Tag: G20

France to consider state of emergency to prevent riots recurring

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

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France will consider imposing a state of emergency to prevent a recurrence of some of the worst civil unrest in more than a decade and urged peaceful protesters to come to the negotiating table, government spokesman Benjamin Griveaux said on Sunday.

Groups of young men with faces masked, some carrying metal bars and axes, rioted on the streets of central Paris on Saturday, setting a dozen vehicles ablaze and torching buildings.

“We have to think about the measures that can be taken so that these incidents don’t happen again,” Griveaux told Europe 1 radio.

The authorities were caught off guard by the escalation in violence after two weeks of nationwide protests against fuel taxes and living costs, known as the “yellow vest” movement after fluorescent jackets kept in all vehicles in France.

President Emmanuel Macron will hold an emergency meeting with the prime minister and interior minister later on Sunday to discuss the riots and how to begin a dialogue with the protest movement, which has no real structure or leadership.

When asked about imposing a state of emergency, Griveaux said it would be among the options considered on Sunday.

“It is out of the question that each weekend becomes a meeting or ritual for violence.”

Protests began on Nov. 17 and quickly grew thanks to social media, with protesters blocking roads across France and impeding access to shopping malls, factories and some fuel depots.

Authorities said violent groups from the far right and far left as well as “thugs” from the suburbs had infiltrated the yellow vests movement in Paris on Saturday, although Interior Minister Christophe Castaner said most of those arrested were regular protesters who had been egged on by fringe groups.

Speaking on BFM TV late on Saturday, Castaner said the authorities had put all security measures in place to prevent the violence, but that they had faced extremely violent, organised and determined groups.

He did however say the government had made a mistake in how it communicated its plans to move away from oil dependence, the policy which led to fuel tax hikes.

He and Griveaux urged the yellow vest movement to organise itself and coming to the negotiating table.

“We are ready to talk to them everywhere and the door is open to them,” Griveaux said.

Paul Marra, a yellow vest activist in Marseille, told BFM TV that the government was to blame for the violence across the country.

“We condemn what happened, but it was inevitable. The violence started from the top. The biggest thug is the state through its inaction.”

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

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

Trump to grant Kim Jong Un’s wishes after denuclearisation: South Korea president

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

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US President Donald Trump will grant North Korea’s leader Kim Jong Un his wishes if he delivers on denuclearisation, the South Korean president said Sunday, following talks on the sidelines of the G20 summit.

As officials work to arrange a second meeting between Trump and Kim, South Korea’s Moon Jae-in relayed a message to reporters given to him by the US president to pass on to the North’s leader.

“And the message was that President Trump has a very friendly view of Chairman Kim and that he likes him, and so he wishes Chairman Kim would implement the rest of their agreement and that he would make what Chairman Kim wants come true,” Moon told the Yonhap news agency while en route to New Zealand.

Speaking in Buenos Aires, where he discussed the situation on the Korean peninsula with Moon, Trump said he hoped to organize a follow-up meeting with Kim for early 2019.

“We’re getting along very well. We have a good relationship,” he said.
When asked Saturday if he would ever host the North Korean leader in the United States, Trump replied: “At some point, yeah.”

Trump and Kim held a historic summit in Singapore earlier this year, signing a vaguely worded deal on denuclearisation.

But progress has generally been slow, with the two countries sparring over the exact meaning of the agreement.

US officials insist on the complete, verified and irreversible denuclearisation of the Korean peninsula before sanctions are lifted.

The North has rejected demands for what it calls “unilateral” disarmament, and has instead sought unspecified reciprocal US measures in a gradual process.

Differences also remain between Washington and Seoul on how to proceed with Kim, as the dovish Moon favors more robust engagement with the North.
North and South Korea have begun to remove landmines and destroy military bunkers at parts of their common border as part of efforts to improve long-strained relations. (

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

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

Oil prices and dovish Fed push equity indices higher

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

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Expected improvement in India’s macro-economic condition due to lower crude oil prices along with healthy inflows of foreign funds on the back of a dovish US Federal Reserve and the government’s plans to recapitalise state-run banks aided the key Indian equity indices to advance over 3 percent during the last week.

According to market analysts, investors’ sentiments were buoyed following a persistent fall in crude oil prices and the US Federal Reserve’s indication of a slowing of rate tightening cycle enabling an overall improvement in the country’s macros.

“Domestic market rallied on the back of steep fall in crude prices, which resulted into sharp recovery in the rupee and Federal Reserve’s dovish comments indicating fewer rate hikes boosted investors’ sentiment,” said SMC Investments and Advisors’ Chairman and Managing Director D.K. Aggarwal.

