Month: December 2024

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Okonjo-Iweala given 2nd term as WTO chief 

Okonjo-Iweala, a former Nigerian finance minister who also has US citizenship, took office in 2021 as the first woman and first African to hold the job of WTO chief …reports Asian Lite News

The World Trade Organization chief said Friday she’s “eager” to work with U.S. President-elect Donald Trump and his trade team, while taking a wait-and-see stance about Trump’s plans to impose new tariffs on goods from other countries including China, Mexico and Canada. 

WTO Director-General Ngozi Okonjo-Iweala made the comments to reporters after member countries handed her a second four-year term, in a vote with no opposition. 

The Geneva-based trade body’s future is clouded by Trump’s looming return to power in January in the U.S., home to the world’s single biggest economy, because his pledges to slap unilateral tariffs on foreign goods entering the country could face challenges at the WTO. 

“I think that I look very much forward to working with President Trump — with all the new people who will be appointed,” she said. “I’m eager for it.” 

While Trump before his first term threatened to pull the U.S. out of the WTO, Okonjo-Iweala said there’s a “general recognition that the organization needs to be supported” and pointed to U.S. interests in intellectual property protections and product safety fostered by the trade body. 

“The WTO and its rules underpin 75 to 80% of global goods trade,” she said. Okonjo-Iweala expressed hopes to help strike a deal in the WTO that would phase out $22 billion in “harmful subsidies” in the fisheries industry that raise worries about damage to ocean fish stocks. 

During his first term, the Trump administration largely bypassed WTO rules by imposing tariffs on steel and other goods from countries including China and even U.S. allies. 

On Monday, Trump vowed sweeping new tariffs on Mexico, Canada, as well as China, as soon as he takes office as part of his effort to crack down on illegal immigration and drugs. 

Trump said he would impose a 25% tax on all products entering the country from Canada and Mexico, and an additional 10% tariff on goods from China, as one of his first executive orders. 

Such tariffs, if imposed, could face a challenge through the WTO’s dispute resolution process, though its body that hears appeals is not operating — largely because of U.S. unwillingness to let new members be appointed to it. 

Okonjo-Iweala, a former Nigerian finance minister who also has U.S. citizenship, took office in 2021 as the first woman and first African to hold the job of WTO chief. Her second term will officially begin next September. 

“Until we get specifics in terms of what is planned, I think it would be a bit premature to try to pronounce on these issues,” she said, referring to Trump’s plans. “I think we should wait … for actual policies,” Okonjo-Iweala said. “And we’re very much looking forward to working in a productive fashion.” 

The WTO’s 166 members take decisions by consensus, meaning that any one country can block them. 

The Director-General of the World Health Organization (WHO), Tedros Adhanom Ghebreyesus, congratulated Ngozi Okonjo-Iweala on her reappointment as the Director-General of the World Trade Organization (WTO) for a second term. 

In a post on the social media platform, X, Ghebreyesus said, “Congratulations, my sister @NOIweala! The trust @wto Member States have invested in you is well deserved. Looking forward to continuing our close collaboration”. 

In a press statement, The WTO announced, “The General Council of the World Trade Organization (WTO) agreed on 29 November by consensus to reappoint Dr. Ngozi Okonjo-Iweala as Director-General for a second four-year term, set to begin on 1 September 2025. This decision reflects broad recognition of her exceptional leadership and strategic vision for the future of the WTO”. 

It was noted that the reappointment process, initiated on October 8, 2024, was overseen by Ambassador Petter Olberg of Norway, Chair of the General Council. 

According to the WTO, Ngozi Okonjo-Iweala first assumed office as Director-General on March 1, 2021, becoming the first woman and first African to lead the WTO. Her first term concludes on August 31, 2025. Her reappointment highlights the strong support for her efforts to enhance the WTO’s relevance and capacity in addressing the evolving challenges of global trade. 

On her reappointment, Ngozi Okonjo-Iweala thanked the members and highlighted the challenges she plans to address in the next four years. 

“While the WTO faces a significant number of challenges and has a heavy workload to accomplish, it is also confronted by new opportunities which, if it can be seized, could make a world of difference in the lives of the ordinary people that members are here to serve, and would also make a difference in preserving and sustaining our planet”, she said. 

She also added, “My vision for the next four years is a WTO that delivers results by working on legacy agreements and other issues, focuses on reforms to make it fit for purpose for the 21st century and seizes exciting new opportunities in world trade”. 

ALSO READ: Policymakers seek ways to end learning poverty in Africa 

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-Top News Africa News Crime

27 dead, over 100 missing in Nigeria boat capsized 

Rescues managed to pull 27 bodies from the river by Friday evening while local divers were still searching for others…reports Asian Lite News

At least 27 people died and more than 100, mostly women, were missing on Friday, after a boat transporting them to a food market capsized along the River Niger in northern Nigeria, authorities said. 

