Month: July 2024

Categories
Economy India News Politics

Stalin lashes out at Centre, calls union budget a revenge

Stalin said that generally even the BJP government used to make salutations to saint Tiruvallur and Tirukkural during the budget speech but it was not done this time…reports Asian Lite News

Tamil Nadu Chief Minister, MK Stalin, has boycotted the NITI Aayog meeting being held in New Delhi on Saturday.  Stalin, in an emotional video statement on Saturday said that the Union government was victimising people of states that did not vote for the BJP and NDA in the Lok Sabha elections by neglecting them in the Union Budget.

He said that Tamil Nadu was a classic example of this step-motherly treatment by the Union government in the recent budget. The TN CM in a hard-hitting speech said that Union Finance Minister Nirmala Sitharaman did not utter a single word on Tamil Nadu during the entire speech.

Stalin said that generally even the BJP government used to make salutations to saint Tiruvallur and Tirukkural during the budget speech but it was not done this time. He added that it was good that in a budget which disregarded Tamil Nadu there was no mention of Tiruvallur and Tirukkural that are the pride of the state.

Stalin said that his government was following the policy of equality for all in the state budget, including those who did not vote and those who did vote for the ruling party. He said that the central government was only for those who had voted for the BJP and the NDA.

Stalin said that Tamil Nadu had suffered immensely last year due to two back-to-back cyclones leading to heavy rains and floods and other natural calamities that resulted in major destruction and loss of lives. He added that Tamil Nadu was expecting a compensation of at least Rs 35,000 crore, but the Union government allocated a meager Rs 276 core in the budget and that too from the NDRF funds sanctioned for the state.

Stalin said that Union Home Minister Amit Shah had hurriedly laid the foundation stone for the second phase of Chennai Metro but added that not a single rupee was earmarked for this project in the present Union budget also. He said that there was not even a mention of Coimbatore and Madurai metro rails in this year’s budget.

Stalin said that a couple of days before the Union budget was presented he had put the requirements of the state on his social media for the Centre to consider, but the state had to face disappointment. He said that Tamil Nadu had implemented several social welfare schemes that were models for the entire nation and added that this was the merit of the Dravidian model of governance that had people and their welfare as priorities.

The CM also said that the Centre did not allocate any funds for the education sector of Tamil Nadu as it had not joined the NEP. Stalin said that the BJP government was only keen on implementing its ideology and imposing Hindi and was not bothered about the people of Tamil Nadu and their well-being, hence the state was boycotting the NITI Aayog meeting in New Delhi.

ALSO READ: Mamata walks out from NITI Aayog meeting

Categories
-Top News India News Politics

Mamata walks out from NITI Aayog meeting

South Dinajpur: West Bengal Chief Minister Mamata Banerjee speaks during an election campaign rally for Lok Sabha polls, in South Dinajpur, Sunday, April 21, 2024.(IANS)

Mamata further said that she hit out at the central government and said that the Centre only gives directives and paste posters, but the work has to be done by the states….reports Asian Lite News

After crashing out of the Niti Aayog meeting chaired by Prime Minister Narendra Modi midway, West Bengal Chief Minister Mamata Banerjee accused the Centre of “insulting Bengal” by interrupting her speech after five minutes, adding that it was a deliberate attempt to “malign the Opposition”.

Accusing the Centre of favouring BJP-ruled states by providing them privileges and packages, Mamata Banerjee said, “I said whatever I could in the 3 to 4 minutes that I got. In the entire country, the way in which all the opposition-ruled states have been neglected and BJP ruled states and their alliance members have been favoured, we don’t have any objection if any state is given more money but this is not acceptable that someone will get and someone will not get at all.”

The Chief Minister defended her decision of boycotting the meeting and said that she should have been given extra time as she was representing the entire opposition.

Mamata Banerjee said, “I was the only one from the Opposition ruled states who had gone there. They should have given me 30 minutes…At the beginning of the meeting, Rajnath Singh said that everyone should present their views in 5-7 minutes but I was not even given 7 minutes to speak. Their people were given 20 minutes, they got special packages and privileges but others got 0 minutes. I did the right thing by boycotting the meeting. I will not let them insult Bengal. I stand strongly with the Opposition parties running the government in other states.”

She further said that she hit out at the central government and said that the Centre only gives directives and paste posters, but the work has to be done by the states.