Last week, the S&P BSE Sensex gained 1,213.28 points, or 3.46 per cent, to close at 34,981.02, while the 50-share NSE Nifty advanced 350 points, or 3.32 per cent, to settle at 10,526.75.

“We have seen a rebound in the market with a positive closing on everyday due to improvement in domestic fundamentals owing to steep fall in oil prices to bearish territory and stronger rupee,” said Vinod Nair, Head Of Research at Geojit Financial Services.

“Further, recapitalisation announcement of Rs 42,000 crore to public sector banks (PSBs) likely to provide respite to current liquidity issues, boosted the sentiment.”

The oil market has seen heavy volatility in the run-up to OPEC (Organization of the Petroleum Exporting Countries) meeting in early December. This has led the US benchmark WTI (West Texas Intermediate) to slide below $50 a barrel for the first time in over a year as expectations build up on OPEC to cut supplies.

Crude oil prices have lost over one-third of its value since early October which comes amid expectations of slowing demand and rising US inventories as Brent Crude traded below $60 a barrel after touching an $86-a-barrel mark in early October.

“Markets were also supported by NBFCs and auto sector as RBI relaxed norms for NBFCs to securitise their loan book,” said Rahul Sharma, Senior Research Analyst, Equity99.

In the past week, the local currency gained Rs 1.08 from its previous week’s close of Rs 70.67. The rupee closed at 69.59 a dollar on Friday.

Apart from low oil prices, a strong rupee indicated a greater inflows of foreign funds into the country’s equity and debt markets.

The provisional figures from the stock exchanges showed that foreign institutional investors bought scrips worth Rs 2,326.37 crore in the week ended November 30. The domestic institutional investors bought Rs 2,515.66 crore worth of stocks in the past week.

“After pulling out funds for three consecutive months — August, September and October — from the Indian stock markets, foreign players turned buyers in the month of November,” Aggarwal said.

In addition, the market took cues from an ease in global trade tension ahead of G20 meet this weekend, where the US and China are expected to resolve trade issues.

“Markets rallied sharply this week from a low of 10,489 points. In the process, the Nifty broke out of the 10,440-10,775 trading range. The top sectoral gainers for the week were IT, Bank Nifty, Media and FMCG indices. The top losers were Metal, Pharma and Infra indices,” said Deepak Jasani, Retail Research Head, HDFC Securities.

The top weekly Sensex gainers were TCS, up 8.56 percent at Rs 1,970.60; IndusInd Bank, up 6.70 percent at Rs 1,631.55; HDFC, up 5.83 percent at Rs 1,983.70; Wipro, up 5.66 percent at Rs 324.85; and Bajaj Auto, up 5.50 percent at Rs 2,736.80 per share.

The major losers were Yes Bank, down 13.24 per cent at Rs 169.65; Sun Pharma, down 6.37 percent at Rs 492.30; Tata Motors(DVR), down 4.86 percent at Rs 93.95; Coal India, down 4.85 percent at Rs 244.30; and Bharti Airtel, down 4.39 percent at Rs 313.55 per share.

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

Xi, Trump hold ‘successful meeting’, agree not to impose tariffs

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

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Following a “highly successful meeting” here between US and Chinese Presidents Donald Trump and Xi Jinping, the leaders of the two largest economies have agreed not to impose new tariffs from January 1, 2019, and pledged to continue negotiations to seek a way out of the ongoing trade war.

The dinner meeting between Trump and Xi on Saturday on the sidelines of the ongoing G20 Summit, lasted for two and half hours, reports The Washington Post.

Trump has also agreed to hold off on raising existing tariffs on $200 billion for 90 days, pending new talks.

US tariffs on $200 billion of Chinese goods were scheduled to increase from 10 percent to 25 percent starting January 1, 2019.

In brief remarks at the outset of the meeting, Trump said the two leaders and their advisers would discuss a range of topics.

“We’ll be discussing trade. And I think at some point, we’re going to end up doing something which is great for China and great for the United States,” he said.

Xi replied with a reference to the leaders’ “personal friendship” and responsibility for “world peace and prosperity”.

The trade conflict, which has rattled financial markets and upended global supply chains, began this year when Trump imposed tariffs on $253 billion of imported Chinese steel, industrial products and consumer goods, including handbags, furniture and appliances.

Chinese officials, caught off guard by the aggressive US moves, retaliated with import taxes on such American products as soybeans, automobiles and liquefied natural gas.

Also on Saturday, the G-20 leaders agreed on a communique that reflected shared ambitions in economic development, finance and trade, The Washington Post reported.