About 200 passengers were on the boat that was going from the state of Kogi to neighboring state of Niger when it capsized, the Niger State Emergency Management Agency spokesman Ibrahim Audu said. 

Rescues managed to pull 27 bodies from the river by Friday evening while local divers were still searching for others, according to Sandra Musa, spokeswoman for the Kogi state emergency services. No survivor was found about 12 hours after the incident occurred, she added. 

Authorities have not confirmed what caused the sinking but local media suggested the boat may have been overloaded. Overcrowding on boats is common in remote parts of Nigeria where the lack of good roads leaves many with no alternative routes. 

According to Justin Uwazuruonye, who is in charge of Nigeria’s National Emergency Management Agency operations in the state, rescuers had trouble finding the location of the capsizing for hours after Friday’s tragedy struck. 

Such deadly incidents are increasingly becoming a source of concern in Nigeria, Africa’s most populous country, as authorities struggle to enforce safety measures and regulations for water transportation. 

Most of the accidents have been attributed to overcrowding and the lack of maintenance of the boats, often built locally to accommodate as many passengers as possible in defiance of safety measures. 

Also, authorities have not been able to enforce the use of life jackets on such trips, often because of lack of availability or cost. 

Niger Gov. Mohammed Umaru Bago described the accident as “shocking and sorrowful” and directed the state emergency services to assist those affected, according to a statement issued by his office. He reiterated the importance of using life jackets and avoiding overcrowded boats. 

Concerns remained about the regular and deadly boat accidents in Nigeria, Africa’s most populous country where a number of remote and riverine communities do not have access to good roads, leaving rivers as the only available means of transportation. 

It is still not clear what caused the latest accident but emergency services personnel said it could be as a result of overloading, the condition of the boat or a hindrance of the boat’s movement along the water. 

Nigerian military kills more terror suspects  

Meanwhile, Nigerian military has claimed responsibility for killing a “significant number” of suspected terrorists in a series of airstrikes recently launched to root out criminal groups around the Lake Chad Basin.  

Olusola Akinboyewa, the spokesman for the Nigerian Air Force, told reporters in the Nigerian capital of Abuja that the airstrikes on Saturday targeted the enclaves of suspected terror groups at the Jubillaram area, located in the southern Tumbuns, near Lake Chad. 

A suspected food depot of terrorists in the area was also destroyed during the air operation, Akinboyewa said, noting the military identified the strategic location through “meticulous intelligence efforts.” 

The location served as a critical food storage site and a sanctuary for terrorist commanders and fighters, according to him. 

Akinboyewa said intelligence had previously linked terrorists in the location to recent attacks, adding aside from killing terrorists on-site during the recent raid, the military also ensured the “complete elimination” of fleeing hostile elements during mop-up operations, using cannons. 

“The destruction of the terrorist enclave, including food storage facilities, severely disrupted their logistical operations, while the neutralization of a significant number of fighters diminished their capacity to launch future attacks,” he said, without giving an exact number of suspected terrorists killed during the “successful operation.” 

Primarily aimed at combating the Boko Haram insurgency in the region, the Lake Chad Basin is covered by a multinational joint force, which consists of troops from bounding countries, including Cameroon, Chad, Niger, Benin, and Nigeria. 

Nigeria, Chad discuss strengthening security 

Chadian President Mahamat Idriss Deby Itno and Nigeria’s National Security Adviser Nuhu Ribadu discussed enhancing regional security and combating terrorism, according to Chad’s presidency.  

The meeting took place on Sunday, two weeks after Mahamat Deby threatened to withdraw Chad from the Multinational Joint Task Force, which comprises troops from countries bordering Lake Chad to combat the militant Islamist group Boko Haram, reports Xinhua news agency. 

He criticized the force for its failure to tackle Boko Haram militants, which claimed the lives of over 40 Chadian soldiers in the Lake Province in a recent clash. 

During the discussions, they reaffirmed their commitment to strengthening collaboration to promote peace and stability in the Lake Chad Basin region. 

“In the days to come, the mixed force will have a new face with the aim of exterminating the common enemy,” Ribadu said after meeting the president. 

Ribadu delivered a written message from Nigerian President Bola Tinubu, expressing “unwavering” support for Mahamat Deby and the people of Chad in the wake of the recent terrorist attack on Barkaram Island, according to Chad’s presidency. 

ALSO READ: Policymakers seek ways to end learning poverty in Africa 

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Chad ends a defense pact with France 

Chad was one of the last countries in the region in which France maintained a large military presence…reports Asian Lite News

Chad’s government is ending a defense cooperation agreement with France, its former colonial ruler, to redefine the nation’s sovereignty. 

The decision marks a historic turning point after the Central African nation gained independence more than six decades ago, Foreign Ministry spokesperson Abderaman Koulamallah said in a statement Thursday. 