“Covid was handled by the states. The Centre only gave directives. Field work has to be done by states. All the incidents have to be handled by the states so if the states become paralyzed, then the Centre will also bear the brunt. Our 1 lakh, 71 thousand crore rupees is pending and this amount will rise. Food subsidy is stopped, payment for 100 days of work, Gramin Awas Yojana work is stopped. During the election, they said 3 crore houses have been built, all are lies,” she added.

Taking a swipe at Prime Minister Narendra Modi, Mamata Banerjee said,”He (Prime Minister) has been counting it (the houses built under PMAY) since Independence. Whatever roads have been built has been done by him, but he forgot that the BJP was not in power since Independence. While I was speaking, they continuously kept ringing the bell.”

The West Bengal CM further said, “Chandrababu Naidu presented his views for 20 minutes in the meeting, Chief Ministers of Assam, Arunachal, Chhattisgarh, and Goa also presented their views for 15-20 minutes but I spoke only for 5 minutes, and people started interrupting me by ringing the bell, I said okay, you don’t want to listen to Bengal and I boycotted the meeting and left because Bengal is being deprived and they don’t want to listen.”

She further said that she also spoke about the Indo-Bhutan River Commission.

“The water that comes from Bhutan in that North Bengal, Jalpaiguri, faces the flood. In the issue regarding Teesta waters, India and Bangladesh are involved but the stakeholder is Bengal. If Teesta Waters is gone, people of North Bengal will not get drinking water. Farakka Barrage and DVC have become dry, and dredging does not take place. DVC can hold more water upto 4 lakh cuses metric tonnes but due to lack of dredging even in less rainfall it gets flooded. Water enters Bankura, Hoogly, Birbhum, Bardhaman and Howrah,” she added.

Nirmala refutes Mamata’s claim

Union Finance Minister Nirmala Sitharaman on Saturday rejected West Bengal Chief Minister Mamata Banerjee’s claim that her microphone was switched off while she was speaking at the NITI Aayog meeting and said that every chief minister was “allotted due time to speak”.

While speaking to reporters, the West Bengal Chief Minister alleged “political discrimination” and said that at the NITI Aayog meeting which was chaired by Prime Minister Narendra Modi, she was not allowed to speak for more than five minutes while other chief ministers were given more time.

“CM Mamata Banerjee attended the Niti Aayog meeting. We all heard her. Every CM was given the allotted time, and that was displayed on the screen, which was present before every table. We could see that two tables have a screen before us. She said in the media that her mic was turned off. That is completely false. Every CM was given their due time to speak,” the Finance Minsiter told ANI.

Sitharaman said that it is “unfortunate” that the West Bengal CM is making such claims, adding that the government is happy that West Bengal Chief Minister attended the meeting and she said that she is speaking on behalf of the opposition, i.e. INDIA bloc.

“It’s unfortunate that the chief minister of West Bengal, Mamata Banerjee, has claimed that her mic was switched off, which is not true, and it is unfortunate because we’re happy that she participated in this meeting. She put forth her case, spoke for West Bengal and, as she said, spoke for all the opposition. But even as she was doing it and we were hearing, as per the procedure.”

ALSO READ: Trump Pledges US Leadership in Crypto and Bitcoin

Categories
-Top News Asia News Defence

Jaishankar calls on int’l community to combat terror

Jaishankar said that only international cooperation can ensure that the global commons are secure and global goods are delivered….reports Asian Lite News

External Affairs Minister S Jaishankar called on the international community to be robust in combating terrorism in all its forms and manifestations, dismantle terror sanctuaries and UN-proscribed terrorism financing networks and tackle cybercrime.

He expressed India’s strong support for ASEAN unity, centrality and ASEAN outlook in the Indo-Pacific during his participation at the 31st ASEAN Regional Forum in Vientiane.

Jaishankar said that only international cooperation can ensure that the global commons are secure and global goods are delivered. He stressed that the nations should be robust in combating terrorism in all its forms and manifestations, and dismantle terror sanctuaries and UN-proscribed terrorism financing networks.