The communique was in harmony with “many of the US’ biggest objectives”, especially in backing reform of the World Trade Organization.

On climate change, however, the US remained the lone holdout, with 19 other leaders pledging to implement the Paris accord to fight global warming.

Washington instead reiterated Trump’s decision to withdraw from the accord.

G20 leaders also agreed that the global trading system “is currently falling short of its objectives” and agreed to take stock of proposed overhauls at next year’s summit in Japan.

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

Trade deal possible at G20 but Chinese paper says US must be ‘fair minded’

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

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China and the United States can reach a trade agreement at the G20 meeting in Argentina this week, the state-run China Daily newspaper said in an editorial on Friday, but Washington must be “fair minded” if it wants to defuse spiralling tensions.

“Beijing wants a deal, just as Washington does. And it is willing to cooperate with Washington in dealing with concerns about trade if they are fair-minded,” the paper said.

“Should there be any other aspirations, such as taking advantage of the trade spat to throttle Chinese growth, then an agreement is unlikely to be reached,” it said.

World leaders started arriving in Buenos Aires on Thursday ahead of the gathering of the Group of 20, where global trade tensions, fuelled by US President Donald Trump’s trade war with China, are expected to dominate the agenda.

Financial and commodities markets are closely watching the outcome of the summit, especially a planned meeting between Trump and Chinese President Xi Jinping on Saturday, although the outcome is far from certain.

The stakes are high for the world’s two biggest economies. Official data on Friday showed that growth in China’s manufacturing sector stalled for the first time in more than two years in November.

New export orders declined for a sixth straight month, according to an official survey of Chinese manufacturers.

“In terms of economic effects, Chinese export growth will likely weaken in coming months on payback from recent ‘front-loading’, and – unless a deal is reached – over time by some US substitution to non-Chinese suppliers,” Goldman Sachs wrote in a note.

In the short term, US tariffs and the trade war would increase uncertainty for Chinese investment and durables consumption, according to Goldman.

MIXED SIGNALS

Trump sent mixed signals on Thursday about the prospects for a trade deal with China, saying an agreement was close but he was not sure he wanted one. China’s commerce ministry said on Thursday it was hoping for “positive results”.

Peter Navarro, Trump’s hardline trade adviser, will attend the meeting between the leaders, a US official told Reuters. Another official said Navarro’s addition was meant to send a message to China about the administration’s resolve on trade. Navarro has advocated a tough stance against Beijing.

The China Daily editorial said even if a deal were struck it was unlikely to be a comprehensive solution to the trade impasse due to “diverging demands and agendas”. It cited tensions over Chinese technological development, a focus of US concern.

“However, it should be feasible for some kind of agreement to be reached to prevent the dispute worsening if both sides are reasonable,” it said.

A deal involving a total scrapping of all tariffs is not expected, although many observers have not ruled out a “pause” in the trade war where any planned tariff increases are put on hold while talks between the two sides continue.

The rising tensions have seen the two countries hit each other with tit-for-tariffs on goods worth hundreds of billions of dollars in sectors from automobiles to agriculture and energy, stymying trade and redrawing global supply chains.

The United States has levied additional duties of between 10 percent and 25 percent on $250 billion of Chinese goods this year as punishment for what it calls China’s unfair trade practices, with the 10 percent tariffs set to climb to 25 percent next year. China has responded with its own tariffs.

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

G20: PM Modi meets Saudi Crown Prince Mohammed bin Salman

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

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Prime Minister Narendra Modi met with Saudi Arabia Crown Prince Mohammed bin Salman on the sidelines of the G20 summit on Thursday and they discussed ways to further boost economic, cultural and energy ties.

The two sides also held discussions on enhancing investment in technology, renewable energy and food security.

“Had a fruitful interaction with Crown Prince Mohammed bin Salman Al Saud. We discussed multiple aspects of India-Saudi Arabia relations and ways to further boost economic, cultural and energy ties,” the prime minister wrote on Twitter.

“Deepening strategic ties. PM @narendramodi met with Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud on sidelines of #G20Argentina. Discussed enhancing Saudi investment in technology, infrastructure, petroleum, renewable energy, food security, fintech & defence sectors,” External Affairs Ministry spokesperson Raveesh Kumar tweeted.

“In recent years, the Kingdom of Saudi Arabia has been a valuable partner. The relationship has expanded beyond the Indian community to issues related to the economy, energy and security. All issues of bilateral and regional interest will be discussed,” PMO sources said.

Later, the prime minister will meet UN Secretary General Antonio Guterres. According to the sources, the UN Secretary General has reached out to the PM for the second time in two months.

