US, India begin talks amid escalating trade tensions

Agencies
July 12, 2019

New Delhi, Jul 12: India and US trade officials held talks on Friday in a bid to resolve the pertaining trade differences.

The US delegations headed by Assistant USTR for India Christopher Wilson reached New Delhi on Thursday. The delegation also includes Deputy Assistant USTR Brendan Lynch.

The two sides are holding a comprehensive dialogue in the Commerce and Industry Ministry with the Additional Secretary. This is the first engagement between the two sides on trade issues after Prime Minister Narendra Modi met with Trump in Osaka on the sidelines of G20 Summit last month.

Trump has repeatedly raised the issue of India putting high import duties on American products. The trade tensions between the two nations escalated on June 5 when Washington rolled back the privileges that New Delhi was enjoying under their GSP or Generalised System of Preferences programme.

The GSP, implemented since 1974, is the largest and oldest US trade-preference scheme and it allows duty-free imports for thousands of products from designated beneficiary countries.

On its part, India had imposed retaliatory tariffs on 25 American goods, less than two weeks after the Trump administration announced an end to the preferential trade treatment for India.

Yesterday, India on Thursday said that it seeks very constructive and positive engagement with the US counterparts.

"Meeting with the US delegation is underway as we speak. There was a meeting followed by lunch, in the afternoon, and also it will resume again. It was decided in Osaka, where Prime Minister Modi and President Donald Trump met, that officials from both sides will meet to resolve all outstanding issues related to trade very soon," External Affairs Ministry spokesperson Raveesh Kumar said at the weekly briefing.

During the visit of US Secretary of State Mike Pompeo to New Delhi last month, India and the US had acknowledged there were issues between the two countries on trade and committed themselves to remove differences between them.

After talks with Pompeo, External Affairs Minister S Jaishankar had told the media that both the countries should take "constructive and pragmatic view" on the issues pertaining to trade.

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Agencies
July 28,2020

Kuala Lumpur, Jul 28: Malaysia's ex-leader Najib Razak was found guilty Tuesday in his first trial over the multi-billion-dollar 1MDB scandal, two years after the fraud contributed to the downfall of his long-ruling government.

The former prime minister could now face decades in jail after being convicted on all charges in the case related to the looting of sovereign wealth fund 1Malaysia Development Berhad.

Billions of dollars were stolen from the investment vehicle and spent on everything from high-end real estate to pricey art, while investment bank Goldman Sachs also became embroiled in the scandal.

Anger at the looting played a large part in the shock loss of Najib's long-ruling coalition in elections in 2018, and he was arrested and hit with dozens of charges following his defeat.

The verdict was a test of Malaysia's rule of law. It comes about five months after Najib's scandal-plagued party returned to power as part of a coalition, development observers had feared could affect the outcome of the case.

About 16 months after it began, the Kuala Lumpur High Court delivered the verdict in Najib's first trial, which centred on the transfer of 42 million ringgit ($9.9 million) from a former 1MDB unit, SRC International, into his accounts.

Najib had vehemently denied wrongdoing.

But Judge Mohamad Nazlan Mohamad Ghazali took apart all the arguments put forward by his defence, and found him guilty on the seven charges he faced.

"In conclusion, after considering all the evidence in this trial, I find the prosecution has successfully proven the case," the judge told the court.

The charges were one of abuse of power, three of criminal breach of trust and three of money-laundering.

The counts of abuse of power and criminal breach of trust are punishable by up to 20 years in jail each, while the money-laundering charges are punishable by up to 15 years each.

Sentencing was not handed down straight away. The 67-year-old will likely appeal and he may not be sent to jail immediately. If his conviction is upheld, he will also be barred from political office for several years.

Najib had insisted he was ignorant of the transactions.

The defence team portrayed Najib as a victim and instead sought to paint financier Low Taek Jho, a key figure in the scandal who has been charged in the US and Malaysia, as the mastermind.

Low, whose whereabouts are unknown, maintains his innocence.