In a post on X, Jaishankar stated, “Participated at the 31st ASEAN Regional Forum #ARF in Vientiane today. Highlighted that: Covid, Conflict and Climate highlight our predicament today. Solutions can only emerge through Cooperation – economic, political, technological and connectivity. Neither the deployment of new technologies nor the interdependence of globalization must be unfairly leveraged. Only international cooperation can ensure that the global commons is secure and global goods are delivered. Be robust in combating terrorism in all its forms and manifestations, dismantle terror sanctuaries and UN-proscribed terrorism financing networks and tackle cybercrime. #ARF can make a difference.”

External Affairs Minister stressed that Quad complements ASEAN-led mechanisms in their effort to make the region stable, secure and prosperous through the delivery of people-centric benefits. He stated that India remains steadfast in its commitment to contributing to ASEAN Regional Forum activities over the coming years.

“Strong support for ASEAN unity, centrality and the ASEAN Outlook on Indo-Pacific (AOIP). Synergy between India’s Indo-Pacific Oceans Initiative and the AOIP. Recognise the importance of maritime safety and security, freedom of navigation and overflight and peaceful resolution of disputes in the region, in accordance with international law, especially UNCLOS 1982. Quad complements ASEAN-led mechanisms in their effort to make the region stable, secure and prosperous through delivery of people-centric benefits. India remains steadfast in our commitment to contributing to #ARF activities over the coming years,” Jaishankar posted on X.

Jaishankar met his Turkish counterpart Hakan Fidan on the sidelines of ASEAN meetings and discussed the bilateral ties and exchanged views on regional and global issues.

In a post on X, Jaishankar stated, “Met with FM @HakanFidan of Turkiye on the sidelines of ASEAN meetings in Vientiane. Discussed our bilateral ties and exchanged views on regional and global issues.”

Jaishankar called on Laos Prime Minister Sonexay Siphandone and raised the issue of the trafficking of Indian nationals through cyber scam centres.

In a post on X, he said, “During my call on the Prime Minister of Lao PDR, took up the issue of the trafficking of Indian nationals through cyber scam centers. Appreciate the ongoing cooperation of Lao PDR government in the rescue and relief of our citizens. Also discussed the matter with the Foreign Ministers of Cambodia and Thailand.”

On the sidelines of ASEAN events in Vientiane, Laos, on Friday, Jaishankar held meetings with his counterparts from South Korea, Indonesia, Singapore, Malaysia and the European Union.

Meets Turkish counterpart

Jaishankar met his Turkish counterpart Hakan Fidan on the sidelines of ASEAN meetings in Vientiane on Saturday.

Jaishankar said that he discussed the bilateral ties and exchanged views on regional and global issues.

In a post on X, he said, “Met with FM @HakanFidan of Turkiye on the sidelines of ASEAN meetings in Vientiane. Discussed our bilateral ties and exchanged views on regional and global issues.”

Jaishankar on Saturday said that he had called on the Prime Minister of Laos and during their meeting, he had taken up the issue of the trafficking of Indian nationals through cyber scam centres.

Jaishankar also discussed relief and rescue of Indians with the foreign ministers of Cambodia and Thailand.

In a post on X, he said, “During my call on the Prime Minister of Lao PDR, took up the issue of the trafficking of Indian nationals through cyber scam centers. Appreciate the ongoing cooperation of Lao PDR government in the rescue and relief of our citizens. Also discussed the matter with the Foreign Ministers of Cambodia and Thailand.”

On the sidelines of ASEAN events in Vientiane, Laos, on Friday, Jaishankar held meetings with his counterparts from South Korea, Indonesia, Singapore, Malaysia and the European Union.

The EAM met with Cho Tae-yul, the Foreign Minister of South Korea and held a wide ranging conversation on Special Strategic Partnership.

He also met with Josep Borrell Fontelles, the High Representative of the European Union for Foreign Affairs and Security Policy. The leaders discussed enhancing the India-EU ties in areas of trade, clean energy transition and advanced technologies.

The EAM held conversation with Singapore Foreign Minister Vivian Balakrishnan and thanked Singapore for steering ASEAN-India relations.

The Foreign Minister also met Indonesian Foreign Minister Retno Marsudi. He congratulated her stint as Foreign Minister and appreciated her contribution towards India-Indonesia and India-ASEAN relations.

Jaishankar met Malaysian Foreign Minister, Mohamad Haji Hasan, and discussed the initiatives in the bilateral relationship between the two nations.

