Chinese envoy extends I-Day greetings to India

News Network
August 15, 2020

china.jpg

Beijing, Aug 15: Chinese Ambassador to India Sun Weidong on Saturday extended greetings to India on 74th Independence Day and said both countries must strive to prosper together in peace and develop a close partnership.

"Congratulations to the Indian government & people on Independence Day 2020. Wish China & India, two great nations with ancient civilization prosper together in peace and develop with closer partnership," Sun tweeted.

On Friday, the Chinese Embassy had issued a magazine titled 'China-India Review' urging India to "stop all provocative acts to ensure that such incidents will not occur again", months after the clashes at the Galwan Valley in Eastern Ladakh between the two sides left 20 Indian soldiers dead and said the two sides need to build trust rather than suspicion.

"We urge the Indian side to conduct a thorough investigation, hold the violators accountable, strictly discipline the frontline troops and immediately stop all provocative acts to ensure such incidents will not occur again," Sun said.

He said there are ups and downs in any relationship and China-India ties should move "forward rather than backward".

"In any relationship, there are ups and downs. The recent border issue and unfortunate incident between China and India should not detract from the forward-looking vision of the bilateral partnership charted by our two leaders, President Xi Jinping and Prime Minister Narendra Modi," Sun said.

He said the two countries need "peace rather than confrontation".

"China and India need to build trust rather than suspicion. We need to respect and accommodate mutual core interests and major concerns and adhere to the principle of non-interference in each other's internal affairs," the envoy wrote.

"China and India need peace rather than confrontation. We should take a long-range view and not allow our differences to become disputes. China and India need to find a fair and reasonable solution to the boundary question, which is mutually acceptable. Pending an ultimate settlement, we should renew our pledge to work together to maintain peace and tranquillity in the border areas," he said.

The statement comes after Indian Ambassador to China, Vikram Misri on Friday met Major General Ci Guowei, Director of Office of International Military Cooperation of Central Military Commission, China, and briefed him on India's stance on the situation in eastern Ladakh and overall bilateral relations, the Indian Embassy in China said in a tweet.

Earlier this month, India and China held Major General-level talks at Daulat Beg Oldi area to discuss disengagement by the Chinese side along the Line of Actual Control (LAC) in Ladakh sector, said Indian Army sources.

The Chinese are sitting near the Finger 5 and Gogra post in Eastern Ladakh and are refusing to disengage completely from there. India has demanded complete disengagement of the Chinese troops at the earliest.

India has also deployed more than 15,000 troops there along with heavy deployment of armoured regiments to counter any possible Chinese thrust. The Chinese have also come there with several armoured regiments.

India and China have held five rounds of Lieutenant General-level talks between them for disengagement from the eastern Ladakh sector but not much success has been achieved in that direction.

The two countries have been engaged in a standoff in the Eastern Ladakh sector for the past few weeks.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
September 24,2020

jackma.JPG

A bottled-water and vaccine tycoon has become China's wealthiest person in a day also marked by massive losses among the world's tech elite.

Zhong Shanshan's net worth reached $58.7 billion on Wednesday, $2 billion more than Jack Ma's, according to the Bloomberg Billionaires Index. Zhong is now Asia's second-richest person, behind India's Mukesh Ambani, and is the 17th wealthiest in the world, ahead of Charles Koch and Phil Knight.

Nicknamed “Lone Wolf” for his eschewing of politics and clubby business groups, Zhong's fortune has jumped $51.9 billion in 2020, more than anyone else in the world except Amazon.com Inc.'s Jeff Bezos and Tesla Inc.'s Elon Musk. Both suffered heavy declines on Wednesday as tech stocks stumbled and Tesla plunged after its “Battery Day” event fell short of expectations. Musk's fortune dropped by almost $10 billion.

The initial public offering of bottled-water company Nongfu Spring Co. -- which turned out to be Hong Kong's most popular among retail investors -- propelled Zhong to China's top three richest earlier this month. That came after the April listing of vaccine maker Beijing Wantai Biological Pharmacy Enterprise Co. pushed his net worth to $20 billion by early August.

Zhong now leads a wealth ranking in China that is typically dominated by people who made their fortunes from tech companies.

While Zhong has surpassed Ma as China's wealthiest, the tech tycoon might soon regain the top spot, which he's held for most of the past six years after Alibaba went public in the U.S. Ant Group's IPO next month is poised to boost his fortune, with his stake estimated at $28 billion if the company achieves the $250 billion valuation people familiar with the matter have said it's targeting.

Wednesday was brutal for U.S. tech stocks, which tumbled the most since earlier this month. The plunge in Musk's wealth was the biggest among the people on the Bloomberg ranking of the world's 500 richest, followed by Bezos, whose net worth dropped by $7.1 billion. Musk is now worth $93.2 billion and Bezos $178 billion. Zhong added almost $4 billion Wednesday, more than anyone else in the index.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
September 16,2020

fire.JPG

Paris, Sept 16: The world has lost nearly 100 million hectares of forests in two decades, marking a steady decline though at a slower pace than before, a UN agency reported Tuesday.

The proportion of forest to total land area fell from 31.9 per cent in 2000 to 31.2 per cent in 2020, now some 4.1 billion hectares, according to the Food and Agriculture Organization.

It marks "a net loss of almost 100 million hectares of the world's forests," the FAO said.

Deforestation has hit particularly hard sub-Saharan Africa and Southeast Asia, where it has accelerated in the last decade, but also Latin and Central America, where it has nonetheless slowed down.

Forests are being cut down mainly to make way for crops or farm animals, especially in less developed countries.

In southeast Asia, the forest now covers 47.8 per cent of the land compared to 49 per cent in 2015. In sub-Saharan Africa, it covers 27.8 per cent compared to 28.7 per cent five years ago.

