World Economy May Shrink Because of Coronavirus, Says Watchdog

News Network
March 2, 2020

Paris, Mar 2: A global agency says the spreading new virus could make the world economy shrink this quarter, for the first time since the international financial crisis more than a decade ago.

The Organization for Economic Cooperation and Development says Monday in a special report on the impact of the virus that the world economy is still expected to grow overall this year and rebound next year.

But it lowered its forecasts for global growth in 2020 by half a percentage point, to 2.4 per cent, and said the figure could go as low as 1.5 per cent if the virus lasts long and spreads widely.

The last time world GDP shrank on a quarter-on-quarter basis was at the end of 2008, during the depths of the financial crisis. On a full-year basis, it last shrank in 2009.

The OECD said China's reduced production is hitting Asia particularly hard but also companies around the world that depend on its goods.

It urged governments to act fast to prevent contagion and restore consumer confidence.

The Paris-based OECD, which advises developed economies on policy, said the impact of this virus is much higher than past outbreaks because "the global economy has become substantially more interconnected, and China plays a far greater role in global output, trade, tourism and commodity markets."

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News Network
May 14,2024

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Comedian Shyam Rangeela on Tuesday that he was barred from filing his nomination papers for the 2024 Lok Sabha Elections. He intended to challenge Prime Minister Narendra Modi from the Varanasi seat by contesting as an Independent candidate.

Despite attempts to file his papers since May 10, Rangeela alleged he was denied entry to the district magistrate's office on the day Prime Minister Modi filed his nomination. He also said that he is not taking any team from Sriganganagar to contest the Lok Sabha elections in Varanasi. 

Shyam Rangeela further claimed that he has received several phone calls from Varanasi and people are willing to join him. "Winning or losing is a different matter, but I will contest the elections against the Prime Minister at any cost. I am not contesting elections to become famous, I am already very famous among the public."

The Congress party also waded into the controversy. Congress leader Surendra Rajput told news agency PTI that everyone is free to file a nomination including Prime Minister Modi. Rajput claimed that Rangeela was not getting nomination papers from the administration. 

"Everyone is free to file a nomination including PM Modi. However, other people are not allowed to file their nominations from the constituency. A YouTuber named (Shyam) Rangeela, who wished to file a nomination from Varanasi, isn’t getting nomination papers from the administration. Why PM Modi is afraid of people? Let them contest against you," he said. 

PM Modi, contesting for a third term, previously won the Varanasi seat by 4.8 lakh votes in 2019 and by 3.72 lakh votes in 2014. So far, 14 individuals, including mainstream political party candidates and independents, have filed their nominations for the Varanasi constituency.

Congress candidate Ajai Rai and Bahujan Samajwadi Party's Athar Ali Lari are among them. Rangeela, a YouTuber and mimic from Rajasthan’s Hanumangarh, rose to fame in 2017 with his act impersonating PM Modi. He has been critical of the Prime Minister and his policies, as evident in his videos.
 

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News Network
May 17,2024

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The United Arab Emirates has announced a 10-year Blue residency visa for individuals who have made exceptional efforts and contributions to protecting the environment.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who chaired the Cabinet meeting at Qasr Al Watan in Abu Dhabi formally approved this. 

He said the move comes in line with implementing the directives of President Sheikh Mohamed bin Zayed Al Nahyan, who had announced 2024 as the Year of Sustainability.

The Blue visa will be granted to individuals championing sustainability and the use of modern technologies in promoting the circular economy, and other relevant fields.

Sheikh Mohammed said the sustainability of our economy has become linked to the sustainability of our environment, and our national directions in this area are clear and consistent.

He also approved the National Youth Agenda, among several initiatives, instructing the Minister of Youth to prioritise five key areas: empowering youth economically, developing their scientific skills, reinforcing their national identity, enhancing their community contributions, and activating their role in representing their country on the international stage.

CEO of Artificial Intelligence

The Cabinet has approved the introduction of the post of CEO of Artificial Intelligence (AI) in all major federal entities, in line with the UAE's strategy to strengthen its position in AI.

“Today, we approved the introduction of the CEO of Artificial Intelligence role in all major federal entities, as part of the UAE’s strategy to solidify its position in the field of artificial intelligence,” the Vice President said.

The initiative aims to facilitate the integration of AI tools within these institutions, further advancing the transition toward a new era driven by cutting-edge technologies across federal entities.

University rankings

The Cabinet also endorsed a new framework for categorising higher education institutions across the nation. The forthcoming national rankings will assess over 70 higher education establishments based on the quality of their education, the employability of their graduates, the strength of their scientific research, and their collaborations with international scientific institutions.

The unveiling of these university rankings marks a significant stride in elevating the calibre of our higher education system and fostering transparency. It empowers families to make informed decisions, selecting the most suitable and exemplary educational pathways for their children,” Sheikh Mohammed said.

“During the meeting, we were updated on recent advancements in our national space sector, with our national cadres now comprising 38 per cent of personnel engaged in global space projects. Additionally, expenditure on space research has seen a 14 per cent increase."

"Our commitment remains steadfast in guiding our youth towards promising and pioneering sectors while safeguarding our environment and adopting leading international technologies within our government. Concurrently, we are dedicated to enhancing our higher education systems, ensuring a brighter future for our youth,” Sheikh Mohammed added.

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News Network
May 10,2024

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The Supreme Court Friday granted interim bail to Delhi Chief Minister Arvind Kejriwal till June 1 in the excise policy case.

The top court, however, stated that it will be passing a detailed order over the matter soon.

On Thursday, the Enforcement Directorate had opposed the move to grant interim bail to Kejriwal saying that “any special concession” to him will “amount to anathema to the rule of law and equality… thereby creating two separate classes in the country viz. ordinary people, who are bound by the rule of law as well as the laws of the country, and politicians who can seek exemption from the laws”.

The ED had arrested Kejriwal on March 21 in the excise policy case.

“The right to campaign for an election is neither a fundamental right nor a constitutional right and not even a legal right,” the ED said, maintaining that to its knowledge, “no political leader has been granted interim bail for campaigning even though he is not the contesting candidate”.

After the ED filed its affidavit, the AAP, in a press release, said, “The legal team of Delhi Chief Minister and AAP National Convenor, Shri Arvind Kejriwal, has raised strong objection to the affidavit filed by the Enforcement Directorate opposing interim bail in the Supreme Court.”

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