Tag: FInance News

  • King Carl XVI Gustaf and Queen Silvia of Sweden coming to Singapore on state visit from Nov 19 to 21

    King Carl XVI Gustaf and Queen Silvia of Sweden
    King Carl XVI Gustaf and Queen Silvia of Sweden. Photo courtesy: www.kungahuset.se; Collage: Pixlr

    The state visit of Sweden’s King Carl XVI Gustaf and Queen Silvia to Singapore (from November 19 to 21) is expected to bolster business ties between the largest of Scandinavian countries and the tiny but dynamic Asian island nation.

    While Singapore media have reported the visit today, a press release was published a few days ago by the Swedish Royal Court, outlining the royal couple’s programme in Singapore. They are visiting at the invitation of Singapore President Tharman Shanmugaratnam.

    The Swedish Royal Court press release said: “The aim of the State Visit is to consolidate and develop the good relations between Sweden and Singapore and strengthen economic and political ties, focusing on trade, innovation, investment and green transition.”

    To that end, the king and queen will be accompanied by several ministers from the government of Sweden as well as a business delegation.

    The Government will be represented by Minister for Foreign Affairs Maria Malmer Stenergard; Minister for Infrastructure and Housing Andreas Carlson; State Secretary Håkan Jevrell from the Ministry for Foreign Affairs; and State Secretary Miriam Söderström from the Ministry of Health and Social Affairs. Around 50 Swedish companies, government agencies, and higher education institutions will take part in the business delegation arranged by Business Sweden.

    Swedish Royal Court press release

    King and Queen of Sweden receive Singapore reporters in Stockholm
    King Carl XVI Gustaf and Queen Silvia of Sweden receive visiting Singapore reporters in Stockholm, ahead of the royal couple’s state visit to Singapore. Photo courtesy: Swedish Royal Court

    XL-size business delegation from Sweden to Singapore

    A report by The Straits Times said: “More than 100 business delegates will visit Singapore with the Swedish royal couple. The business delegation is one of the largest ever put together by Sweden for any state visit, reflecting robust interest from Swedish firms to enter the Singapore market or expand existing businesses, said the King on Nov 12.”

    ST said that King Carl XVI Gustaf and Queen Silvia received a group of reporters from Singapore on a visit to the royal palace, in the Swedish capital city of Stockholm. This media visit (from Nov 11 to Nov 14) came a few days ahead of their state visit to Singapore.

    “This [state visit] is to show the continuity, hopefully to make a long-lasting collaboration in any kind of business, and… hopefully, we can find new interesting sectors [for collaboration],” the king was quoted as saying by ST.

    Though Sweden is a country with a large landmass and Singapore is geographically very small, the king cited things common to both the economies during the media interaction in Stockholm — for instance, both the nations were “fearless” innovators, he said.

    The queen spoke of more areas of collaboration between Sweden and Singapore in health care, especially elder care. During her visit to Singapore, the queen will attend a health care symposium, where a Memorandum of Understanding is expected to be signed.

    Orchid-naming ceremony part of the royal visit

    Dendrobium Hybrid orchid
    Dendrobium Hybrid, one of the orchid varieties at Singapore Botanic Gardens. Photo courtesy: www.nparks.gov.sg

    Besides promoting business, the royal couple from Sweden will have the pleasure of visiting the Singapore Botanic Gardens, where they will participate in an orchid-naming ceremony.

    The Swedish Royal Court press release said: “The King and Queen will take part in an orchid-naming ceremony at the Singapore Botanic Gardens. In accordance with Singaporean tradition, a special hybrid orchid is produced and named after high-level visitors.”

    It added: “Ms Malmer Stenergard, Mr Carlson, Mr Jevrell, and Ms Söderström will also attend the ceremony. Singapore Botanic Gardens is a 165-year-old tropical garden on the outskirts of the Orchard Road shopping district. It is one of just three gardens – and the only tropical garden – on the UNESCO World Heritage List.”

  • Joe Biden allows Ukraine to use long-range missiles inside Russia

    US President Joe Biden approves Ukraine to use long-range missiles inside Russia
    Joe Biden approves Ukraine to use long-range missiles inside Russia marking a major development in the war. Photo Courtesy:  Volodymyr Zelenskyy X page

    President Joe Biden has approved Ukraine to use US-supplied long-range missiles to fire into Russian territory, media reports said.

    The US has permitted Ukraine to use the missiles against Russian and North Korean forces in the Kursk region.

    The US president will allow Ukraine to use US-made Atacms rockets, which have a range of 190 miles (300km) – a decision being justified by the presence of North Korean troops fighting alongside Russia against Ukraine, The Guardian reported.

