Anti-terror operations to resume in Jammu and Kashmir: Rajnath

Paris, Mar 2: A global agency says the spreading new virus could make the world economy shrink this quarter, for the first time since the international financial crisis more than a decade ago.

The Organization for Economic Cooperation and Development says Monday in a special report on the impact of the virus that the world economy is still expected to grow overall this year and rebound next year.

But it lowered its forecasts for global growth in 2020 by half a percentage point, to 2.4 per cent, and said the figure could go as low as 1.5 per cent if the virus lasts long and spreads widely.

The last time world GDP shrank on a quarter-on-quarter basis was at the end of 2008, during the depths of the financial crisis. On a full-year basis, it last shrank in 2009.

The OECD said China's reduced production is hitting Asia particularly hard but also companies around the world that depend on its goods.

It urged governments to act fast to prevent contagion and restore consumer confidence.

The Paris-based OECD, which advises developed economies on policy, said the impact of this virus is much higher than past outbreaks because "the global economy has become substantially more interconnected, and China plays a far greater role in global output, trade, tourism and commodity markets."

New Delhi, Feb 24: They hail from vastly different backgrounds — Donald Trump is the son of a property tycoon while Narendra Modi is a descendant of a poor tea-seller.

Yet the two teetotallers, loved by right-wing nationalists in their home countries, share striking similarities that have seen them forge a close personal bond, analysts say.

Ahead of the American leader's first official visit to India, which begins in Modi's home state of Gujarat on Monday, the world's biggest democracy has gone out of its way to showcase the chemistry between them.

In Gujarat's capital Ahmedabad, large billboards with the words "two dynamic personalities, one momentous occasion" and "two strong nations, one great friendship" have gone up across the city.

"There's a lot that Trump and Modi share in common, and not surprisingly these convergences have translated into a warm chemistry between the two," Michael Kugelman of the Washington-based Wilson Center said.

"Personality politics are a major part of international diplomacy today. The idea of closed-door dialogue between top leaders has often taken a backseat to very public and spectacle-laden summitry."

Since assuming the top political office in their respective countries — Modi in 2014 and Trump in 2017 — the two men have been regularly compared to each other.

Trump, 73, and Modi, 69, both command crowds of adoring flag-waving supporters at rallies. A virtual cult of personality has emerged around them, with their faces and names at the centre of their political parties' campaigns.

A focus of Trump's administration has been his crackdown on migrants, including a travel ban that affects several Muslim-majority nations, among others, while critics charge that Modi has sought to differentiate Muslims from other immigrants through a contentious citizenship law that has sparked protests.

Both promote their countries' nationalist and trade protectionist movements — Trump with his "America First" clarion call and Modi with his "Make in India" mantra.

And while they head the world's largest democracies, critics have described the pair as part of a global club of strongmen that includes Russia's Vladimir Putin and Brazil's Jair Bolsonaro.

"There are many qualities that Trump and Modi share — a love for political grandstanding and an unshakable conviction that they can achieve the best solutions or deals," former Indian diplomat Rakesh Sood said.

Modi and Trump have sought to use their friendship to forge closer bonds between the two nations, even as they grapple with ongoing tensions over trade and defence.

Despite sharing many similarities in style and substance, analysts say there are some notable differences between the pair.

Modi is an insider who rose through the ranks of the Bharatiya Janata Party after starting out as a cadre in Rashtriya Swayamsevak Sangh.

Trump is a businessman and a political outsider who has in some sense taken over the Republican Party.

"Modi is a more conventional leader than is Trump in that he hasn't sought to revolutionise the office he holds in the way that Trump has," said Kugelman, a longtime observer of South Asian politics.

He added that genuine personal connections between leaders of both countries have helped to grow the partnership.

"George Bush and Manmohan Singh, Barack Obama and Singh, Obama and Modi, now Modi and Trump — there has been a strong chemistry in all these pairings that has clearly helped the relationship move forward," he added.

Trump has also stood by the Indian leader during controversial decisions, including his revocation of autonomy for Kashmir and his order for jets to enter Pakistani territory following a suicide bombing.

Analysts said the leaders would use the visit to bolster their image with voters.

A mega "Namaste Trump" rally in Ahmedabad on Monday will be modelled after the "Howdy, Modi" Houston extravaganza last year when the Indian leader visited the US and the two leaders appeared before tens of thousands of Indian-Americans at a football stadium.

"The success of this visit... will have a positive impact on his (Trump's) re-election campaign and the people of Indian origin who are voters in the US — a majority of them are from Gujarat," former Indian diplomat Surendra Kumar said.

"On the Indian side, the fact that Prime Minister Modi... (shares) such warmth, bonhomie and informality with the most powerful man on Earth adds to his stature... as well as with hardcore supporters."

London, Jul 10: India's Reliance will load its first cargo of Venezuelan crude in three months this week in exchange for diesel under a swap deal the parties say is permitted under the US sanctions regime on the Latin American country, according to a Reliance source and a shipping document from state oil firm PDVSA.

Washington has exempted some Venezuelan oil trade from sanctions when transactions are in exchange for fuel and food or to repay debts rather than for cash. But that trade slowed as the US tightened restrictions and refiners, shippers and insurers have been steering clear of Venezuela to avoid any risk they may fall foul of sanctions.

Washington aims to deprive Venezuelan socialist President Nicolas Maduro of his main source of revenue with the sanctions, which have driven Venezuelan oil exports to their lowest level since the 1940s.

Reliance gave the US State Department and the Office of Foreign Assets Control (OFAC) notice of the diesel swap and received word back that the policies that allowed the transaction were still in place, the Reliance source told Reuters.

Reliance has previously said that its supplies of fuel to PDVSA in exchange for crude were permitted under sanctions.

An oil tanker named Commodore would load the cargo of crude in Venezuela and ship it to India, the tanker's manager NGM Energy said.

"All details of the transaction and transportation were shared with US authorities, who confirmed that the U.S. policy authorizing such transactions remained in place," NGM Energy said in a statement to Reuters.

"The shipment is made in connection with the humanitarian exchange of oil for diesel fuel."

The Commodore is loading a 1.9-million barrel cargo of crude for Reliance at Venezuela's main oil port of Jose, according to an internal PDVSA cargo schedule seen by Reuters.

The Liberian-flagged Commodore was at the Jose Terminal on Thursday, ship tracking data on Refinitiv Eikon showed.

The US State Department, Treasury's enforcement arm OFAC, and PDVSA did not immediately respond to a request for comment.

Reliance has a swap deal to provide diesel to Venezuela in exchange for fuel but has not received a cargo of crude since April. Sources at Indian refiners told Reuters earlier this year they planned to wind down their purchases of Venezuelan oil to avoid any problems with supply due to sanctions.

Other long-time customers of PDVSA, including Italy's Eni and Spain's Repsol, have continued taking cargoes of Venezuelan crude this year under permission granted by the US Treasury Department to exchange the oil for diesel supply as part of debt repayment deals, according to sources from the companies.

NGM Energy also manages the Voyager I tanker, which the United States removed from its list of sanctioned vessels last week after NGM and the ship's owner Sanibel Shiptrade said they would increase measures to ensure vessels complied with international sanctions.

"Last month, NGM Energy SA adopted a firm policy of not allowing vessels under its commercial management to trade to Venezuela, or to carry Venezuelan petroleum cargoes, absent US government authorization," NGM said.

"NGM continues to stand by that pledge."