Month: January 2020

Govt extends last date for Sabka Vishwas scheme till January 15

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

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The Finance Ministry on Tuesday extended the ‘Sabka Vishwas Scheme’, a dispute resolution-cum-amnesty scheme for settling pending disputes of service tax and central excise, by 15 days till January 15.

“Keeping in view the response of the taxpayers to the Scheme, the Central Government extended it for a period of fifteen days, till January 15, 2020. This is one-time and final extension in view of taxpayers’ response,” an official statement said.

Those taxpayers who availed the Scheme have committed to paying tax dues of Rs 30,627 crore.

Finance Minister Nirmala Sitharaman had unveiled the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, in the budget for 2019-20 with the objective of settling pending disputes of Service Tax and Central Excise.

Live since September 1, the Sabka Vishwas Scheme provides a one-time window to eligible persons to declare their tax dues and pay the same in accordance with the provisions.

According to the ministry, a total Rs 3.6 lakh crore is locked up in 1.83 lakh cases at various quasi-judicial, appellate and judicial forums under Service Tax and Central Excise put together.

Out of the total 1.84 lakh taxpayers who are eligible to avail the Scheme, as many as 1,33,661 taxpayers have so far submitted their applications by the morning of December 31, 2019.

Their applications involve tax dues of Rs 69,550 crore and after availing various reliefs, the payable amount is Rs 30,627 crore.

Sabka Vishwas is received by the taxpayers as the most beneficial dispute resolution scheme ever announced by the government, the ministry said.

The government has noted a huge interest amongst the taxpayers for this Scheme and would like to ensure that eligible taxpayers who have yet not applied to avail amnesty or relief under this Scheme do not miss out due to the last-minute rush, it 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

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

Donald Trump says US-China trade deal will be signed on January 15

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

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United States President Donald Trump said on Tuesday that Phase 1 of trade deal with China would be signed on January 15 at the White House, though considerable confusion remains about the details of the agreement.

The president wrote in a tweet that he would sign the deal with “high level representatives of China” and that he would later travel to Beijing to begin talks on the next phase.

Last week, Trump said he and Chinese President Xi Jinping would host a signing ceremony to ink the Phase 1 deal.

The Phase 1 deal, struck earlier this month, is expected to reduce tariffs and boost Chinese purchases of American farm, energy and manufactured goods while addressing some disputes over intellectual property.

However, no version of the text has been made public, and Chinese officials have yet to publicly commit to key planks, such as increasing imports of U.S. goods and services by $200 billion over two years.

China bought $130 billion in U.S. goods in 2017, before the trade war began, and $56 billion in services, U.S. data show.

The United States launched a trade war against Beijing a year and half ago over allegations of unfair trade practices, such as theft of U.S. intellectual property and subsidies that unfairly benefit Chinese state-owned companies.

The United States Trade Representative said the Phase 1 deal includes stronger Chinese legal protections for patents, trademarks, copyrights, including improved criminal and civil procedures to combat online infringement, pirated and counterfeit goods.

Issues such as industrial subsidies would be addressed in a later deal, U.S. authorities said.

The escalating tit-for-tat tariffs, which began in July, 2018, have roiled markets and crimped economic growth worldwide.

Though it was not immediately clear who would represent the Chinese delegation at the signing, the South China Morning Post reported on Monday that Vice Premier Liu He would visit Washington to sign the deal.

Asked Tuesday when the deal might be signed, China’s foreign ministry spokesman referred questions to China’s Department of Commerce.

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

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

CNBC-TV18 Market HIGHLIGHTS: Sensex, Nifty start New Year 2020 on subdued note as banks drag indices

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

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Market Highlights: Indian markets ended the first day of New Year 2020 with modes gains as bank and metal stocks weighed on indices. Benchmark indices pared morning gains to turn flat on Wednesday afternoon. Here are the main highlights from the stock markets today:

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

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

Kim Jong Un says North Korea to show ‘new strategic weapon’ in near future

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

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North Korean leader Kim Jong Un on Wednesday said his country will continue developing nuclear programmes and introduce a “new strategic weapon” in the near future, state media KCNA said, after the United States missed a year-end deadline for a restart of denuclearisation talks.