It said the decision to end the agreement would allow Chad to redefine its strategic partnerships in line with national priorities. There was no immediate response from France’s government. 

Chad was one of the last countries in the region in which France maintained a large military presence, having been ousted in recent years from Niger, Mali and Burkina Faso after years of fighting Islamic extremists alongside regional troops. Those countries have inched closer to Russia, which has mercenaries deployed across the Sahel, the vast expanse below the Sahara desert. 

Chad’s interim president, Mahamat Deby Itno, seized power after his father, who ran the country for more than three decades, was killed fighting rebels in 2021. Last year, the government announced it was extending the 18-month transition for two more years, which led to protests across the country. 

Analysts say Deby has mistrusted France for a while, and the decision creates an opportunity for other nations, notably Russia, Turkey and the United Arab Emirates. 

“Deby has been seeking to diversify its security partnerships away from exclusive deals. He doesn’t trust (French President Emmanuel) Macron. … He can also not ignore widespread anti-French sentiment,” said Ulf Laessing, head of the Sahel program at Konrad Adenauer foundation in Mali. 

France has maintained about 1,000 troops in Chad, and the statement didn’t specify when they have to leave. Chad said the decision in no way calls into question the countries’ historical ties and that it wants to maintain relations in other areas of common interest. 

France still has 350 troops in Senegal, another former colony, which remains a security partner in the region. But the French military presence there also appears to be under threat. 

President Bassirou Diomaye Faye of Senegal said that it was “obvious” that soon there won’t be any French soldiers on Senegalese soil, in an interview with Le Monde which was published hours after the declaration by Chadian authorities. Faye added that the relationship with the former colonizer had to be redefined. 

“It’s not because the French have been there since the slavery period that it’s impossible to do otherwise,” he said. 

Macron calls 1944 killings of West African a massacre 

President Macron on Thursday for the first time recognized the killing of West African soldiers by the French Army in 1944 as a massacre in a letter addressed to the Senegalese authorities. 

Macron’s move, on the eve of the 80th anniversary of the World War II killings in Thiaroye — a fishing village on the outskirts of the Senegalese capital of Dakar — comes as France’s influence is declining in the region, with Paris losing its sway in the former French colonies in West Africa. 

Between 35 and 400 West African soldiers who fought for the French Army in the Battle of France in 1940 were killed on Dec. 1, 1944 by French soldiers after what the French described as a mutiny over unpaid wages. 

The West Africans were members of the unit called Tirailleurs Senegalais, a corps of colonial infantry in the French Army. According to historians, there were disputes over unpaid wages in the days before the massacre but on Dec. 1, French troops turned on the West African soldiers, mostly unarmed, and shot and killed them. 

Speaking to reporters late on Thursday, Faye said Macron’s step should “open the door” so that the “whole truth about this painful event of Thiaroye” can finally come out. “We have long sought closure on this story and we believe that, this time, France’s commitment will be full, frank and collaborative,” he added. 

“France must recognize that on that day, the confrontation between soldiers and riflemen who demanded their full legitimate wages be paid, triggered a chain of events that resulted in a massacre,” read Macron’s letter. 

“It is also important to establish, as far as possible, the causes and facts that led to this tragedy,” Macron added. “I have asked my services to inform me of the progress of the work of the Committee for the Restoration of the Facts, which your government has decided to set up, under the direction of Professor Mamadou Diouf, whose eminence and qualities are recognized by all.” 

The letter comes weeks after the Senegalese legislative elections, in which the ruling party PASTEF secured a definite majority. The win granted newly elected President Faye a clear mandate to carry out ambitious reforms promised during the campaign, which include more economic independence from foreign companies, including French ones, which are heavily invested in the country. 

ALSO READ: Policymakers seek ways to end learning poverty in Africa 

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-Top News Africa News Politics

East African summit urges peace in Congo 

Violence has reemerged in one of the world’s most protracted conflicts in eastern Congo, where Congo’s government accused the Rwanda-backed M23 rebel group of “ethnic cleansing”   

East African heads of state made another push for peace in eastern Congo on Saturday but its prospects remained bleak following a regional summit that was marked by the Congolese president’s absence and an early departure of his Rwandan counterpart. 

A communique read at the end of the closed-door meeting of the East African Community in Arusha, Tanzania, only stated the need to combine regional and broader peace initiatives for sustainable peace in eastern Congo. 

Violence has reemerged in one of the world’s most protracted conflicts in eastern Congo, where Congo’s government accused the Rwanda-backed M23 rebel group of “ethnic cleansing” in mineral-rich areas close to Rwanda’s border. 

Rwandan President Paul Kagame left shortly after the closed-door meeting in Arusha. There was no official explanation for Congolese President Felix Tshisekedi’s absence at the summit. 

