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Modi, UAE Crown Prince usher in new era of ties
International Desk
20 Feb 2022, 20:00
Photo: Collected
Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan on Friday laid out an ambitious roadmap of new frontiers and a new milestone for a future-oriented partnership between India and the UAE.
The virtual summit was marked by the signing and exchange of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) by Minister of Commerce and Industry Piyush Goyal and Minister of Economy of UAE Abdulla bin Touq Al Marri in the virtual presence of the two leaders.
The agreement will provide significant benefits to Indian and UAE businesses, including enhanced market access and reduced tariffs. It is expected that the CEPA will lead to an increase in bilateral trade from the current USD 60 bn to USD 100 bn in the next 5 years.
The Joint Vision Statement issued by the leaders commits the two countries on building on India and UAE Comprehensive Strategic Partnership to promote new trade, investment, and innovation dynamics in diverse sectors, including economy, energy, climate action, emerging technologies, skills and education, food security, healthcare, and defence and security.
Two MOUs were signed between India and UAE. These are, MOU between APEDA and DP World & Al Dahra on Food Security Corridor Initiative and MOU between India’s Gift City and Abu Dhabi Global Market on cooperation in financial projects and services.
Two other MOUs – one on cooperation in Climate Action and the other on Education have also been agreed between the two sides.
Source: ANI
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McDonald's: Behind the fast-food firm's boycott controversy
The sudden decision by McDonald's to take over ownership of its branches in Israel has thrust the franchise company Alonyal and its chief executive Omri Padan into the spotlight.
McDonald's will buy back all of its Israeli restaurants after global sales slumped due to a boycott of the brand over its perceived support for Israel in its war against Hamas in Gaza.
The fast-food giant uses a franchise system which means that individual operators are licensed to run outlets and employ staff. But the broader company came in for criticism after Mr Padan offered free meals to Israeli forces around the start of the Israel-Gaza war on 7 October.
A boycott was sparked after Muslim-majority countries such as Kuwait, Malaysia and Pakistan issued statements distancing themselves from the firm for what they saw as support of Israel.
Mr Padan, however, is not new to controversy related to the Israeli-Palestinian conflict. In the 30 years the businessman has been operating restaurants for McDonald's in Israel, he has been at the centre of a number of disputes.
In 2013, the Israeli businessman angered Israel's settler movement when he refused calls to open a branch of the fast-food chain in the settlement of Ariel in the occupied West Bank. Mr Padan's company Alonyal was asked to set up a restaurant in a shopping centre but declined, saying the firm had a policy of staying out of the occupied territories.
At the time, the firm said the decision had not been co-ordinated with McDonald's headquarters in the US.
Israel has built about 160 settlements housing some 700,000 Jews since it occupied the West Bank and East Jerusalem - land the Palestinians want as part of a future state - in the 1967 Middle East war.
The vast majority of the international community considers the settlements illegal under international law, although Israel disputes this.
Mr Padan is one of the founders of the group Peace Now, which opposes all settlements and views them as obstacles to peace. Peace Now says he is no longer a member of the group, which was founded in 1978.
A leader of the Yesha Council, the settlers' umbrella organisation, said at the time that McDonald's had gone from being a for-profit company to one with an "anti-Israeli political agenda".
Alonyal's decision resurfaced in 2019 when McDonald's won a tender to run a restaurant and hot dog stand at Israel's Ben-Gurion Airport.
In response, several letters of protest were sent by settlement leaders in the West Bank that called on the finance and transportation ministries, as well as the Israel airport authority, to block the move. Protests were also held outside the fast-food chain's restaurants in Tel Aviv.
And on Thursday, it was abruptly announced that Alonyal would sell the sprawling franchise back to the US food giant.
The terms of the deal were not disclosed by McDonald's, although a reputation management expert, who has worked on behalf a number of large companies but did not want to speak on the record, said that those outraged by the decision to offer free meals to Israeli forces may be "angry that this deal makes Mr Padan possibly a very rich man".
They might be pleased though, about the effect the boycott has had.
Mr Padan's departure comes after McDonald's said that the Israel-Gaza conflict had "meaningfully impacted" performance in some overseas markets in the fourth quarter of 2023.
For the unit that includes the Middle East, China and India, sales growth stood at 0.7% in the fourth quarter of 2023 - far below market expectations.