Kim convened a rare four-day meeting of the ruling Workers’ Party’s policy-making committee since Saturday as the United States had not responded to his repeated calls for concessions to reopen negotiations, dismissing the deadline as artificial.

There were no grounds for North Korea to be bound any longer by the self-declared nuclear and ICBM test moratorium as the United States makes “gangster-like demands” including continuing joint military drills with South Korea, adopting cutting edge weapons and imposing sanctions, Kim said, according to KCNA.

He pledged to further develop North Korea’s nuclear deterrent but left the door open for dialogue, saying the “scope and depth” of that deterrent will be “properly coordinated depending on” the attitude of the United States.

“The world will witness a new strategic weapon to be possessed by the DPRK in the near future,” Kim said, using the acronym for North Korea’s official name, the Democratic People’s Republic of Korea.

“We will reliably put on constant alert the powerful nuclear deterrent capable of containing the nuclear threats from the U.S. and guaranteeing our long-term security.”

U.S. Secretary of State Mike Pompeo said he hoped North Korea would “choose peace and prosperity over conflict and war.”

Kim had previously said he might have to seek a “new path” if Washington fails to meet his expectations. U.S. military commanders said Pyongyang’s actions could include the testing of an intercontinental ballistic missile (ICBM), which it has halted since 2017, alongside nuclear warhead tests.

‘STRATEGIC WEAPONS’

Tension had been rising ahead of the year-end deadline as North Korea conducted a series of weapons tests and waged a war of words with U.S. President Donald Trump.

The nuclear talks have made little headway though Kim and Trump met three times. A working-level meeting in Stockholm in October fell apart, with a North Korean chief negotiator accusing U.S. officials of sticking to their old stance.

KCNA quoted Kim as saying that there will “never be denuclearisation on the Korean peninsula” if Washington adheres to what he calls its hostile policy.

We “will steadily develop necessary and prerequisite strategic weapons for the security of the state until the U.S. rolls back its hostile policy towards the DPRK and lasting and durable peace-keeping mechanism is built,” Kim said.

He called for his people to brace for an “arduous and prolonged struggle” and foster a self-reliant economy because of delays in a much-anticipated lifting of sanctions.

“The present situation warning of long confrontation with the U.S. urgently requires us to make it a fait accompli that we have to live under the sanctions by the hostile forces in the future, too, and to strengthen the internal power from all aspects.”

Harry Kazianis, senior director of Korean Studies at the Centre for the National Interest in Washington, said Kim appeared to be gambling that threatening another demonstration of his ability to hit the United States with a nuclear weapon would somehow push America into granting more concessions.

“North Korea has, in effect, put an ICBM to Donald Trump’s head in order to gain the two concessions it wants most: sanctions relief and some sort of security guarantee,” he said.

“With U.S. Presidential elections coming as well as elections in South Korea, the mood for compromise might have gone up in smoke the moment North Korea sent its ICBM into the sky.”

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

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

US sends additional troops to Iraq after protesters burn security post at U.S. Embassy

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

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Protesters angry about U.S. air strikes on Iraq hurled stones and torched a security post at the U.S. Embassy in Baghdad on Tuesday, setting off a confrontation with guards and prompting the United States to send additional troops to the Middle East.

The protests, led by Iranian-backed militias, posed a new foreign policy challenge for U.S. President Donald Trump, who faces re-election in 2020. He threatened to retaliate against Iran.

The State Department said diplomatic personnel inside were safe and there were no plans to evacuate them.

Embassy guards used stun grenades and tear gas to repel protesters, who stormed and burned the security post at the entrance but did not breach the main compound.

The Pentagon said that in addition to Marines sent to protect embassy personnel, about 750 soldiers from the 82nd Airborne Division were being sent to the Middle East and that additional troops were prepared to deploy over the next several days.