Congo alleges that Rwanda has been involved in war crimes in the east, and U.S. and U.N. experts accuse it of giving military backing to M23. Rwanda denies the claim, but in February admitted that it has troops and missile systems in eastern Congo to safeguard its security, pointing to a buildup of Congolese forces near the border. U.N. experts estimate there are up to 4,000 Rwandan forces in Congo. 

A July truce brokered by the United States and Angola has reduced the fighting between Rwandan and Congolese forces, but fighting between M23 and other militias continues. 

Other leaders at the summit were Presidents Salva Kiir of South Sudan, Samia Suluhu Hassan of Tanzania, William Ruto of Kenya, Yoweri Museveni of Uganda and Hassan Sheikh Mohamud of Somalia. Burundi was represented by its vice president. Ruto was elected as the new chairperson of the EAC Summit, succeeding Kiir. 

“Our focus must be on increasing competitiveness, promoting value-added production and boosting intra-regional trade to create jobs and transform our economies,” Ruto said. 

He also urged member states to remain committed to the timely disbursement of statutory contributions to sustain the bloc’s operations. 

Africa’s internally displaced population triples in 15 years 

The number of internally displaced people (IDPs) in Africa has tripled to 35 million by 2023 since the adoption of a landmark treaty 15 years ago to address the issue, according to a new report by the Internal Displacement Monitoring Center (IDMC).  The report noted that this figure accounts for nearly half of the world’s total IDPs. 

IDMC Director Alexandra Bilak said the displacement situation in Africa is absolutely critical, but not hopeless. “There are many good examples on the continent of governments working to address its root causes. It’s important for them to keep ownership of this issue and the international community to support their efforts.” 

The report, titled “Internal Displacement in Africa: An Overview of Trends and Developments (2009-2023),” acknowledges progress by African governments but concludes that these efforts remain insufficient. Rising conflict and violence continue to drive the majority of displacement, with disasters also contributing to an increasing number of forced displacements. 

According to the report, out of Africa’s 35 million IDPs, 32.5 million were displaced by conflict and violence, with 80 percent concentrated in just five countries: the Democratic Republic of the Congo, Ethiopia, Nigeria, Somalia, and Sudan. 

The IDMC said the adoption of the African Union Convention for the Protection and Assistance of Internally Displaced Persons in Africa, or the Kampala Convention, in 2009 marked a milestone in addressing internal displacement. When it entered into force on Dec. 6, 2012, it became the first and only legally binding regional treaty addressing all causes and phases of internal displacement. 

Bilak said addressing displacement and helping people rebuild their lives require not only short-term relief but also long-term investments. “To reverse the trends and keep the promise of the Kampala Convention alive for the next 15 years, governments must redouble commitments to addressing displacement’s underlying drivers through peace-building, climate action, and sustainable development,” he said. 

While some African countries have developed national policies and invested significantly in protecting and assisting IDPs under the convention, the report pointed out that escalating conflicts and a changing climate have made it difficult for governments to keep pace. 

“Helping them find solutions to their displacement is part and parcel of reaching a country’s development goals,” added Bilak.  

This year has become the worst year on record for deaths of aid workers, with 281 deaths globally, the UN Office for the Coordination of Humanitarian Affairs (OCHA) said on Friday. 

“Humanitarian workers are being killed at an unprecedented rate, their courage and humanity being met with bullets and bombs,” said Tom Fletcher, under-secretary-general for humanitarian affairs and emergency relief coordinator. “This violence is unconscionable and devastating to aid operations. States and parties to conflict must protect humanitarians, uphold international law, prosecute those responsible, and call time on this era of impunity.” 

OCHA said record fatalities also were recorded in 2023, with 280 aid workers killed across 33 countries. Stephane Dujarric, Chief Spokesman for UN Secretary-General Antonio Guterres, lamented last year’s record was topped, “and it isn’t even December”. 

ALSO READ: Policymakers seek ways to end learning poverty in Africa 

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-Top News Business India News

India Charts Steady Growth Path 

 

Although the GDP growth has slowed during the second quarter, India still remains the fastest growing major economy in the world…reports Asian Lite News 

India’s economy clocked a GDP growth rate of 5.4 per cent for the second quarter (July-September) of the current financial year, according to the data released by the Ministry of Statistics on Friday.  

Although the GDP growth has slowed during the second quarter, India still remains the fastest growing major economy in the world as China recorded a 4.6 per cent growth during the July-September quarter. 

Despite sluggish growth observed in Manufacturing (2.2 per cent) and Mining & Quarrying (-0.1 per cent) sectors in Q2 of FY 2024-25, real gross value added (GVA) in H1 (April-September) has recorded a growth rate of 6.2 per cent. 

The agriculture and allied sector has bounced back by registering a growth rate of 3.5 per cent in Q2 of FY 2024-25 after sub-optimal growth rates ranging from 0.4 per cent to 2 per cent observed during previous four quarters. 