    The White House did not comment on the development so far.

    However, several major media outlets, including the New York Times, the Washington Post, Reuters and the Associated Press, have reported the development citing sources.

    Did Ukraine’s President confirm the development?

    Ukraine President Volodymyr Zelenskyy seems to confirm the development in his X post where he said: “One of its key elements is providing our army with long-range capabilities. There’s been much said in the media today that we have received approval to take relative actions.”

    “But strikes are not carried out with words. These things are not announced. The missiles will speak for themselves,” he said.

    Trump and Ukraine-Russia war

    Biden permitted Ukraine to use the missile just days after Donald Trump emerged victorious in the US presidential polls.

    Recently, Volodymyr Zelenskyy said he feels that Russia’s ongoing war against his country will ‘end sooner’ once US President Donald Trump becomes President next year.

    “Of course the war will be over sooner with the policy of this team, who will now govern the White House,” Zelenskyy was quoted as saying to Suspilne reported by Pravda.

    “That is their approach, their pledge to their society, and it is very important for them too,” he said.

    Meanwhile, UN Secretary-General António Guterres has strongly condemned the latest Russian drone and missile attack against the power grid and critical civilian infrastructure in Ukraine, his Spokesperson said on Sunday.

    The large-scale strikes occurred overnight and reportedly caused severe damage, power outages and civilian casualties.

    “Attacks on energy infrastructure will only increase the suffering of civilians with the looming winter weather,” UN Spokesperson Stéphane Dujarric said in a note to journalists.

    “Directing attacks against civilians and civilian objects is prohibited by international humanitarian law.  Any such attacks are unacceptable and must end immediately,” he added.

    Tuesday will mark 1,000 days since Russia launched its full-scale invasion of Ukraine.

    The UN Humanitarian Coordinator in Ukraine, Matthias Schmale, reported that during this time, 12,000 people have been killed and civilian infrastructure has been decimated, with over 2,000 attacks on healthcare facilities and two million homes damaged, while 65 per cent of energy production capacity has been destroyed.

    Speaking in Geneva on Friday, he said almost 40 per cent of the population need humanitarian assistance and one of the top concerns is for people living in high-rise buildings who face their third consecutive freezing winter because of “systematic attacks” on energy infrastructure.

  • China: Knife attack kills eight in Yixing City institute 

    Knife attack incident in China leaves eight people dead.
    Knife attack leaves eight people dead in China. Photo Courtesy: China

    At least eight people died and 17 others were injured in a knife attack at a vocational school in China’s Yixing City on Saturday.

    The attack took place at around 6:30 p.m. at the Wuxi Vocational Institute of Arts and Technology, Xinhua news agency reported.

    The suspect behind the incident was identified as a 21-year-old man whose surname is Xu.

    Quoting a statement issued by the public security bureau of Yixing, the news agency said the attacker was caught at the scene of the incident and he has confessed to his crime.

    Police said the man graduated from the school this year.

    He returned to the educational institute to vent his anger for not receiving his graduation certificate due to failing exams, police said.

    He was reportedly dissatisfied with his internship payment.

    While violent knife attacks are not uncommon in China due to strict firearm regulations, incidents with such a high death toll remain rare.

    The attack comes amid a surge in violent crimes in China.

    Earlier this week, a 62-year-old man killed 35 people and injured over 40 others by driving his SUV into a crowd in Zhuhai.

    In October, a knife attack in a Shanghai supermarket claimed three lives and injured 15 others.

    In September, a Japanese schoolboy was fatally stabbed in Shenzhen, near the Hong Kong border.

  • Nigeria bestows country’s second-highest national award on Narendra Modi

    Narendra Modi meeting Nigerian President Bola Tinubu. Photo Courtesy: PIB

    Nigerian President Bola Tinubu has conferred the Grand Commander of the Order of the Niger (GCON) upon Indian PM Narendra Modi who is currently visiting the country.

    The Order of the Niger (OON) is the second-highest national award in Nigeria.

    Modi arrived in Nigeria on Saturday on the first leg of his three-nation tour.

    Meanwhile, Modi met President Tinubu on Sunday when the two leaders discussed the scope for ties in sectors including defence, energy, technology, trade, health and education.

    After his meeting, Modi said his discussion with the President was ‘productive’.

    “Had a very productive discussion with President Tinubu. We talked about adding momentum to our strategic partnership. There is immense scope for ties to flourish even further in sectors like defence, energy, technology, trade, health, education and more,” Modi wrote on X.

