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New Zealand joins US and UK in alleging it was targeted by China-backed cyberespionage

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

New Zealand’s allegation comes a day after American and British authorities announced a set of criminal charges and sanctions against seven hackers, all believed to be living in China, who targeted US officials, journalists, corporations, pro-democracy activists and the UK’s election watchdog.

Hackers linked to the Chinese government launched a state-sponsored operation that targeted New Zealand’s Parliament in 2021, the country’s security minister said on Tuesday.

New Zealand’s allegation comes a day after American and British authorities announced a set of criminal charges and sanctions against seven hackers, all believed to be living in China, who targeted US officials, journalists, corporations, pro-democracy activists and the UK’s election watchdog.

“The use of cyber-enabled espionage operations to interfere with democratic institutions and processes anywhere is unacceptable,” Minister Responsible for the Government Communications Security Bureau (GCSB) Judith Collins said in a media statement.

Collins said the agency had also established links between a state-sponsored actor linked to China and malicious cyber activity targeting parliamentary entities in New Zealand.

“The GCSB’s National Cyber Security Centre (NCSC) completed a robust technical assessment following a compromise of the Parliamentary Counsel Office and the Parliamentary Service in 2021, and has attributed this activity to a PRC (China) state-sponsored group known as APT40,” Collins says.

“Fortunately, in this instance, the NCSC worked with the impacted organisations to contain the activity and remove the actor shortly after they were able to access the network.”

Collins said New Zealand will not follow the US and UK in sanctioning China as New Zealand does not have a law allowing such penalties, nor were there plans to introduce legislation.

Foreign Minister Winston Peters confirmed New Zealand’s concerns had been conveyed to the Chinese Ambassador Wang Xiaolong.

“Foreign interference of this nature is unacceptable, and we have urged China to refrain from such activity in future,” Peters said in a statement Tuesday.

“New Zealand will continue to speak out — consistently and predictably — where we see concerning behaviours like this.”

Peters met with his Chinese counterpart Wang Yi last week and said the countries share a “significant and complex relationship”.

“We cooperate with China in some areas for mutual benefit,” he said. ”At the same time, we have also been consistent and clear that we will speak out on issues of concern.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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TikTok advertisers will look to rivals if US Senate moves ahead on ban

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

House Republicans voted Wednesday to force Chinese tech company ByteDance to sell TikTok in roughly six months or face a ban, one of the most significant challenges to the company that has long faced questions about national security concerns.

Advertisers who turn to TikTok to market to young consumers are preparing contingency plans with social media rivals in the event the short-form video app is sold or banned in the US, but they are waiting for signs of Senate action before shifting marketing budgets.

House Republicans voted Wednesday to force Chinese tech company ByteDance to sell TikTok in roughly six months or face a ban, one of the most significant challenges to the company that has long faced questions about national security concerns.

The White House has urged the Senate to pass the bill and US President Joe Biden has pledged to sign it.

Meta’s Reels and YouTube’s Shorts, TikTok’s biggest competitors, are set to be the beneficiaries of advertising budgets if the app is banned, ad experts said.

TikTok did not respond to a request for comment. The company has said it will exercise its legal rights to prevent a ban, which it says would “take billions of dollars out of the pockets of creators and small businesses.”

“The momentum around this legislation is greater than in previous national efforts to curtail or sell off TikTok, and advertisers are keeping a sharp eye on developments,” said Jasmine Enberg, principal analyst at research firm Insider Intelligence.

If the bill progresses, “it would put us more on alert,” said Jack Johnston, senior social innovation director at Tinuiti, a digital marketing firm that has worked with brands like Revlon and Elf cosmetics.

Still, three digital marketing firms, including Tinuiti, told Reuters they are advising clients to keep a “business as usual” approach to TikTok, noting the viral app has survived multiple previous attempts to restrict its availability in the US, including an executive order from then-President Donald Trump in 2020 to ban it.

While advertising budgets are planned months in advance, brands can quickly place or pull ads on social media to respond to events.

Videos on TikTok can quickly set off new trends in music, fashion and beauty, and brands have flocked to the app in hopes of becoming part of major cultural moments. Insider Intelligence estimates TikTok will generate $8.66 billion in US ad revenue this year.

