ECONOMIC CONFLICTS
Budget 2024: How Sitharaman can steer the trade ship amidst two wars and Red Sea crisis to achieve $2 tn export goal
In the upcoming budget, key priorities for the export sector include boosting e-commerce exports through streamlined policies and infrastructure enhancements. Additionally, there is a push for Production Linked Incentive (PLI) schemes aimed at revitalising sectors such as toys and leather goods, fostering competitiveness and export growth.
Has the global economic environment turned favourable for equities?
Global economy's resilience amidst crises led to surprising growth stability and inflation control. Potential trade war threats loom, while equity markets soar to record highs, indicating positive economic outlook.
Taiwan urges citizens to avoid travel to China, Hong Kong Macao following Beijing threats
Taiwan has advised its citizens to avoid travel to China, Hong Kong, and Macao following Beijing's threats to execute supporters of Taiwan's independence. This advisory was issued by Liang Wen-chieh, spokesperson and deputy head of the Mainland Affairs Council, amid escalating threats from China, which views Taiwan as a territory to be annexed by force if necessary.
Chinese sailors wield knives, axe in disputed sea clash with Philippines
In the South China Sea, Philippine naval vessels clashed with Chinese coast guard sailors near Second Thomas Shoal. This comes amid escalating tensions as Chinese forces brandished weapons and confiscated Philippine equipment. Manila accused Beijing of piracy. The United States reaffirmed its defence commitments to the Philippines, highlighting regional instability amid ongoing territorial disputes in the strategic maritime region.
G7 Summit: India to encourage peaceful resolution through dialogue, says PM Modi to Ukrainian President Zelenskyy
Prime Minister Narendra Modi met with President Volodymyr Zelenskyy of Ukraine at the G7 summit in Italy, discussing ways to strengthen bilateral relations and addressing the ongoing Russia-Ukraine conflict. PM Modi reiterated India's commitment to a peaceful resolution through dialogue and diplomacy. This marks their second meeting at a G7 summit, emphasizing India's role in global peace efforts. The summit, attended by leaders from major economies, focuses on key global issues and partnerships, highlighting India's active engagement on the world stage.
G7 Summit: Italian PM Giorgia Meloni's 'Namaste' greeting goes viral
During the G7 Summit in Italy, Italian PM Giorgia Meloni's greeted leaders with the 'Namaste' greeting. Modi's trip, his first abroad since re-election, prioritizes discussions on AI, energy, Africa, and the Mediterranean. The summit's objectives include promoting economic growth, addressing environmental challenges, and confronting international security issues, notably the conflict in Ukraine and Gaza.
Ukraine summit attracts world leaders but fails to isolate Russia
U.S. Vice President Kamala Harris, French President Emmanuel Macron and the leaders of Germany, Italy, Britain, Canada and Japan are among those set to attend the June 15-16 meeting at the Swiss mountaintop resort of Buergenstock.
Amid run-ins with Philippines, China says US provoking arms race in South China Sea
"At present, the biggest security challenge in the South China Sea comes from outside the region," Chinese Vice Foreign Minister Sun Weidong said in comments published by his ministry, after attending a meeting on East Asian cooperation in Laos.
Putin says Russia could deploy missiles in striking distance of the West
Russian President Vladimir Putin warned of deploying missiles near the US and its allies if Ukraine uses Western weapons. He emphasized Russia's nuclear capabilities and criticized NATO's stance on the conflict.
Ray Dalio flags US-China ‘Economic Warfare’ among top global risks
Looking back in history, “economic warfare precedes military warfare,” he said. While most likely there will be no imminent form of military conflict, on the issue of Taiwan, the one-China policy “will not go on forever.”
US risks a ‘Forever’ trade war with China, says Economist Stephen Roach
The US is erecting new trade barriers that will hold back China’s sales of key products like electric vehicles, accusing Beijing of building excess capacity using state subsidies and flooding global markets with cheap products.
Suits & Sayings: Partnership in Peril
ET’s roundup of the wackiest whispers and murmurs in corporate corridors & policy parlours.
Kazakhstan President bats for dialogue & diplomacy on Ukraine akin to India’s position
India's stance on the Ukraine conflict has garnered praise from various sources. During a recent trip to Singapore, the President of Kazakhstan, a neighbor of Russia, echoed India's position and elucidated why his nation opted for neutrality. This move countered criticisms directed towards the largest state in Central Asia.
The business ties that bind the U.S. and China are strong but fraying
Many big U.S. companies depend on China for a substantial part of their income and rely on Chinese suppliers and factories for their products.
Despite $125 billion debt, why is Pakistan increasing its defence budget to 18000 crore rupees
Pakistan faces economic strain with a $124.5 billion foreign debt, 42% of its GDP. It boosts military capabilities through major arms imports, mainly from China, accounting for 82% from 2019 to 2023. Despite economic woes, it increases defense spending by 15.4% in the national budget, totaling 18000 crore Pak rupees. This military expansion includes submarines from China. Reports suggest Pakistan may have secretly supplied arms to Ukraine, contradicting its neutrality stance. Public discontent grows due to economic hardships and perceived military dominance in resource allocation.
Manipur's proactive initiatives to rebuilding lives and communities affected by the conflict
State Government of Manipur initiates diverse relief efforts, including skill training in hospitality and healthcare restoration for ethnic conflict victims. Emphasis on long-term solutions to foster societal well-being and economic growth in the region.
Gold prices tick higher on US rate cut bets
Data on Friday showed job growth in the U.S. slowed more than expected in April, while the increase in annual wages fell below 4.0% for the first time in nearly three years.
"The world gained from a peace dividend after USSR’s decline— that calm is shrinking now...": Kenneth Rogoff
Kenneth Rogoff, former chief economist of the IMF and Maurits C. Boas Chair of International Economics at Harvard University, discusses the record rise in military expenditure worldwide. He argues that military spending is not good for growth or consumption because it is destructive. The US and Europe are facing pressures today due to Ukraine, the Middle East, and potentially Taiwan, but the defense budgets of the West are tuned to a different era. The US has not prepared its people for greater military expenditure, and voters are talking about universal income, increased transfers, more social spending, etc., but realistically, defense spending will need to increase.
Wider conflict in the Middle East may lead to rise in inflation: BoB Report
Tensions between Israel and Iran have created uncertainty and volatility in global markets. Asian markets are down, currencies are weaker, and oil prices have risen. India's Sensex has declined in the past four sessions, affecting consumer durables and banking stocks. The 10-year yield in India initially remained flat but is now higher at 7.21%, reflecting concerns over Middle East tensions.
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