In the construction sector, sustained domestic consumption of finished steel has resulted 7.7 per cent and 9.1 per cent growth rates respectively in Q2 and H1 of FY 2024-25, according to the official statement. 

The tertiary sector has clocked a growth rate of 7.1 per cent in Q2 of FY 2024-25, as compared to the growth rate of 6 per cent in Q2 of the previous financial year. 

In particular, Trade, Hotels, Transport, Communication & Services related to Broadcasting has seen a growth rate of 6 per cent in Q2 of FY 2024-25 over the growth rate of 4.5 per cent in Q2, 2023-24. 

Another positive feature observed in the Private Final Consumption Expenditure has witnessed a growth rate of 6 per cent and 6.7 per cent respectively in Q2 and H1 of the FY 2024-25 over the growth rate of 2.6 per cent and 4 per cent in Q2 and H1 of the previous financial year. 

Private consumption accounts for 60 per cent of the country’s GDP and the acceleration in the growth rate augurs well for the future. 

Government Final Consumption Expenditure has also rebounded to a growth rate of 4.4 per cent after having slowed in the previous quarter due to the Lok Sabha elections. 

India’s economic growth slowed to 6.7 per cent year-on-year in the April-June quarter as a decline in government spending during national elections weighed, data showed on Friday, but it remained the world’s fastest-growing major economy. 

The rise in gross domestic product was less than 7.8 per cent growth in the previous quarter. 

Still, it was faster than 4.7 per cent growth in China, Asia’s biggest economy, in April-June, and India’s slowdown is expected to be temporary as economists forecast that easing inflation and a pickup in government spending will shore up growth in the coming months. 

The Gross Value Added (GVA), seen by economists as a more stable measure of growth, increased by 6.8 per cent in April-June from a year earlier, compared to 6.3 per cent in the previous quarter. 

Consumer spending, which constitutes about 60 per cent of GDP, rose to a seven-quarter high of 7.4 per cent in April-June from a year earlier, compared to 4 per cent in the previous quarter. Capital investments also rose by 7.4 per cent compared to 6.5 per cent in the previous quarter. 

Looking ahead, food inflation to ease while the growth outlook for the economy is “cautiously optimistic” for the coming months as the agricultural sector is likely to benefit from favourable monsoon conditions, increased minimum support prices and adequate supply of inputs, according to the Finance Ministry’s monthly economic review released this week. 

Amid a clouded global background, and after a brief period of softening momentum over the monsoon months, many high-frequency indicators of economic activity in India have shown a rebound in October. These include indicators of rural and urban demand and supply side variables like Purchasing Managers’ Index and E-way bill generation, the report states. 

On the employment front, the formal workforce is expanding, with notable increases in manufacturing jobs and a strong inflow of youth into organised sectors, it added. 

The Reserve Bank of India (RBI) has also maintained its GDP growth forecast for the current fiscal year at 7.2 per cent. 

“India’s growth story remains intact as its fundamental drivers – consumption and investment demand – are gaining momentum. Prospects of private consumption, the mainstay of aggregate demand, look bright on the back of improved agricultural outlook and rural demand. 

“Sustained buoyancy in services would also support urban demand. Government expenditure of the Centre and the states is expected to pick up pace in line with the Budget Estimates. Investment activity would benefit from consumer and business optimism, the government’s continued thrust on capex and healthy balance sheets of banks and corporates,” RBI Governor Shaktikanta Das said while presenting the monetary policy review last month. 

ALSO READ: AI Powers India’s Green Push 

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Business Economy India News

‘Kerala a Jewel in India’s Startup Crown’ 

Tharoor, a four-time Lok Sabha MP, said this while speaking at the Huddle Global 2024, India’s flagship startup conclave, here on Saturday. …reports Asian Lite News

Senior Congress leader and Lok Sabha MP from Thiruvananthapuram, Shashi Tharoor, has said that Kerala’s startup ecosystem has become a glittering jewel in the crown of India’s fast-growing startup landscape by demonstrating its prowess in innovation, inventiveness, sustainability, and inclusiveness. 

Tharoor, a four-time Lok Sabha MP, said this while speaking at the Huddle Global 2024, India’s flagship startup conclave, here on Saturday. 

Tharoor, an eminent writer, former diplomat, and thought leader, titled his address “The Elephant that is becoming a tiger: India’s Startup Ecosystem and tech entrepreneurship”, an obvious reference to his book “The Elephant, the Tiger & the Cellphone”. 

While hailing the achievements of Kerala’s startup ecosystem, Tharoor said the state needs to further streamline regulatory compliances and procedures to enable aspirational entrepreneurs to start enterprises, attract capital, and grow faster. 

“We need to simplify and streamline regulatory compliances and procedures by dismantling the oppressive red tape,” he added. 