The high stakes involved with banning a major app like TikTok make an outright ban unlikely, one digital ad firm told clients on Wednesday, declining to be named to discuss the conversations.

A sale of the app is more likely, and the roughly six-month timeline would help brands prepare, Johnston said.

If the app is sold during the holiday season, a critical sales period for many companies, “then there is a little more urgency for brands that rely on this time of year for a bulk of their revenue,” Johnston added.

Even if marketing budgets are redirected to Reels and Shorts, there’s no guarantee the competing features could perform the same as TikTok.

“While a good portion (of TikTok users) are also active on other platforms, there is a healthy chunk that use TikTok as their primary media consumption channel. Reels and Shorts are the two logical offerings out there that most closely match TikTok’s content format, but it doesn’t mean that this is where users will flock to necessarily,” Johnston said.

Also Read: Proposed US TikTok ban ‘not fair’, China’s foreign ministry says

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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U.S. Senate passes $95.34 billion aid package for Ukraine, Israel, and Taiwan

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The lawmakers approved the measure in a 70-29 vote that exceeded the chamber’s 60-vote threshold for passage and sent the legislation on to the House. Twenty-two Republicans joined most Democrats to support the bill.

The Democratic-led U.S. Senate on Tuesday passed a $95.34 billion aid package for Ukraine, Israel and Taiwan, though it faced an uncertain path ahead in the Republican-controlled House of Representatives.

The lawmakers approved the measure in a 70-29 vote that exceeded the chamber’s 60-vote threshold for passage and sent the legislation on to the House. Twenty-two Republicans joined most Democrats to support the bill.

“It’s certainly been years, perhaps decades, since the Senate has passed a bill that so greatly impacts not just our national security, not just the security of our allies, but the security of western democracy,” Senate Majority Leader Chuck Schumer said.

Ukraine leadership sees the funding as crucial as it continues to repel Russian attacks and tries to keep its battered economy going as the war nears its third year. U.S. President Joe Biden has been pushing for the package for months, but has faced opposition from Republican hardliners, particularly in the House.

The Senate vote occurred before sunrise, after eight hardline Republican opponents of Ukraine aid held an overnight marathon of speeches that dominated the chamber floor for more than six hours.

The package also includes funds for Israel, humanitarian aid for Palestinians in Gaza and defense of Taiwan.

Ukrainian officials have warned of weapons shortages at a time when Russia is pressing ahead with renewed attacks.

Ukrainian President Volodymyr Zelenskiy quickly hailed passage of the bill. “American assistance brings just peace in Ukraine closer and restores global stability, resulting in increased security and prosperity for all Americans and all the free world,” Zelenskiy said on the social platform X.

Both houses of Congress must approve the legislation before Biden can sign it into law.

ROCKY ROAD AHEAD

It’s not clear that Republican Speaker Mike Johnson will even bring the bill to a vote, having faulted it for lacking conservative provisions to stem a record flow of migrants across the U.S.-Mexico border.

Senate Republicans last week blocked a bill that would have coupled aid for Ukraine and other allies with the most sweeping changes to border policy in decades, after Donald Trump, the frontrunner for the Republican presidential nomination, loudly criticised that deal.

Backers of the Ukraine aid package have been warily watching Trump’s reaction. So far the former president has criticised it on social media, saying it should take the form of a loan, and also worried U.S. allies over the weekend by suggesting he could encourage aggression against NATO members who he believes don’t pay their dues to NATO.

“In the absence of having received any single border policy change from the Senate, the House will have to continue to work its own will on these important matters,” Johnson said in a statement issued late on Monday.

“America deserves better than the Senate’s status quo,” said Johnson, who has suggested in the past that the House could split the legislation into separate bills.

Senator John Thune, the chamber’s No. 2 Republican, said it was not clear what Johnson would do.

“The House, I assume, is going to move on something. Obviously, they’re going to address Israel,” Thune said.

Hardline Republicans predicted that the Senate legislation would be dead on arrival in the House.

“The bill before us today … will never pass in the House, will never become law,” Republican Senator Rick Scott of Florida said in an early morning floor speech.

The legislation includes $61 billion for Ukraine, $14 billion for Israel in its war against Hamas and $4.83 billion to support partners in the Indo-Pacific, including Taiwan, and deter aggression by China.

