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INTERNATIONAL AFFAIRS - May 2017

May 2017

Apr 03, 2023

Russia Names India, China Main Allies in Foreign Policy

Russia said that it would expand relations with India and China on trade, policy, technology and strategic partnership. It offered "peaceful co-existence" to the US and asked it to shun its anti-Russia stance while justifying its actions in Ukraine.
Moscow released "The Concept of the Foreign Policy of the Russian Federation", its first change since 2016, signed as a decree by President Vladimir Putin.
As per the concept, Russia will continue to build a particularly privileged strategic partnership with India with a view to enhancing and expanding cooperation in all areas on a mutually beneficial basis.

Finland Prime Minister Sanna Marin Ousted, Conservatives Win Tight Vote

Finland's main conservative party claimed victory in a parliamentary election in an extremely tight three-way race in which right-wing populists took second place, leaving Prime Minister Sanna Marin's Social Democratic Party in third, dashing her hopes for re-election.
The centre-right National Coalition Party (NCP) claimed victory with all of the votes counted, coming out on top at 20.8%. They were followed by right-wing populist party. The Finns with 20.1%, while the Social Democrats garnered 19.9%.
With the top three parties each getting around 20% of the vote, no party is in position to form a government alone. Over 2,400 candidates from 22 parties were vying for the 200 seats in the Nordic country's parliament.
Based on this result, talks over forming a new government to Finland will be initiated under the leadership of the National Coalition Party.

Elon Musk Becomes most Followed Twitter User

Elon Musk, the CEO of Twitter, achieved the highest number of followers on the platform, exceeding former US President Barack Obama, who held the record since 2020. According to Guinness World Records, Twitter has around 450 million monthly active users, and Elon Musk accumulated more than 133 million followers, which accounts for about 30% of the platform's total users. Musk assumed the role of CEO of Twitter on October 27, 2022, with 110 million followers, and within five months, his followers increased to 133 million. Previously, he ranked third after Barack Obama and Justin Bieber in terms of the most followed Twitter users.

IMF Approves 15.6 Billion Dollar Support Package for Ukraine

The International Monetary Fund (IMF) approved a 15.6 billion US dollar support package for Ukraine to assist with the conflict-hit country's economic recovery. The loan is part of a broader 115 billion US dollar international support package to help the country meet urgent funding needs. Of the total amount approved by the IMF, 2.7 billion dollar was made available to Ukraine immediately and the rest of the funds are due to be released over the next four years. Extended Fund Facility is the first major financing programme approved by the IMF for a country involved in a large-scale war.

Finland Becomes 31st NATO Member after Turkey's Approval

Jens Stoltenberg, the Secretary General of the North Atlantic Treaty Organization (NATO), announced that Finland became the 31st member of the alliance, thanks to Turkey's unanimous vote. Despite Russia's opposition to Finland's membership, Turkey's approval allowed the extension of NATO. Finland shares a long border of over 1,300 kilometres with Russia, and its decision to join NATO was prompted by security concerns following Russia's invasion of Ukraine in 2022. However, Sweden's application to join NATO was declined by Turkey and Hungary.

UK Signs Deal to Join Trade Pact with 11 Asia and Pacific Nations

The UK signed a deal to join a trade pact with 11 Asia and Pacific nations, three years after it officially left the European Union. The government said that joining the group will boost UK exports by cutting tariffs on goods such as cheese, cars, chocolate, machinery, gin and whisky.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was established in 2018, and includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Membership of the CPTPP loosens restrictions on trade between members and reduces tariffs, a form of border tax, on goods.

Apr 02, 2023

Russia to Keep Missile Test Notices under Cold War-era Deal

Russia will continue to give the U.S. advance notice about its missile tests despite suspending the last remaining nuclear arms treaty between the two countries.
Deputy Foreign Minister Sergei Ryabkov's statement reversed one he made, when he said Moscow had halted all information exchanges with Washington envisioned under the 2011 New START nuclear pact, including missile test warnings.
But Russia intends to stick by its pledge last month to keep notifying the U.S. about missile tests in line with a 1988 U.S.-Soviet agreement.
Russian President Vladimir Putin suspended the country's participation in the New START treaty in February 2023, saying Russia could not allow U.S. inspections of its nuclear sites at a time when Washington and its NATO allies have openly declared Moscow's defeat in Ukraine as their goal.

Ashish Goyal Appointed Head of Asia-Pacific Operations at OMERS

Canadian pension fund OMERS appointed Ashish Goyal as its executive vice president and head of Asia-Pacific.
As per the company, Goyal's mandate is to lead OMERS' strategic growth aspirations across its various asset classes in the region, including the establishment of new relationships and partnerships. He would report to chief investment officer Ralph Berg.
Goyal joined OMERS in 2019 to lead the Asia-Pacific region capital markets business. He has over three decades of investment experience with leading global asset managers out of offices in Singapore, Mumbai, and Hong Kong.

Apr 01, 2023

Donald Trump Indicted; 1st US Ex-president Charged with Crime

Donald Trump was indicted by a Manhattan grand jury, prosecutors and defense lawyers, making him the first former US President to face a criminal charge and jolting his bid to retake the White House next year (2024).
The charges remained under sealed, but the investigation centered on payments made during the 2016 presidential campaign to silence claims of an extramarital sexual encounter.
Trump, who has denied any wrongdoing and has repeatedly assailed the investigation, called the indictment "political persecution" and predicted it would damage Democrats in 2024.