Prosecutors insisted Najib was in control of the 1MDB unit, SRC International.

The return of Najib's party to power as part of a coalition in March followed the collapse of Mahathir Mohamad's reformist administration.

Since then, 1MDB-linked charges were unexpectedly dropped against the ex-leader's stepson Riza Aziz, a producer of Hollywood movie "The Wolf of Wall Street", in exchange for him agreeing to return assets to Malaysia.

Prosecutors also dropped dozens of charges against Najib ally Musa Aman, the former leader of Sabah state.

The amounts involved in Najib's first case are small compared to those in his second and most significant trial, which centres on allegations he illicitly obtained more than $500 million.

Malaysia had charged Goldman Sachs and some current and former staff, claiming large amounts were stolen when the bank arranged bond issues for 1MDB.

But the two sides agreed to a $3.9 billion settlement last week in exchange for charges being dropped.

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News Network
May 28,2020

May 28: Boeing is cutting more than 12,000 jobs through layoffs and buyouts as the coronavirus pandemic seizes the travel industry, and more cuts are coming.

One of the nation's biggest manufacturers will lay off 6,770 U.S. employees this week, and another 5,520 workers are taking buyout offers to leave voluntarily in the coming wee

Air travel within the U.S. tumbled 96% by mid-April, to fewer than 100,000 people on some days. It has recovered slightly. The Transportation Security Administration said it screened 264,843 people at airports on Tuesday, a drop of 89% compared with the same Tuesday a year ago.

Boeing had said it would cut 10% of a work force that numbered about 160,000. A Boeing spokesperson said Wednesday's actions represent the largest number of job cuts, but several thousand additional jobs will be eliminated in the next few months.

The layoffs are expected to be concentrated in the Seattle area, home to Boeing's commercial-airplanes business. The defense and space division is stable and will help blunt the impact of the decline in air travel and demand for passenger jets, the company said.

Boeing said additional job cuts will be made in international locations, but it did not specify numbers.

"The COVID-19 pandemic's devastating impact on the airline industry means a deep cut in the number of commercial jets and services our customers will need over the next few years, which in turn means fewer jobs on our lines and in our offices," CEO David Calhoun said Wednesday in a memo to employees.

Calhoun said the company faces the challenges of keeping employees safe and working with suppliers and airlines "to assure the traveling public that it can fly safe from infection."

Calhoun warned that Boeing will have to adjust business plans constantly because the pandemic makes it hard to predict the impact on the company's business.

Boeing's crisis began with two crashes of its 737 Max, which led regulators around the world to ground the jetliner last year. The company's problems have deepened with the coronavirus, which has cut global air traffic by up to 90% and caused airlines to postpone or cancel orders and deliveries for new planes.

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Agencies
June 24,2020

Washington, Jun 24: Twitter has once again flagged a tweet from US President Donald Trump which promoted violence by saying if protesters tried to set up an "autonomous zone" in Washington, DC they would be met with "serious force".

This is the fourth time Twitter has red flagged Trump's tweet for glorifying violence or violating its policies.

Trump has been critical of the "autonomous zone" in Seattle, an area occupied by protestors for much of this month.

"We've placed a public interest notice on this Tweet for violating our policy against abusive behaviour, specifically, the presence of a threat of harm against an identifiable group," Twitter's safety team tweeted late Tuesday.

Trump had tweeted: "There will never be an ‘Autonomous Zone' in Washington, D.C., as long as I'm your President. If they try they will be met with serious force!"

Twitter earlier labeled a video tweeted by him which mocked CNN as manipulated media.

According to Twitter, "this Tweet has been labeled per our synthetic and manipulated media policy to give people more context".

In May, Twitter labeled two Trump tweets that made false claims about mail-in ballots in California.

Twitter later labeled another Trump tweet glorifying violence in which he said, "when the looting starts, the shooting starts."

Facebook also removed a Trump campaign ad featuring a symbol used by Nazis for political dissenters, saying the ad violated its policies.

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