It would also provide $9.15 billion in humanitarian assistance to civilians in Gaza and the West Bank, Ukraine and other conflict zones around the globe.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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National Human Trafficking Awareness Day: A look at countries with the highest human trafficking rate

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

January is observed as the National Slavery and Human Trafficking Prevention Month, while January 11 aims towards the prevention of illegal practices around the world.

The National Human Trafficking Awareness Day is observed on January 11 in the United States. It provides an opportunity to educate the public, spread awareness and encourage action against this heinous crime.

Due to human trafficking, people around the world are often robbed of their joy of living. The day is dedicated to raising awareness about this serious crime that abuses our fundamental rights and dignity.

January is marked as National Slavery and Human Trafficking Prevention Month, while January 11 aims towards the prevention of illegal practices around the world.

The movement against human trafficking received worldwide support in the late 20s and the early 21st century. In 2007, the US Congress had designated January 11 as the National Human Trafficking Awareness Day. Later in 2010, former US President Barack Obama dedicated the entire month of January to awareness and prevention of human trafficking.

The United Nations Office on Drugs and Crime (UNODC) assist countries around the world to ratify and implement the UN Protocol on Trafficking in Persons. It states that an effective response to human trafficking is “transnational, multifaceted and interrelated”.

Human trafficking — Constitutional and legislative provisions in India

In India, the trafficking of persons is prohibited under Article 23 (1) of the Constitution. To prevent trafficking for commercial sexual exploitation, the Immoral Traffic (Prevention) Act of 1956 is the premier legislation.

Also, the Criminal Law (Amendment) Act 2013 has come into force as part of which Section 370 of the Indian Penal Code (IPC) has been substituted with Sections 370 and 370A which provide for comprehensive measures to counter the menace of human trafficking.

In 2012, the Protection of Children from Sexual Offences (POCSO) Act also came into effect which protects children from sexual abuse and exploitation.

Some of the other legislations related to it are the Prohibition of Child Marriage Act, 2006; Bonded Labour System (Abolition) Act, 1976; Child Labour (Prohibition and Regulation) Act, 1986 and Transplantation of Human Organs Act, 1994 among others.

UN report on human trafficking

Based on data gathered from 155 countries, the UNODC report on human trafficking exposes the modern form of slavery.

As per the report, sexual exploitation is the most common form of human trafficking, with 79% of cases. The victims mainly include women and girls. It is followed by forced labour (18%).

Around 20% of all trafficking victims are children across the globe, the report states, adding that in some parts of Africa and the Mekong region, children are in the majority — up to 100% in parts of West Africa.

Among the worst affected countries due to human trafficking are Afghanistan, Algeria, Belarus, Cambodia, Chad, China, Iran, Myanmar, North Korea, Papua New Guinea and Syria.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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US allies back away from Red Sea task force

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The Pentagon says the force is a defensive coalition of more than 20 nations to ensure billions of dollars’ worth of commerce can flow freely through a vital shipping chokepoint in Red Sea waters off Yemen. However, nearly half of those countries have so far not come forward to acknowledge their contributions or allowed the US to do so, as per Reuters.

US President Joe Biden hoped to present a firm international response to Yemen’s Houthi attacks on Red Sea shipping by launching a new maritime force, but a week after its launch many allies don’t want to be associated with it, publicly, or at all.

Two of America’s European allies who were listed as contributors to Operation Prosperity Guardian – Italy and Spain – issued statements appearing to distance themselves from the maritime force.

The Pentagon says the force is a defensive coalition of more than 20 nations to ensure billions of dollars’ worth of commerce can flow freely through a vital shipping chokepoint in Red Sea waters off Yemen.

But nearly half of those countries have so far not come forward to acknowledge their contributions or allowed the US to do so. Those contributions can range from dispatching warships to merely sending a staff officer.

The reluctance of some US allies to link themselves to the effort partly reflects the fissures created by the conflict in Gaza, which has seen Biden maintain firm support for Israel even as international criticism rises over its offensive, which Gaza’s health ministry says has killed more than 21,000 Palestinians.

“European governments are very worried that part of their potential electorate will turn against them,” said David Hernandez, a professor of international relations at the Complutense University of Madrid, noting that the European public is increasingly critical of Israel and wary of being drawn into a conflict.

