US plays down NASA view on A-SAT test

The US has downplayed NASA’s criticism of India over space debris created by the anti-satellite missile test, saying the two nations will continue to pursue shared interests in space. State Department deputy spokesman Robert Palladino’s remarks came a day after NASA termed as a “terrible thing” India’s shooting down of one of its satellites that has created about 400 pieces of orbital debris. “As we have said previously, we have a strong strategic partnership with India, and we will continue to pursue shared interests in space, in scientific and technical cooperation, and that includes collaboration on safety and security,” he said. NASA said 60 pieces of orbital debris have been tracked so far and some of them pose a risk to the International Space Station.

US approves sale of Seahawks to India

The US has approved the sale of 24 multi-role MH-60R Seahawk helicopters to India at an estimated cost of $2.4 billion. India has been in need of these formidable anti-submarine hunter helicopters for more than a decade now. Designed for hunting submarines as well as knocking out ships and conducting search and rescue operations at sea, the Lockheed Martin-built helicopters would replenish India’s ageing fleet of British-made Sea Kings. The Trump administration on April 2 notified the Congress that it has approved the sale of 24 MH-60R multi-mission helicopters, which will provide the Indian defence forces the capability to perform anti-surface and anti-submarine warfare missions.

IMF expects global rebound in late 2019

Global growth in 2019 should be even slower than previously expected, but a “precarious” rebound later this year is likely, IMF chief Christine Lagarde said on April 2. Lagarde said the world economy was vulnerable to shocks from Brexit, high debt levels and trade tensions, as well as unease on financial markets. “The expected rebound in global growth this year is precarious,” she said. “This is a delicate moment that requires us to handle with care.” Lagarde said the IMF next week was due to cut its global growth forecasts even further than it had in January, with more than two-thirds of the world economy likely to see slowing growth. Next week’s meetings - a biannual conclave of central bankers and finance ministers - come with the backdrop of fraught negotiations between China and the US to resolve their eight-month trade war.

EU drags India to WTO over import duties

The EU said it has dragged India into WTO’s dispute settlement mechanism over imposition of import duties on certain ICT products, including mobile phones, alleging breach of global trade norms. The EU has requested consultations with India under WTO rules governing the settlement of disputes with regard to the tariff treatment that the country accords to certain goods in the ICT sector. “Despite its legally binding commitment in the WTO not to charge any duties on these products, India has been applying duties ranging from 7.5 to 20 per cent. These import duties are therefore in clear breach by India of WTO rules. The levies affect EU exports worth €600 million per year,” the EU said.

Govt preparing list of CPSE arms for listing

The finance ministry is in the process of shortlisting profit-making subsidiaries of CPSEs having a minimum stipulated net worth, which can be listed on the stock exchanges. Currently, profit-making CPSEs with a minimum net worth of Rs 500 crore are listed on the exchanges. The Department of Investment and Public Asset Management (DIPAM) will consult ministries and CPSEs before finalising the names. In 2017-18, there were 257 operational CPSEs, of which 184 were making profits. Most of the CPSE’ profit-making subsidiaries are in coal, power and oil and gas sector. CPSE arms having a track record of making profits for at least three years are likely to be picked up for listing.

Panama Papers probes yield $1.2 bn in taxes

Taxmen in 22 countries have raked in more than $1.2 billion in fines and back taxes thanks to the 2016 Panama Papers leak of information about offshore dealings. The UK has recouped $253 million, France $136 million and Australia $93 million, the International Consortium of Investigative Journalists posted on its website. German daily Sueddeutsche Zeitung - which received the massive leak of documents from Panamanian law firm Mossack Fonseca on which the probe was based - reported that Germany has reaped $183 million from tax probes. More than 100 media organisations participated in the probe, which uncovered accounts in tax havens held by 140 politicians, football stars and billionaires and enjoyed a global media echo.

No royalty for Toyota’s hybrid vehicle patents

Toyota Motor said it would offer royalty-free access to its hybrid vehicle technology patents through 2030, as it seeks to expand the use of lower emissions vehicles before the auto industry shifts to all-battery electric cars. The Japanese automaker said it would grant licences on nearly 24,000 patents on technologies covering hybrid power systems. Since pioneering the Prius, the world’s first mass-produced hybrid car, in 1997, Toyota has sold more than 13 million cars featuring the technology, which twins a conventional petrol engine and electric motor, saving fuel by capturing energy during coasting and braking and using it to power the motor. Hybrid vehicles account for around 3 per cent of all vehicles sold globally, eclipsing the roughly 1 per cent share of all-battery electric vehicles.

