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G20 Nations’ GDP Grows 8.1% in Q3 2020: OECD

The Gross domestic product (GDP) in the G20 area rebounded by 8.1 per cent in the third quarter of 2020, but remained 2.4 per cent below its pre-pandemic high of the final quarter of 2019, the Organization for Economic Cooperation and Development (OECD) said.

Many G20 economies rebounded with double-digit numbers in the third quarter after double-digit falls in the second quarter, Xinhua news agency quoted the OECD as saying in a statement on Monday.

GDP in India rebounded strongest, by 21.9 per cent, following a fall of 25.2 per cent in the second quarter, the sharpest drop ever recorded, according to the statement.

With a sharp recovery seen in GDP contraction in the second quarter period, rating agency Crisil has revised upwards its growth projections for India.

A Crisil research report said on Monday that India’s fiscal 2021 real gross domestic product (GDP) will now contract by 7.7 per cent as against a contraction of 9 per cent forecast in September.

A faster-than-expected revival in activity in the second quarter, which continues into the festive season, is one of the reasons for the revision, the agency said in its research report.

Consistent decline in the overall Covid-19 case load is the other, it added.

Crisil, however, said that inadequate fiscal spending remains a constraint, while the possibility of a second wave of afflictions, uncertainty regarding availability of vaccine, and hiccups in global economic revival due to resurgence of cases, call for caution.

“In fiscal 2022, GDP growth is expected to spurt to 10 per cent, led by a very weak base and some global ‘rising tide’ effect. We estimate a permanent loss to the economy at 12 per cent in real GDP terms,” Crisil said.

GDP also rebounded in France (by 18.7 per cent, following a contraction of 13.8 per cent), Italy (by 15.9 per cent, after minus 13.0 per cent), Turkey (by 15.6 per cent, after minus 10.8 pe rcent), the UK (by 15.5 per cent, after minus 19.8 per cent), South Africa (by 13.5 per cent, after minus 16.6 per cent) and Mexico (by 12.1 per cent, after minus 17.0 per cent).

Growth chart. (File Photo: IANS)

Other major economies also saw their economies grow in the third quarter, 8.9 per cent in Canada; 8.5 per cent in Germany; 7.7 per cent in Brazil; 7.4 per cent in the US; 5.3 per cent in Japan; 3.3 per cent in Australia; 3.1 per cent in Indonesia; 2.1 per cent in South Korea and 1.2 per cent in Saudi Arabia.

“GDP in the G20 area as a whole remained significantly below the levels of the same quarter a year earlier (minus 2 per cent), with only Turkey and China recording positive growth of 5.4 per cent and 4.9 per cent, respectively, while the UK experienced the largest fall (minus 9.6 per cent),” the statement added.

Also Read: South Asia GDP To Contract 6.1% In 2020: ADB

Also Read: Fitch narrows India’s GDP fall forecast

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Business Economy India News

Amicably Solving Farmer Agitation Vital For Economy: CII

The disruptions in supply chains caused by the current agitation by farmers in many parts of India will have a bearing on the economy over the coming days and may impinge upon the ongoing recovery from the economic contraction due to COVID, industry body CII said on Monday.

The farmers’ protest which has intensified over the past couple of weeks has led to obstruction of traffic and road blockades across multiple checkpoints in the northern states of Delhi-NCR, Punjab, Haryana, Uttar Pradesh and Rajasthan, and in smaller measure, in many other states. The already broken supply-chain which was recovering post the pandemic induced lockdown has come under severe stress, CII said.

Due to the situation, around two-third consignment in transit are taking 50 percent extra time to reach destination in states of Punjab, Haryana, Rajasthan and Delhi-NCR. In addition, the transport vehicles are forced to travel up to 50 per cent longer to reach Delhi from the warehouses in Haryana, Uttarakhand and Punjab. The industry confederation said that this may push logistics cost by upto 8 to 10 per cent.

Confederation of Indian Industry (CII). (Photo: Twitter/@FollowCII)

Many companies in industrial belts surrounding Delhi are facing labour shortages as people struggle to reach production facilities from neighbouring towns.

According to Nikhil Sawhney, Chairman, CII Northern Region: “The ongoing farm agitation requires an immediate amicable solution as it is impacting not only the economic growth but also putting a huge dent to the supply chain which is affecting the large and small industries alike.”