The Iran-backed Houthis have attacked or seized a dozen ships with missiles and drones since November 19, trying to inflict an international cost over Israel’s campaign, which followed the October 7 rampage in southern Israel by Hamas militants that killed 1,200 people and took 240 hostage.

The navies of the United States, Britain and France have each shot down Houthi-launched drones or missiles.

A person familiar with Biden administration thinking said the US believes escalating Houthi attacks call for an international response separate from the conflict raging in Gaza.

The Rea Sea is the entry point for ships using the Suez Canal, which handles about 12% of worldwide trade and is vital for the movement of goods between Asia and Europe. Houthi attacks have seen some ships rerouted around Africa’s Cape of Good Hope, substantially increasing sailing time and costs.

Denmark’s giant container firm Maersk said on Saturday it would resume shipping operations in the Red Sea and the Gulf of Aden. But Germany’s Hapag Lloyd said on Wednesday it still believes the Red Sea is too dangerous and will continue to send ships around the Cape of Good Hope.

Discord over Gaza

While the US says 20 countries have signed up for its maritime task force, it has announced the names of only 12.

“We’ll allow other countries, defer to them to talk about their participation,” US Major General Patrick Ryder told reporters last week.

The EU has signaled its support of the maritime task force with a joint statement condemning the Houthi attacks.

Although Britain, Greece and others have publicly embraced the US operation, several mentioned in the US announcement were quick to say they are not directly involved.

Italy’s defense ministry said that it would send a ship to the Red Sea following requests from Italian ship owners and not as part of the US operation. France said it supports efforts to secure freedom of navigation in the Red Sea but that its ships would remain under French command.

Spain has said it will not join Operation Prosperity Guardian and opposes using an existing EU anti-piracy mission, Atalanta, to protect Red Sea shipping. But on Wednesday, Prime Minister Pedro Sanchez said he was willing to consider the creation of a different mission to tackle the problem.

Saudi Arabia and United Arab Emirates earlier proclaimed no interest in the venture.

Public anger over Israel’s Gaza offensive helps explain some of the reluctance of political leaders. A recent Yougov poll found that strong majorities of Western Europeans – particularly Spain and Italy – think Israel should stop military action in Gaza.

There is also the risk that participating countries become subject to Houthi retaliation. The person familiar with the US administration’s thinking says that it is this risk – rather disagreements over Gaza – driving some countries to steer clear of the effort.

That appears to be the case for India, which is unlikely to join the US operation, according to a senior Indian military official. An Indian government official said the government worries that aligning itself with the US could make it more of a target.

One European diplomatic source downplayed concerns about cohesion in the coalition and said the effort was still taking shape and not in jeopardy of falling apart. The source added that Washington’s allies understood the challenges confronting Biden at home with regard to the Israel-Gaza war.

International support needed

In reality, many European and Gulf countries already participate in one of several US-led military groups in the Middle East, including the 39-nation Combined Maritime Forces (CMF).

The EU’s Atalanta operation already cooperates in a “reciprocal relationship” with CMF, according to a spokesperson for the group.

That means that some countries not formally joining the Red Sea maritime task force could still coordinate patrols with the US Navy.

For example, while Italy – a member of Atalanta – has not said it will join Operation Prosperity Guardian, an Italian government source told Reuters that the US-led coalition is satisfied with Italy’s contribution.

The source added that the decision to send a naval frigate as part of existing operations was a way to speed the deployment and did not require a new parliamentary authorization.

The US effort to draw international support for its Red Sea security push comes as the United States faces pressure on multiple fronts from Iran’s military proxies in the region.

Beyond the Houthis in Yemen, Iran-backed militia have been attacking US troops in Syria and Iraq.

So far, the United States has carried out limited retaliatory air strikes against the militia in Iraq and Syria, but it has refrained from doing so in Yemen.

Michael Mulroy, a former deputy assistant secretary of defense for the Middle East under the Trump administration, said the Pentagon’s goal with the new maritime coalition appeared to be to make any future Houthi attacks an international issue in order to divorce it from the Israel-Hamas war.

