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India strategic partner but those behind assassination plot need to be held accountable: White House

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

 Listen to the Article (6 Minutes)

Summary

US federal prosecutors on November 29 charged Indian national Nikhil Gupta with working with an Indian government employee in the foiled plot to kill Gurpatwant Singh Pannun, a Sikh extremist, who is an American and Canadian citizen.

Describing India as a strategic partner, the US has said it wants to deepen the relations with the country unabated on a range of issues but at the same time wants it to fully investigate the plot to assassinate a Sikh separatist in New York and hold accountable those responsible.

National Security spokesperson John Kirby’s remarks came while responding to a question on the impact that the alleged plot would have on the bilateral relationship.

“India is a strategic partner. We’re deepening that strategic partnership. They’re a member of the Quad in the Pacific. We participate with them on a range of issues and we want to see that continue unabated. That said, at the same time, we certainly recognise the seriousness of these allegations,” Kirby told reporters at a White House news conference on Thursday, December 7.

US federal prosecutors on November 29 charged Indian national Nikhil Gupta with working with an Indian government employee in the foiled plot to kill Gurpatwant Singh Pannun, a Sikh extremist, who is an American and Canadian citizen.

“We want it fully investigated and those responsible to be held properly accountable,” Kirby said.

“It’s under active investigation. We’ve said that we’re glad that our Indian counterparts are taking it seriously and doing that. We want those responsible for these attacks to be held fully accountable, but I won’t get ahead of an investigation that isn’t complete,” Kirby added.

Describing it as a “matter of concern,” India has announced a high-level investigation and asserted that follow-up action will be taken based on the findings of the investigation panel.

On Thursday, External Affairs Minister S Jaishankar said India instituted an inquiry committee to look into the inputs received from the US in the case as the matter has a bearing on national security.

“Insofar as the US is concerned, certain inputs were given to us as part of our security cooperation with the United States. Those inputs were of concern to us because they (were) related to the nexus of organised crime, trafficking and other matters,” he told the Rajya Sabha.

“Because they have a bearing on our own national security, it was decided to institute an inquiry into the matter and an inquiry committee has been constituted,” he said.

The US State Department on Monday welcomed India’s decision by the Indian to set up a high-level committee to investigate the allegations of an assassination attempt by a junior Indian official on Pannun.

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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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Kevin McCarthy to quit Congress two months after his ouster as House speaker

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

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Summary

His announcement capped a stunning end for the one-time deli owner from Bakersfield, who ascended through state and national politics to become second in line to the presidency before a contingent of hard-right conservatives engineered his removal in October.

Two months after his historic ouster as House speaker, Republican Rep. Kevin McCarthy announced Wednesday that he is resigning from his congressional seat in California.

His announcement capped a stunning end for the one-time deli owner from Bakersfield, who ascended through state and national politics to become second in line to the presidency before a contingent of hard-right conservatives engineered his removal in October.

McCarthy is the only speaker in history to be voted out of the job.

“No matter the odds, or personal cost, we did the right thing,” McCarthy wrote in an op-ed in The Wall Street Journal, announcing his decision.

“It is in this spirit that I have decided to depart the House at the end of this year to serve America in new ways,” he wrote.

His toppling from the chamber’s top post was fueled by grievances from his party’s hard-right flank, including over his decision to work with Democrats to keep the federal government open rather than risk a shutdown.

McCarthy, 58, arrived in the House in January 2007 after a stint in the California Assembly, where he served as minority leader. In Congress, he maneuvered through his party’s hierarchy — serving as majority whip and Republican leader along the way — before being elected speaker in January 2023.

The dayslong floor fight that preceded his elevation to the House’s top job foreshadowed a stormy tenure, at a time when former President Donald Trump remained the de facto leader of the party and deep divisions within the GOP raised serious questions about the party’s ability to govern.

It took a record 15 votes over four days for McCarthy to line up the support he needed to win the post he had long coveted, finally prevailing on a 216-212 vote with Democrats backing leader Hakeem Jeffries and six Republican holdouts voting present. Not since the Civil War era has a speaker’s vote dragged through so many rounds of counting.

McCarthy emerged from the fight weakened, especially considering Republicans held only a fragile margin in the chamber after a predicted “red wave” failed to materialize in the 2022 elections.

Once installed as speaker, his well-known savvy for fundraising and political glad-handing appeared ill-suited for corralling his party’s disputatious hard-right faction. And deals he cut to become speaker — including a rules change that allowed any single lawmaker to file a motion to remove him — left him vulnerable.