At the start of the year, McDonald's chief executive Chris Kempczinski blamed the backlash on "misinformation".
The boycott was also described as "disheartening and ill-founded" by the firm, which relies on thousands of independent businesses to own and operate most of its more than 40,000 stores around the world. About 5% are located in the Middle East.
The brand management expert said: "I get it. They are buying back the franchises to regain control but I'm not sure they have."
They also questioned where the company might draw a line: "Does this mean [McDonald's] will now need to act and offer deals in other areas where reputational damage has been caused?"
On Thursday, McDonald's said that it "remains committed to the Israeli market and to ensuring a positive employee and customer experience in the market going forward."
It also thanked Alonyal for building the brand in Israel, while Mr Padan said: "We are encouraged by what the future holds."
BBC News did not receive further comment from Mr Padan or Alonyal through McDonald's.
Source: BBC
Japan bolstering defence capabilities with US to counter China's aggression
Japan Prime Minister Fumio Kishida is credited of making a significant transformation in Tokyo's defence stance, moving away from the pacifist constitution imposed by the United States after World War II to increase in defense spending due to the escalating geopolitical tensions and ever evolving security challenges with neighboring nations such as China and North Korea.
Japan Prime Minister Fumio Kishida is credited of making a significant transformation in Tokyo's defence stance, moving away from the pacifist constitution imposed by the United States after World War II to increase in defense spending due to the escalating geopolitical tensions and ever evolving security challenges with neighboring nations such as China and North Korea. Japan stands at a critical juncture, prompting a thorough reassessment of its defense strategy.PM Kishida on Saturday underscored the gravity of the situation during a recent interview with CNN at his private residence in Tokyo, characterising the current global landscape as a "historic turning point."
Partnership with Japan has long been central to US strategy in the Indo-Pacific, but the defense relationship has expanded under Kishida, who has raised Japan's profile in global and regional security. "As we are witnessing Russia's Ukraine aggression, the continuing situation over the Middle East, as well as the situation in East Asia, we are faced with a historic turning point," Kishida said, adding, "That is why Japan has made a decision to fundamentally reinforce its defence capabilities and we have greatly changed Japan's security policy on these fronts."
With Russia's aggressive actions in Ukraine, persistent instability in the Middle East, and escalating tensions in East Asia, Japan perceives a pressing need to fortify its defence capabilities, according to CNN. Kishida's remarks come at a crucial juncture, as Japan navigates an increasingly complex security environment. The prime minister emphasised Japan's decision to significantly enhance its defence capabilities, signalling a departure from its traditionally pacifist stance. This shift is indicative of the profound changes underway in Japan's security policy, driven by the imperative to adapt to emerging threats.
Central to Japan's strategy for bolstering its defence capabilities is its enduring alliance with the United States. Kishida underscored the paramount importance of the Japan-US partnership, particularly in the face of mounting security challenges. As tensions simmer in the Indo-Pacific region, characterised by North Korea's provocative weapons testing and China's assertive actions in the South China Sea and towards Taiwan, the alliance between Japan and the US assumes heightened significance. The upcoming meeting between Kishida and US President Joe Biden in Washington holds considerable significance, serving as a pivotal opportunity to reinforce and modernise the Japan-US alliance. Against the backdrop of regional threats, including North Korea's ballistic missile tests and Russia's geopolitical manoeuvers, both leaders are expected to prioritize enhancing coordination and cooperation.
Addressing concerns surrounding Japan's evolving defence policy, Kishida pointed to the "severe and complex" security environment confronting the nation. "In our neighbourhood, there are countries that are developing ballistic missiles and nuclear weapons, and others that are building up their defence capabilities in an opaque way. Also, there is a unilateral attempt to change the status quo, by force, in both the East China Sea and South China Sea," he said in a veiled reference to China's assertive actions in maritime disputes in the East China Sea and South China Sea, which have raised tensions with neighbouring countries, including Japan and the Philippines, as reported by CNN.
Moreover, Kishida emphasised the importance of enhancing Japan's deterrence and response capabilities in close collaboration with the United States. Recognising the strategic imperative of a robust alliance, Kishida expressed hope for bipartisan support in Washington for further strengthening bilateral ties. "I hope the US will understand this, and that we can work together to improve the region's peace and stability. I think it's important to show the rest of the world that the US and Japan will further evolve our collaboration, through my visit," Kishida said.
