N Korea leader Kim Jong Un says he will complete nuke program

Agencies
September 16, 2017

Seoul, Sept 16: North Korea leader Kim Jong Un said the country is nearing its goal of "equilibrium" in military force with the United States, as the United Nations Security Council strongly condemned the North's "highly provocative" ballistic missile test.

The North's official Korean Central News Agency carried Kim's comments today a day after US and South Korean militaries detected the missile launch from the North Korean capital of Pyongyang.

It travelled 3,700 kilometres as it flew over Japan before landing in the northern Pacific Ocean. It was the country's longest-ever test flight of a ballistic missile.

The North has confirmed the missile as an intermediate range Hwasong-12, the same model launched over Japan on August 29.

The KCNA said Kim expressed great satisfaction over the launch, which he said verified the "combat efficiency and reliability" of the missile and the success of efforts to increase its power.

While the English version of the report was less straightforward, the Korean version quoted Kim as declaring the missile as operationally ready. He vowed to complete his nuclear weapons program in the face of strengthening international sanctions, the agency said.

The UN Security Council accused North Korea of undermining regional peace and security by launching its latest missile over Japan and said its nuclear and missile tests "have caused grave security concerns around the world" and threaten all 193 UN member states.

Kim also said the country, despite "limitless" international sanctions, has nearly completed the building of its nuclear weapons force and called for "all-state efforts" to reach the goal and obtain a "capacity for nuclear counterattack the US cannot cope with."

"As recognised by the whole world, we have made all these achievements despite the UN sanctions that have lasted for decades," the agency quoted Kim as saying.

Kim said the country's final goal "is to establish the equilibrium of real force with the US and make the US rulers dare not talk about military option for the DPRK," referring to North Korea's official name, the Democratic People's Republic of Korea.

He indicated that more missile tests would be forthcoming, saying that all future drills should be "meaningful and practical ones for increasing the combat power of the nuclear force" to establish an order in the deployment of nuclear warheads for "actual war."

Prior to the launches over Japan, North Korean had threatened to fire a salvo of Hwasong-12s toward Guam, the US Pacific island territory and military hub the North has called an "advanced base of invasion."

The Security Council stressed in a statement after a closed-door emergency meeting that all countries must "fully, comprehensively and immediately" implement all UN sanctions.

Japan's UN Ambassador Koro Bessho called the missile launch an "outrageous act" that is not only a threat to Japan's security but a threat to the world as a whole."

Bessho and the British, French and Swedish ambassadors demanded that all sanctions be implemented.

Calling the latest launch a "terrible, egregious, illegal, provocative reckless act," Britain's UN Ambassador Matthew Rycroft said North Korea's largest trading partners and closest links a clear reference to China must "demonstrate that they are doing everything in their power to implement the sanctions of the Security Council and to encourage the North Korean regime to change course."

France's Foreign Ministry said in a statement that the country is ready to work on tougher UN and EU measures to convince Pyongyang that there is no interest in an escalation, and to bring it to the negotiating table.

Friday's launch followed North Korea's sixth and most powerful nuclear test on September 3 in what it described as a detonation of a thermonuclear weapon built for its developmental intercontinental ballistic missiles.

The North flight tested its Hwasong-14 ICBMs twice in July and analysts say the missiles could potentially reach deep into the US mainland when perfected.

The growing frequency, power and confidence displayed by Pyongyang's nuclear and missile tests seem to confirm what governments and outside experts have long feared: North Korea is closer than ever to its goal of building a military arsenal that can viably target US troops both in Asia and in the US homeland.

This, in turn, is meant to allow North Korea greater military freedom in the region by raising doubts in Seoul and Tokyo that Washington would risk the annihilation of a US city to protect its Asian allies.

South Korean President Moon Jae-in, a liberal who initially pushed for talks with North Korea, said its tests currently make dialogue "impossible."

"If North Korea provokes us or our allies, we have the strength to smash the attempt at an early stage and inflict a level of damage it would be impossible to recover from," he said.

Robust international diplomacy on the issue has been stalled for years, and there's so far little sign that senior officials from North Korea and the US might sit down to discuss ways to slow the North's determined march toward inclusion among the world's nuclear weapons powers.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
February 2,2020

Feb 2: Prime Minister Narendra Modi’s second budget in seven months disappointed investors who were hoping for big-bang stimulus to revive growth in Asia’s third-largest economy.

The fiscal plan -- delivered by Finance Minister Nirmala Sitharaman on Saturday -- proposed tax cuts for individuals and wider deficit targets but failed to provide specific steps to fix a struggling financial sector, improve infrastructure and create jobs. Stocks slumped as a proposal to scrap the dividend distribution tax for companies failed to impress investors.

"Far from being a game changer, the budget provides little in terms of short-term growth stimulus,” said Priyanka Kishore, head of India and South East Asia economics at Oxford Economics Ltd. in Singapore. “While income tax cuts will provide some relief on the consumption front, the multiplier effect is low and the overall stance of the budget is not expansionary."

India has gone from being the world’s fastest-growing major economy three years ago, expanding at 8%, to posting its weakest performance in more than a decade this fiscal year, estimated at 5%.

While the government has taken a number of steps in recent months to spur growth, they’ve fallen short of spurring demand in the consumption-driven economy. Saturday’s budget just added to the glum sentiment.

Okay Budget

“It’s an okay budget but not firing on all cylinders that the market was hoping for,” said Andrew Holland, chief executive officer at Avendus Capital Alternate Strategies in Mumbai.