When he became speaker, “he faced new challenges that required a different skill set,” said Claremont McKenna College political scientist Jack Pitney, a one-time domestic policy analyst for House Republicans. And “the deals he made to become speaker made it almost impossible for him to succeed as speaker.”

McCarthy, the son of a firefighter and a homemaker, has long depicted himself as an unflagging battler. He is fond of quoting his father, who told him, “It’s not how you start, it’s how you finish.”

McCarthy hails from Bakersfield, a Republican-leaning area in Central California where oil derricks blanket hillsides and country music fans pack into Buck Owens’ Crystal Palace hall. Far from the Southern California beaches and tony San Francisco restaurants, farming and oil pumping shape the economy.

Also Read:Who is Patrick McHenry, acting US House Speaker to replace Kevin McCarthy

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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Will wait for results of India’s probe into plot to kill Sikh separatist: US

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

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Summary

India has described it as a “matter of concern” and asserted that follow-up action will be taken based on findings of a panel investigating the allegations.

The United States has said it will wait to see the results of the investigation announced by India concerning allegations of the involvement of an Indian official in a plot to assassinate a separatist Sikh leader in the US. “We have noted at the most senior levels of this government the secretary of state has raised this directly with his foreign counterpart that we take this issue very seriously. They told us they would conduct an investigation,” State Department spokesperson Matthew Miller told reporters at his daily news conference on Tuesday.

“They have publicly announced an investigation. Now, we will wait to see the results of the investigation,” Miller said in response to a question. American prosecutors have linked an Indian official to a man charged with conspiring to assassinate Sikh separatist Gurpatwant Singh Pannun on US soil.

India has described it as a “matter of concern” and asserted that follow-up action will be taken based on findings of a panel investigating the allegations. The US, Miller said, has also urged India to cooperate with Canada’s investigation of allegations of Indian involvement in the killing of a Canadian national.

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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India sets up committee to look into security concerns raised by US, says MEA

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

 Listen to the Article (6 Minutes)

Summary

The US government said it had raised the issue with New Delhi but declined to comment on when or how US officials became aware of the plot to kill Gurpatwant Singh Pannun, who is considered a terrorist by the Indian government, as well as how the alleged assassination attempt was derailed.

The Centre on Wednesday, November 29, set up a high-level inquiry committee to look into inputs from the US government pertaining to the nexus between organised criminals, gun runners, terrorists and others. This came after the US authorities raised concerns with New Delhi that its government may have had knowledge of a plot to kill a Sikh separatist leader on American soil, an Indian official said on Wednesday.

The US side shared some information and India “takes such inputs seriously since they impinge on our national security interests as well, and relevant departments were already examining the issue,” a statement by External Affairs Ministry spokesman Arindam Bagchi said.

The US government said it had raised the issue with New Delhi but declined to comment on when or how US officials became aware of the plot to kill Gurpatwant Singh Pannun, who is considered a terrorist by the Indian government, as well as how the alleged assassination attempt was derailed.

In September, Canadian Prime Minister Justin Trudeau said there were credible allegations that the Indian government may have had links to the assassination in that country of Sikh activist Hardeep Singh Nijjar. India rejected the accusation as absurd, but Canada expelled a top Indian diplomat and India responded with the same measure.

Pannun has been a leading organizer of the so-called Khalistan referendum, inviting Sikhs worldwide to vote on whether India’s Punjab state should become an independent nation based on religion. Organisers of the nonbinding referendum hope to present the results to the U.N. General Assembly in about two years.

Pannun, general counsel with Sikhs for Justice, has been listed as a terrorist by the Indian government. The organization was banned by India in 2019.

Bagchi said that the Indian government formed a high-level inquiry committee on November 18 to look into all the aspects of the matter.

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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India says it takes US inputs on terrorist nexus seriously

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

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Summary

The remarks from the Ministry of External Affairs came on a day British daily Financial Times said that the US had thwarted an attempt to kill Sikh extremist Gurpatwant Singh Pannun on American soil.

In response to a Financial Times report which said the US had thwarted an attempt to assassinate a Khalistani Separatist, India on Wednesday (November 22) said New Delhi is taking inputs shared by Washington related to terrorists’ nexus ‘seriously.

“During the course of recent discussions on India-US security cooperation, the US side shared some inputs pertaining to the nexus between organized criminals, gun runners, terrorists and others,” Ministry of External Affairs spokesman Arindam Bagchi said.

Also Read: US top choice of Indian students: Report

Also, Bagchi said the inputs are a cause of concern for both countries and they decided to take necessary follow-up action, “On its part, India takes such inputs seriously since it impinges on our own national security interests as well. Issues in the context of US inputs are already being examined by relevant departments.”

