Singapore tops IMD World Competitiveness Index; India ranked 43rd

Agencies
June 16, 2020

India continues to remain ranked 43rd on an annual World Competitiveness Index compiled by Institute for Management Development (IMD) with some traditional weaknesses like poor infrastructure and insufficient education investment keeping its ranking low, the international business school said on Tuesday.

Singapore has retained its top position on the 63-nation list.

Denmark has moved up to the second position (from 8th last year), Switzerland has gained one place to rank 3rd, the Netherlands has retained its 4th place and Hong Kong has slipped to the fifth place (from 2nd in 2019).

The US has moved down to 10th place (from 3rd last year), while China has also slipped from 14th to 20th place. Among the BRICS nations, India is ranked second after China, followed by Russia (50th), Brazil (56th) and South Africa (59th).

India was ranked 41st on the IMD World Competitiveness Ranking, being produced by the business school based in Switzerland and Singapore every year since 1989, but had slipped to 45th in 2017 before improving to 44th in 2018 and then to 43rd in 2019.

While its overall position has remained unchanged in the 2020 list, it has recorded improvements in areas like long-term employment growth, current account balance, high-tech exports, foreign currency reserves, public expenditure on education, political stability and overall productivity, the IMD said.

However, it has moved down in areas like exchange rate stability, real GDP growth, competition legislation and taxes.

Arturo Bris, Head of Competitiveness Center at IMD Business School, said India continues to struggle on the list and the recent country rating downgrade by Moody’s reflects the uncertainties regarding the economy’s future.

"In our ranking this year, we again emphasize the traditional weaknesses of India -- poor infrastructure, an important deficit in education investment, and a health system that does not reach everybody. For India to follow the path of China, it must stress its intangible infrastructure," Bris said.

"In a less global world, with China, USA, and Europe looking inwards, currencies like the rupee (and the Brazilian real for instance) are going to suffer and display high volatilities.

"Moody’s has threatened the country with a downgrade to junk and that would put India in a terrible position to attract foreign capital. So the urgency for the government should be to fix the short-term problems—and this requires to improve the credibility of the government itself," Bris added.

With the exception of Singapore, the Philippines, Taiwan and the Korean Republic, most Asian economies dropped in rankings this year, the IMD said.

The reason for the Asian economies’ less stellar performance as a region, this year is partly the result of the trade frictions between China and the US, particularly because these economies are highly dependent on trade with China.

About Singapore, which moved to the top rank last year, the IMD said its position is largely driven by the relative ease of setting up business, availability of skilled labour and its cutting-edge technological infrastructure.

The IMD said the impact of COVID-19 on the competitiveness ranking has partially been captured by executives’ opinions about the effectiveness of the different health systems.

In the ASEAN countries included in the survey, only Singapore and Thailand have a positive performance in the effectiveness of the health infrastructure.

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News Network
July 18,2020

Global coronavirus infections passed 14 million on Friday, according to a Reuters tally, marking the first time there has been a surge of 1 million cases in under 100 hours.

The first case was reported in China in early January and it took three months to reach 1 million cases. It has taken just four days to climb to 14 million cases from 13 millionrecorded on July 13.

The United States, with more than 3.6 million confirmed cases, is still seeing huge daily jumps in its first wave of Covid-19 infections. The United States reported a daily global record of more than 77,000 new infections on Thursday, while Sweden has reported 77,281 total cases since the pandemic began.

Despite the surging cases, a cultural divide is growing in the country over wearing masks to slow the spread of the virus, a precaution routinely taken in many other nations.

U.S. President Donald Trump and his followers have resisted a full-throated endorsement of masks and have been calling for a return to normal economic activity and reopening schools despite the surging cases.

COVID-19 Pandemic Tracker: 15 countries with the highest number of coronavirus cases, deaths

Other hard-hit countries have “flattened the curve” and are easing lockdowns put in place to slow the spread of the novel virus while others, such as the cities of Barcelona and Melbourne, are implementing a second round of local shutdowns.

The number of cases globally is around triple that of severe influenza illnesses recorded annually, according to the World Health Organization.

The pandemic has now killed more than 590,000 people in almost seven months, edging towards the upper range of yearly influenza deaths reported worldwide. The first death was reported on Jan. 10 in Wuhan, China before infections and fatalities then surged in Europe and later in the United States.

The Reuters tally, which is based on government reports, shows the disease is accelerating the fastest in the Americas, which account for more than half the world’s infections and half its deaths.
In Brazil, more than 2 million people have tested positive including President Jair Bolsonaro, and more than 76,000 people have died.

India, the only other country with more than 1 millioncases, has been grappling with an average of almost 30,000 new infections each day for the last week.

Those countries were the main drivers behind the World Health Organization on Friday reporting a record one-day increase in global coronavirus cases of 237,743.

In countries with limited testing capacity, case numbers reflect only a proportion of total infections. Experts say official data likely under-represents both infections and deaths.

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Agencies
January 15,2020

Washington, Jan 15: The historic impeachment trial of US President Donald Trump will begin on Tuesday next week, Mitch McConnell, the leader of the Senate's Republican majority, has announced.

Earlier on Tuesday (January 14), Speaker Nancy Pelosi ended the standoff between the Senate and the Democratic-controlled House of Representatives saying that it would vote on next Tuesday to send the impeachment documents to the upper house so it can hold the trial on charges that Trump obstructed Congress and abused presidential powers.