    This is the first visit by a Prime Minister of India to Nigeria in 17 years.

    India and Nigeria have been strategic partners since 2007 with growing economic, energy and defence collaboration.

    More than 200 Indian companies have invested over USD 27 billion in important sectors in Nigeria.

    India and Nigeria also share a strong development cooperation partnership.

  • Russia launches large-scale missile attack targeting Ukraine’s power facilities

    Russia launches missile attack on Ukraine
    Russia launches missile attack on Ukraine. Photo Courtesy: Unsplash

    Russia on Sunday launched its biggest missile attacks in recent times when it targeted Ukraine’s power facilities with blasts being heard from different corners of the country.

    Ukraine President Volodymyr Zelenskyy claimed Russia launched approximately 120 missiles and 90 drones during the attack.

    “A massive combined attack targeted all regions of Ukraine. Overnight and this morning, Russian terrorists used various types of drones, including Shaheds, as well as cruise, ballistic, and aeroballistic missiles—Zircons, Iskanders, and Kinzhals, he wrote on X.

    Zelenskyy said his country’s air defence system destroyed over 140 aerial targets.

    “The enemy’s target was our energy infrastructure across Ukraine. Unfortunately, some facilities sustained damage from direct hits and falling debris,” the Ukrainian President posted on X.

    “In Mykolaiv, a drone attack killed two people and injured six others, including two children. My deepest condolences to the families and loved ones of the victims. As of now, some areas remain without power, but all necessary forces are working to mitigate the consequences and restore the infrastructure,” he said.

    Zelenskyy recently said that Russia’s ongoing war against his country will ‘end sooner’ once US President Donald Trump becomes President next year.

    “Of course the war will be over sooner with the policy of this team, who will now govern the White House,” Zelenskyy was quoted as saying to Suspilne as reported by Pravda.

    “That is their approach, their pledge to their society, and it is very important for them too,” he said.

    Volodymyr Zelenskyy extended his congratulations to Donald Trump following his victory in the 2024 US presidential election.

    In the nearly 1,000 days since Russia’s full-scale invasion of Ukraine, thousands of civilians have been killed, the country’s energy capacity is on the brink of collapse and drones terrify communities on the frontline, the UN’s top aid official in the country said on Friday

    Speaking in Geneva, Matthias Schmale described the anguish felt by Ukrainians as the war grinds on: “As we are not only approaching winter but also the sad 1,000-day mark since the Russian Federation’s full-scale invasion in 2022, we are of course thinking of the more than 12,000 people who have been killed.”

    “To date, civilian infrastructure has been decimated with over 2,000 attacks now on healthcare facilities and two million damaged homes.”

    Almost four in 10 people in Ukraine need humanitarian assistance but one of the most pressing concerns is for people living in high-rise buildings who face their third consecutive freezing winter, because of “systematic attacks” on energy infrastructure.

  • Elon Musk’s SpaceX will launch India’s GSAT-20 communications satellite this week

    ISRO, Space X collaborate for GSAT-20 communications satellite launch
     Elon Musk’s SpaceX will launch India’s GSAT-20 communications satellite. Photo Courtesy: ISRO website

    Tech entrepreneur Elon Musk’s SpaceX will launch India’s GSAT-20 communications satellite this week, marking one more major achievement of the South Asian country in its space mission, media reports said.

    This is going to be the first collaboration between SpaceX and the Indian Space Research Organisation (ISRO).

    The launch is scheduled for November 19, 2024, from Cape Canaveral, Florida, using SpaceX’s Falcon 9 rocket, reported India Today.

    Radhakrishnan Durairaj, Chairman and Managing Director of New Space India Ltd (NSIL), the Bengaluru-based commercial arm of ISRO, told NDTV, “We got a good deal on this maiden launch with SpaceX.”

    “The price for launching this particular satellite… the technical compatibility and also the commercial deals… I would say it was a good deal for us, for launching such a heavy satellite on SpaceX’s Falcon 9 rocket,” he said.

    GSAT-N2 (GSAT-20) is a Ka-band High throughput communication satellite of New Space India Limited (NSIL), a Government of India company under the Department of Space and the commercial arm of ISRO. 
    GSAT-N2 is the 2nd Demand Driven satellite of NSIL.

    GSAT-N2 is set to enhance broadband services and in-flight connectivity (IFC) across the Indian region.

    This satellite, featuring multiple spot beams and wideband Ka x Ka transponders, aims to support a large subscriber base with small user terminals, significantly boosting system throughput through its multi-beam architecture which allows frequency reuse, read the ISRO website.

    GSAT-N2, with a lift-off mass of 4700 kg, has a mission life of 14 years.