They said the meeting signifies the importance that both leaders attach to the issue of climate change. This outreach comes just a week before the COP24 meet in Katowice, Poland.

“It reflects the respect in which the prime minister and his initiatives are held globally to take the lead on issues of global importance,” the sources said.

On the sidelines of the two-day 13th G-20 summit, Modi, Trump and Japanese Premier Shinzo Abe will hold a trilateral meeting amidst China flexing its muscles in the strategic Indo-Pacific region.

The trilateral, which would be an expansion of the bilateral meeting between Trump and Abe, is part of the series of meetings the US president would have on the sidelines of the G-20 summit on November 30 and December 1.

White House Press Secretary Sarah Sanders said on Thursday the trilateral meeting with Prime Minister Modi will be held towards the end of the Trump-Abe talks.

“Looking forward to a wide range of interactions at the G-20 Summit, aimed at furthering sustainable development,” Prime Minister Modi tweeted soon after he landed here.

Modi will also meet Chinese President Xi Jinping and German Chancellor Angela Merkel on the sidelines of the event, the Ministry of External Affairs had said on the eve of his departure.

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

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

French finance minister says trade war is now a reality

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

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A trade war is now a reality, French Finance Minister Bruno Le Maire has warned as G20 ministers gather for a summit in Argentina.

The current US trade policy of imposing unilateral tariffs is based on “the law of the jungle”, he said, BBC reported on Sunday.

But US Treasury Secretary Steven Mnuchin defended the tariffs and urged the EU and China to open their markets to allow free competition.

Last week, US President Donald Trump described the EU as a foe on trade.

Trump later threatened to impose tariffs on all $500 billion of Chinese goods entering the US in a growing trade row.

The US has large trade deficits with both the 28-member EU and China.

The two-day talks in Buenos Aires bring together finance ministers and central bankers of the world’s top 20 economies.

“World trade cannot base itself on the law of the jungle and the unilateral increase of tariffs is the law of the jungle,” Le Maire said.

“The law of the jungle, the law of the fittest, this cannot be the future of global trade relations.

“The law of the jungle will only turn out losers, it will weaken growth, threaten the most fragile countries and have disastrous political consequences,” Le Maire said.

He added that a trade war was now a reality, and that the EU could not consider negotiating a free trade deal with the US without America first withdrawing its tariffs on steel and aluminium.

The US treasury secretary backed Trump’s stance on trade with the EU and China, saying they both need to open their markets.

“My message is pretty clear, it’s the same message the president delivered at the G7 (last month in Canada): if Europe believes in free trade, we’re ready to sign a free trade agreement with no tariffs, no non-tariff barriers and no subsidies. It has to be all three,” he said.

Turning to China, Mnuchin warned punitive tariffs against Beijing were “a realistic possibility”.

“We’ve been very clear with our objectives,” he added.

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

G20 financial leaders see downside risks to global economy from trade disputes

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

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Financial leaders from the Group of 20 (G20) have expressed concerns that trade disputes among major economies could pose downside risks to the global economy, Argentine Treasury Minister Nicolas Dujovne has said.

“Concerns on trade disputes occupied some part of the discussions that we had yesterday, and, of course, it is still one of the three main concerns in terms of the downside risks for the economy,” Dujovne told reporters in Washington on Friday after wrapping up a two-day meeting of G20 finance ministers and central bank governors under Argentina’s presidency, Xinhua reported.

“We discussed trade and the potential impacts on the global economy and the potential disruption that modifications on the trade scheme can actually pose to the global economy,” he said.

While some differences over trade appeared in the last few months, Dujovne said G20 members “still have a very big consensus on the benefits of trade for growth.”

“The idea that the gains from trade have to be evenly shared is a concern that was placed both by advanced economies and emerging economies,” echoed Argentine central bank governor Federico Sturzenegger, noting “there was general appeal for multilateralism”.

However, the G20 meeting didn’t discuss specific trade measures, which are appropriate for the World Trade Organization (WTO) to deal with, according to Dujovne.

Chinese Vice Finance Minister Zhu Guangyao said at the meeting that current global recovery is facing “substantial challenges from a strong wave of anti-globalization and unilateralism.”

He urged G20 members to “firmly support the multilateral trading system” and strengthen macroeconomic policy coordination so as to lay a solid foundation for sustainable global growth, according to a statement posted on the website of China’s Ministry of Finance.

The G20 meeting comes after the Trump administration recently announced additional tariffs on imported steel and aluminium and threatened to impose broad tariffs against Chinese imports.

These unilateral protectionist measures have sparked widespread criticism and provoked threats of retaliation from major trading partners, raising the prospect of escalating global trade conflicts that threaten global recovery.

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