The ministers also exchanged views on several regional and international issues of common interest and concern. (ANI)

ALSO READ: Trump Pledges US Leadership in Crypto and Bitcoin

Categories
-Top News Defence Europe

Farnborough Revives Hopes in Aviation Sector

Since 1948, the Farnborough Airshow has been a venue for Boeing and Airbus to announce billions of dollars in orders. The airshow serves as a crucial platform for both manufacturers to demonstrate their latest innovations and secure new business amid a recovering aviation market … writes Kaliph Anaz

The Farnborough International Airshow, the second-largest aviation event in Europe after the Paris Airshow, concluded on a positive note despite ongoing global supply chain issues threatening the industry. Sector giants Boeing and Airbus secured significant orders, upholding the prestige of the show.

Since 1948, the Farnborough Airshow has been a venue for Boeing and Airbus to announce billions of dollars in orders. The airshow serves as a crucial platform for both manufacturers to demonstrate their latest innovations and secure new business amid a recovering aviation market.

Prime Minister Keir Starmer attended the event on the inaugural day, revealing his government’s commitment to investing more in infrastructure and skills development. The Prime Minister praised Airbus and Rolls-Royce for creating apprenticeship opportunities for youngsters to hone their skills.

Boeing and Qatar Airways announced an order for 20 more 777-9 airplanes, the world’s largest and most fuel-efficient twin-engine jet. This order expands the carrier’s 777X order book to nearly 100 airplanes. In addition to the 777X family, Qatar Airways has 12 787 Dreamliners and 25 737 MAX aircraft on order.

Meanwhile, Airbus bagged a major order from another Middle Eastern carrier Flynas. The Saudi low-cost carrier signed a Memorandum of Understanding (MoU) with Airbus for 75 A320neo family aircraft and 15 A330-900s. This strategic agreement will expand the airline’s capacity, and range, and enhance its overall fleet capabilities.

The deal was signed in the presence of the President of the General Authority of Civil Aviation (GACA) of Saudi Arabia, H.E. Abdulaziz bin Abdullah Al-Duailej; Chairman of the Board of NAS Holding Ayed Al Jeaid; Flynas Chief Executive Officer & Managing Director Bandar Almohanna; and Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer.

The new aircraft will join the carrier’s all-Airbus fleet serving international, domestic, and regional routes. The new A330-900 aircraft will feature a two-class configuration, accommodating up to 400 passengers. The A330neo delivers unbeatable operating economics, powered by the latest-generation Rolls-Royce Trent 7000 engines, featuring new wings and a range of aerodynamic innovations resulting in a 25 percent reduction in fuel consumption and CO₂ emissions compared to previous generation competitor aircraft. The A330neo is capable of flying 8,150 nm / 15,094 km non-stop, providing ultimate comfort with more passenger space, a new lighting system, the latest in-flight entertainment systems, and full connectivity throughout the cabin.

The deals announced across the first four days of the airshow were worth a total of £81.5bn, according to the organizers ADS Group. The trade association for the UK’s aerospace, defense, security, and space sectors highlighted that the deals agreed are worth an estimated £13bn to the UK. The 260 firm aircraft orders alone are worth £6.4bn for the UK, while 808 firm engine orders are worth at least another £1.2bn to the UK at current prices.

The Arrival of Air Taxis

The 2024 edition of the Farnborough International Airshow witnessed the arrival of air taxis. Electric vertical take-off and landing (eVTOL) aircraft captured the attention of visitors. Several air taxi makers, including Embraer’s Eve, Joby, and Boeing-backed Wisk, showcased their prototypes, while a few new entrants announced deals and new developments. Spanish eVTOL company Crisalion announced a pre-order deal with Dubai’s Air Chateau for 10 of its 16-rotor Integrity aircraft. German aircraft maker Lilium struck a deal with Saudi airline Saudia for 100 of its fanjet-powered eVTOLs. Lilium also has a deal with ArcosJet in Dubai. UK-based Vertical Aerospace announced that its VX4 prototype successfully performed its first tethered piloted flight as it begins the “wheels up” phase of testing.

Industry Forecast

ADS recently released its Aerospace Sector Outlook, showcasing the sector’s value add of £10.9 billion to the UK economy, an increase of 16% compared to 2013 figures. The figures highlight 104,000 direct jobs in the aerospace sector, with a median salary of £48.7k – 39% higher than the UK average, with the vast majority (88 percent) located outside of London and the Southeast.