Tracing the evolution of the Indian startup ecosystem, the Congress leader said this was the time to think about making a single imaginative leap to add greater momentum to what has been achieved. 

“The elephant is becoming a tiger as startups symbolise industriousness, innovation, and inventiveness, playing a vital role in the remarkable transformation of the country,” Tharoor added. 

He also said that while coming out with novel and ingenious solutions, the startups have also shown that everything is reusable and re-imaginable. 

“The surge of entrepreneurial culture also helped to turn India from a country of job-seekers to a job-creating economy, though it is a paradox that increasing unemployment has sharpened the youth’s entrepreneurial spirit,” he added. 

Lauding Kerala Startup Mission for positioning its flagship startup festival into a major event that brings together the entire spectrum of stakeholders, Tharoor said “it is amazing” that a lot of products from robots, home automation, and medical technology from the startups are displayed here 

Indian Innovators Secure $145M  

The domestic startup ecosystem raised more than $145 million, as investor confidence is reviving in the country when it comes to VC funding.  

Publicly-listed gaming firm Nazara raised $101.3 million via a preferential share issue, led by investors like SBI Mutual Fund, Caratlane founder Mithun Sacheti, and Aamara Capital. 

ShopDeck, a direct-to-consumer (D2C) e-commerce enabler, raised $8 million in funding led by Bessemer Venture Partners, with participation from Elevation Capital, Venture Highway, and Chiratae Ventures. 

ShopDeck empowers sellers across categories, including clothing, jewellery, footwear, and home decor, driving over $150 million in annual sales. 

MSME-focused digital lender NeoGrowth raised up to Rs 42 crore (nearly $5 million) in debt funding from UTI International Wealth Creator. 

Elchemy, a tech-driven cross-border speciality chemical distribution platform, secured a $5.6 million Series A funding round. The round was led by Prime Venture Partners, along with participation from existing investor InfoEdge Ventures. 

Ukhi, a pioneering biomaterials startup, secured $1.2 million in pre-seed funding to accelerate its mission to develop novel, biodegradable, and compostable biomaterials aimed at transforming the sustainable packaging industry. 

A total of 984 venture capital (VC) funding deals were announced in India during January-October 2024, which was a year-on-year (YoY) improvement of 5.8 per cent in deal volume. 

The total disclosed funding value of these deals jumped by 44.4 per cent YoY to $9.2 billion during the same period, according to GlobalData, a leading data and analytics company. 

Investor confidence seems to be reviving as India demonstrates significant improvement in VC funding activity during the year compared to peer countries, the report mentioned. 

India accounted for 7.1 per cent share of the total number of VC deals announced globally during January-October 2024, 

ALSO READ: AI Powers India’s Green Push 

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India News Sport Sports

Targets Beyond Limits  

Shooting range. (Photo: IANS)

Shagun Chowdhary believes Indian shooting is well-placed to fetch a lot more medals in many future editions of the Olympics…reports Asian Lite News 

Shooting contributed in a major way to India’s medal tally at the 2024 Paris Olympics by bagging three medals, two of which were earned by Manu Bhaker. Shotgun shooter Shagun Chowdhary believes Indian shooting is well-placed to fetch a lot more medals in many future editions of the Olympics.  

“Indian shooting has been having quite a few glorious years and it’s just the amount of effort and hard work that the kids have put in that have culminated in results eventually. I think we all look for immediate gains, but what’s really needed is to focus on long term goals because sports is a long term association. 

“It takes a long time in order to (get results), as a lot of hard work and time and experience (is put in) to get that one medal. So just have patience and Indian shooting has a lot more to offer in the next, many, many Olympics,” said Shagun in an exclusive conversation with IANS on the sidelines of ‘TURF 2024’, the 14th Global Sports Summit organised by FICCI at their headquarters in New Delhi. 

Speaking about the need of having conversations around women in sports through events like this, Shagun said, “It’s very important to get everybody’s insight on what they feel about sports, especially of athletes and administrators, because that will build a bridge in terms of having a more cohesive environment for sports to thrive.” 

She also expressed how women can be included in more administration roles in sporting federations in India. “To get more women in sports administration, there should be at least like what Australia is doing, at least having a 40% attendance of women administrators in order to have a more balanced view of sport.” 

“It’s because now as we see we have as many girls as boys who have started to participate considering the way we are performing internationally. So if we have enough athletes, then we also need to have enough women administrators on the board in order to support them.” 

Shagun, who was a part of the double trap shooting team who won the bronze medal at the 2014 Asian Games in Incheon, South Korea, revealed she hopes to be back in action in January next year. 

“The outlook for Indian shooting is always bright. It’s going to be always bright. Hopefully by January, I am back on the field. I broke my ankle in September this year. So I am just waiting for that to heal and then you will see me back in action.” 