This will be only the third time in the nation's history that a US president is tried after impeachment and Trump can expect to be acquitted like his two predecessors - Bill Clinton in 1998 and Andrew Johnson in 1868 - because there won't be a two-thirds majority to convict and remove him from office.

McConnel told reporters on Tuesday that preparations like swearing in the Senators as jurors for the trial could begin this week ahead of the formal start on next Tuesday.

"This Impeachment Hoax is an outrage," Trump tweeted, repeating his longstanding complaint about it, when the move to hold the trial finally appeared to gain traction.

"The American people deserve the truth and the Constitution demands a trial," Pelosi said.

She had held on to the Articles of Impeachment - the chargesheet against Trump - that the House voted on December 18 in a bid to pressure McConnell to accept her terms for holding the trial and in an attempt to get some Republican senators to break ranks on procedural matters.

But she has agreed to let the process move forward, without an agreement on the main Democratic demand to call in their witnesses at the trial and to introduce new evidence.

The House Intelligence Committee, which conducted the investigation against the president, on Tuesday released what it said was new evidence from Lev Parnas, a former associate of Trump's personal lawyer Rudy Giuliani. Parnas is facing criminal charges.

Pelosi said that starting the trial without witnesses or documents "a pure political cover-up."

The impeachment process is only an investigation by the House and the framing of the chargesheet for the Senate trial that will be presided over by Chief Justice John Roberts with the Senators as jurors and nominees of the House as prosecutors.

While there is no chance for removal of Trump from office, Democrats see the Senate trial as a propaganda mechanism ahead of the elections in November by giving the charges against Trump another public airing and turning voter opinion against Republican senators facing re-election.

Trump called for an outright dismissal of the impeachment by the Senate, but McConnell said, "There is little or no sentiment in the Republican conference for a motion to dismiss."

He added, "Our members feel that we have an obligation to listen to the arguments."

Trump tweeted that by not dismissing the impeachment out of hand, the Senate trial was giving "credence to a trial based on the no evidence, no crime" and "the partisan Democrat Witch Hunt credibility."

Pelosi had hoped to make some Republican senators break ranks with the leaders on the procedures for the trial and has partially succeeded in this as at least four of them appear open to witnesses being called.

While Trump's conviction and ouster from office is virtually impossible because of the two-thirds vote requirement in the 100-member Senate, only a simple majority is required on procedural matters. The Republicans have 53 members and four of them shifting positions could make a difference here.

McConnell appeared confident that he would have a hold on his party senators to set the rules for the trial.

Whether witnesses would be called to testify is still open as the Republicans have said that it would be decided when the trial starts.

The main sticking point is the Democrats demand to call their witnesses to testify at the trial.

The Democrats did not allow the Republicans to call their own witnesses to testify during the impeachment proceeding in the House and Republicans did not seem inclined to oblige them in the Senate.

Trump tweeted, "'We demand fairness' shouts Pelosi and the Do Nothing Democrats, yet the Dems in the House wouldn't let us have 1 witness, no lawyers or even ask questions."

The charges against Trump stem from a July phone call he had with Ukraine's President Volodymyr Zelensky in which he asked him as a "favour" to investigate former Vice President Joe Biden and his son Hunter.

Democrats say that this was an abuse power and amounted to inviting foreign interference in US elections as Biden is the leading candidate for the Democratic nomination to run against Trump in this year's election.

They also say that he withheld crucial military aid to Ukraine, a US ally against Russia, to pressure Zelensky and this endangered US national security. Trump said he delayed the aid to make sure the new government stomped out corruption.

Hunter Biden, who was made to leave the Navy because of alleged drug use and had no experience in the energy industry or in Ukrainian businesses was appointed a director of a gas company there and received monthly payments of $83,000, according to Republicans.

The former vice president, who was looking after Ukrainians affairs, had a prosecutor looking into gas company removed.

He and the Democrats say that it was because the prosecutor was corrupt, while Republicans see it as a conflict of interest.

The obstruction of Congress resulted from Trump's refusal to provide documents that the House demanded and allow some administration officials to testify at the House hearings.

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News Network
July 2,2020

Washington, Jul 2: Former US Ambassador to the UN, Nikki Haley, on Wednesday (local time) hailed India's action to ban 59 apps linked to Chinese firms including Tik Tok and said New Delhi is continuing to show it will not back down from China's aggression.

"Good to see India banning 59 popular apps owned by Chinese firms, including TikTok, which counts India as one of its largest markets. India is continuing to show it won't back down from China's aggression," Haley tweeted.

The Indian government on Monday announced that it had decided to block 59 apps in view of the information available that "they are engaged in activities which are prejudicial to sovereignty and integrity of India, defence of India, the security of the state and public order".

Information Technology Minister, Ravi Shankar Prasad said that the government has banned the apps for the safety, security, defense, sovereignty, and integrity of India.

Haley'='s remarks come after US Secretary of State Mike Pompeo welcomed India''s ban on the Chinese apps and stressed that the move would "boost India''s integrity and national security".

"We welcome India''s ban on certain mobile apps. India''s clean app approach will boost India's sovereignty and boost integrity and national security," Pompeo said.

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