The US Embassy spokesperson declined to comment on the Financial Times report and said, “We do not comment on diplomatic, law enforcement, or intelligence discussions with our partners.”

The Financial Times report comes two months after Canada said there were “credible” allegations linking Indian agents to the June murder of a Sikh separatist leader, Hardeep Singh Nijjar, in a Vancouver suburb. India has rejected Canada’s accusations.

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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Xi-Biden Summit is a move towards relationship stabilisation and conflict prevention, says former ambassador

Biden-Xi meet

US President Joe Biden and China’s Xi Jinping convened a summit in San Francisco, aiming to mend the strained relations between their nations.

Marking the first face-to-face meeting in a year and Xi Jinping’s initial visit to the United States in six years, both leaders characterised the talks as exceptionally “constructive and productive.” The extensive bilateral discussions unfolded over more than four hours meet.

During the summit, the leaders reached consensus on three key issues: curbing drug trafficking, restoring military communication, and initiating a dialogue on the global challenges posed by artificial intelligence (AI).

Nevertheless, lingering tensions, particularly concerning Taiwan, persisted. Jinping emphasised to Biden that Taiwan is potentially the most dangerous issue in their relationship. In a swift response, Biden, just hours after the meeting, labelled Jinping a “dictator” leading a communist country.

President Xi conveyed to a group of American executives that the two global powers must either be adversaries or partners, leaving no room for middle ground.

To delve into the future of US-China relations, CNBC-TV18 spoke with Meera Shankar, Former Ambassador to the USA; Zorawar Daulet Singh, Foreign Affairs Analyst; and Kanwal Sibal, former Foreign Secretary.

According to Meera Shankar, the ongoing strategic, technological, economic, and military competition between China and the United States will persist. However, she notes a concerted effort to move beyond pure containment, focusing on conflict prevention and implementing a more nuanced strategy.

“This meeting has been less stiff than some of the meetings which they had last year on the sidelines of Bali. The objective for the US going into this summit was really stabilisation of the relationship and conflict prevention. Also, the Chinese looking at their economic interest would like to see some mending of fences. I think the basic strategic competition, technological competition, economic competition, military competition between these two great powers is going to continue, but there is an effort to ensure conflict prevention and a more complex strategy than pure containment,” Shankar said.

Watch the accompanying video for the entire discussion.

 5 Minutes Read

US military launches strikes at Iran-linked targets in Syria

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

 Listen to the Article (6 Minutes)

Summary

President Joe Biden “directed today’s action to make clear that the United States will defend itself, its personnel, and its interests,” the statement said.

The US launched strikes on facilities in eastern Syria used by Iran’s Islamic Revolutionary Guard Corps and Iran-affiliated groups on Sunday.

The strikes were conducted against a training facility and a safe house near the cities of Abu Kamal and Mayadin, respectively, Defense Secretary Lloyd Austin said in a statement.

The Pentagon said last week that there have been at least 41 attacks on American military personnel in Iraq and Syria since October 17. Officials say at least 46 of its forces have been injured, some with traumatic brain injuries.

President Joe Biden “directed today’s action to make clear that the United States will defend itself, its personnel, and its interests,” the statement said.

More Updates To Follow.

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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India, US hold 2+2 dialogue; focus on expanding strategic ties, West Asia situation

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

 Listen to the Article (6 Minutes)

Summary

The American delegation at the ‘2+2’ ministerial dialogue was led by Secretary of State Antony Blinken and Defence Secretary Lloyd Austin while External Affairs Minister S Jaishankar and Defence Minister Rajnath Singh headed the Indian side.

India and the US on Friday, November 10, held wide-ranging talks to expand their global strategic partnership by shoring up engagement in areas of defence production, critical minerals and high-technology besides focusing on the situation arising out of the Israel-Hamas conflict and China’s military muscle-flexing in the Indo-Pacific. The India-US ‘2+2’ foreign and defence ministerial dialogue took place amid growing geopolitical turmoil, largely triggered by the Russia-Ukraine war, the escalating conflict between Hamas and Israel in West Asia.

The American delegation at the ‘2+2’ ministerial dialogue was led by Secretary of State Antony Blinken and Defence Secretary Lloyd Austin while External Affairs Minister S Jaishankar and Defence Minister Rajnath Singh headed the Indian side. In his televised opening remarks, Jaishankar said the dialogue was an opportunity to advance the vision of Prime Minister Narendra Modi and US President Joe Biden to build a forward looking partnership and construct a shared global agenda.

Blinken said the US and India have a robust partnership and both sides are deliberating on matters with implications for the future. “We are bolstering the partnership in international peace, security and specifically working to promote rules-based order, and uphold principles of sovereignty, territorial integrity and independence. Our defence cooperation is a key pillar of that work,” he said.