“This deployment is an appropriate and precautionary action taken in response to increased threat levels against U.S. personnel and facilities, such as we witnessed in Baghdad today,” U.S. Defense Secretary Mark Esper said in a statement.

U.S. officials, speaking on condition of anonymity, said the 750 troops would initially be based out of Kuwait. The officials said that as many as 4,000 troops could be sent to the region in the coming days if needed.

More than 5,000 U.S. troops are stationed in Iraq supporting local forces.

The unprecedented attack on an American diplomatic mission in Iraq marked a sharp escalation of the proxy conflict between the United States and Iran – both influential players in the country – and plunged U.S. relations with Iraq to their worst level in years.

The United States and its allies invaded Iraq in 2003 and ousted Saddam Hussein. But political stability has been elusive.

Trump, on a two-week working vacation in Palm Beach, Florida, spoke by phone to Iraqi Prime Minister Adel Abdul Mahdi of Iraq. “President Trump emphasized the need to protect United States personnel and facilities in Iraq,” the White House said.

Trump accused Iran of orchestrating the violence.

“Iran will be held fully responsible for lives lost, or damage incurred, at any of our facilities. They will pay a very BIG PRICE! This is not a Warning, it is a Threat,” Trump said in a tweet.

Iran, under severe economic duress from punishing U.S. sanctions put in place by Trump, denied responsibility.

“America has the surprising audacity of attributing to Iran the protests of the Iraqi people against (Washington’s) savage killing of at least 25 Iraqis,” Iranian Foreign Ministry spokesman Abbas Mousavi said.

The embassy incident came seven years after the 2012 attack by armed militants on the U.S. diplomatic compound in Benghazi, Libya, that resulted in the death of the U.S. ambassador and three other Americans and led to multiple congressional investigations.

Tensions over air strikes

The protests followed U.S. air strikes on Sunday on bases operated by the Iranian-backed militia Kataib Hezbollah inside Iraq, which killed at least 25 fighters and wounded 55. The strikes were retaliation for the killing of a U.S. civilian contractor in a rocket attack on an Iraqi military base, which Washington blamed on Kataib Hezbollah.

“Iran killed an American contractor, wounding many. We strongly responded, and always will,” Trump said in a tweet. “Now Iran is orchestrating an attack on the U.S. Embassy in Iraq. They will be held fully responsible.”

Democrats upset that Trump ditched the Iran nuclear deal negotiated by Democratic President Barack Obama in 2015 were quick to pounce on the incident as a failure of Trump’s Iran policy.

“The predictable result of the Trump administration’s reckless bluster, escalation and miscalculation in the Middle East is that we are now hurtling closer to an unauthorized war with Iran that the American people do not support,” said U.S. Senator Tom Udall, a Democratic member of the Senate Foreign Relations Committee.

The protesters, joined briefly by Iranian-backed Shi’ite Muslim militia leaders, threw stones at the embassy gate, while others chanted: “No, no, America! No, no, Trump!”

Iraqi special forces prevented protesters entering, later reinforced by U.S.-trained Iraqi Counter Terrorism forces.

The embassy has been hit by sporadic but non-lethal rocket fire in recent months, and was regularly shelled following the U.S.-led invasion of 2003, but had not been physically attacked by demonstrators in that way before.

U.S. Secretary of State Mike Pompeo told CBS News that U.S. officials never contemplated evacuating the embassy and had kept the heat on Iraqi officials to ensure the compound was safe.

“We reminded them throughout the day of their continued responsibility,” he said.

The Popular Mobilisation Forces, an umbrella grouping of the militias that have been officially integrated into Iraq’s armed forces, said 62 militiamen and civilians were wounded by the tear gas and stun grenades fired to disperse the crowd.

A Reuters witness saw blood on the face of one wounded militiaman and on the stomach of the other as their colleagues carried them away.

