Virtual Meeting of Finance Ministers and Central Bank Governors of BRICS Chaired by China
The BRICS nations comprising Brazil, Russia, India, China and South Africa vowed to deepen financial cooperation and customs cooperation. BRICS countries agreed to strengthening coordination on macroeconomic policy at a virtual meeting of finance ministers and central bank governors of the five-member bloc which was co-chaired by China's central bank governor Yi Gang and finance minister Liu Kun.
Finance minister Nirmala Sitharaman, who participated virtually in the meeting, said that India's growth will be driven by fiscal spending. Ms. Sitharaman said BRICS should continue to serve as a platform to engage in dialogues and facilitate the exchange of experiences, concerns and ideas for rebuilding a sustainable and inclusive growth trajectory.
China's bilateral trade with BRICS countries totaled 490.42 billion U.S. dollars in 2021, up 39.2 percent year on year, higher than the overall level of China's foreign trade in the same period.
Jun 11, 2022
Krishna Srinivasan Appoints as the Director of IMF's Asia-Pacific
International Monetary Fund, Managing Director Kristalina Georgieva announced the appointment of Indian national Krishna Srinivasan as director of the Asia and Pacific Department (APD). Srinivasan will succeed Changyong Rhee.
Mr. Srinivasan has more than 27 years of Fund experience, starting in 1994 in the Economist Program. He is currently a Deputy Director in APD where he oversees the department's surveillance work on a number of large and systemically important countries such as China and Korea, and smaller states in the Pacific such as Fiji and Vanuatu.
Prior to joining the Fund, Mr. Srinivasan was an Assistant Professor of Economics and International Finance at Indiana-Purdue University and a consultant at the World Bank in DC and the Center for Policy Research and Planning Commission in New Delhi.
Sri Lanka President's Brother, Basil Rajapaksa, Resigns from Parliament
The brother of Sri Lanka's President and the country's former Finance Minister Basil Rajapaksa resigned from parliament, the second from the influential family to step away from government amid a severe economic crisis.
President Gotabaya Rajapaksa's elder brother, Mahinda Rajapaksa, resigned as Prime Minister last month after prolonged protests against the economic crisis turned deadly. President Gotabaya Rajapaksa's elder brother, Mahinda Rajapaksa, resigned as prime minister last month after prolonged protests against the economic crisis turned deadly. Mahinda remains a Member of Parliament.
The three Rajapaksa siblings have been key players in Sri Lankan politics for decades, but are blamed by protesters who have taken to the streets in their thousands for mishandling the island nation's economy.
Jun 10, 2022
European Parliament Votes to Ban Sale of New Petrol and Diesel Cars by 2035
Members of the European Parliament voted to ban the sale of new petrol and diesel cars by 2035. The move aims to step up the fight against climate change through the faster development of electric vehicles. The voting was held on an amendment that would have allowed some auto emissions from new vehicles after 2035, which was rejected by Members of Parliament.
The European Union assembly voted in Strasbourg, France to require automakers to cut carbon-dioxide emissions by 100 percent by the middle of the next decade. The mandate would amount to a prohibition on the sale in the 27-nation EU of new cars powered by gasoline or diesel.
EU lawmakers also endorsed a 55 percent reduction in CO2 from automobiles in 2030 compared with 2021.
India, Iran Reaffirm Cooperation on Development of Chabahar Port
India and Iran reaffirmed their commitment to continue their cooperation on the development of the Chabahar Port as a transit hub for the region including Central Asia and said delegates from the two counties will meet soon to address operational aspects of the key port.
For India, the Chabahar Port is a much-needed project for sea-access to landlocked Afghanistan. The port has also emerged as a commercial transit hub for the region. It is a more economical and stable route for landlocked countries of the region to reach India and the global market.
This commitment to continuing cooperation on the Chabahar Port was made during Iranian Foreign Minister Hossein Amir Abdollahian's visit to India. This is the first visit of Abdollahian since he assumed office in August 2021.
The Ministers also discussed international and regional issues, including Afghanistan and the sides reaffirmed the importance of providing immediate humanitarian assistance to the people of Afghanistan and reiterated the need for a representative and inclusive political system in support of a peaceful, secure and stable Afghanistan.
Jun 09, 2022
Ramkrishna Mukkavilli First Indian Recognised by United Nations Global Compact as Global SDG Pioneer
For the first time in the world, an Indian was named a Global Sustainable Development Goal (SDG) Pioneer for Water Stewardship by the United Nations Global Compact (UNGC). The United Nations Global Compact named ten new SDG Pioneers, who are corporate leaders excelling in advancing the Sustainable Development Goals (SDGs) by implementing the UN Global Compact Ten Principles on human rights, environment, labour, and anti-corruption.
Professionals working at any level in a firm engaging in the UN Worldwide Compact were targeted for the global search, with winners picked from every continent. Their work covers a wide range of topics, including climate mitigation and adaptation, as well as circular economy and digital transformation.
Jun 08, 2022
Prime Minister Boris Johnson Survives Confidence Vote
Embattled British Prime Minister Boris Johnson narrowly survived a vote of confidence by his fellow Conservative Party lawmakers against his leadership, a ballot that has left his authority weakened and exposed rifts within his party.
Some 211 MPs voted for the Prime Minister, compared to 148 votes against - a majority of 63.
Japan, NATO to Step up Ties amid Ukraine War
Japanese and NATO officials agreed to step up military cooperation and joint exercises as they shared concerns that Russia's invasion of Ukraine is causing a deterioration of security environment in Europe and Asia.
Japanese Defence Minister Nobuo Kishi said that Japan hoped to strengthen its ties with European countries and welcomed NATO's expanded involvement in the Indo-Pacific region.
Bauer's visit to Tokyo comes as Japan's Maritime Self-Defence Force is participating in NATO naval exercises in the Mediterranean Sea. Japan has been increasing its military capabilities and cooperation with Europe, in addition to its alliance with the US and partnerships with other countries in the Indo-Pacific region and beyond in the face of China's rise.
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