“The effect of the agitation is more acute for industries in hilly regions of Himachal Pradesh, Uttarakhand and Jammu and Kashmir who are dependent on goods transported by road. There is also uncertainty around the transportation of farm products to the major markets of Delhi-NCR, it could lead to significant losses to the farm sector in these states. Tourism, a major revenue and livelihood source in these states, is likely to get adversely impacted at a crucial time when the sector is looking forward to regaining some momentum following the unlocking of the economy.”

Given the challenge to get the economy back on the growth trajectory, CII has urged all the stakeholders to urgently seek ways to end the ongoing protests and reach an amicable solution, in the interest of industry and economy.

Also Read: IN PICS: Farmers launch strike over new farm laws

Also Read: Farmers’ meet with shah fails to strike deal

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Australia Cricket Sport

IPL filled right spirit into former ‘clash of cultures’: Allan Border

Former Australia skipper Allan Border

Former Australia skipper Allan Border and current Australia coach Justin Langer have acknowledged the contribution of the Indian Premier League in breaking the ice between the Indian and Australian players and ensuring the game is played in the right spirit.

The two teams will take on each other in the four-Test series beginning Thursday at the Adelaide Oval.

The rivalry was always competitive but there was a clash of cultures earlier, Border acknowledged.

“I think Sunny (Sunil Gavaskar) talked about (in a media article) that there was always a little bit of clash, clash of cultures between Australians and Indians. We play the game a certain way, we are brought up to play the game in an aggressive manner. We use swear words a lot in our natural conversation without meaning anything by it. Whereas in India, sometimes the players used to take offence with the way we were,” Border told Indian reporters during a media interaction.

Former Australia skipper Allan Border

“That clash of cultures has been addressed in recent times because of the IPL. Because you have got Australians and South Africans and Indians, the different cultures playing in one franchise you get to know each other a lot better. The appreciation is what makes different people tick when you are in the same dressing room compared to opposing dressing rooms. I think that has helped the Indians and Australians and the way, the mannerisms out in the field. But don’t mistake the smiling assassins (Tim Paine’s Australians). They will be friendly alright but they will be keen to be the Australian boys because they really rate this series very highly,” added Border.

Langer said that the Test series is not a revenge for the 2018-19 series loss at home for Australia when he was asked if he considers this a revenge series.

“Revenge is not the word, good competitive cricket. There have been really pivotal moments in each of our cricket experience. I love the way the game is played. It (the limited-overs series) was played hard, no one could argue that it wasn’t exciting,” said the Australia head coach.

Australian Coach Justin Langer

“It was played in the right spirit during the one-day contest, through theT20 contest and I hope that remains, we play tough cricket but in the spirit of the game. I think that is benefits of the IPL that the guys get to know each other well, there are good relationships and the game is played in good spirits,” he added.

Border however admitted the changing face of Indian cricket as represented by Virat Kohli.

“We just love the way he plays cricket. You can see in his body language out on the ground. He lives and breathes every minute. He is out there, he just loves it. There is a bit more chat out on the ground. He talks to his own players and opposition. He is in the contest more so than the other Indian players we have seen in the past,” said Border before describing the new Indian cricketer,” he said.

Also Read: A look at India’s top T20 feats against Australia

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Uncategorized

‘We Can Repeat 2016 FIH Junior World Cup Win’

Junior Indian mid-fielder Maninder Singh

For an athlete, representing the national team on the biggest stage is always the dream, and for junior Indian mid-fielder Maninder Singh, playing in tournaments like the FIH Junior World Cup 2021 and the AHF Men’s Junior Asia Cup 2021 is still a dream which he intends to fulfil with the national junior men’s hockey team.

With the two major tournaments scheduled for next year, and the former slated to take place in India, the 19-year-old is hoping to impress on the big stage.

“I think these two tournaments are something that all junior players keep in mind when they look at the future and are setting goals for themselves. With the Junior World Cup scheduled to take place in India and the Junior Asia Cup in Bangladesh, our focus has shifted to these major competitions,” said Maninder in a Hockey India statement.

“It is a dream for everyone to win medals, and I think we can repeat what the Indian junior men’s hockey team did in 2016. Those players (who played in 2016) impressed on the biggest stage, and most of them also succeeded in making in to the senior team, and I want to do the same,” he added.

Having first represented the team in 2017 at the 7th Sultan of Johor Cup and then going on to win the silver medal at the 3rd Youth Olympics Games held in 2018, the mid-fielder is aiming to follow in the footsteps of legendary players.