“We are promoting a free and open, prosperous, secure and resilient Indo-Pacific, including by strengthening our partnership through the Quad with Japan and Australia,” Blinken said. In his remarks, Jaishankar said both sides are exploring cooperation in domains such as critical technologies, civil outer space and critical minerals even while consolidating engagement on established areas. He also referred to Prime Minister Narendra Modi’s visit to the US in June and US President Biden’s subsequent trip to India in September to attend the G20 Summit.

“The highlight of this year was the prime minister’s state visit to the US in June which has truly opened a new chapter in our relationship. President Biden’s visit to Delhi in September contributed immensely to the positive trajectory of our ties,” he said. Jaishankar said President Biden’s contribution was key to ensuring productive outcomes at the G20 Summit. “The dialogue today will be an opportunity to advance the vision of our respective leaders, building a forward-looking partnership while we construct a shared global agenda,” he said.

“In the 2+2, we will undertake as we have done before, a comprehensive overview of cross-cutting strategic, defence, and security ties, technology and supply chain collaborations and people-to-people exchanges,” he said. Jaishankar said the ties between India and the US are making significant progress.

“Our meeting takes place even as we make rapid strides in all aspects of our bilateral agenda. Our trade is today in excess of USD 200 billion, FDI is rising in both directions,” he said. In his comments, Singh said the India-US bilateral relationship has seen a growing interest of strategic convergence and that defence remains one of the most important pillars of the ties.

“In spite of various emerging geopolitical challenges, we need to keep our focus on important and long-term issues. Our partnership is critical for ensuring a free, open and rules-bound Indo-Pacific region,” Singh said. “We look forward to closely working with the US across the domains of defence for capability building and for abiding partnerships which can address emerging challenges,” he said. In his remarks, Austin said in the face of urgent global challenges, it is more important than ever that the world’s two largest democracies exchange views, find common goals and “deliver for our people”.

“We have made impressive gains in building our major defence partnership over the past year, and that will help us contribute even more together to the cause of peace and stability,” he said. “We are integrating our industrial bases, strengthening our interoperability, and sharing cutting-edge technology. The scope of our cooperation is vast. It stretches from the sea-bed to space,” he said.

“The strength of our partnership is rooted in the people-to-people ties that are the heart of our long-standing friendship together. Our diplomats, entrepreneurs, and students are expanding our partnership in new domains, including clean energy, artificial intelligence, and semiconductors,” he said. Austin said the increasingly strong US-India ties “give us all hope for the future of this partnership and for our common efforts toward a more secure world”.

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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 5 Minutes Read

Matt Gaetz says he will seek to remove McCarthy as speaker this week

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

 Listen to the Article (6 Minutes)

Summary

Matt Gaetz said Sunday he will try to remove House Speaker Kevin McCarthy, a fellow Republican, from his leadership position this week after McCarthy relied on Democratic support to pass legislation that avoided a government shutdown. “Bring it on,” McCarthy responded. Gaetz, a longtime McCarthy nemesis, said on CNN’s “State of the Union” that McCarthy …

Matt Gaetz said Sunday he will try to remove House Speaker Kevin McCarthy, a fellow Republican, from his leadership position this week after McCarthy relied on Democratic support to pass legislation that avoided a government shutdown. “Bring it on,” McCarthy responded.

Gaetz, a longtime McCarthy nemesis, said on CNN’s “State of the Union” that McCarthy was in “brazen, material breach” of agreements he made with House Republicans in January when he ran for speaker. As a result, Gaetz said he would be filing a “motion to vacate the chair,” as House rules permit.

McCarthy’s response: “So be it. Bring it on. Let’s get over with it and let’s start governing,” he said on CBS’s “Face the Nation.

No speaker has ever been removed from office through such a move. Procedural votes could be offered to halt the motion or it could trigger a House floor vote on whether McCarthy, R-California, should remain speaker.

“I think we need to rip off the Band-Aid,” said Gaetz, R-Florida “I think we need to move on with new leadership that can be trustworthy.”

McCarthy has the support of a large majority of House Republicans, but because the Grand Old Party (GOP) holds such a slim majority, he may need votes from some Democrats to keep his job.

“The only way Kevin McCarthy is speaker of the House at the end of this coming week is if Democrats bail him out,” Gaetz said.

Countering that, Republican Mike Lawler, R-New York, spoke of Gaetz’s “diatribe of delusional thinking.” Lawler told ABC’s “This Week” that Gaetz was acting for “personal, political reasons.”