“With record industry attendance at the Farnborough International Airshow, the heightened attention towards the world’s aerospace and aviation ecosystem is largely behind this mammoth show of commitment to our sector,” said Aimie Stone, Chief Economist at ADS. “Adding to this, the firm commitment to 260 new aircraft highlights the industry’s confidence, resilience, and buoyancy.

“With demand for aircraft still outpacing the amount we are able to fulfill, it’s clear that the new government needs to address the challenges currently holding back our sector’s ability to deliver its full potential and impact on our economy.”

ADS is the UK trade association for the aerospace, defence, security, and space sectors, with more than 1,300 member businesses.

The latest figures published by ADS Group showcase exports from the UK aerospace sector being worth £20 billion in 2023. It further highlights that the UK’s aerospace sector is a hub for advanced manufacturing, supporting well-paid jobs across the country and driving decarbonisation through innovation, generating £30.5 billion in turnover, with a value add to the UK economy worth £10.9 billion.

ALSO READ: Trump Pledges US Leadership in Crypto and Bitcoin

Categories
-Top News Afghanistan Asia News

33 scanners to be installed in 12 Customs ports in Afghanistan

Photo taken with mobile phone on Aug. 22, 2021 shows trucks waiting to cross border at a border crossing point between Pakistan and Afghanistan, in southwest Pakistan's Chaman. (Str/Xinhua/IANS)

The scanners worth nearly $113 million will be installed in 12 Customs ports in Afghanistan…reports Asian Lite News

The Afghan caretaker government has signed a contract for installing 33 electronic scanners aiming to boost security, curb smuggling, and endorse comprehensive screening of commercial goods, the Economic Affairs Office said in a statement on Saturday.

The scanners worth nearly $113 million will be installed in 12 Customs ports in Afghanistan, the statement said.

For the installation of these scanners, job opportunities will be provided to approximately 2,000 local residents, Xinhua news agency reported.

The electronic scanners will be installed at Torkham, Hairatan, Spin Boldak, Islam Qala, Torghundi, Nimroz, Abu Nasr Farahi, Khost, Paktia, Aqina, and Sher Khan ports.

The Afghan caretaker government has initiated a number of development and infrastructure projects, including the reconstruction of airports, water canals, highways, roads, and solar power systems, in an attempt to reconstruct the war-torn country.

Modern lounge at Kabul airport

Afghan caretaker government’s Acting Deputy Prime Minister on Economic Affairs Mullah Abdul Ghani Baradar laid the foundation stone of a new modern lounge at the Kabul International Airport on Thursday, reported the state-run Bakhtar news agency on Friday.

The three-story waiting facility at a cost of 290 million afghani would be completed within 18 months with the support of private sector, the state-run media outlet added.

In the meantime, Afghan Acting Minister for Transport and Civil Aviation Hamidullah Akhundzada emphasized that the lounge would be equipped with global standards to foster economic growth in the war-ravaged Afghanistan.

The ministry has also built airport escalator at Kabul international airport a couple of months ago, Xinhua news agency reported.

In efforts to rebuild the war-torn Afghanistan, the Afghan caretaker government has launched a series of development and infrastructure projects, including renovation of airports, water canals, highways, roads and solar power systems since taking over power nearly three years ago.

ALSO READ: Pyongyang says ties with China to be ‘firmly’ carried forward

Categories
-Top News Afghanistan Asia News

Afghanistan trades goods worth over $5.2b in 2024

Fresh and dry fruits including pistachio, pine nut, fig, pomegranate, grape, raisin, melon and watermelon are the most popular products for export in Afghanistan…reports Asian Lite News

Afghanistan exported and imported commercial goods valued at $5.24 billion from January to June 2024, said the country’s Ministry of Commerce and Industry.

Afghanistan shipped exported products worth nearly 700 million to various countries, with 58 million value of exports going to Central Asian countries within the first six months of 2024, the ministry’s spokesman Akundzada Abdul Salam Jawad told local media outlet TOLOnews, Xinhua news agency reported.

The Afghan products were mostly exported to Pakistan, India and Iran, and the major sources of imports included Iran, Pakistan and China, the country’s National Statistics and Information Authority reported in July.

Fresh and dry fruits including pistachio, pine nut, fig, pomegranate, grape, raisin, melon and watermelon are the most popular products for export in Afghanistan.