The government had limited scope for a large stimulus given a huge shortfall in revenues in the current year. The slippage induced Sitharaman to invoke a never-used provision in fiscal laws, allowing the government to exceed the budget gap by 0.5 percentage points. The result: the deficit for the year ending March was widened to 3.8% of gross domestic product from a planned 3.3%.

On Friday, India’s chief economic adviser Krishnamurthy Subramanian said reviving economic growth was an “urgent priority” and deficit goals could be relaxed to achieve that. The adviser’s Economic Survey estimated growth will rebound to 6%-6.5% in the year starting April.

The fiscal gap will narrow to 3.5% next year, as the government budgeted for gross market borrowing to rise marginally to 7.8 trillion rupees from 7.1 trillion rupees in the current year. A plan to earn 2.1 trillion rupees by selling state-owned assets in the year starting April will also help plug the deficit.

Total spending in the coming fiscal year will increase to 30.4 trillion rupees, representing a 13% increase from the current year’s budget, according to latest data.

Key highlights from the budget:

* Tax on annual income up to 1.25 million rupees pared, with riders

* Dividend distribution tax to be levied on investors, instead of companies

* Farm sector budget raised 28%, transport infrastructure gets 7% more

* Spending on education raised 5%

* Fertilizer subsidy cut 10%

Analysts said the muted spending plan to keep the deficit in check will lead to more downside risks to growth in the coming months.

“It is very doubtful that the increase in expenditure will push demand much,” Chakravarthy Rangarajan, former governor at the Reserve Bank of India told BloombergQuint, adding that achieving next year’s budget deficit goal of 3.5% of GDP was doubtful.

With the government sticking to a conservative fiscal path, the focus will now turn to central bank, which is set to review monetary policy on Feb. 6. Given inflation has surged to a five-year high of 7.35%, the RBI is unlikely to lower interest rates.

What Bloomberg’s Economists Say:

The burden of recovery now falls solely on the Reserve Bank of India. With inflation breaching RBI’s target at present, any rate cuts by the central bank are likely to be delayed and contingent upon inflation falling below the upper end of its 2%-6% target range.

-- Abhishek Gupta, India economist

Governor Shaktikanta Das may instead focus on unconventional policy tools such as the Federal Reserve-style Operation Twist -- buying long-end debt while selling short-tenor bonds -- to keep borrowing costs down.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
March 28,2020

Canadian researchers are developing a DNA vaccine for SARS-CoV-2, the coronavirus that causes COVID-19 and has currently infected nearly 5,00,000 people worldwide and crippled the global economy.

Entos Pharmaceuticals, a health-care biotechnology company headed by a University of Alberta researchers, develop new therapeutic compounds using the company's proprietary drug-delivery platform and has begun manufacturing vaccine candidates against the novel coronavirus.

"Given the urgency of the situation, we can have a lead candidate vaccine within two months. Once we have that it's a race to get it into clinical trials," said John Lewis, CEO of Entos and a Professor at the University of Alberta in Canada.

Lewis said in comparison to a traditional vaccine, DNA-based vaccines hold several advantages.

Nucleic acids are introduced directly into the patient's own cells, causing them to make pieces of the virus--tricking the immune system into mounting a response without the full virus actually being present, the researcher said.

According to the company, the approach is recognised as being easier to move into large-scale manufacturing, offers improved vaccine stability and works without needing an infectious agent.

In the current absence of a vaccine for COVID-19, several companies around the world are mounting efforts to begin similar work.

The first clinical trial using a DNA-based vaccine developed by Moderna Inc.in the US on March 13.

Their approach allows for antibodies to be made in the human trial volunteers against a specific protein on the surface of the coronavirus that lets the virus enter human cells.

The hope is that the antibodies will stop the interaction.

Though this approach is designed to be effective against COVID-19 specifically, Lewis said Entos is taking a different tack.

The company plans to use plasmid DNA to amplify the production of key coronavirus surface and structural proteins with each injection, with an eye to the bigger picture.

"Many of the structural proteins in the virus are pretty well conserved across all the coronaviruses, including SARS and MERS," said Lewis.

"We're hoping that if we express more of the structural proteins that are common to most coronaviruses, we can inhibit the current COVID-19, and also potentially protect against all coronaviruses both past and future," Lewis added.

To move the project forward quickly, the company is seeking financial support from both provincial and federal levels of government.

"We have the opportunity to save a lot of lives, and I think it's really upon us and governments to find solutions for that," Lewis said.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
January 25,2020

Jammu, Jan 25: People in Jammu and Kashmir expressed happiness over the restoration of mobile data services and internet access through fixed-line across the Union Territory on Saturday.

Speaking to ANI Jitendra Sharma, a resident of Jammu said, "The government has taken a good decision. People had been facing hardship for a long period and I think it will improve further."

"It is a big relief to people. People can finish their pending work. I hope that 4G services will also be resumed soon," said a resident of Kashmir.

The internet speed is restricted to 2G only.

"Access shall be limited only to whitelisted sites and not to any social media applications allowing peer to peer communication and virtual private network applications. Directions shall be effective from January 25 and will remain in force till January 31," the statement by the government read.

Earlier on January 15, 2G services were reinstated in Jammu, Samba, Kathua, and Udhampur for white-listed sites.

The Central government had suspended the internet in the region following the abrogation of Article 370 of the Constitution on August 5 last year, which conferred special status to the erstwhile state of Jammu and Kashmir, and its bifurcation into two Union Territories -- Ladakh, and Jammu and Kashmir.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.