Business

Israel and the US warn of a possible attack on Sri Lankan tourist destinations.
Asia, Business, World

Israel and the US warn of a possible attack on Sri Lankan tourist destinations.

Both the United States and Israel issued security alerts Wednesday warning of a potential attack on tourist locations in a coastal area of Sri Lanka. The US Embassy alert advised they had received “received credible information warning of an attack targeting popular tourist locations in the Arugam Bay area.” “Due to the serious risk posed by this threat, the Embassy imposed a travel restriction on Embassy personnel for Arugam Bay effective immediately and until further notice,” it said, noting that US citizens “are strongly urged to avoid the Arugam Bay area until further notice.” Israel’s alert from its National Security Council calls on Israeli citizens to “immediately leave Arugam Bay and the south and west coastal areas of Sri Lanka.” Israel raised its tra
Germany’s Scholz will travel to India with defense and economic concerns in an attempt to forge closer ties.
Asia, Business, World

Germany’s Scholz will travel to India with defense and economic concerns in an attempt to forge closer ties.

German Chancellor Olaf Scholz will embark on a three-day visit to India from Thursday to hold talks on defence and economic ties which are likely to deepen engagement between the two countries over the strategic Indo-Pacific region. Scholz, who succeeded Angela Merkel as chancellor in December 2021, has consistently signalled his intent to forge ties with New Delhi against the backdrop of the West’s China plus-one strategy on trade and amid geopolitical tensions. The German chancellor visited India twice last year, once for a bilateral state visit in February and the second time to attend a G20 leaders’ summit in Delhi in September. His latest trip comes at the invitation of Indian Prime Minister Narendra Modi, according to a statement by India’s Ministry of External Affairs. “I
Maldives Takes Action to Tighten Belts and Increase Tourism Taxes
Asia, Business

Maldives Takes Action to Tighten Belts and Increase Tourism Taxes

The Maldives government has decided to hike tourism-related taxes in a belated push for sorely needed economic reforms. Government-sponsored bills were submitted to Parliament this week to double the green tax, hike the departure fee and airport service charge, and raise the tourism goods and services tax (T-GST). The move came after the World Bank reiterated that a “large fiscal consolidation is urgently required to regain fiscal and debt sustainability and ease liquidity pressures,” referring to foreign exchange reserves plunging to “critically low levels” due to rising debt repayment. “Despite the government’s announcement of a homegrown fiscal reform agenda in February 2024, the policies are yet to be endorsed and implemented,” the Worl
To seek help and restore relations, the president of the Maldives is in Delhi.
Asia, Business, World

To seek help and restore relations, the president of the Maldives is in Delhi.

Maldivian President Mohammed Muizzu has told the BBC that he is confident that India will come to the aid of the island nation as it faces an economic crisis. Muizzu, who begins a five-day visit to India on Sunday, is expected to seek a bailout worth hundreds of millions of dollars. The Maldives is staring at a debt default as its foreign exchange reserves have dropped to $440m (£334m), just enough for one-and-a-half months of imports. “India is fully cognizant of our fiscal situation, and as one of our biggest development partners, will always be ready to ease our burden, find better alternatives and solutions to the challenges we face,” Muizzu told the BBC in an email interview ahead of his visit. Experts point out that Muizzu's reconciliatory tone towards Delhi is
The Reforms of the CCP The Way Local Governments Do Business
Asia, Business

The Reforms of the CCP The Way Local Governments Do Business

A near standstill in new capital spending has begun to worry the Chinese Communist Party (CCP). It should. Without capital spending by business, China’s productive capacities will stagnate, and the economy will struggle even more than it already is. Government orders to state-owned businesses has increased their capital spending, but that is not enough. China needs an expansion of the private business sector – about 60% of the economy — as well as foreign investment inflows. Private capital spending from domestic sources is barely above zero, while foreigners are largely avoiding China. To help remedy these shortfalls, the CCP has issued new guidelines to radically reform the way local authorities deal with businesses. The new rules will certainly alter the behavior of local government
Mohamed Muizzu, the president of the Maldives, intends to travel to India “as soon as possible.”
Asia, Business, Politics

Mohamed Muizzu, the president of the Maldives, intends to travel to India “as soon as possible.”