Meanwhile, Afghan authorities have launched the construction of a major highway and a bridge in south Afghanistan’s Helmand province to link the provincial capital Lashkar Gah and the western Herat city, state-run news agency Bakhtar reported on Friday.

The project, having an estimated cost of 177.5 million afghani ($2.51 million) for the highway’s first section with a length of 27.5 kilometres and a 350-metre bridge, is expected to be funded by the Ministry of Public Works, Xinhua news agency reported.

Afghanistan’s infrastructure facilities, including roads and bridges, have been badly damaged or destroyed due to more than four decades of war and civil strife. The Afghan caretaker government has launched a variety of construction projects to boost the economy and rebuild the country.

The latest development projects included a pharmaceutical plant, a new passenger service facility at Kabul International Airport, and street and road construction in the capital, Kabul, and other cities across the country.

ALSO READ: Pyongyang says ties with China to be ‘firmly’ carried forward

Categories
-Top News Asia News Politics

Pak woman’s father chops her legs for trying to end abusive marriage

In patriarchal societies, violence has been used as a social mechanism to perpetuate the subjugation of women….reports Asian Lite News

In yet another instance of patriarchal honour, a Pakistani woman’s legs were chopped by her father and uncles for filing divorce to end an abusive marriage, reported Geo News.

In patriarchal societies, violence has been used as a social mechanism to perpetuate the subjugation of women.

The woman, named Sobia Batool Shah, told police that her legs were chopped for seeking a divorce from her abusive and deadbeat husband, who never took responsibility for his family.

The deeply disturbing act of violence occurred in Gul Town, leaving the victim with severe physical as well as mental trauma, which may result in a lifelong disability–with the possibility that she may never be able to walk again.

Reportedly, Syed Mustafa Shah, Sobia’s father, and her uncles Syed Qurban Shah, Ehsan Shah, Shah Nawaz, and Mushtaq Shah, who were armed with axes, injured Sobia and fled the spot, leaving her screaming for help in a pool of blood, according to Geo News.

Sobia was rushed to a Nawab Shah hospital as soon as police reached the crime scene.

The woman further told police that her husband would regularly abuse her and fail to provide for her and their two children, leaving her to suffer on her own in Karachi.

According to Sobia, she repeatedly alerted her parents about the plight she was in, but her family turned a deaf ear to her grievances and dismissed her, calling her a disgrace, as reported by Geo News.

After deciding to escape her abusive marriage, Sobia filed for divorce, which incited her father and uncles to confront her.

According to the police, Sobia’s enraged parents accused her of bringing dishonour to the family by taking legal action against her husband. When she refused to withdraw her case, they attacked her with axes, they added, reported Geo News.

The Senior Superintendent of Police (SSP) of Nausharoferoz took immediate notice of the incident and ordered the local station house officer (SHO) to bring all the accused to justice and ensure the victim’s security.

Responding to the directions, the police have so far managed to arrest one suspect, Mushtaq Shah, and are still investigating through raids, in search of the remaining culprits.

Patriarchal values are embedded in Pakistani society, which determines the subordinated position of women. Patriarchal control over women is exercised through institutionalized restrictive codes of behavior, gender segregation and the ideology which associates family honor to female virtue.

The abnormal, amoral, and harmful customary practices which aim at preserving subjugation of women, defended and sanctified as cultural traditions and given religious overtones. Abnormal and amoral traditional practices in Pakistan include honor killing, rape and sexual assault, sexual harassment, acid attacks, being burned, kidnapping, domestic violence, dowry murder, and forces marriages, custodial abuse and torture. (ANI)

ALSO READ: Pyongyang says ties with China to be ‘firmly’ carried forward

Categories
-Top News Asia News China

Pakistan faces challenges in energy loan talks with China

Aurangzeb, who arrived in Beijing on Thursday, is in talks about relief for Pakistan’s power sector debt, alongside proposed structural reforms recommended by the International Monetary Fund (IMF)…reports Asian Lite News

Concerns are escalating within Pakistan’s financial sector as negotiations with Chinese authorities over rescheduling energy sector loans have encountered complications, Dawn reported.

On Friday, Finance Minister Muhammad Aurangzeb met with Pan Gongsheng, the governor of China’s central bank, to discuss bilateral financial cooperation, according to a statement from the People’s Bank of China.