“Once the military vessels in Operation Prosperity Guardian start protecting commercial shipping and come under a direct attack, (the Houthis) will be attacking the coalition, not just the US,” Mulroy said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Ray Dalio expects an escalating cold war between the US and China

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

US President Joe Biden is expected to meet Chinese President Xi Jinping on the sidelines of 30th Asia Pacific Economic Cooperation (APEC) in San Francisco on Wednesday, November 15.

The founder of Bridgewater Associates and billionaire investor, Ray Dalio believes that the United States and China have moved back from the “brink” of war amid the escalating tensions on both sides. The insights by the global financial expert come ahead of the US President Joe Biden and China President Xi Jinping’s scheduled meeting on the sidelines of the 30th Asia Pacific Economic Cooperation (APEC) in San Francisco on Wednesday, November 15.

While sharing his analysis in brief, the billionaire investor wrote in a LinkedIn post on Tuesday, “The realisations by both sides that they were at the brink and the looking over the brink into the abyss scared the leaders on both sides so, starting in June, there were a number of interactions designed to pull back from the brink, including beginning working toward a good APEC meeting between President Biden and President Xi, which will lead to some modest increased cooperation.”

He raised an argument that the conflict between the two nations, the US and China, is emerging in a way that reflects in reducing the odds of a “military war”, though a new type of ‘war’ between the two powers “will remain intense and threatening.” Following the same, Dalio mentioned having a “very rough estimate” of the probability of US-China military combat is around 35% over the coming ten years.

Dalio also stated on the LinkedIn post that this new type of war ‘is not so new’ as it can be familiar to all who have read Sun Tzu’s “Art of War”, which is roughly a 2,500-year-old treatise on warfare. The hedge-fund founder further wrote, “This type of war is fought by using deception, by having the other side expend resources while saving one’s own, and by using the opponent’s own circumstances to weaken them and take advantage of their weakness.”

He explains how well each side manages its own financial, economic, technological and social strengths relative to the opposition will be more important than building and using their military strengths. Military power is still important for intimidating the enemy and possibly using them if the other non-military strategy fails to be accomplished.

Dalio said that history has proven that the winner of the “technology war” is also the winner of “economic and geopolitical wars”. They usually take the form of developing new technologies that are used to make weapons, such as the US development of the atomic bomb during World War II. He wrote, “We can see this technology war principle playing out today with chips and AI, quantum computing, and many other technologies, including those we don’t know about.”

He further warned, “Rather, we should expect to see a more behind-the-scenes, Cold-War-style great power conflict.”

Apart from Ray Dalio, JPMorgan’s CEO Dimon, BlackRock’s chief Larry Fink, and another hedge fund giant David Eirnhorn have also mentioned about how the war could bring the global economy into a massive recession and disrupt the financial markets.

Meanwhile, the White House has highlighted the primary objectives of the summit as ‘enhancing communication to prevent potential conflict between the two nations’, according to reports. It is anticipated that the possible topics to be discussed might include the global concern spanning conflicts in the Middle East and Russia’s actions in Ukraine and human rights, artificial intelligence and other trade relations.

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index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
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US strikes Iranian-backed targets in Syria in retaliation for attacks on US troops

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Specific details about the targets and other aspects of the operation have not been provided yet. Reuters reported that the US did not coordinate these strikes in Syria with Israel.

US forces conducted airstrikes on two locations in eastern Syria used by the Iranian Revolutionary Guard Corps and its affiliated organisations. The Pentagon, as reported by The Associated Press (AP), stated that these strikes were in response to a series of attacks against US forces in both Iraq and Syria.

The decision to carry out these strikes reflects the Joe Biden administration’s attempt to strike a balance. On one hand, they aim to deter further aggression, which could be prompted by Israel’s conflict with Hamas, by targeting Iranian-backed organisations believed to be a threat to the United States. Simultaneously, they want to avoid escalating the situation into a larger conflict, as per AP.

Specific details about the targets and other aspects of the operation have not been provided yet. Reuters reported that the US did not coordinate these strikes in Syria with Israel.

Since October 17, there have been at least 12 attacks on American sites and troops in Iraq and four in Syria, according to the Pentagon. Two of these attacks, involving drones targeting al-Tanf Garrison in Syria and al-Asad Airbase in Iraq, resulted in injuries to twenty-one US servicemen, according to Air Force Brig. Gen. Pat Ryder.