It is pertinent to note that earlier almost every Maldivian President used to make his first foreign visit to India, but Muizzu changed the trend by first visiting Turkiye and then China, after coming to office earlier this year. Maldives President Mohamed Muizzu has said that he is planning to visit India as soon as possible. He also praised the "very strong" bilateral relationship between the two countries. "I am planning to visit (India) as soon as possible...We have a very strong bilateral relationship," Muizzu told ANI on sidelines of 79th United Nations General Assembly. Notably, if happens, it will be Muizzu's second visit to India, after first making the visit in June during the swearing-in ceremony of Prime Minister Narendra Modi. It is pertinent to note that earlier alm...
Maldives President Muizzu To Visit India? Here’s What He Says
Asia, Business, Politics

Maldives President Muizzu To Visit India? Here’s What He Says

Maldives President Mohamed Muizzu on Friday said that the archipelago nation has a very strong bilateral ties with India and he is planning to visit the country as soon as possible. “I am planning to visit (India) as soon as possible…We have a very strong bilateral relationship,” President Muizzu said to news agency ANI on sidelines of 79th United Nations General Assembly in New York. Several media reports say that Muizzu may visit India in the second week of October. The visit is seen as an attempt to reset bilateral ties after an acrimonious period in the relationship. Muizzu last visited New Delhi in June this year to attend the swearing-in ceremony of Prime Minister Narendra Modi. Ahead of his expected visit, Muizzu denied claims of following an ‘India Out’ policy, and ass
6th India-japan Indo-pacific Forum Unveils Unprecedented Collaboration With Shared Vision
Asia, Business, World

6th India-japan Indo-pacific Forum Unveils Unprecedented Collaboration With Shared Vision

SYNOPSIS                 The 6th India-Japan Indo-Pacific Forum, attended virtually by External Affairs Minister Dr. S. Jaishankar and his Japanese counterpart Toshumitsu Motegi, showcased the deepening collaboration between the two nations. Both emphasizing the Indo-Pacific as a strategic area, they addressed challenges like terrorism, climate change, and China's expansionism. Key initiatives were discussed, including the QUAD, Supply Chain Resilience Initiative, Clean Energy Partnership, and Semiconductor Supply Chain Partnership. Dr. Jaishankar highlighted these ventures as crucial for a reliable global economy, emphasizing their significance in various domains. The ministers also acknowledged the pivota...
At-Sea Political Officers Could Pose Problems for Chinese Navy in War, Experts Say
Asia, Business, China

At-Sea Political Officers Could Pose Problems for Chinese Navy in War, Experts Say

While the Chinese Navy has made progress operating at sea, institutional issues between its military and political leadership could pose problems in a wartime scenario, a panel of experts said Wednesday. The People’s Liberation Army Navy’s unique command system aboard its warships has never been proven during conflict, Rear Adm. Michael McDevitt said during a panel event hosted by the U.S. Naval Institute. “The shared command between the warship’s captain and a ship’s political officer is a potential weakness, one that is foreign to the Western tradition of naval command because in this case, the commanding officer and the political officer are essentially coequal. Now this is the only system that the PLA Navy officers have ever known,” McDevitt said.“What we do know is it has never
President for improving economic and cultural ties with Sri Lanka and Korea
Asia, Business

President for improving economic and cultural ties with Sri Lanka and Korea

In order to further strengthen bilateral relations, President Dr. Arif Alvi called for further expanding bilateral economic, commercial, and cultural cooperation with Sri Lanka and the Republic of Korea on Friday. The president shared these opinions with the departing Sri Lankan High Commissioner, Vice Admiral (r) Mohan Wijewickrama, and the departing Republic of Korea Ambassador, Suh Sangpyo, during their separate calls to him at Aiwan-e-Sadr. The president expressed Pakistan's great regard for its multifaceted connection with Korea, which included partnerships in a number of areas including politics, economics, science, culture, and people-to-people contacts, in his conversation with the departing Korean ambassador. He emphasized that Pakistan was open to trade and investment from all o...