Iraqis have been taking to the streets in the thousands almost daily to condemn, among other things, militias such as Kataib Hezbollah and their Iranian patrons that support Abdul Mahdi’s government.

Kataib Hezbollah is one of the smallest but most potent of the Iranian-backed militias. Its flags were hung on the fence surrounding the embassy.

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

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

Global stock markets end 2019 near record highs

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

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The dollar slid to a six-month low on Tuesday as progress on US-China trade tensions led investors to higher-risk assets, while a year-end rally that lifted global equity markets to record highs stayed alive on the last trading day of 2019.

A gauge of world stock markets and stocks on Wall Street rebounded late in the session after trading lower most of the day, marking an end to a remarkable year for investors. Many equity indices, long-term bonds, oil and gold posted double-digit gains in 2019.

US President Donald Trump said the Phase 1 trade pact with China would be signed on Jan. 15 at the White House, though confusion remains about details of the agreement.

Hope of an imminent deal has been a key driver for lifting global equities to their best year since 2009, up 24 percent for the year and 88 percent for the decade.

MSCI’s all-country world index of stock performance in 49 nations rose 0.86 point or 0.15 percent, to 565.24. The index is less than 3 points shy of an all-time high set on Friday, when the three major U.S. indices also posted record peaks.

The breakthrough in US-China trade talks and a British election earlier in December pointing to a smoother exit from the European Union have boosted investor sentiment, but the outlook for equities next year is not as buoyant, said David Kelly, chief global strategist at JPMorgan Asset Management.

“This is a year in which everybody will celebrate,” he said.

Going forward, however, Kelly said it will be hard to achieve similar gains, with U.S. equities likely to advance by mid-single digits annually for several years. International markets, especially emerging markets, are poised to do better, he said.

“The US stock market rally could continue but at some stage, there’s going to be a significant correction, and the more it goes up, the more it’s going to correct,” he said.

In shortened trading sessions ahead of New Year’s Eve celebrations, the pan-European STOXX 600 index closed down 0.08 percent.

French, British and Spanish listed stocks lost between 0.1 percent and 0.7 percent, while Frankfurt and Milan bourses were shut for the year-end holidays.

On Wall Street, the Dow Jones Industrial Average rose 76.3 points, or 0.27 percent, to 28,538.44 and the S&P 500 gained 9.49 points, or 0.29 percent, to 3,230.78 The Nasdaq Composite added 26.61 points, or 0.3 percent, to 8,972.60.

Emerging market stocks lost 0.34 percent.

Bourses in Asia diverged. China mainland stocks gained 0.4 percent after data showed manufacturing activity in the world’s second-largest economy expanded for a second straight month in December.

China’s Purchasing Managers’ Index showing economic trends in the manufacturing and service sectors was unchanged at 50.2 in December from November, but still remained above the 50-point mark that separates growth from contraction.

In Hong Kong, stocks fell 0.5 percent as protesters geared up for pro-democracy rallies on New Year’s Eve.

Markets in Japan and South Korea were closed for a holiday.

The dollar’s slide came close to wiping out the year’s gains, as the pound and trade-sensitive currencies rallied on improving U.S.-China trade relations and the outlook for global growth.

The decline of the dollar is one of the biggest bets in the FX market for 2020.

“We could be right at a turning point where global growth re-accelerates relative to US growth, and that could mean a weaker dollar over time,” Kelly said.

The dollar was strong for much of 2019 thanks to the relative outperformance of the US economy and investors’ preference for a safe-haven currency amid the trade dispute. But the dollar’s gains for the year shriveled in December. Investors bought up currencies linked to global trade, sending the Australian dollar, Chinese yuan and Scandinavian crowns to multi-month or multi-week highs against the greenback.

The dollar index, which tracks the greenback against a basket of six currencies, fell 0.237 point or 0.24 percent, to 96.503 and the euro was last up 0.14 percent, at $1.1213.

The Japanese yen strengthened 0.22 percent versus the greenback at 108.65 per dollar, while Sterling was last trading at $1.3245, up 1.01 percent on the day.