Guaido stripped of parliamentary immunity

Lawmakers loyal to Venezuelan President Nicolas Maduro stripped Juan Guaido of immunity on April 2, paving the way for the opposition leader’s prosecution and potential arrest for supposedly violating the constitution when he declared himself interim president. But whether Maduro’s government will take action against the 35-year-old remains unclear. Guaido has embarked on a campaign to topple the Maduro regime amid deepening social unrest in the country plagued by nearly a month of power outages. He declared himself interim president in January, and vowed to overthrow Maduro. So far, however, Maduro has avoided jailing the man US President Donald Trump and roughly 50 other countries recognise as Venezuela’s legitimate leader.

Making a case for disaster-resilient infra

India has stressed on the need for nations to look beyond immediate relief and rehabilitation and focus on “build back better” after a natural catastrophe, emphasising that a “disaster resilient world” demands “disaster resilient infrastructure”. The remarks came as Mozambique, Zimbabwe and Malawi struggle to recover after the devastating Cyclone Idai. Idai has killed more than 700 people and destroyed over 100,000 homes and half-a-million hectares of crops. “It is urgent and critical to anticipate, plan for and reduce disaster risk in order to more effectively protect persons, communities and countries, their livelihoods, health, cultural heritage, socioeconomic assets and ecosystems, and thus strengthen their resilience,” said Nagaraj Naidu, India’s Deputy Permanent Representative to the UN.

S. Korea to roll out national 5G network

South Korea will launch the world’s first fully-fledged 5G mobile networks on April 5, a transformational leap that already has superpowers sparring for control of an innovation that could potentially change the day-to-day lives of billions of people. The superfast communications heralded by fifth-generation wireless technology will ultimately underpin everything from toasters to telephones; from electric cars to power grids. But while South Korea has won the race to be first to provide the user experience, that is only one part of a wider battle that has pit the US against China and ensnared tech giants. Hyper-wired South Korea has long had a reputation for technical prowess, and Seoul has made the 5G rollout a priority as it seeks to stimulate stuttering economic growth.

India to grow at 7.2% this fiscal: ADB

India’s growth is set to pick up and is expected to grow at 7.2 per cent in the current fiscal on strengthening consumption, ADB said in its flagship report released on April 3. “Growth slowed from 7.2 per cent in fiscal 2017 to 7 per cent in 2018, with weaker agricultural output and consumption growth curtailed by higher global oil prices and lower government expenditure,” according to the Asian Development Outlook 2019. It is expected to rebound to 7.2 per cent in 2019 and 7.3 per cent in 2020 as policy rates are cut and farmers receive income support, bolstering domestic demand, the report said, adding that Southeast Asia will sustain growth at close to 5 per cent this year and the next. Strengthening domestic demand will offset weaker export growth. Strong consumption, spurred by rising incomes, subdued inflation, and robust remittances, should boost economic activity in the sub-region, it said.

‘Acute hunger affected 113 mn in 2018’

More than 113 million people across 53 countries experienced acute hunger last year, with conflict, climate-related disasters and economic turbulence mainly driving the food insecurity crisis, according to a new joint UN and EU report. The Food and Agriculture Organisation (FAO), World Food Programme (WFP) and EU Global Report on Food Crises 2019 shows that the number of people going chronically hungry has remained more than 100 million over the past three years, with the number of countries affected also rising. The report said that more than 113 million people across 53 countries experienced acute hunger, requiring urgent food, nutrition and livelihood assistance.

Newsmakers

Indian-American Arun M. Kumar has been elected as a member of US think-tank Council on Foreign Relations. Currently chairman and CEO of KPMG in India, Kumar, 66, served as a top diplomat in the Obama administration.

Sri Lankan novelist Shakthika Sathkumara, 33, has been arrested for writing about homosexuality in the Buddhist clergy and charged with violating international human rights law, outraging free speech advocates.