ALSO READ: Young Rivals Ready for Battle 

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India-Malaysia joint military exercise to begin in Kuala Lumpur  

The joint military exercise between India and Malaysia, Harimau Shakti 2024, is scheduled to take place from December 2 to December 15 at the Bentong Camp in the Malaysian capital, Kuala Lumpur, the Additional Directorate General of Public Information (ADGPI) of the Indian Army stated on Saturday. 

The Army, via an official statement on X, stated that the exercise is expected to enhance interoperability between the Indian Army and the Malaysian Army in conducting sub-conventional operations under the United Nations mandate. 

This year, the bilateral military exercise is themed around the motto, *”Two nations, one mission: Ensuring global peace.”* 

“The joint military Exercise Harimau Shakti between India and Malaysia, is scheduled to be held at the Bentong Camp, Kuala Lumpur, Malaysia, from 02 December – 15 December 2024. The objective of Exercise Harimau Shakti is to further strengthen interoperability between the Indian Army and the Malaysian Army in conducting sub-conventional operations under the UN mandate,” the ADGPI’s post read, 

In 2023, the joint bilateral training exercise took place in India at Meghalaya’s Umroi Cantonment. The Malaysian Army contingent consisted of troops from the 5th Royal Battalion of the Malaysian Army, while the Indian contingent was represented by a battalion of the Rajput Regiment. 

“Exercise Harimau Shakti” aims to improve defence cooperation between the Indian Army and the Malaysian Army and foster stronger bilateral relations between the two nations. 

Meanwhile, the 13th edition of the bilateral joint military exercise Agni Warrior 2024, between the Indian Army and the Singapore Armed Forces, concluded at Field Firing Ranges, Devlali, in Maharashtra on Saturday. 

The three-day exercise involved participation from the Singapore Armed Forces contingent, which included 182 personnel from the Singapore Artillery, and the Indian Army contingent, with 114 personnel from the Regiment of Artillery. 

The exercise aimed to maximise mutual understanding of drills and procedures to achieve jointness as a multinational force under the United Nations Charter. The exercise showcased joint firepower planning, execution, and the use of new-generation equipment by the artillery of both armies. 

The event was by Lieutenant General Adosh Kumar, Director General of Artillery; Lieutenant General NS Sarna, Commandant, School of Artillery; and Colonel Ong Chiou Perng, Chief Artillery Officer, Singapore Armed Forces. (ANI) 

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Indian Navy enhances interoperability with Mauritius 

The leadership of the two countries enjoys a high level of trust and mutual understanding, which is reflected in the continued high-level political engagement…reports Asian Lite News

The Indian Navy is in Mauritius for the 15th edition of the annual training program between India and Mauritius aimed at enhancing interoperability between the Indian and Mauritian Armed Forces. 

The Spokesperson of the Indian Navy shared the details on X. According to them, the Indian Navy Marine Commando and Diving Mobile Training Team (MTT) are in Mauritius for the 15th edition of the Special Forces and Diving Refresher Camp. 

The post noted that the program is ‘tailor-made’ to enhance interoperability between the two Armed Forces. “The MTT will train the Mauritius Police Force towards enhancing their capability to undertake Maritime Special Operations & Salvage at Sea”, the post said. 

India has close, longstanding relations with Mauritius. Mauritius was one of the few important countries with which independent India established diplomatic relations in 1948, even before Mauritius gained independence. 

The leadership of the two countries enjoys a high level of trust and mutual understanding, which is reflected in the continued high-level political engagement. These ties have resulted in uniquely close cooperation in maritime security, development partnerships, capacity-building, and cooperation in international fora, the Ministry of External Affairs (MEA) said in its statement. 

The close bonds are also evident in the numerous India-assisted development projects across Mauritius. India’s influence in the country is highlighted by institutions such as the Indian Cultural Centre, the Mahatma Gandhi Institute, and the World Hindi Secretariat. These initiatives continue to strengthen cultural and people-to-people ties between the two nations. 

Mauritius recently held elections, with Navin Ramgoolam achieving a historic victory. Prime Minister Narendra Modi had congratulated Navin Ramgoolam on his electoral success. In his message, PM Modi expressed his eagerness to work closely with Ramgoolam to further strengthen their “unique partnership.” 

“Had a warm conversation with my friend @Ramgoolam_Dr, congratulating him on his historic electoral victory. I wished him great success in leading Mauritius and extended an invitation to visit India. Look forward to working closely together to strengthen our special and unique partnership,” he wrote in a post on X. (ANI) 

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Chennai Airport resumes operations after cyclone Fengal 

The airport had temporarily suspended operations on Saturday due to strong winds and heavy rainfall caused by cyclones…reports Asian Lite News

Flight operations at the Chennai International Airport resumed early on Sunday morning after Cyclone Fengal crossed the North Tamil Nadu and Puducherry coasts. 