    The satellite is equipped with 32 user beams, comprising 8 narrow spot beams over the Northeast region and 24 wide spot beams over the rest of India.

    These 32 beams will be supported by hub stations located within mainland India.

    The Ka-Band HTS communication payload provides a throughput of approximately 48 Gbps.

    The payload consists of three parabolic 2.5-meter deployable reflectors with multiple feeds generating 32 spot beams over the Indian region using a single feed per beam configuration.

    This is going to be a major collaboration between the two space organisations after the US voted Donald Trump for a second innings in the White House.

    Elon Musk is close to Trump and the President-elect even nominated him to lead the Department of Government Efficiency (DOGE).

    Musk was a staunch supporter of Trump.

    He was also part of Trump’s Republican Presidential campaign.

    Trump and Indian PM Narendra Modi shared a great bond and the Indian PM called him a ‘friend’ while wishing him after the recent Presidential poll victory.

    Modi posted on X: “Heartiest congratulations my friend @realDonaldTrump  on your historic election victory.”

  • Indian student numbers in the UK drop by 20.4 percent amid financial and safety concerns: Report

    Indian students are being put off applying to UK universities, adding to their financial woes at a time when education institutions are already coping with constrained budgets, a new report into the stability of the higher education sector in England has revealed.

    Representational image. Photo courtesy: Unsplash
    Representational image. Photo courtesy: Unsplash

    Based on UK Home Office data on confirmation of acceptance for studies (CAS) by UK providers from 2022-23 to 2023-24, an Office for Students (OfS) analysis released on Friday, November 15, shows a 20.4 percent drop in Indian student numbers – down from 139,914 to 111,329. Indian student groups in the UK said the fall was to be expected amid limited job prospects and also safety concerns following recent anti-immigration riots in some cities.

    “There has been a considerable decline in student visa applications from prospective non-UK students in some major source countries,” notes the report by OfS, a non-departmental public body of the government’s Department for Education.

    “This data shows an 11.8 percent decline in the total number of sponsor acceptances issued to international students, as well as considerable variation for students with different nationalities, with the largest declines reported in the number of CAS issued to Indian and Nigerian students, down 28,585 (20.4 percent) and 25,897 (44.6 percent) respectively,” it said.

    It warns that universities with financial models that depend heavily on students from countries such as India, Nigeria and Bangladesh are likely to be significantly affected due to this downward trend.

    “The number of international students from certain countries that send significant numbers to study in the UK has decreased significantly,” OfS cautions.

    “By 2025-26, based on current trends and not taking into account significant mitigating action, we estimate a net income reduction for the sector of GBP 3,445 million, and, without significant mitigating actions, a sector-level deficit of minus GBP 1,636 million, with up to 72 percent of providers being in deficit, and 40 percent having low liquidity,” it adds.

    The Indian National Students’ Association (INSA) UK said it was not surprised with the significant decrease in students from India given the government’s clampdown on foreign students being allowed to bring along their dependent partners and spouses.

    “Students are not allowed to bring their partners to the UK under the new policy and given the economic conditions here and recent rioting stories, unless the government addresses this issue the outlook for UK universities is bleak as they rely heavily on Indian students,” said INSA UK President Amit Tiwari.

    Indians overtook the Chinese in recent years as the leading nationality granted study visas to the UK and are the largest cohort to access the Graduate Route post-study work visa, which was thrown into disarray due to a review which has since concluded it is here to stay.

    ALSO READ: British Indians one of the most successful groups in the UK: Report

    “Many reasons contribute to the decline in numbers, including the Conservative ban on dependents, confusion around post-study work visa, increase in skilled worker salary thresholds and an apparent lack of jobs in the UK,” said Sanam Arora, chair of the National Indian Students and Alumni Union (NISAU) UK.

    “We discovered the scale of misinformation that continues to persist; for the first time, safety is also being raised as a concern… Universities need to ensure that they are communicating the UK offer adequately and at scale in India to address the confusions that persist,” she said.

    “Universities also need to invest significantly in their employability support in order to stay competitive and provide a wholesome, outcome-oriented offer for students,” she added.

  • AirAsia to operate flight service from India’s Port Blair to Kuala Lumpur from Saturday

    AirAsia will operate an international flight from Port Blair in Andaman and Nicobar Islands to Kuala Lumpur in Malaysia from Saturday, November 16, officials said.

    An AirAsia aircraft. Photo courtesy: newsroom.airasia.com
    An AirAsia aircraft. Photo courtesy: newsroom.airasia.com

    Presently no international airlines operate from Port Blair’s Veer Savarkar International Airport.

