Category: World

  • Ukraine Sanctions | China Banks’ Financial Support for Russia

    China ready to soften Russian economic blow from Ukraine sanctions

    China is ready to throw Russia an economic lifeline as Vladimir Putin’s ties with the west deteriorate and Moscow is hit by snowballing sanctions over the crisis in Ukraine.

    Putin ordered the start of a military invasion of Ukraine on Thursday and demanded Kyiv’s army lay down its weapons, just a day after the west imposed new sanctions on Russia.

    US president Joe Biden said he would meet G7 counterparts on Thursday morning and would reveal further measures to punish Russia for the invasion.

    Financial analysts and geopolitical experts believe China will probably help Russia weather those sanctions, mostly through resource deals and lending by several state-owned banks, while seeking to avoid damage to its own economic and financial interests.

    “The level of Chinese support for Russian actions could be an influential factor in shaping an evolving crisis,” said Tom Rafferty, a Beijing-based analyst with the Economist Intelligence Unit.

    Since Russia concentrated 190,000 troops near the Ukraine border, Beijing has tried to strike a balance between Chinese president Xi Jinping’s backing of Putin and Beijing’s self-interest in the region’s stability.

    In response to the latest sanctions on Russia, Beijing reaffirmed its opposition to “all illegal unilateral sanctions”.

    “Since 2011, the US has imposed more than 100 sanctions on Russia,” Hua Chunying, a foreign ministry spokesperson, told reporters in Beijing.

    “However, have the US sanctions solved any problem? Is the world a better place because of those sanctions? Will the Ukraine issue resolve itself thanks to the US sanctions on Russia? Will European security be better guaranteed thanks to the US sanctions on Russia?”

    Hua also labelled the US as the “culprit” in the Ukraine crisis, “heightening tensions, creating panic and even hyping up the possibility of warfare”.

    Beijing has a record of providing economic support to Moscow during Putin’s stand-offs with the west, including in the wake of the Russian annexation of Crimea in early 2014.

    “Unless the west puts a really tangible cost on China, China will still help Russia behind the scenes,” said Jakub Jakobowski, a senior fellow with the China programme at the Eastern Studies Centre in Warsaw. China’s big policy banks, which are distinct from its state-backed commercial lenders, are expected to be critical conduits for economic support.

    Russia is by far Beijing’s biggest recipient of loans from official sector institutions, totalling as much as $151bn between 2000 and 2017, according to AidData, an international research lab at the College of William & Mary in Virginia.

    That included $86bn of non-concessional and semi-concessional debt from China’s state-owned policy banks and commercial banks — mostly loans collateralised against future receipts from oil exports.

    Russia’s Gazprom and China’s CNPC signed a 25-year deal this month on a new gas supply route © Bloomberg

    China Development Bank and the Export-Import Bank of China, in particular, are believed to be insulated from western penalties by a lack of US business interests.

    “They have less exposure to the dollar system and more options to finance things in different or innovative ways which are less vulnerable to sanctions measures,” said Rafferty.

    “For the commercial banks . . . they would still be very mindful of the impact it could have on their operations in other markets and their access to the US dollar system.”

    Chinese policy banks’ main lending activities are in the “global south”, Jakobowski said. “They have less worry about getting hit for violating US sanctions,” he said. “China will likely again lend money to Russia following the state-to-state sanctions-proof model.”

    Since the Crimean annexation, Beijing’s ability to soften the blow from sanctions has been strengthened as the two countries have steadily reduced the use of the dollar in their bilateral trade. Sino-Russian economic ties have also firmed with bilateral trade expected to have hit a record $140bn in 2021, reflecting consistent double-digit annual growth.

    The success of Russian efforts to take the sting out of sanctions by boosting settlements in other currencies is highlighted by a series of recent energy deals with China. These arrangements skirt the dollar-based financial system with loans and credit in renminbi.

    When Putin met Xi in Beijing this month, Russia’s Gazprom and China’s CNPC signed a 25-year deal on a new gas supply route, the Power of Siberia pipeline, launched in 2019 that is expected to reach full capacity in 2025.

    And Rosneft, Russia’s top crude producer and its top oil exporter to China, accounting for 7 per cent of the country’s total annual demand, agreed with CNPC to supply 100mn tonnes of oil to China through Kazakhstan over 10 years. Russia and China are also working on a third gas pipeline project to run via Mongolia. Some analysts said a deal could be signed by the end of this year.

    Last week, Gazprom Neft announced it was switching all settlement for fuelling Russian planes in China to renminbi, the first Russian company to do so.