Speaking to ANI, Shiva, a passenger travelling to Abu Dhabi via Air Arabia flight, said, “We have been waiting here since 8 PM last night. I am from Cuddalore district, Tamil Nadu. The airline we booked with is not responding to us, and we haven’t even received a water bottle or food from them. 

“I request the airline to respond and ensure the comfort of passengers. They should have arranged a place for us to wait, but in this weather, we are waiting in an open area. Honestly, I have suffered a lot this time. I have been travelling and working abroad for the past 25 years, but I have never faced such treatment from any airline. Yes, it’s a natural calamity, but the airline should have at least responded to the passengers. They should either arrange an alternate flight or refund the amount to us as soon as possible,” he added. 

The airport had temporarily suspended operations on Saturday due to strong winds and heavy rainfall caused by cyclones. Airlines had issued travel advisories and updated their flight schedules in response to the continuous downpours in Tamil Nadu. Several passengers experienced delays, with many stranded at the airport for 8 to 10 hours due to the sudden cancellation of flights. 

According to the India Meteorological Department (IMD), Cyclone Fengal, which had been stationary over north coastal Tamil Nadu and Puducherry, was classified as a cyclonic storm with wind speeds of 65-75 km/h, gusting up to 85 km/h. 

The IMD stated that the cyclone would gradually weaken into a deep depression within the next three hours and continue to move west-southwestward. 

“The Cyclonic Storm “FENGAL” [pronounced as FEINJAL] over north coastal Tamilnadu & Puducherry remained practically stationary during the past 1 hour and lay centred at 0030 hrs IST of today, the 01st December over the same region near latitude 12.0°N and longitude 79.8°E, close to Puducherry, as a cyclonic storm with a wind speed of 65-75 kmph gusting to 85 kmph. The cyclonic storm “FENGAL” will move west-southwestwards slowly and weaken gradually into a deep depression during the next 3 hours. The system is being continuously monitored by the Doppler Weather Radar at Chennai & Karaikal,” IMD posted on X. 

Cyclone Fengal made landfall on Saturday night between 10:30 pm and 11:30 pm IST, near Puducherry, with wind speeds of 70-80 km/h, gusting up to 90 km/h. As a precautionary measure, people in affected areas have been relocated to relief camps near Kalpakkam in the Chengalpattu district. 

The cyclone’s impact led to heavy rainfall and gusty winds, disrupting road and air services and affecting normal life in Puducherry and various parts of Tamil Nadu.  

Chennai, Nov 30 (ANI): A man walks on a waterlogged road following a heavy rainfall triggered by Cyclone Fengal, in Chennai on Saturday. (ANI Photo)

IMD predicts extremely heavy rainfall in Puducherry 

The India Meteorological Department (IMD) predicted extremely heavy rainfall in Puducherry on Sunday as Cyclone Fengal made landfall on the coast on Saturday evening. 

According to IMD, Puducherry is likely to receive extremely heavy rainfall today and “moderate” for December 2. The cyclone made landfall on the Union Territory’s coast at 7 in the evening on Saturday. 

According to IMD, the isolated places over north Tamil Nadu are likely to witness “heavy to very heavy rainfall” today. The weather department had informed that the wind speed along and off north Tamil Nadu, Puducherry and adjoining south Andhra Pradesh coasts would reach “70-80 kilometres per hour gusting to 90 kmph”. 

“It is likely to prevail till the night of November 30 and gradually decrease thereafter,” IMD said in its National Bulletin. 

Cyclonic Storm Fengal crossed the North Tamil Nadu and Puducherry coasts on Saturday late night and is likely to continue moving west-southwestward, weakening into a deep depression within the next few hours, the India Meteorological Department (IMD) said. 

According to the IMD, the cyclone crossed the coast near Puducherry between 10:30 pm and 11:30 pm IST, with wind speeds of 70-80 kmph gusting up to 90 kmph. 

“The Cyclonic Storm FENGAL crossed North Tamil Nadu & Puducherry coasts near latitude 12.05°N and longitude 79.9°E, close to Puducherry, between 2230 hrs IST and 2330 hrs IST yesterday, the 30th November as a cyclonic storm with wind speed of 70-80 kmph gusting to 90 kmph. It lay centred at 2330 hours IST yesterday, the 30th of November over north coastal Tamilnadu & Puducherry near latitude 12.0°N and longitude 79.8°E, close to Puducherry. It will continue to move west-southwestwards slowly and weaken gradually into a deep depression during the next 3 hours,” IMD said in a post on X. 

The official statement added that residents in the affected areas have been advised to remain indoors and follow all instructions from local authorities to ensure their safety. 

Meanwhile, people living in nearby areas have been shifted to relief camps near Kalpakkam in Chengalpattu district, in the wake of Cyclone Fengal. (ANI) 

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