In Indonesia, it is 50.9 per cent, down from 52.5 per cent. In Malaysia, it is 58.2 per cent, down from 59.2 per cent five years ago.

A country strongly focused on agriculture like the Ivory Coast has seen forests reduced to 8.9 per cent of the total land area from 10.7 per cent in 2015. Kenya, Mali and Rwanda have largely held firm against forest loss.

In Latin and Central America, forest covers only 46.7 per cent of the total land, compared to 47.4 per cent five years ago.

In Brazil, forests declined to 59.4 per cent of the country's territory in 2020 from 60.3 per cent in 2015. In Haiti, deforestation has continued apace -- falling to 12.6 per cent of the total land area from 13.2 per cent in 2015.

In contrast, in many parts of Asia, Europe and North America forest area has increased or stayed the same in the last five years with policies to restore woodland and allow forests to expand naturally.

In China, forests make up 23.3 per cent, up from 22.3 per cent in 2015. In Japan, they account for 68.4 per cent, the same as it was five years ago.

In France, forests cover 31.5 per cent of the land in 2020, up from 30.7 per cent in 2015. In Italy, they make up 32.5 per cent of the national territory, up from 31.6 five years ago.

In Britain, they make up 13.2 per cent, up from 13 per cent five years ago.

In Canada, it is unchanged at 38.2 per cent, and in the United States, unchanged at 33.9 per cent.

In Australia, the figure rose from 17.3 to 17.4 per cent and in New Zealand from 37.4 per cent to 37.6 per cent over the five years.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
September 19,2020

wallstreet.jpg

New York, Sept 19: Wall Street capped another turbulent week of trading Friday with a broad slide in stocks that left the S&P 500 with its third-straight weekly loss.

The S&P 500 fell 1.1per cent, led once again by a sell-off in technology companies, with Apple, Amazon and Alphabet weighing particularly on the market.

Technology stocks and other companies that powered the market's strong comeback this year have suddenly lost momentum this month amid worries that they have become too expensive.

The sell-off tempered later in the afternoon but still wiped out what had been a solid start to the week. The S&P 500 is on track for its first monthly loss since March. September is historically the worst month for stocks.

The market has been poised to just pull back, take a breather," said Quincy Krosby, chief market strategist at Prudential Financial.

"Raising capital is prudent during a month that is known statistically, historically for being difficult for the market.

The S&P 500 fell 37.54 points to 3,319.47. The decline marks the the first 3-week losing streak for the benchmark index since last October.

The Dow Jones Industrial Average dropped 244.56 points, or 0.9per cent, to 27,657.42.

The Nasdaq composite shed an early gain, losing 116.99 points, or 1.1per cent, to 10,793.28. Smaller stocks also fell, with the Russell 2000 index of small caps giving up 5.82 points, or 0.4per cent, to 1,536.78.

Stocks have swirled this week despite the Federal Reserve's saying it expects to keep short-term interest rates at record lows through 2023.

Low rates typically turbocharge the market by encouraging investors to pay higher prices for stocks, but some investors may have been looking for the Fed to be even more aggressive.

Growth in some areas of the economy has also slowed after unemployment benefits and other aid from the federal government expired, and partisan disagreements in Congress are holding up a possible renewal of support. Investors say it's essential that such aid arrives.

To the extent that you don't get an additional fiscal cushion, the economy is going to be impacted by it, said Brian Levitt, global market strategist at Invesco.

Rising tensions between the world's two largest economies are also continuing to keep markets on edge. The United States said on Friday that it will ban downloads of the Chinese apps TikTok and WeChat on Sunday. It cited national security and data privacy concerns.

President Donald Trump's targeting of the Chinese tech industry has caused intermittent worries in the market about a possible retaliation against the U.S. industry.

Big Tech stocks have stumbled sharply this month on worries that their prices have grown too expensive following their virtuosic performance through the pandemic. Surging shares of Apple, Microsoft, Amazon and others helped carry Wall Street back to record heights, even as the pandemic walloped much of the economy, as the coronavirus accelerated work-from-home and other trends that benefit them.

But they suddenly lost momentum two weeks ago, causing the market to swing with them. Because these companies have grown so massive, their stock movements have huge sway over broad market indexes, such as the S&P 500.

We certainly got a little short-term overbought and we headed into a time of the year that is not great for markets, Levitt said.

On Friday, several Big Tech stocks continued slipping. Apple dropped 3.2per cent, Microsoft fell 1.2per cent and Amazon slid 1.8per cent.

Also on the long list of concerns for markets is how the pandemic progresses, whether a vaccine for COVID-19 could indeed be available in early 2021 as many investors expect and what November's U.S. presidential election will do to the economy.

Treasury yields remain very low, showing the powerful strength of the Federal Reserve and continued expectations by bond investors for only modest economic growth and inflation. The yield on the 10-year Treasury rose to 0.70per cent from 0.69per cent late Thursday.

A preliminary report on Friday said that consumer sentiment is improving at a faster pace than economists expected, which is key for an economy where spending by consumers is the main driver. But it follows other reports this week that showed growth in retail sales slowed last month and the number of layoffs across the country remains stubbornly high.

One factor that may have helped make trading bumpier than usual Friday is an event known as quadruple witching, which marks the expiration of futures and options on stocks and indexes. The event can drive swings in prices.

Other stock markets around the world made mostly modest moves.

In Europe, the German DAX lost 0.7per cent, and the French CAC 40 sank 1.2per cent. The FTSE 100 in London fell 0.7per cent. Markets in Asia closed mostly higher.

Benchmark U.S. crude oil fell 0.2per cent to USD40.89 to per barrel. Brent crude, the international standard, fell 0.8per cent to USD42.95 per barrel.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.