    Despite those deals, experts note there is still a sizeable chunk of Russian trade in the conventional dollar system. During the first nine months of 2021, Russia and China conducted 8.7 per cent of their trade in roubles and 7.1 per cent in other currencies, according to the Russian central bank data. Dollars and euros accounted for 36.6 per cent and 47.6 per cent of Russia-China trade, respectively.

    The US is also exploring the use of export controls to cut off computer chip supplies to Russia, in a similar way to how it targeted Huawei, the Chinese technology group, according to government officials in Taiwan and Japan, and US diplomats in Asia. The move could cripple Russia’s supply of components vital for industries ranging from telecoms to oil exploration.

    “We have been in discussions with the US about export controls,” said a senior Taiwanese government official, “and we have put together an inventory of potential products that might be relevant in the context of export controls here, including military and dual-use products, basic infrastructure, technology and strategic supplies.” (Agencies)

  • Russians Troops move into Ukraine, Belarus Joins with Russia

    Russians Troops move into Ukraine.

    The President of Belarus gave orders to his army to integrate and cooperate with the Russian army in the invasion of Ukraine.

    Further details awaited.

  • Ukrainian President Zelensky makes an emotional appeal to Russians

    India Today

    Amid the threat of an invasion and assault, Ukrainian President Volodymyr Zelenskyy spoke directly to the people of Russia and made an emotional appeal. He warned them of what could “become the start of a big war on the European continent.” In a video address, Zelensky told the people that the Kremlin had approved the movement of nearly 2,00,000 forces into the border area.

    “The whole world is saying this can happen any day now. The trigger can appear any minute. You are being told this fire will free the Ukrainian people. But Ukrainian people are free,” he said in his address in Russian. He added, “Ukraine in your news and Ukraine, in reality, are two different countries. Their main difference between them is that ours is real.”

    He said, “I believe that Russia should be among those countries that provide clear security guarantees. I have many times suggested that the President of Russia sit down at the negotiating table and speak.”

    Rejecting accusations that Ukrainians were neo-Nazis and hated Russian culture, he said, “You are being told we are Nazis. How can a nation that gave 8 million lives to combat Nazism support it? How can I be a Nazi? Tell my grandpa about that.”

    “You are being told we hate the Russian culture? How can someone hate culture? Any culture? Neighbours always enrich one another culturally, but that does not make them one, does not dissolve us in you. We are different. But it is not a reason to be enemies,” he said.

    He concluded his appeal by saying, “We want to determine our history by ourselves. In peace, calm and honesty.”

    With inputs from India Today

    (Except for the headline, this story has not been edited by Kashmir Today staff and is published from a syndicated feed.)

  • Turkish man tested Covid positive 78 times since 2020

    Turkish man Muzaffer Kayasan may hold the record for the longest period of infection for any COVID-19 patient, reported Daily Sabah.

    The 56-year-old has tested positive for the deadly disease 78 times since 2020 and is seeking a way out of his situation, which has confined him to his home and hospitals for a total of 14 months.

    Kayasan, a leukemia patient, was first diagnosed with COVID-19 in November 2020 and was hospitalized.

    He was discharged from the hospital after a brief treatment period and as his illness became less severe. He returned his home in Istanbul’s Sarıyer district, awaiting full recovery in self-isolation. But it was only the beginning of his confinement. Self-isolation is terminated after two weeks, a period recently reduced for coronavirus patients, if they test negative.

    But to his chagrin, all 78 tests he was subject to showed Kayasan was still COVID-19 positive.

    He spent nine months in the hospital and another five months at home in self-isolation.

  • Taliban appoints first woman chief hospital officer: Reports

    According to reports, Malalaya Faizi has been appointed by the Health Ministry as the head of the Kabul obstetrics & gynaecology Clinic.
    The international community expressed concern about women’s rights after the Taliban tookover of Afghanistan in 2021.
    According to Tolo News the Office of the United Nations High Commission for Human Rights stated that the Taliban are determined to “steadily eradicate women and girls” from public life in a recent statement.

    Experts stated, “Today we are witnessing a deliberate attempt to erase women and girls in Afghanistan from public life. This includes institutions and mechanisms that were previously established to help and protect the most vulnerable women and children.”
    Experts expressed concern at the “continual and systematic attempts to exclude women from all spheres of society, economic and political life across the country.” They blamed the Taliban for pushing girls and women in Afghanistan out public life. Tolo News reported.
    The Islamic Emirate, however, denied that any restrictions have been placed on women and stated that women continue to work in government departments.
    Tolo News reported that experts also expressed concern about the possibility of girls and women being exploited, including trafficking to obtain forced labor and child marriage.
    Afghan women protested many times in Afghanistan since the Taliban came to power. They demanded a number of rights, including work and education.

