Effect of global slowdown 'more pronounced' in India: IMF chief

Agencies
October 9, 2019

Washington, Oct 9: As the global economy is witnessing "synchronised slowdown", the effect is "more pronounced" this year in some of the largest emerging market economies like India, said the new International Monetary Fund (IMF) Managing Director, Kristalina Georgieva.

Georgieva pointed out that the widespread deceleration means that growth in 2019-20 will fall to its "lowest rate" since the beginning of the decade. Almost 90 per cent of the world will face slower growth, she said on Tuesday.

"Two years ago, the global economy was in a synchronized upswing. Measured by GDP, nearly 75 per cent of the world was accelerating. The global economy is now in a synchronised slowdown. In 2019, we expect slower growth in nearly 90 per cent of the world," said Georgieva in her first speech as managing director of the International Monetary Fund.

"In the United States and Germany, unemployment is at historic lows. Yet across advanced economies, including in the US, Japan, and especially the Euro area, there is a softening of economic activity. In some of the largest emerging market economies, such as India and Brazil, the slowdown is even more pronounced this year," she said.

The IMF Managing Director said that global trade growth has come to a "near standstill."

The IMF had cut its projection for India's economic growth by 0.3 percentage points to 7 per cent for the fiscal year 2019-20 owing to the "weaker-than-expected outlook" for the domestic demand.

Kristalina Georgieva, who this month took over leadership at the IMF from Christine Lagarde, said that currencies are once again in the spotlight and Disputes now extend between multiple countries and into other critical issues.

"Even if growth picks-up in 2020, the current rifts could lead to changes that last a generation -- broken supply chains, siloed trade sectors, a "digital Berlin Wall" that forces countries to choose between technology systems," she said.

Amid rising trade war between the countries which is generally fought through tariffs and counter-tariffs, the chief called for nations to work together and said: "Everyone loses in a trade war".

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Agencies
June 2,2020

Washington, Jun 2: There is no place for hate and racism in the society, Microsoft CEO Satya Nadella has said, asserting that empathy and shared understanding are a start, but more needs to be done. Nadella’s remarks come in the wake of the custodial death of George Floyd, a 46-year-old African-American man who was pinned to the ground in Minneapolis on May 25 by a white police officer who kneeled on his neck as he gasped for breath.

“There is no place for hate and racism in our society. Empathy and shared understanding are a start, but we must do more,” Nadella said in a tweet on Monday.

“I stand with the Black and African American community and we are committed to building on this work in our company and in our communities,” Nadella said.

A day earlier, Google CEO Sunder Pichai expressed solidarity with the African-American community.

“Today on US Google & YouTube homepages we share our support for racial equality in solidarity with the Black community and in memory of George Floyd, Breonna Taylor, Ahmaud Arbery & others who don’t have a voice,” Pichai wrote on Twitter on Sunday.

“For those feeling grief, anger, sadness & fear, you are not alone,” Pichai said, sharing a screenshot of the Google search home page which said, “We stand in support of racial equality, and all those who search for it.”

Nadella’s Microsoft also said they will be using the platform to amplify voices from the Black and African American community at the company.

Nadella had also spoken out a few months ago about the discriminatory Citizenship Amendment Act passed in his native country. Talking to BuzzFeed’s editor-in-chief, Ben Smith, in Manhattan, Nadella said what’s happening in the country is “sad.”

“I think what is happening is sad. I feel, and in fact quite frankly, now being informed (and) shaped by the two amazing American things that I’ve observed which is both, it’s technology reaching me where I was growing up and its immigration policy and even a story like mine being possible in a country like this.

“I think, it’s just bad, if anything, I would love to see a Bangladeshi immigrant who comes to India and creates the next unicorn in India or becomes the CEO of Infosys. That should be the aspiration. If I had to sort of mirror what happened to me in the US, I hope that’s what happens in India,” Microsoft’s India-born CEO was quoted as saying by BuzzFeed.

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Agencies
July 2,2020

Ramallah, Jul 2: Several world countries renew a call for Israel to halt contentious plans to annex parts of the occupied Palestinian territory after the regime delayed the implementation of the land garb bid in the face of a series of stumbling blocks, including internal rifts, global criticisms and the US’s failure to give Tel Aviv the go-ahead for the move.

Israel's ruling coalition, led by Prime Minister Benjamin Netanyahu, had announced July 1 as the date to begin moving forward with the plan to impose Tel Aviv’s “sovereignty” over about a third of the West Bank, including settlements and the fertile Jordan Valley.

