General Awareness

INTERNATIONAL AFFAIRS - March 2016

Mar 2016

Jun 27, 2021

FATF Keeps Pakistan on Grey List

The global Financial Action Task Force (FATF) has decided to keep Pakistan on the grey list of nations requiring constant monitoring till it demonstrates that terror financing investigations and prosecutions target senior leaders and commanders of UN-designated terrorist groups.
"Though Pakistan government has made substantial progress and has largely addressed 26 out of 27 action points, it is still failing to implement global FATF standards in a number of areas. This means the risk of money laundering remains high in turn fueling corruption and organised crime," said Pleyer at the end of the FATF's virtual plenary that ended.
Pakistan also remains the subject of an investigation by FATF's regional body, the Asia Pacific Group (APG) regarding "serious issues" on money laundering and terror financing. The implication is that even if Pakistan completes all the 27 action points given by FATF, it will also have to clear the APG hurdle. Pakistan will also be subjected to on-site investigations by both FATF and APG before it is cleared.

Jun 26, 2021

Congress Repeals Trump-era Regulations on Payday Lenders

Congress overturned a set of regulations enacted in the final days of the Trump administration that effectively allowed payday lenders to avoid state laws capping interest rates. The House voted 218-208 to overturn the Office of the Comptroller of the Currency's payday lending regulations, with one Republican voting with Democrats. The vote to overturn the OCC's 'true lender rules' marked the first time Democrats in Congress successfully overturned regulations using the Congressional Review Act.
The act was enacted in the mid-1990s and gives Congress the authority to overrule federal agency rules and regulations with a simple majority vote in the House and Senate. Its powers are limited to a certain period after an agency finalises its regulations, usually around 60 legislative days.

Jun 25, 2021

Biden Meets Afghan Leaders as U.S. Troops Leave

U.S. President Joe Biden met Afghan President Ashraf Ghani and his former political foe, Abdullah Abdullah, to discuss Washington's support for Afghanistan as the last U.S. troops pack up after 20 years of war and government forces struggle to repel Taliban advances.
The Oval Office meeting may be as valuable to Mr. Ghani for its symbolism as for any new U.S. help because it will be seen as affirming Mr. Biden's support for the beleaguered Afghan leader as he confronts Taliban gains.

Jun 24, 2021

Sri Lanka's Former PM Wickremesinghe Returns to Parliament

Sri Lanka's former Prime Minister Ranil Wickremesinghe was sworn in as an MP for a record ninth consecutive time, creating history as the only politician in the country to have entered every Parliament since 1977.
The United National Party (UNP), which Wickremesinghe has been leading since 1994, suffered a major setback at the 2020 parliamentary polls when the party faced its worst election defeat in history.
Although Wickremesinghe was a defeated candidate in the August 2020 parliamentary election, his entry to Parliament was made possible by the solitary seat the UNP won – through the list of appointed members based on the cumulative votes polled nationally.
The 72-year-old four-time prime minister has now created history as the only parliamentarian to represent all parliaments since 1977.

Warren Buffett Resigns as Trustee of Bill and Melinda Gates Foundation

Warren Buffett resigned as a trustee at the Bill and Melinda Gates Foundation as the charity grapples with upheaval created by the divorce of its namesake founders.
Buffett has contributed more than $27 billion of his own money to the charity over the past 15 years. He's one of the Gates Foundation's three board members, alongside Bill Gates and Melinda French Gates, who announced last month they're splitting after 27 years of marriage. Buffett has no involvement in the endowment's investment decisions.

Joe Biden Announces US Ambassador to Ireland Pick

Joe Biden has announced Claire Cronin as his nominee for the position of US ambassador to Ireland.
Ms. Cronin is a representative and majority leader in the state legislature of Massachusetts.
She is also a lawyer, and campaigned for President Biden in the 2020 presidential election.
As per Irish broadcaster RTÉ, she had been seen as the frontrunner for the position prior to the announcement.
The nomination will now be sent to the US Senate, with a confirmation hearing taking place and senators voting on her appointment.

Jun 23, 2021

Big Blow to PM Oli as SC Quashes Appointment of 20 Cabinet Ministers

The Supreme Court has cited Article 77 (3) in its ruling to quash the appointments. It states if the Office of the Prime Minister falls vacant after the PM fails to win a vote of confidence or resigns, the same Council of Ministers shall continue to act until another Council of Ministers is constituted.
The House of Representatives was dissolved by President Bidya Devi Bhandari in May on the recommendation of Prime Minister Oli.
The political crisis deepened in Nepal after the Supreme Court quashed the appointment of 20 ministers by beleaguered Prime Minister K. P. Sharma Oli, invalidating his two Cabinet expansions since the dissolution of the House of Representatives.

UK Pushes on with Talks to Join Pacific Trade Partnership

The UK launched negotiations to join a trade partnership in and around the Pacific Ocean, as it explores new opportunities around the world following its departure from the European Union.
The British government said that the negotiating teams will be working over the coming months to join the 11-country Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which is home to around half a billion people.
As per the UK, joining the free trade area would deepen ties with fast-growing economies across Asia-Pacific and the Americas, including Mexico, Malaysia and Vietnam.

China to Hold Asia Pacific Ministers Meet

China has convened a key ministerial conference of Asia Pacific countries to discuss cooperation of its Belt Road Initiative (BRI), days after G7 countries headed by the US announced plans to 'Build Back Better World' (B3W) to counter Beijing's multi-billion-dollar infrastructure development initiative.
The Group of Seven (G7) comprising the US, Canada, Britain, Germany, Italy, France and Japan at their London conference on June 12 agreed to launch B3W to counter China's growing influence by offering developing nations an infrastructure plan that would rival the BRI project.
This is a high-level international conference on the Belt and Road Initiative with a wide range of participants, which reflects the high priority all parties attach to and support they lend to BRI.

Turkmenistan's Capital Tops List of most Expensive Cities for Expats

The capital of Turkmenistan in Central Asia has been named as the world's most expensive city for foreign workers.
Ashgabat, a city of about one million people, topped a 2021 cost-of-living survey by consultancy firm Mercer.
The ranking puts Ashgabat above last year's priciest city, Hong Kong, which was placed second, followed by Beirut in Lebanon and Tokyo in Japan.
The annual report ranked 209 cities based on the cost of expenses such as housing, transport and food.
Expatriates, or expats, are people who live or work outside their native countries.
Most of the cities in Mercer's top 10 are business hubs where economic growth has led to a hike in the price of housing and other living costs.
But Ashgabat owes its high ranking to economic woes rather than prosperity, making it an outlier.

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