”

Likewise, U.K. prime Minister Boris Johnson and Australian prime minister Scott Morrison offered similar statements. Morrison also said it appeared to be a mistake. “All of the intelligence as presented to us today does not suggest an intentional act,” he said.

The assessment that 176 people were killed as collateral damage in the Iranian-U.S. conflict cast a new pall over what had at first appeared to be a relatively calm aftermath following the U.S. military operation that killed Iranian Gen. Qassem Soleimani.

At the White House, U.S. president Donald Trump suggested he believed Iran was responsible for the shootdown and dismissed Iran's initial claim that it was a mechanical issue with the plane.

“Somebody could have made a mistake on the other side.” Trump said, noting the plane was flying in a “pretty rough neighborhood."

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