Without clarifications, the regime, however, failed to launch the scheme on the set date amid widening differences between Netanyahu and his coalition partner, minister of military affairs Benny Gantz.

Meanwhile, there are signs that the administration of US President Donald Trump, a staunch Israel supporter, has cooled its backing for the Israeli move amid what is believed to be troubles at home and fears that it might hurt the president’s chances of re-election besides international pressure.

On Wednesday, Netanyahu's office said in a statement that he would continue to discuss a possible West bank annexation with the US administration.

“In the coming days there will be additional discussions,” the statement said.

Labor, Social Affairs and Social Services Minister Ofir Akunis said the Israel would annex portions of the West Bank in July but only after the US president issued a declaration on the matter.

The annexation “will only happen after a declaration by Trump,” he told Israeli Army Radio.

Trump had already given Tel Aviv the green light for the land grab in his self-proclaimed “deal of the century,” which was unveiled in January with the aim of re-drawing the Middle East map.

However, the Trump administration has so far refrained from offering official support for the annexation sought by Netanyahu and his right-wing allies.

Unlike the US, several countries, including some of Israel’s allies, have expressed their opposition to Israel’s planned push to consolidate its occupation of Palestine.

Germany passes anti-annexation resolution

On Wednesday, the German parliament approved a resolution calling on the government to dissuade Israel from annexing the West Bank.

The motion, which was brought in the German legislature by the three parties in Chancellor Angela Merkel's coalition, was approved without opposing votes. 

Berlin should use its “special relations and contacts [with Tel Aviv] to express to the Israeli government our concerns and our urgent demand to refrain from an annexation of parts of the West Bank and from the continued expansion of settlements, both of which contradict international law,” read the resolution.

Speaking at the parliamentary debate before the vote, German Foreign Minister Heiko Maas said, “We reject unilateral changes of borders, and we won’t recognize them.”

He also stressed that peace “cannot be achieved through unilateral steps but only through serious negotiations.”

France warns of consequences

Similarly, French Foreign Minister, Jean-Yves Le Drian warned that any Israeli annexation would be a violation of international law and would bring about consequences.

“Annexation of Palestinian territories, whatever the perimeters, would seriously throw into question the parameters to resolve the conflict,” he told a parliamentary hearing. 

The top diplomat added, “An annexation decision could not be left without consequences and we are examining different options at a national level and also in coordination with our main European partners.”

Australia raises concerns

Additionally, Australian Foreign Minister Marise Payne voiced worries about the Israeli scheme, saying she had directly expressed this view to Israeli Foreign Minister Gabi Ashkenazi.

“We are following with concern possible moves towards the unilateral annexation or change in status of territory on the West Bank,” she said in a statement.

“The focus needs to be on a return to direct and genuine negotiations between Israel and the Palestinians for a durable and resilient peace arrangement, as soon as possible,” Payne added.

Vatican summons US, Israeli envoys

Meanwhile, the Vatican announced on Wednesday that it had summoned the American and Israeli ambassadors to protest Israel’s annexation bid.

In separate meetings, Vatican Secretary of State Cardinal Pietro Parolin told Israeli Ambassador Oren David and US Ambassador Callista Gingrich of concerns “regarding possible unilateral actions that may further jeopardize the search for peace between Israelis and Palestinians, as well as the delicate situation in the Middle East,”

“As already declared … the Holy See reiterates that ... Israel and the State of Palestine have the right to exist and to live in peace and security, within internationally recognized borders,” the Vatican said in a statement.

“It thus appeals to the parties to do everything possible to reopen the process of direct negotiation, on the basis of the relevant Resolutions of the United Nations,” it added.

Amnesty urges firm action

Amnesty International called on the international community to take firm action against Israel’s annexation plan and its “law of the jungle” mentality.

“Members of the international community must enforce international law and restate that annexation of any part of the occupied West Bank is null and void,” said Saleh Higazi, deputy regional director for Amnesty Middle East and North Africa.

“They must also work to immediately stop the construction or expansion of illegal Israeli settlements and related infrastructure in the Occupied Palestinian Territories as a first step towards removing Israeli civilians living in such settlements,” he added.

Palestinians mark ‘Day of Rage'

Also on Wednesday, Palestinians held “Day of Rage” rallies both in the West Bank and the Gaza Strip against the Israeli expansionism.

In Gaza city, several thousand protesters gathered, some brandishing Palestinian national flags and placards condemning Trump.

Some demonstrators carried signs in English reading, “We Can’t Breathe Since 1948” and “Palestinian Lives Matter,” in reference to the American Black Lives Matter movement.