The rules of the House allow for any single lawmaker — Democrat or Republican — to make a “motion to vacate the chair,” essentially an attempt to oust the speaker from that leadership post through a privileged resolution.

In January, McCarthy, hoping to appease some on the hard right as he fought to gain their vote for speaker, agreed to give as few as five Republican members the ability to initiate a vote to remove him. But when that was not good enough for his critics, he agreed to reduce that threshold to one — the system that historically has been the norm.

Proponents of allowing a lone lawmaker to file the motion said it promotes accountability, noting its long history in the House. The last use of the motion was in 2015, when then-Republican Mark Meadows of North Carolina, a Republican who later became President Donald Trump’s White House chief of staff, introduced a resolution to declare the speaker’s office vacant. Two months later, Boehner, R-Ohio, said he would be stepping down.

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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US government may shut down, and the risk is significant

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

 Listen to the Article (6 Minutes)

Summary

The United States government faces a potential shutdown from October 1 as the Congress has been unable to pass crucial spending bills. Shutdowns have occurred before in the United States, with limited market impact, but they could delay economic data releases and affect the Federal Reserve’s decisions. A prolonged shutdown may negatively affect the US debt rating.

The United States government is staring at a shutdown starting at 12.01 am (Washington, DC, time) on Sunday, October 1. This would mean a complete cessation of nonessential government services unless the US Congress passes the necessary spending bills or a continuing resolution that provides stopgap funding. A shutdown will have a ripple effect across the US economy, from federal workers not receiving their salaries to households potentially not having access to some federal benefits.

To understand how the United States arrived at this point, it is crucial to recognise that the country faces a massive budget deficit of $2 trillion. This amount represents a doubling of the deficit from last year and is significantly higher than pre-COVID levels.

The primary reason for this deficit is that government revenues have remained at levels similar to those before pandemic, while spending has increased substantially. One notable factor contributing to this increase in spending is the rising cost of servicing the interest on the national debt.

It’s worth noting that this potential government shutdown wouldn’t be the first of its kind in the United States. In fact, there have been 14 government shutdowns since 1980, as reported by the Bipartisan Policy Center.

Past US government shutdowns Duration
November 21, 1981 2 days
October 1, 1982 1 day
December 18, 1982 3 days
November 11, 1983 3 days
October 1, 1984 2 days
October 4, 1984 1 day
October 17, 1986 1 day
December 19, 1987 1 day
October 6, 1990 3 days
November 14, 1995 5 days
December 16, 1995 21 days
October 1, 2013 16 days
January 20, 2018 2 days
December 22, 2018 35 days

The most recent was a partial shutdown in 2018-19; it was also the longest, lasting 35 days. Historically, US government shutdowns have not had an impact on markets. And if one takes a look back at all those shutdowns, the average return has been 0 — essentially flat. There are a couple of reasons for that: one shutdowns are temporary, and two, any economic disruptions are also temporary. So government employees may not see pay cheques during a shutdown, but they receive back pay when things resume, so it all balances out.

If we zero-in on the three shutdowns which have been relatively more prolonged, the return has been net positive.

US Equities
Date of shutdown Duration Return
16 December 1995 21 days -0.03%
1 October 2013 16 days 1.7%
22 December 2018 35 days 8%

But there are implications which go beyond the equity price — for instance, important economic data releases.

Morgan Stanley compares the possible shutdown this time to the one in October 2013 as the dates — October 1-16 — line up nicely for the comparison.

Morgan Stanley  highlights how back then, the economic data release was delayed

In October 2013, the September CPI report was released on October 30, which was after a roughly two-week delay. This, in turn, pushed the release of the October CPI 2013 report because of September’s processing backlog. The October CPI report was released on November 20, 2013 — three trading days late. Also, labour data was delayed. The September 2013 payroll report was released on October 22, six days after the shutdown ended. The October payroll report was released one week later than scheduled, on Friday, November 8.

So that’s one risk — economic data releases are crucial for the Federal Oen Market Committee (FOMC). If there’s a shutdown this time, the FOMC meeting on scheduled for November 1 could be affected. If the shutdown persists, it could also could have a bearing on the US Federal Reserve’s rate decision.  According to Goldman Sachs, however, a modest shutdown, in terms of duration, should have little effect on the Fed’s monetary policy

A prolonged shutdown would add to the arguments in favour of postponing the November meeting and, finally, according to Moody’s, would be “negative’ for the US’ debt rating”. Moody’s, one must remember, is the last major rating agency which has yet to downgrade the United States’ debt.

Also read: Janet Yellen ‘feeling very good’ about soft landing for US economy

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

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

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today's market

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
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?