Beyond the Japan-US alliance, Kishida's visit to Washington also seeks to deepen cooperation with other key regional partners, including the Philippines. This trilateral engagement underscores Japan's commitment to fostering a network of alliances and partnerships aimed at promoting regional security and stability in the Indo-Pacific. In addition to its regional commitments, Japan has increasingly positioned itself as a global partner to the United States, advocating for closer coordination on security issues spanning Europe and the Indo-Pacific. Kishida has emerged as a vocal supporter of Ukraine and aligned closely with G7 countries in condemning Russia's actions.
Moreover, Japan remains vigilant in addressing the security implications of North Korea's belligerence, particularly its aggressive weapons testing program and the unresolved issue of Japanese nationals abducted by Pyongyang decades ago. Kishida's government has also closely monitored the nexus between North Korea, Russia, and China, expressing concern over potential destabilising collaborations in the region. "At the same time, it is important to convey a firm message to North Korea and China that it is important for the peace, stability, and prosperity of the international community to maintain a free and open international order based on the rule of law," the Japanese PM said.
"We must also cooperate with them to promote a strong international community, not one of division and confrontation," he added. "I believe that it is important to cooperate with the United States and our allies to create an atmosphere of cooperation, not of division and confrontation, to advance the international community," CNN quoted Kishida as saying.
Source: ANI
Saudi Arabia to celebrate Eid on Wednesday
Eid-ul-Fitr will be celebrated in Saudi Arabia on Wednesday (April 10) as the Shawwal crescent was not sighted.
The Saudi Supreme Court confirmed this information in an announcement on Monday (April 8).
This time Fasting will last for 30 days in the country.
Earlier on Saturday (April 6), the country's Supreme Court called for sighting the moon of Eid on Monday evening. According to the order of the Supreme Court, millions of Muslims kept their eyes in the western sky after Maghrib prayers on this day. But shortly afterwards, the Saudi Supreme Court said that the moon of Shawwal was not sighted. Therefore, the holy Eid-ul-Fitr will be celebrated on Wednesday (April 10).
“The situation in East Turkestan is a global concern”
Salih Hudayar, foreign minister of East Turkestan Government-in-Exile (ETGE) on Saturday participated in a virtual discussion organised by the Asian Human Rights Forum, focusing on grave human rights violations, especially in Asian countries.
Salih Hudayar in his statement during the session, emphasised that the situation is a global concern that needs immediate international attention and action.
Three Tanzanian soldiers killed by mortar fire in DR Congo
The soldiers were part of a southern African peacekeeping mission sent to help government forces in the Democratic Republic of Congo fight M23 rebels.
Mortar fire in the eastern Democratic Republic of Congo (DRC) killed three Tanzanian soldiers who were part of a Southern African peacekeeping mission sent to help government forces fight M23 rebels, the Southern African Development Community (SADC) said on Monday.
"This unfortunate incident happened after a hostile mortar round had fallen near the camp they were staying at," the 16-member bloc said in a statement. Three other Tanzanian soldiers were wounded, it added.
The statement added that another South African soldier on the SADC mission had died while receiving treatment for unspecified health problems at a hospital in the provincial capital, Goma. It was not clear if that death was related to the mortar round.
The force includes soldiers from regional military heavyweights South Africa, Tanzania and Malawi.
The SADC mission suffered its first losses in mid-February, when two South African soldiers were killed and three wounded by a mortar bomb.
What is the SADC mission doing in DRC?
After several years of dormancy, the predominantly Tutsi M23 (March 23 Movement) group took up arms again in late 2021.
It has seized large swaths of DR Congo's North Kivu province, which has been wracked by violence in the decades since regional wars in the 1990s.
The Democratic Republic of Congo, the United Nations and Western countries accuse Rwanda of supporting the rebels in a bid to control the region's vast mineral wealth, a charge Rwanda denies.
The regional bloc SADC sent soldiers to North Kivu province in December to help the government tackle instability and armed groups in the restive eastern region.
The SADC mission was to take over from an East African peacekeeping force, whose mandate was ended by the DRC, which accused it of colluding with the rebels instead of fighting them.
Meanwhile, the UN mission in the Democratic Republic of Congo (MONUSCO) is also winding down. The 15,000 UN troops began leaving in February at the request of the DRC government, which considers them ineffective.