    Speaking to PTI, Chief Airport and Customer Experience Officer, AirAsia, Kesavan Sivanandam said, “It is a significant milestone because it will be the first-ever international flight from Port Blair. Our motto is not only looking at commercial viability but also connecting people. I would like to thank the local administration for all their support.”

    Tour operators in Andaman feel that the commencement of AirAsia flights to Malaysia will be a big game changer in the tourism sector in Andaman and Nicobar Islands and Southeast Asia.

    “I would like to convey my sincere thanks and congratulations to AirAsia for taking this initiative to extend air connectivity from Andaman and Nicobar Islands to South East Asia. The Airports Authority of India has invested a lot in strengthening both ground and air navigation infrastructure to boost the air connectivity of the region,” Airport Director, Port Bliar, Devender Yadav said.

    “Tourism is the backbone of the economy of Andaman and Nicobar Islands and airports are one of the major enablers to boost tourism in the region. The collaborative and sustained efforts from all stakeholders will take civil aviation in the union territory to new heights,” he said.

  • Bangladesh: Fundamentalists demand ban on ISKCON, threaten to kill devotees

    Fundamentalists demand ban on ISKCON in Bangladesh. The country witnessed a major political change in recent months with the toppling of Sheikh Hasina-led government
    A view of ISKCON Prabartak Sri Krishna Temple in Chittagong. Photo Courtesy: Wikimedia Commons

    Bangladeshi fundamentalists are demanding a ban on the International Society for Krishna Consciousness (ISKCON) with a new video emerging on social media where radicals could be seen threatening to kill devotees.

    “They want to purify Bangladesh by removing every Hindu from their land,” sources told News18.

    Several Bangladeshi Muslim organisations have been urging the Mohammad Yunus-led interim government to ban ISKCON.

    “Two months ago, when the country was hit by floods, ISKCON had offered free food to them, without any religious motive or discrimination,” sources told the Indian news channel.

    “We have learnt from reliable sources that Bangladesh is totally taken over by Jamaat-e-Islami. All Jamaat leaders, who have been released recently, are fighting for their constituency. In that fight, they are not allowing the government to function normally and are instigating people to act against Hindus, so that the situation flares up. Small issues are being blown out of proportion,” top government sources told News 18.

    Bangladesh has been witnessing a spike in attacks on Hindu temples, houses and business establishments ever since former PM Sheikh Hasina-led government was toppled on August 5 amid massive protests against her administration.

    According to reports, Bangladeshi police had even levelled ISKCON a ‘terrorist organisation’.

    “They had said at the press conference that ISKCON members chant ‘Jai Sri Ram’ which is an act of terror,” sources told News18 quoting Bangladeshi police’s remark against the Hindu body made during a recent press conference.

    Following the ouster of Hasina, Muhammad Yunus took charge of the interim government in the nation.

    His interim government will remain in power until a new PM is elected in Bangladesh.

    In October, India had condemned the attack on Hindu temples in Bangladesh.

    “We have noted with serious concern the attack on a Puja mandap in Tantibazar, Dhaka and the theft at the revered Jeshoreshwari Kali temple at Satkhira,” the Ministry of External Affairs said in a statement.

    “These are deplorable events. They follow a systematic pattern of desecration and damage to temples and deities that we have witnessed over several days now,” the Ministry said.

  • Sarod icon and Grammy Award nominee Aashish Khan dies in US at 84

    Sarod icon and Grammy Award nominee Aashish Khan dies
    Aashish Khan passed away at the age of 84. Photo courtesy: facebook.com/aashishkhanschoolofworldmusic

    Indian classical musician Aashish Khan passed away at the age of 84 in the United States on Friday.

    Khan, a sarod maestro, passed away due to natural causes in Los Angeles.

    He suffered complications from diabetes and multiorgan failure, sarod maestro and Khan’s half-brother Alam Khan told The Times of India.

    The funeral services will be held on November 20.

    Aashish Khan was nominated for a Grammy Award in 2006 for the ‘Best Traditional World Music Album’ category for the music album ‘Golden Strings of the Sarode’.

    He had received the Sangeet Natak Akademi Award.

    Khan was an adjunct professor of Indian classical music at the California Institute of the Arts and the University of California at Santa Cruz in the United States.

    He had collaborated with virtuoso Ravi Shankar and prominent English rock band The Beatles.

    Under sitar maestro, Khan had worked on sound on stage as well as films. He worked in Satyajit Ray’s Apur Sansar, Parash Pathar, Jalsaghar and Richard Attenborough’s Gandhi.