United Arab Emirates Launches National Genome Strategy

The UAE launched its National Genome Strategy, which aims to provide a comprehensive legislative and governance framework to support the development and implementation of genomic programs. The strategy will last ten years and will focus on delivering public health priorities while improving the country's well-being.
The Emirates Genome Council, which was established in 2021, will oversee the National Genome Strategy. The council made significant progress in laying the groundwork for regulatory, research, technological, and medical institutions to connect, collaborate, and develop high-quality medical applications and services. The Emirati Genome Program is considered one of the most comprehensive genomic initiatives in the world and will advance the nation's preventive and personalized healthcare agenda as it collaborates with research and medical institutions across the UAE. The program aims to collect one million samples nationwide and currently contains whole genome sequencing data from around 400,000 citizens.

Ruling Parties in Nepal Agree on Power Sharing

Nepal's ruling coalition agreed on a power-sharing deal, paving the way for Prime Minister Pushpa Kamal Dahal 'Prachanda' to expand his cabinet.
The top leaders of the ten ruling parties held two rounds of meetings at the Prime Minister's official residence to reach an agreement on the distribution of ministries among various political parties.
Power sharing and the distribution of ministerial portfolios were major bottlenecks among the members of the ruling alliance as the demand for cabinet posts was exceeding the number of ministries available.
Among the ten parties, which took part in the talks, nine are likely to join the council of ministers.

Mar 31, 2023

Passport Index Points: India Ranks at 144th Spot in 2023

According to the latest update from the Passport Index, India's Mobility Scores decreased, resulting in the country experiencing the largest global drop on the Index this year (2023). Prior to the pandemic in 2019, India had a mobility score of 71, which increased to 73 in 2022 as the post-pandemic wave of increasing mobility took effect. However, as of March 2023, its mobility score dropped to 70. This decline occurred despite record increases in mobility as the global and national economies re-opened after the pandemic. India's ranking fell by six places in 2023, resulting in an individual ranking of 144 compared to 138 in 2022.

After FATF, European Union Removes Pakistan from List High-Risk Third Countries

The EU removed Pakistan from its list of "High-Risk Third Countries" that do not have a robust anti-money laundering and countering terrorist financing regime, a move welcomed by Prime Minister Shehbaz Sharif as a major development which would facilitate the cash-strapped country's businesses.
The developments came as a much-needed breather when Pakistan faces an economic crisis.
Pakistan was included on the list in 2018, placing the country under additional regulatory restrictions.
The list includes countries that the European Union considers to have strategic deficiencies in their anti-money laundering and counter-terrorism financing frameworks.

Mar 30, 2023

Saudi Arabia Joind Shanghai Cooperation Organization

Saudi Arabia's cabinet approved a decision to join the Shanghai Cooperation Organization, as Riyadh builds a long-term partnership with China despite U.S. security concerns.
The SCO is governed by the Heads of State Council (HSC), its supreme decision-making body, which meets once a year.
Russian and Chinese are the official working languages of the SCO.
The SCO currently comprises of eight Member States (China, India, Kazakhstan, Kyrgyzstan, Russia, Pakistan, Tajikistan and Uzbekistan
Iran signed documents for full membership in 2022.
Saudi Arabia approved a memorandum on granting the kingdom the status of a dialogue partner in the Shanghai Cooperation Organization (SCO).
The SCO is a political and security union of countries spanning much of Eurasia, including China, India and Russia.
Formed in 2001 by Russia, China and former Soviet states in Central Asia, the body has been expanded to include India and Pakistan, with a view to playing a bigger role as counterweight to Western influence in the region.

Sergio Ermotti Returns as UBS CEO

UBS Group AG (UBSG.S) rehired Sergio Ermotti as CEO to steer its massive takeover of neighbour Credit Suisse (CSGN.S) - a surprise move to take advantage of the Swiss banker's experience rebuilding the bank after the global financial crisis.
The trader turned corporate problem fixer faces the tough challenge of laying off thousands of staff, cutting back Credit Suisse's investment bank and reassuring the world's wealthy that UBS remains a safe harbour for their cash.
Ermotti, who was chief executive of UBS from 2011 to 2020 and is now chairman of Swiss Re (SRENH.S), will take the helm from April 5. He is credited with executing UBS's turnaround after a series of scandals and losses nearly caused the bank's implosion.

Indian-origin Sikh Woman Becomes Connecticut's First Asian Assistant Police Chief

Lt. Manmeet Colon, who is of Indian origin and a Sikh woman officer, took up the position of assistant police chief in the state of Connecticut, becoming the first-ever person of Asian descent to hold the position. She has been a member of the New Haven Police Department (NHPD) for 15 years and was appointed as the city's third assistant police chief in an official ceremony.
The ceremony marked "another glass ceiling being broken," Board of Police Commissioners Chair Evelise Ribeiro said, noting that Colon, a native of Mumbai, is the department's second-ever female assistant chief of colour and its first Indian assistant chief.

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