“The occupation has killed us and killed our children and deprived us of a good life. May God grant the Resistance victory,” a protester told the al-Aqsa TV.

“The resistance must be revived,” Gaza protester Rafeeq Inaiah told media persons. “Israel is afraid of force.”

Similar demonstrations also took place in the West Bank cities of Ramallah and Jericho.

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News Network
February 24,2020

Beijing, Feb 24: The lockdown of Guo Jing's neighbourhood in Wuhan -- the city at the heart of China's new coronavirus epidemic -- came suddenly and without warning.

Unable to go out, the 29-year-old is now sealed inside her compound where she has to depend on online group-buying services to get food.

"Living for at least another month isn't an issue," Guo told news agency, explaining that she had her own stash of pickled vegetables and salted eggs.

But what scares her most is the lack of control -- first, the entire city was sealed off, and then residents were limited to exiting their compound once every three days.

Now even that has been taken away.

Guo is among some 11 million residents in Wuhan, a city in central Hubei province that has been under effective quarantine since January 23 as Chinese authorities race to contain the epidemic.

Since then, its people have faced a number of tightening controls over daily life as the death toll from the virus swelled to over 2,500 in China alone.

But the new rules this month barring residents from leaving their neighbourhoods are the most restrictive yet -- and for some, threaten their livelihoods.

"I still don't know where to buy things once we've finished eating what we have at home," said Pan Hongsheng, who lives with his wife and two children.

Some neighbourhoods have organised group-buying services, where supermarkets deliver orders in bulk.

But in Pan's community, "no one cares".

"The three-year-old doesn't even have any milk powder left," Pan told news agency, adding that he has been unable to send medicine to his in-laws -- both in their eighties -- as they live in a different area.

"I feel like a refugee."

The "closed management of neighbourhoods is bound to bring some inconvenience to the lives of the people", Qian Yuankun, vice secretary of Hubei's Communist Party committee, said at a press briefing last week.

Authorities on Monday allowed healthy non-residents of the city to leave if they never had contact with patients, but restrictions remained on those who live in Wuhan.

Demand for group-buying food delivery services has rocketed with the new restrictions, with supermarkets and neighbourhood committees scrambling to fill orders.

Most group-buying services operate through Chinese messaging app WeChat, which has ad-hoc chat groups for meat, vegetables, milk -- even "hot dry noodles", a famous Wuhan dish.

More sophisticated shops and compounds have their own mini-app inside WeChat, where residents can choose packages priced by weight before orders are sent in bulk to grocery stores.

In Guo's neighbourhood, for instance, a 6.5-kilogramme (14.3-pound) set of five vegetables, including potatoes and baby cabbage, costs 50 yuan ($7.11).

"You have no way to choose what you like to eat," Guo said. "You cannot have personal preferences anymore."

The group-buying model is also more difficult for smaller communities to adopt, as supermarkets have minimum order requirements for delivery.

"To be honest, there's nothing we can do," said Yang Nan, manager of Lao Cun Zhang supermarket, which requires a minimum of 30 orders.

"We only have four cars," she said, explaining that the store did not have the staff to handle smaller orders.

Another supermarket told AFP it capped its daily delivery load to 1,000 orders per day.

"Hiring staff is difficult," said Wang Xiuwen, who works at the store's logistics division, adding that they are wary about hiring too many outsiders for fear of infection.

Closing off communities has split the city into silos, with different neighbourhoods rolling out controls of varying intensity.

In some compounds, residents have easier access to food -- albeit a smaller selection than normal -- and one woman said her family pays delivery drivers to run grocery errands.

Her compound has not been sealed off either, the 24-year-old told AFP under condition of anonymity, though they are limited to one person leaving at a time.

Some districts have implemented their own rules, such as prohibiting supermarkets from selling to individuals, forcing neighbourhoods to buy in bulk or not at all.

"In the neighbourhood where I live, the reality is really terrible," said David Dai, who is based on the outskirts of Wuhan.

Though his apartment complex has organised group-buying, Dai said residents were unhappy with price and quality.

"A lot of tomatoes, a lot of onions -- they were already rotten," he told , estimating over a third of the food had to be thrown away.

His family must "totally depend" on themselves, added the 49-year-old, who has resorted to saving and drying turnip skins to add nutrients to future meals.

The uncertainty of not knowing when the controls will be lifted is also frustrating, said Ma Chen, a man in his 30s who lives alone.

"I have no way of knowing how much (food) I should buy."

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