Aurangzeb, who arrived in Beijing on Thursday, is in talks about relief for Pakistan’s power sector debt, alongside proposed structural reforms recommended by the International Monetary Fund (IMF). The outcome of these discussions is causing significant anxiety among stakeholders, who worry about potential impacts on foreign investment and exchange rate stability if the negotiations do not proceed favourably, as reported by Dawn.

A senior banker closely following the situation expressed doubt about the negotiations, saying, “We believe China will not outright reject Pakistan’s request to reschedule energy sector loans, but the final outcome appears bleak.” This sentiment reflects China’s initial reluctance to address the issue, which delayed the meeting and indicated their reluctance to discuss the energy loans.

China has long been Pakistan’s largest foreign investor, with Hong Kong’s investments also playing a crucial role. Despite a decline in Chinese investments, they remain the largest source of foreign direct investment (FDI) for Pakistan in FY24. Combined investments from China and Hong Kong accounted for nearly half of Pakistan’s total FDI inflows, which grew by 17 per cent to USD 1.9 billion. Of this, China contributed USD 568 million and Hong Kong USD 338 million, totaling USD 906 million.

SS Iqbal, a senior banker, noted, “Our dependency on China has increased as we negotiate to reschedule USD 15bn in energy sector loans, receive the highest FDI from China, and rely on them as our largest trade partner.” He added that China has also been instrumental in providing loans or rescheduling payments to bolster Pakistan’s reserves.

On March 23, 2018, the People’s Bank of China signed an agreement with the State Bank of Pakistan to provide a USD 2 billion loan via China’s State Administration of Foreign Exchange (SAFE) to support Pakistan’s foreign exchange reserves. This loan has been rolled over annually since 2018, with the latest extension occurring on February 29, 2024, extending it for another year.

Iqbal highlighted an additional concern, noting, “While China has supported our reserves, the State Bank stopped a USD 1.8 billion profit outflow to Chinese investors in FY24.” He questioned, “How can the Chinese sit calm and cool with this kind of treatment?” Dawn reported. (ANI)

ALSO READ: Pyongyang says ties with China to be ‘firmly’ carried forward

Categories
-Top News Asia News China

Pyongyang says ties with China to be ‘firmly’ carried forward

Kim’s visit came as the North has appeared to be aligning closer to Russia and away from China…reports Asian Lite News

North Korean leader Kim Jong-un has said “kindred” relations with China will be “firmly” carried forward as he visited a monument symbolising bilateral ties, state media reported on Saturday, amid suspected signs of strain between the traditionally friendly countries.

On Friday, Kim visited the Friendship Tower in Pyongyang, which was erected to commemorate China’s participation in the 1950-53 Korean War, and paid tribute to fallen Chinese soldiers during the war, a day ahead of the 71st anniversary of the armistice that ended the conflict, according to the Korean Central News Agency (KCNA).

“He expressed the belief that the North Korea-China friendship established as the ties of kindred would be firmly carried forward and developed along with the immortal spirit of the martyrs,” the KCNA said in an English-language dispatch.

The Korean War, which started with an invasion by North Korea, ended in a truce, not a peace treaty, on July 27, 1953. North Korea celebrates the armistice signing date as Victory Day, claiming it won what it calls a liberation war against US-led aggression, Yonhap news agency reported.

Kim’s visit came as the North has appeared to be aligning closer to Russia and away from China, with the North’s leader and Russian President Vladimir Putin signing a “comprehensive strategic partnership” agreement during their summit in Pyongyang last month.

Earlier this month, the Rodong Sinmun, the newspaper of the North’s ruling party, did not carry any articles on the anniversary of the signing of the friendship treaty between North Korea and China as it had done so on the anniversary date in the past.

Separately, Kim also visited a cemetery of North Korean soldiers who died during the Korean War in Pyongyang on Friday, along with elderly war veterans, according to the KCNA.

“It is the sacred mission and duty of our generation to reliably defend our ideology and social system, safeguarded by the victorious wartime generation at the cost of blood, and build a people’s paradise,” Kim was saying in another English-language KCNA report.

Kim has visited the Fatherland Liberation War Martyrs Cemetery every year around the time of the anniversary of the armistice signing.

The North’s leader also visited the Revolutionary Martyrs Cemetery on Mt. Taesong later that day, where forces who fought against Japan’s 1910-45 rule of the Korean Peninsula under his late grandfather Kim Il-sung remain buried.