In a statement, Defense Secretary Lloyd Austin explained that these “precision self-defence strikes” were a response to ongoing attacks against US personnel by Iranian-backed militia groups that began on October 17. President Joe Biden directed these strikes to make it clear that the United States will not tolerate such attacks and will defend itself, its personnel, and its interests. Austin emphasised that these operations were separate and distinct from Israel’s conflict with Hamas.

The Biden administration has indicated that it believes Iran was not directly involved in the Hamas attack on Israel on October 7. They are concerned that Iran and its allies could potentially escalate the situation into a larger conflict, despite Iran’s historical support for Hamas.

Austin stressed that the US does not seek a broader conflict, but it won’t hesitate to take additional action to protect its forces if Iranian proxy groups continue their attacks. According to the Pentagon, all US personnel injured in the attacks sustained minor injuries and have returned to duty. Additionally, a contractor suffered a cardiac arrest and died while seeking shelter from a possible drone attack.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Under pressure over border, Biden administration to protect hundreds of thousands of Venezuelans

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The move — along with promises to accelerate work permits for many migrants — may appease Democratic leaders who have pressured the White House to do more to aid asylum seekers, while also providing grist for Republicans who say the president has been too lax on immigration.

The Biden administration said Wednesday that it was granting temporary legal status to hundreds of thousands of Venezuelans who are already in the country — quickly making them eligible to work — as it grapples with growing numbers of people fleeing the South American country and elsewhere to arrive at the U.S. border with Mexico.

The move — along with promises to accelerate work permits for many migrants — may appease Democratic leaders who have pressured the White House to do more to aid asylum seekers, while also providing grist for Republicans who say the president has been too lax on immigration.

The Homeland Security Department plans to grant Temporary Protected Status to an estimated 472,000 Venezuelans who arrived in the country as of July 31, 2023, making it easier for them to get authorization to work in the U.S. That’s been a key demand of Democratic mayors and governors who are struggling to care for an increased number of migrants in their care.

That’s in addition to about 242,700 Venezuelans who already qualified for temporary status before Wednesday’s announcement.

The protections for Venezuelans are significant because they account for such a large number of the migrants who have been arriving in the country in recent years.

Venezuela plunged into a political, economic and humanitarian crisis over the last decade, pushing at least 7.3 million people to migrate and making food and other necessities unaffordable for those who remain. The vast majority who fled settled in neighboring countries in Latin America, but many began coming to the United States in the last three years through the notoriously dangerous Darien Gap, a stretch of jungle in Panama.

Venezuelans who arrive in the US after July 31 of this year will not be eligible for the protection. Those who are now eligible have to apply to get it.

Homeland Security Secretary Alejandro Mayorkas granted the expansion and an 18-month extension for those who already have temporary status due to “Venezuela’s increased instability and lack of safety due to the enduring humanitarian, security, political, and environmental conditions,” the department said in a statement.

The administration said it would accelerate work authorizations for people who have arrived in the country since January through a mobile app for appointments at land crossings with Mexico, called CBP One, or through parole granted to Cubans, Haitians, Nicaraguans and Venezuelans who have financial sponsors and arrive at an airport. It will aim to give them work permits within 30 days, compared with about 90 days currently.

The promise of accelerated work permits does not apply to people who cross the border illegally and seek asylum, who, by law, must wait for six months to receive work permits.

Mayors and governors have been clamoring for President Joe Biden to figure out a way to get newly arrived migrants to be able to work legally, so they can support themselves.

Democratic officials in New York , Massachusetts, Chicago and elsewhere have complained about the strain that newly arrived migrants are putting on their resources, especially in New York, where the government is required to provide housing for anyone who needs it. The city is currently paying to house about 60,000 newly arrived migrants.

New York Gov. Kathy Hochul said in a statement late Wednesday that she was “grateful the federal government has acted so speedily to grant one of our top priorities: Temporary Protected Status to Venezuelan asylum seekers and migrants who have already arrived in this country.”

The city’s mayor, Eric Adams, has been especially critical of the Biden administration. But Adams on Wednesday praised the decision to grant protections to Venezuelans and thanked the administration for listening to the city’s concerns.

