US media sees Modi 'brought down to earth'

February 11, 2015

Washington, Feb 11: While US officials refrained from comment on Aam Aadmi Party's massive victory in Delhi elections, the New York Times saw "A Defeat for Prime Minister Modi" in the results.Modi

"Fresh from the diplomatic high of a successful summit meeting with President Obama, Prime Minister Narendra Modi has been brought down to earth by domestic politics," the influential US daily said in an editorial. "Ordinarily, elections in New Delhi would not draw international attention," the Times said.

But since sweeping to power last year with the biggest national election victory in three decades, Modi and his BJP have generated "an aura of invincibility" winning a succession of other state elections, it said.

"The election won't affect Modi's hold on the prime minister's office and the federal government," the Times said. "But it will increase the enormous pressure to deliver on his economic and governance promises even while making that harder."

Some Indian analysts also saw the defeat as a rejection of the anti-minority biases and violence spurred on by extremist allies of Modi's Hindu national party, it noted.

"After imploring Americans, Japanese and Chinese, as well as Indians, to believe in his vision, it is a good bet that no Indian federal budget will be more scrutinized for what it may, or may not, deliver on building infrastructure, reforming taxes and making a tangled, stratified system more efficient than the one Mr. Modi is expected to make public by the end of the month," the Times said.

Many other major US newspapers like the Washington Post and the Wall Street Journal chose to carry an Associated Press story about "Upstart party wins big in India's capital, in blow for Modi."

"While the results from last weekend's elections will not have any bearing on the structure of the federal government, they sent a clear message to Modi that he was not invincible," it said.

"They were also an indication of voters' frustration with endemic corruption," AP said.

Analysts, it noted viewed "the scale of the defeat of Modi's Bharatiya Janata Party was a wake-up call for the government."

The State Department spokesperson declined comment on the Delhi elections calling it "an internal matter for the people and the Government of India."

"We don't engage in endorsing individual political candidates, so I would refer you to the Government of India and the people of India," Jen Psaki told reporters Tuesday in response to a question.

Obama's visit to India and the Delhi elections were two "separate things," she said.

"As it relates to our relationship or partnership or the President's visit, as you know, we certainly see our relationship with India as one that is growing, that has great potential," Psaki said.

That is reflected by the fact that the Secretary of State John Kerry and the President of the United States both visited India within the first month of this year, she said.

"So that speaks for itself, but I don't have any particular comment or analysis on the election results."

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Agencies
March 25,2020

Moscow, Mar 25: An earthquake measuring 7.5 on the Richter scale struck off Russia's Kuril Islands on Wednesday, the United States Geological Survey (USGS) said.

The magnitude of the quake, which occurred at 2:49 am (UTC), was registered at a depth of 56.7 kilometres, about 219 kilometres southeast of the Russian town of Severo-Kuril'sk, the USGS said.

There were no immediate reports of casualties or damage to the property as a result of the quake.
Further details are awaited.

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Agencies
January 4,2020

Stockholm, Jan 4: “I’m not the kind of person who celebrates birthdays,” Greta Thunberg said as she turned 17 on Friday, marking the occasion in inimitable style - with a seven-hour hour protest outside the Swedish parliament.

The climate activist braved winter conditions in her native Stockholm to continue the weekly Friday School Strike for the Climate campaign that helped catapult her to international fame.

“I stand here striking from 8am until 3pm as usual ... then I’ll go home,” Thunberg, Time magazine’s Person of the Year for 2019, told Reuters.

“I won’t have a birthday cake but we’ll have a dinner.”

It’s been a busy 12 months for Thunberg, who crisscrossed the globe by car, train and boat - but not plane - to demand action on climate change.

“It has been a strange and busy year, but also a great one because I have found something I want to do with my life and what I am doing is having an impact,” she said.

When she was 15, Thunberg began skipping school on Fridays to demonstrate outside the Swedish parliament to push her government to curb carbon emissions. Her campaign gave rise to a grassroots movement that has gone global, inspiring millions of people to take action.

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News Network
July 27,2020

Tokyo, Jul 27: Gold hit an all-time high on Monday as tit-for-tat consulate closures in China and the United States rattled investors, boosting the allure of safe-haven assets, although sentiment was mixed with tech gains supporting some Asian stocks.

MSCI's ex-Japan Asia-Pacific index rose 1.3 percent as Taiwan's TSMC, Asia's third-largest company by market capitalisation, rose almost 10 percent.

The chipmaker's gains boosted other tech stocks in the region and came after rival Intel signalled it may give up manufacturing its own components due to delays in new 7-nanometer chip technology.

Also soothing sentiment, Chinese shares eked out gains after big falls late last week, with CSI300 index rising 0.5 percent.

S&P500 futures were last up 0.4 percent in choppy trade while Japan's Nikkei fell 0.5 percent, resuming trade after a long weekend and catching up with falls in global shares late last week.

Global shares had lost steam last week after Washington ordered China's consulate in Houston to close, prompting Beijing to react in kind by closing the US consulate in Chengdu.

US Secretary of State Mike Pompeo took fresh aim at China last week, saying Washington and its allies must use "more creative and assertive ways" to press the Chinese Communist Party to change its ways.

"US President (Donald) Trump used to say China's President Xi Jinping is a great leader. But now Pompeo's wording is becoming so aggressive that markets are starting to worry about further escalation," said Norihiro Fujito, chief investment strategist at Mitsubishi Securities.

Gold rose 1.0 percent to a record high of $1,920.9 per ounce, surpassing a peak touched in September 2011, as Sino-US tensions boosted the allure of safe-haven assets, especially those not tied to any specific country.

The yellow metal is also helped by aggressive monetary easing adopted by many central banks around the world since the pandemic plunged the global economy into a recession.

Some investors fret such an unprecedented level of money-printing could eventually lead to inflation.

MORE STIMULUS

Hopes of a quick US economic recovery are fading as coronavirus infections showed few signs of slowing.

That means the economy could capitulate without fresh support from the government, with some of earlier steps such as enhanced jobless benefits due to expire this month.

Investors hope US Congress will agree on a deal before its summer recess but there are some sticking points including the size of the stimulus and enhanced unemployment benefits.

US Treasury Secretary Steve Mnuchin said the package will contain extended unemployment benefits with 70 percent "wage replacement".

Democrats, who control the House of Representatives, want enhanced benefits of $600 per week to be extended and look to much bigger stimulus compared with the Republicans' $1 trillion plan.

Investors are looking to corporate earnings from around the world for hints on the pace of recovery in the global economy.

"It looks like rising coronavirus cases are starting to slow down recovery in many countries," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

Concerns about the US economic outlook started to weigh on the dollar, reversing its inverse correlation with the economic well-being over the past few months.

The dollar index dropped 0.3 percent to its lowest level in nearly two years.

The euro gained 0.3 percent to $1.1693, hitting a 22-month high of $1.16590 as sentiment on the common currency improved after European leaders reached a deal on a recovery fund in a major step towards more fiscal co-operation.

Against the yen, the dollar slipped 0.5 percent to 105.605 yen, a four-month low while the British pound hit a 4 1/2-month high of $1.2832.

Oil prices dipped on worries about the worsening Sino-US relations.

Brent futures fell 0.46 percent to $43.14 per barrel while US crude futures lost 0.44 percent to $41.11.

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