The weak dollar helped lift spot gold to its highest since Sept. 25 at $1,525.20 an ounce. The metal was set to post its biggest yearly gain since 2010, rising more than 18 percent.

US gold futures settled up 0.3 percent at $1,523.10.

The benchmark US Treasury 10-year note fell 7/32 in price to yield 1.9192 percent.

Longer-dated Treasuries were on track to post their best return since 2014, after concerns about the slowing U.S. economy prompted the Federal Reserve to cut interest rates three times this year. The move was a major reason for Wall Street’s gains.

Thirty-year bonds returned 17.15% this year through Monday, according to Bank of America Merrill Lynch, while 10-year notes have returned 9.03 percent.

Final data will not be updated until late on Tuesday.

Oil fell but was still on track for monthly and annual gains, supported by a thaw in the prolonged US-China trade row and Middle East unrest.

Brent crude settled down 67 cents at $66.00 a barrel, while US West Texas Intermediate (WTI) crude slid 62 cents to settle at $61.06 a barrel.

Brent has gained about 23 percent in 2019 and WTI has risen 34 percent, their best yearly gains in three years.

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

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

Shapoorji Pallonji repays Rs 1,000 crore loans of Sterling Wilson Solar Power

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

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Promoters of Sterling & Wilson Solar Power Ltd., the Shapoorji Pallonji group, have repaid outstanding loans to the tune of Rs 1,000 crore till December 31.

“Out of the balance due, consisting of principal and interest (outstanding loan) the Promoters have enabled repayment of Rs 1,000 crore from the date of listing of the Company’s shares till December 31, 2019,” the company said in an exchange filing on Tuesday.

The outstanding loan of Rs 2,563 crore due from Sterling and Wilson Pvt. Ltd. and Sterling and Wilson International FZE as on the date of listing of the company’s shares on the stock exchanges stands reduced to Rs 1,644 crore, it added.

The repayment includes principal amount plus interest which was accrued and due as at Dec 31, 2019.

Further, the promoters have proposed to facilitate repayment of balance outstanding loan amounts including further accruals of interest by September 30, 2020.

It includes repayment of Rs 500 crore on or before March 31, 2020, Rs 500 crore by June 30, 2020 and the balance amount on or before September 30, 2020.

The company’s external debt from the date of listing of company’ shares till December 31 has reduced by a net amount of Rs 1,340 crore. Over and above, the company has also paid interest on the external debt of Rs 68 crore during the period.

“Based on the recommendations of the audit committee, the board of directors of the company in the meeting held on Tuesday have approved the repayment schedule,” the company statement 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

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

Cheers, tears, prayers for 2020: A new decade is ushered in

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

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Revellers around the globe are bidding farewell to a decade that will be remembered for the rise of social media, the Arab Spring, the #MeToo movement and, of course, President Donald Trump.

A look at how the world is ushering in 2020:

PARIS

A joyful crowd of Parisians and tourists walked, biked and used scooters to reach the Champs-Elysees for the new year celebrations, in a city with almost no public transport amid massive strikes.

Revelers converged at the famous avenue to watch a light show at the Arc de Triomphe, followed by a fireworks display at midnight. Paris police set up a security perimeter around the Champs-Elysees area with a ban on alcohol and traffic restrictions.

All metro lines in the French capital were closed except for two automatic lines, and only a few night buses were running, as Tuesday marked the 27th consecutive day of transport strikes against President Emmanuel Macron’s plans to overhaul the French pension system.

ROME

Pope Francis delighted tourists and Romans in St. Peter’s Square on Tuesday night when he took a stroll to admire the Nativity scene. Shouts of “Pope! Pope!” and “Happy New Year!” resounded as families rushed to catch a glimpse of him or thrust out their infant in hopes he would pat their heads or pinch their cheeks.

One woman grabbed the pope’s hand and pulled him toward her to shake it. Francis, 83, exclaimed and then struck the woman’s hand twice to free his hand.