The number of migrants trying to cross the southern border is rising. That poses a severe challenge for the administration, which has struggled to show it is in control of the border in the face of Republican criticism. The city of Eagle Pass, which borders Mexico along the Rio Grande in southern Texas, announced a state of emergency Wednesday due to a “severe undocumented immigrant surge.”

According to Maverick County Sheriff Tom Schmerber, about 2,700 migrants crossed into Eagle Pass on Tuesday and about 3,000 Wednesday.

The administration also said Wednesday it was also using Defense Department forces to support Homeland Security staff on the border. Homeland Security already uses about 2,500 National Guard troops to help Customs and Border Protection. In the news release, Homeland Security said up to 800 new active-duty troops would also be detailed to the border; they would be used for things like logistics to free up Customs officials for more front-line responsibilities.

Homeland Security said it was also taking other steps to deal with immigration, such as scaling up a process started in May to quickly remove families who are found to have no basis to stay in the country. The agency said it has also beefed up holding capacity along the southern border.

And it said it has increased the number of people expelled from the country. Since May 12, the agency said it has removed 253,000 people to a little over 150 countries around the world. That compares with 180,000 removed during the same period in 2019 — before the pandemic drastically alerted the government’s ability to expel migrants

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Hawaii volcano Kilauea erupts for the third time in 2023

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Hawaii Volcano Observatory said the eruption was observed in the afternoon at the summit of Kilauea.

Kilauea, one of the most active volcanoes in the world, began erupting Sunday after a two-month pause, displaying glowing lava that is a safe distance from people and structures in a national park on the Big Island.

The Hawaii Volcano Observatory said the eruption was observed in the afternoon at the summit of Kilauea.

The observatory said gases released by the eruption will cause volcanic smog downwind of Kilauea. People living near the park should try to avoid volcanic particles spewed into the air by the eruption, the observatory said.

The volcano’s alert level was raised to warning status and the aviation color code went to red as scientists evaluate the eruption and associated hazards.

In June, Kilauea erupted for several weeks, displaying fountains of red lava without threatening any communities or structures. Crowds of people flocked to the Big Island’s Hawaii Volcanoes National Park, which offered safe views of the lava.

Kilauea, Hawaii’s second-largest volcano, erupted from September 2021 until last December. A 2018 Kilauea eruption destroyed more than 700 homes.

Also Read:Enjoy a wild weekend in Hawaii: Here’s what you must do

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Fitch downgrades US credit rating to AA+ from AAA

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Fitch had placed the country’s rating on negative watch in May, citing the debt ceiling fight in Washington, which was eventually resolved after weeks of negotiations.

Fitch Ratings has downgraded the United States’ long-term foreign currency issuer default rating to AA+ from AAA on Tuesday, citing “expected fiscal deterioration over the next three years,” along with an erosion of governance and a growing general debt burden.

“The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management,” said Fitch.

Fitch had placed the country’s rating on negative watch in May, citing the debt ceiling fight in Washington, which was eventually resolved after weeks of negotiations.

The rating cut echoed a move made by S&P Global Ratings a decade ago. Tax cuts and new spending initiatives coupled with multiple economic shocks have swelled budget deficits, Fitch said, while medium-term challenges related to rising entitlement costs remain largely unaddressed.

Treasury Secretary Janet Yellen quickly responded to the downgrade, calling it “arbitrary” and “outdated.”

“Fitch’s decision does not change what Americans, investors, and people all around the world already know: that Treasury securities remain the world’s preeminent safe and liquid asset, and that the American economy is fundamentally strong,” Yellen said in the statement.

Tuesday’s statement also attributed the downgrade to the country’s rapidly swelling debt burden, which it forecasts to reach 118 percent of gross domestic product by 2025, more than two-and-a-half times higher than the ‘AAA’ median of 39.3 percent. The rating company projects the debt-to-GDP ratio to rise even further in the longer-term, increasing America’s vulnerability to future economic shocks, the report said.

Fitch also highlights the rising government deficit, which it anticipates will rise to 6.3 percent of GDP in 2023, from 3.7 percent in 2022.

“It defies reality to downgrade the United States at a moment when President Biden has delivered the strongest recovery of any major economy in the world,” White House press secretary Karine Jean-Pierre said.

(With Inputs From Agencies.)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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