Junior Indian mid-fielder Maninder Singh

“I think I’ve been fortunate to have had the opportunity to play for India at the junior level, and win medals as well. When I had started playing hockey, and was winning those medals at the Nehru Cup or the Hockey India Sub-Junior National Championships, I took those achievements as stepping stone for my career at the senior level, and without looking too far ahead, I just want to remain focused on my goal of playing for India over a lengthy period and try to learn from legends like Sardar Singh and Manpreet Singh,” said Maninder who originally belongs to the Sangrur district in Punjab.

Commenting on his experience of having been in the national camp, Maninder said, “I have enjoyed each and every moment of being a part of the national camps, and it has given me the opportunity to speak to some of India’s best players,” said Maninder.

“I’ve frequently spoken to Gurjant Singh who was a tremendous performer for that 2016 Junior World Cup winning team, and he has always been very supportive and has motivated me to make it to the senior team also in the future. I think what these small interactions do to your self confidence is unmatched, and I am looking forward to playing my part in this exciting phase of Indian hockey,” he added.

Also Read: Drawn Warm Up Game Boosts Team India’s Confidence

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-Top News UK News

Asian Lite Daily Digital – December 15, 2020 – London To Enter Tier 3

People wearing face masks stand next to Christmas trees in London, Britain, on Dec. 4, 2020. (XinhuaHan Yan)

London To Enter Tier 3; UK, EU Resume Trade Talks; UK, EU Resume Trade Talks; COPD: What Parents Need To Know?; B’desh approves 1,222 martyred intellectuals – all in Asian Lite Daily Digital – please click here to read

Categories
-Top News Arab News

Asian Lite Daily Digital Dubai – December 15, 2020 – UAE Forms New Human Rights Forum

UAE Forms New Human Rights Forum; UAE, Israel to boost infrastructure, transportation ties; COPD: What Parents Need To Know?; B’desh approves 1,222 martyred intellectuals – all in Asian Lite Daily Digital – please click here to read.

Categories
-Top News Africa News Arab News

Sudan Expects Economic Boost On Removal From US’ Terror List

As the US Embassy in Khartoum officially announced the removal of Sudan from the list of states sponsoring terrorism, Sudanese Prime Minister Abdalla Hamdok said that the northeast African country’s removal will “help tackle debts and improves the investment environment”.

“This is a historic day. Today we return to the international community. This decision helps to implement programs of the transitional period,” Xinhua news agency quoted Hamdok as saying at a press conference her on Monday.

“The Congressional notification period of 45 days has lapsed and the Secretary of State (Mike Pompeo) has signed a notification stating rescission of Sudan’s State Sponsor of Terrorism designation is effective as of today (December 14), to be published in the Federal Register,” the Embassy said in a Facebook post.

In October, US President Donald Trump announced his intention of removing Sudan from the State Sponsor of Terrorism list once the African country deposits a $335 million settlement amount for victims of the 1998 twin bombings at the two American Embassies in Tanzania and Kenya.

Sudan had been listed as a state sponsor of terrorism since 1993. The other three nations on the list are Iran, North Korea and Syria.

Due to the designation, Sudan faced a series of restrictions including a ban on defence exports and sales and restrictions on US foreign assistance.

The August 7, 1998, simultaneous truck bomb explosions that took place at the American Embassies in Dar es Salaam, Tanzania, and Nairobi, Kenya, killed at least 224 people.

The attacks, which were linked to local members of the Egyptian Islamic Jihad, brought the Al Qaeda to the attention of the international community for the first time and led to the FBI designating Osama bin Laden on its list of 10 most-wanted fugitives.

Sudan, which was then under the leadership of the now-ousted Omar al-Bashir, sheltered bin Laden and was found to have assisted the Al Qaeda operatives.

Also Read: UAE sends 7th medical aid flight to Sudan

Also Read: US removes Sudan from terror sponsors list

Categories
-Top News Arab News

UAE, Israel To Step Up Infra, Maritime Cooperation

Suhail Al Mazrouei, UAE Minister of Energy and Infrastructure, virtually met with Miri Regev, Israeli Minister of Transportation and Road Safety, in order to reinforce the bonds of cooperation between the two countries as part of the Abraham Accords between the United Arab Emirates and the State of Israel.