At a New Year’s Eve Vespers service in St. Peter’s Basilica, Francis urged people to practice more solidarity and to “build bridges, not walls.” Since becoming pontiff in 2013, Francis has preached openness — a reform-minded agenda that has irritated a small but vocal group of ultra-conservatives in the church.

HONG KONG

Revellers, as well as pro-democracy protesters, flocked to sites across Hong Kong to usher in 2020.

The semi-autonomous Chinese city has toned down New Year’s celebrations amid the monthslong demonstrations. The protests have repeatedly sparked pitched battles with police and have taken their toll on Hong Kong’s nightlife and travel industries.

A fireworks display that traditionally lights up famed Victoria Harbor was cancelled amid safety concerns, while some roads were closed and barriers set up in the Lan Kwai Fong nightlife district to control crowds.

RUSSIA

Russians began the world’s longest continuous New Year’s Eve with fireworks and a message from President Vladimir Putin urging them to work together in the coming year.

Putin made the call in a short speech broadcast on television just before the stroke of midnight in each of Russia’s 11 time zones. The recorded message was followed by an image of the Kremlin Clock and the sound of its chimes. State TV showed footage of extensive festive fireworks in cities of the Far East.

But one holiday tradition was missing in Moscow this year — a picturesque layer of snow. The Russian capital has had an unusually warm December and temperatures in central Moscow as midnight approached were just above freezing.

AUSTRALIA

More than a million people descended on a hazy Sydney Harbour and surrounding areas to ring in the new year despite the ongoing wildfire crisis ravaging New South Wales, Australia’s most populous state.

The 9 p.m. fireworks over Sydney’s iconic landmarks was briefly delayed due to strong winds, but revelers clearly enjoyed themselves in a desperately needed tonic for the state.

New South Wales has born the brunt of the wildfire damage, which has razed more than 1,000 homes nationwide and killed 12 people in the past few months.

NEW ZEALAND

New Zealand’s major cities greeted the new year with fireworks as the nation appeared happy to be done with a year of challenges, both natural and man-made.

On March 15, a lone gunman identified killed 51 people and wounded dozens at two mosques in the South Island city of Christchurch. In December, an eruption of volcanic White Island off the east coast of the North Island killed at least 19 tourists and tour guides.

SAMOA

Fireworks erupted at midnight from Mount Vaea, overlooking the capital, Apia. The end of the year celebration was a time of sadness and remembrance.

A measles epidemic in late 2019 claimed 81 lives, mostly children under 5.

More than 5,600 measles cases were recorded in the nation of just under 200,000. With the epidemic now contained, the Samoa Observer newspaper named as its Person of the Year health workers who fought the outbreak.

LONDON

Londoners watched a spectacular fireworks display from the banks of the River Thames that was launched from the London Eye and barges near Parliament.

The familiar chimes of London’s Big Ben clock tower rung in the new year, even though they have been silent for most of 2019 because of extensive restoration work.

To the north, the multi-day Hogmanay New Year’s celebrations in Edinburgh began Monday night with a torchlight parade through the streets of the Scottish capital.

Security was tight in both cities and elsewhere in Britain following a recent extremist attack on London Bridge that claimed two lives. Police arrested five men on suspicion of terrorism offenses Monday but said the arrests were not related to the London Bridge attack or to celebrations.

SOUTH AFRICA

Thousands of revelers gathered at Cape Town’s Waterfront area to ring in the new year with music, dancing and fireworks in front of the city’s iconic Table Mountain.

In past years, residents of Johannesburg’s poor Hillbrow neighborhood would celebrate the New Year by tossing furniture, appliances and even refrigerators from the balconies of high-rise apartment buildings. Police have issued stern warnings, and it appears the dangerous tradition has declined.

In a somber statement, President Cyril Ramaphosa said “while our economy created jobs, these have not been nearly enough to stop the rise in unemployment or the deepening of poverty.”