It marked the first time Kim visited the cemetery on the occasion of the armistice signing anniversary in an apparent effort to emphasise their importance.

ALSO READ: Modi To Visit Ukraine, First Since Russia’s Invasion

Categories
-Top News Politics USA

US panel reviews CCP’s drug-trade based money-laundering

During the session held on Wednesday, several negative aspects of CCP bypassing law enforcement and the banking system in the US were discussed….reports Asian Lite News

The US-based Select Committee on the Chinese Communist Party’s (SCCCP) Fentanyl Policy Working Group (FPWG) recently concluded its session, discussing the ‘tactics’ used by the Chinese Communist Party (CCP) to facilitate drug trade-based money-laundering into the US and the measures to counter it.

The session was headed by US lawmakers Jake Auchincloss and Dan Newhouse. Former members of Drug Enforcement Administration (DEA) and the Central Intelligence Agency (CIA) participated in the event.

During the session held on Wednesday, several negative aspects of CCP bypassing law enforcement and the banking system in the US were discussed.

These tactics are allegedly being used to support and flourish the drug trade in the US. The session also highlighted a crucial demand for renovation in the current system to compete and counter the CCPs shady tactics to bypass the law.

US lawmaker Dan Newhouse in his statement during the session highlighted that how money launders in China use modern technologies and the opaque nature of the Chinese banking system to move large sums of money with impunity.

“Chinese money-launderers have taken terrorist money-laundering playbook and digitized it. They use modern technologies, messaging and payment apps, e-commerce sites, digital assets, and the opaque nature of the Chinese banking system to move large sums of money and facilitate trade-based money laundering with impunity,” Newshouse said.

“This system largely evades the formal banking system in the United States Mexico and elsewhere, making it particularly difficult to counter with traditional anti-money-laundering tools. But you should make no mistake, the CCP financing system runs right through Chinese banks, and the CCP knows all about it,” he added.

Newhouse also stated that the Beijing’s “illicit financing” of the fentanyl trade is state-sponsored in China, and state actors protect these organizations from US prosecution and the elites in China often use these networks to enrich themselves. He also recommended special steps be taken to repair these discrepancies.

During the meeting, Don Im a former member of the DEA explained with an example how the drug trade expanded by the CCP uses an elaborate system to launder money from the US to China.

Im mentioned, “They call it a contract. Let’s assume that the Sinaloa cartel just sold USD 1 million worth of fentanyl and methamphetamine in Queens, New York. The head of that drug sale in Queens will contact his superior in Mexico. The Sinaloa cartel financier in Mexico will then reach out to various Chinese-Mexican businessmen who operate as money launderers and money brokers. They own businesses. They own shopping malls. They sell all kinds of products, namely from China.”

His remarks further underscored how the money generated by drug sales in the US is passed through various channels and reaches China.

Im also elaborated on the scale of the ongoing illicit trade in the US and said it bypasses Washington’s ability to find the nexus making the situation more challenging.

“You’re seeing literally half a trillion to three-quarters of a trillion dollars’ worth of drug proceeds generated every year. So this bypasses our ability to find that nexus between the drug proceeds in New York with those commodities that are shipped into Mexico. That makes it more challenging,” he added.

Another member of the session, John Cassara a former CIA agent in his statement said that Chinese money launderers completely avoid US’ primary anti-money laundering countermeasures and financial intelligence.

“One of the things that makes this so difficult for US criminal investigators is that it almost completely avoids our primary anti-money laundering countermeasures and financial intelligence. There’s no paper trail to follow. And that’s what we’ve been relying on so much to fight this war against money laundering. We don’t have that kind of record because they successfully bypass it. We don’t have that kind of record because they successfully bypass it,” he stated.

He added, “The CCP is an ideological, military, economic, commercial, high-tech, intelligence, and diplomatic rival of the US and the West. And while these threats are known, the CCP’s involvement with transnational crime and money laundering is not. We cannot look at the fentanyl issue in a vacuum or as an isolated concern”.

Cassara further alleged that criminal activity has seemingly become part of the CCP’s “overall strategy to grow its power.”

“By measuring the illicit proceeds of crime generated, China leads the world in all of those criminal categories,” he added. (ANI)

ALSO READ: Modi To Visit Ukraine, First Since Russia’s Invasion