During the meeting, which was attended by high-level officials from the two ministries, both sides discussed cooperation in the fields of smart transportation and transport integration, in which the two countries have taken steps to raise transport efficiency and achieve sustainable development goals.

The two sides also discussed future trends and plans in the shift towards the use of autonomous and environmentally friendly vehicles, which support the aspirations of the two governments with regards to improving road safety and security by ensuring traffic safety and reducing pollution.

During the meeting, joint cooperation in developing legislation related to infrastructure, maritime, and land transport, as well as the exchange of experiences in the field of rail transport, was discussed, in addition to ways to enhance bilateral cooperation in the activities related to the World Maritime Organisation within the framework of the Ministry’s aim to exchange knowledge and expertise and strive for continuous development with partners to shape the next fifty years of ambitious achievements.

The two sides affirmed the role of the Abraham Accords in opening new horizons for prosperity and comprehensive and sustainable development and looked forward to the coming days of development, growth, and prosperity in all fields, including in the energy, infrastructure, and transportation sectors.

These sectors form the backbone of comprehensive development of the two countries’ national economies. The two sides welcomed bilateral field visits to become acquainted with best practices and pave the way to explore additional opportunities for cooperation.

For her part, Miri Regev said that there are 17 national companies in the State of Israel through which joint work can be reinforced in the fields of railways, express trains, and infrastructure projects. Regev invited the Emirati side to learn about the experiences of the national companies and exchange skills, as well as discuss opportunities for cooperation.

Suhail Al Mazrouei said, “The UAE is keen to keep pace with global advancements and developments, and to benefit from future technologies in various stages of its work in order to enhance its position and achieve global leadership up to the UAE Centennial 2071,” referring to the role of these meetings in advancing the aforementioned sectors; stimulating economic growth, enhancing technological innovation, and strengthening the relationship between the two countries in a way that serves common interests.

Also Read: PLO slams Israel for extension of West Bank settlements

Also Read: Palestine denounces Moroccan-Israeli normalisation deal

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Business Tech Lite

Google Services Go Down In Many Places

Google-owned services on Monday experienced a major outage in India and elsewhere.

According to Downdetector, YouTube, Google, Google Meet, Google Hangouts, Google Play and Gmail were down.

With Gmail, nearly 15 per cent faced problems with the website, 79 per cent had problems in logging in while 14 per cent mentioned messages issues.

Meanwhile, 52 per cent issued problems in watching videos, 39 per cent reported website related issue and 8 per cent issued log-in issue with YouTube.

The website further claimed that the aforementioned services are not only facing troubles in India but in many parts of the world including parts of Europe, the United States and more.

“Just when you thought 2020 couldn’t get any crazier, instead of a Snow Day, we could have a #GoogleDown Day,” a twitter user wrote from his account.

Another Twitter user said: “2020 is incredible, even Google didn’t make it through it #googledown.”

Google was earlier hit by a significant outage in August this year, which also took down its suite of online services and YouTube. Its products also experienced a smaller outage last month.

Also Read: ‘Google Pay is helping India Bridge Digital Divide’

Categories
Business India News

TATAs Still Interested In Buying Air India

Air India.

Tata Sons is expected to send in their express of interest (EoI) for national carrier Air India on Monday, industry insiders said.

According to highly placed sources, Tata Sons which owns the industrial conglomerate Tata Group will send in a direct EoI to buy out the government’s stake in the airline.

“Tata Sons will be submitting the EoI,” highly placed sources told IANS.

However, when contacted an official spokesperson of the Group declined to comment.

Speculations have been rife over several months regarding Tata’s interest in their erstwhile airline.

Notably, it was Tata’s who started Air India prior to the nationalisation of the airline in the 1960s.

Tata Group Chairman N. Chandrasekaran

The last date of EoI submission is Monday.

Besides the Tatas, a group of Air India employees led by the airline’s Commercial Director Meenakshi Mallik is also expected to send in their EoI.

In October, the Centre in an aggressive push to off-load its stake in the national carrier decided to invite bids for Air India, based on the company’s enterprise value.

The change in criteria will allow for the bidding to take place on the current value of the assets and other resources of Air India.

The deadline for the bid submission was also been extended.

The deadline for submitting the bids was that time extended to December 14 from October 30.

Similarly, the deadline for announcing the name of those short-listed has also been extended.

The new date for announcement of short-listed bidders is December 28.

Also Read: Air India Express records highest ever profit

Also Read: Air India set to connect Bengaluru and San Fransico