South African singer Yvonne Chaka Chaka was deported from Uganda, where she was to perform at a New Year’s Eve event. Ugandan police cited visa issues, but Ugandan media reported it was because she had voiced support for Ugandan pop star Bobi Wine, the most potent opposition challenger to President Yoweri Museveni.

UNITED ARAB EMIRATES

For nearly 10 minutes, fireworks lit the sky over Dubai’s Burj Khalifa, the world’s tallest building, as hundreds of thousands gathered downtown to watch the spectacular display.

The New Year’s Eve display at the 828-meter-tall (2,716-foot-tall) skyscraper was just one of seven different fireworks shows across the emirate. Tourists, especially from Europe and Russia, flocked to the sunny beaches of Dubai at this time of year to escape the cold, dark winter.

To keep the massive crowds safe, police created walkways around the Burj Khalifa tower for male-only groups to separate them from families and women.

Dubai this year will be hosting Expo 2020, a world fair that brings the most cutting-edge and futuristic technologies.

JAPAN

People flocked to temples and shrines in Japan, offering incense with their prayers to celebrate the passing of a year and the the first New Year’s of the Reiwa era.

Under Japan’s old-style calendar, linked to emperors’ rules, Reiwa started in May, after Emperor Akihito stepped down and his son Naruhito became emperor. Although Reiwa is entering its second year with 2020, Jan. 1 still marks Reiwa’s first New Year’s, the most important holiday in Japan.

Stalls at Zojoji Temple in Tokyo sold sweet rice wine, fried noodles and candied apples, as well as little amulets in the shape of mice, the zodiac animal for 2020. Since the Year of the Mouse starts off the Asian zodiac, it’s associated with starting anew.

Tokyo will host the 2020 Summer Olympics, an event that is creating much anticipation for the entire nation.

INDONESIA

Tens of thousands of revelers in Indonesia’s capital of Jakarta were soaked by torrential rains as they waited for New Year’s Eve fireworks while others in the country were wary of an active volcano.

Festive events along coastal areas near the Sunda Strait were dampened by a possible larger eruption of Anak Krakatau, an island volcano that erupted last year just ahead of Christmas Day, triggering a tsunami that killed more than 430 people.

The country’s volcanology agency has warned locals and tourists to stay 2 kilometers (1.3 miles) from the volcano’s crater following an eruption Tuesday that blasted ash and debris up to 2,000 meters (6,560 feet) into the air.

SOUTH KOREA

Thousands of South Koreans filled cold downtown streets in Seoul ahead of a traditional bell-tolling ceremony near City Hall to send off an exhausting 2019 highlighted by political scandals, decaying job markets and crumbling diplomacy with North Korea.

Dignitaries ringing the old Bosingak bell at midnight included South Korean Major League Baseball pitcher Hyun-Jin Ryu and Pengsoo, a giant penguin character with a gruff voice and blunt personality that emerged as one of the country’s biggest TV stars in 2019.

GERMANY

Hundreds of thousands of revelers were expected to ring in the New Year in front of the Brandenburg Gate in Berlin.

Several German cities including Munich and Hamburg have banned private fireworks amid concerns about the danger and environmental impacts from the increasingly powerful fireworks. A recent poll by the Forsa research institute found 59% of Germans would support a ban on private fireworks in city centers, while 37% were opposed.

NEW YORK

A Chinese dance performance, punctuated with red and gold pyrotechnics, will usher in a host of stars at Times Square’s six-hour New Year’s Eve extravaganza.

The throng of revelers in the heart of Manhattan will get to see rap-pop star Post Malone, K-pop group BTS, country singer Sam Hunt and singer-songwriter Alanis Morissette during the big street party.

While giddiness will likely prevail at the televised event, some important global issues will be driven home, as well.

High school science teachers and students, spotlighting efforts to combat climate change, will press the button that begins the famous 60-second ball drop and countdown to next year.

Then comes the 3,000 pounds (1,360 kilograms) of confetti, accompanied by more pyrotechnics.

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

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