Ireland: Simon Harris elected new prime minister
Ireland's parliament has voted in Simon Harris as the country's youngest ever prime minister. Harris, 37, replaces Leo Varadkar after he abruptly quit last month citing personal and political reasons.
Simon Harris has become the Republic of Ireland's youngest ever prime minister, or taoiseach, after being elected to succeed party colleague Leo Varadkar.
The 37-year-old former health and higher education minister, best known for coordinating Ireland's initial response to the COVID-19 pandemic, received 88 votes from lawmakers, with 69 against.
Fine Gael party leader Harris will now travel to the official residence of the president of Ireland, Michael D. Higgins, where his appointment will be confirmed.
Harris' predecessor both as Fine Gael leader and taoiseach, Varadkar, abruptly stepped down last month citing personal and political reasons. Varadkar formally resigned at an audience with President Higgins on Monday evening, paving the way for Harris' election on Tuesday.
Who is Ireland's new prime minister, Simon Harris?
Born in Greystones, County Wicklow, on Ireland's east coast, about 30 kilometres (18 miles) south of Dublin, Harris quit university aged 20 to work as a political aide, was elected to parliament at just 24 and was handed a cabinet post before he turned 30.
At Fine Gael's annual party conference on Saturday, the father-of-two outlined his focus on law and order, supporting small businesses and reconnecting with rural voters.
What are Simon Harris' political challenges?
But Harris takes charge of a coalition government which has less than a year until an election which could see the opposition left-wing, Irish Republican Sinn Fein take power for the first time.
Recent polling data shows Fine Gael on just 21% of the vote, ahead of coalition partners Fianna Fail (16%) but behind Sinn Fein (26%).
Harris he will face the same deep-rooted problems, including unease at record numbers of asylum seekers but most notably a severe shortage of affordable housing.
Data on Monday showed asking prices for Irish homes rose by 6.5% year-on-year in the first quarter of 2024, the fastest rate of growth since 2022.
An opinion poll on Sunday showed housing remained Irish voters' top concern, and Harris has pledged to fix the crisis "once and for all."
Harris is due to announce a reshuffle of the Fine Gael members of the cabinet, which therefore won't include the foreign or finance ministries, but a coalition agreement leaves little room for major new policy initiatives.
China’s real estate crisis: Shanghai-based property giant Shimao Group faces liquidation suit
Amid the real estate crisis in China, another Shanghai-based property giant Shimao Group said on Monday that it had received a liquidation petition from a Chinese state-owned bank in yet another instance of creditors taking legal action to reclaim money from troubled developers in the world’s second-largest economy, CNN reported on Monday.
A “winding-up petition” was filed against the company by China Construction Bank (Asia) on April 5 in Hong Kong, according to a stock exchange filing by Shimao. The petition is in “connection with a financial obligation of the company for approximately HK 1,579.5 million dollars (USD 204 million),” the filing said.
Shimao said it will “oppose the petition vigorously” and will continue to work toward an offshore restructuring that maximizes value for its stakeholders.
“The company is of the view that the petition does not represent collective interests of the company’s offshore creditors and other stakeholders,” it said.
Shimao’s debt troubles date back to July 2022, when it failed to pay the interest and principal on a USD 1 billion bond. The company’s shares were down over 14 per cent in Hong Kong on Monday, having fallen nearly 40 per cent this year.
China’s massive real estate sector fell into trouble after the government clamped down on excessive borrowing by developers in 2020 in an attempt to cool the property bubble. Since then, dozens of Chinese developers have defaulted on their debts, CNN reported.
The industry has since become a drag on the broader economy, which is grappling with a slow recovery from three years of pandemic lockdowns and a series of headwinds, from record-high youth unemployment to mounting financial stress at local governments.
In January, Evergrande, the world’s most-indebted property developer and the poster child of China’s property crisis, was ordered to liquidate by a Hong Kong court.
The liquidation order, made by the city’s High Court, came after the embattled Chinese real estate giant and its overseas creditors failed to agree on how to restructure the company’s massive debt during talks that went on for 19 months.
There are still questions about how the collapse of Evergrande will affect investors, thousands of workers and homebuyers waiting for their apartments.
Country Garden, another major developer that defaulted on its debt last year, received a liquidation petition in February from a creditor after not repaying a loan.
Source: The Print