  • Umrah To Remain Open Despite New Wave Of COVID-19

    MAKKAH: The Ministry of Hajj and Umrah has shut down rumors regarding suspension of Umrah due to increase in COVID-19.

    A Ministry source told Haramain Sharifain that the Ministry has no plans to suspend Umrah and instead it calls on visitors and pilgrims to adhere to the precautionary measures decided by the competent authorities.

    The General Presidency for the Affairs of the Two Holy Mosques recently reintroduced Physical and Social Distancing in the Two Holy Mosques after a rise in COVID-19 cases was noted.

    “We call on every pilgrim and visitor to adhere to physical distancing and wearing of masks at all times as this will ensure your safety and the safety of others.” The Imam of the Grand Mosque Sheikh Yasir Al Dossary announced before commencing the afternoon prayers.

  • Video | Huge Meteor Appeared Over Karachi’s Skyline

    ARY

    KARACHI: A mysterious fireball with a long tail was seen passing through the night sky over Karachi and other parts of Sindh province on Saturday night.

    Multiple eye-witnesses spotted the fireball, a particularly bright meteor, streaking across the sky shortly after 7 pm. The meteor was visible from many areas of the province including Karachi.

    Astronomical groups have confirmed the event as the rock could be seen in the video burning up in the Earth’s atmosphere, before crashing to the ground.

    According to Weather Analyst, Jawad Memon, such meteors do not pose any threat to the population.

    A meteor is a space rock—or meteoroid—that enters Earth’s atmosphere.

    Several thousand meteors of fireball magnitude occur in the Earth’s atmosphere each day. The vast majority of these, however, occur over the oceans and uninhabited regions, and a good many are masked by daylight.

    Those that occur at night also stand little chance of being detected due to the relatively low numbers of persons out to notice them. (ARY)

    (Except for the headline, this story has not been edited by Kashmir Today staff and is published from a syndicated feed.)

  • Flying car gets airworthiness certificate; only those with pilot license can fly

    Equipped with a BMW engine, the hybrid car-aircraft takes two minutes and 15 seconds to transform from a car into an aircraft.

    A flying car has passed the flight tests in Europe’s Slovakia. The car, which can transform into a small aircraft, completed 70 hours of “rigorous flight testing”.

    The flying car was awarded an official Certificate of Airworthiness by the Slovak Transport Authority, CNN reported based on Klein Vision’s statement. Klein Vision is the company which developed the vehicle. In order to take off in the flying car, one would require a pilot’s license, Klein Vision’s spokesperson told CNN.

    The flying car is capable of hitting speeds over 100 mph (160 kmph) and altitudes above 8,000 feet (2,500 m). Equipped with a BMW engine, the hybrid car-aircraft takes two minutes and 15 seconds to transform from a car to an aircraft.
    Watch the video:

    Anton Zajac, co-founder of Klein Vision, was quoted by CNN that a team of eight specialists toiled for more than 100,000 hours to develop mathematical models out of design concepts, finally producing the prototype. He also added that the flying car runs on “fuel sold at any gas station”.

    “AirCar certification opens the door for mass production of very efficient flying cars,” the BBC quoted its creator Prof Stefan Klein as saying.

    The company is planning the aircraft “to fly to London from Paris in near future”, according to the BBC report. The hybrid car-aircraft finished a 35-minute flight between airports in Nitra and Bratislava, Slovakia in June, last year. After landing, the aircraft transformed into a car and the crew went on a ride to the city centre.

  • Masjid Al Nabawi To Resume Mass Iftar Sufras In Ramadan

    MADINAH: The Agency for the affairs of Masjid Al Nabawi has announced plans to resume mass Iftar sufras during the month of Ramadan this year.

    This comes after iftar sufras were not put up for 2 years as precautionary measure against the spread of the COVID-19 virus.

    The Agency has eased some of the restrictions allowing the sufras to resume while adhering to some SOPs. According to the plans, if social distancing is maintained then a maximum of 5 people will be allowed on a single carpet while if social distancing requirement is removed then a maximum of 12 people can be seated on a single carpet.

    The Agency has also invited companies and individuals who wish to provide Iftar in the Mosque to obtain permits.

  • NeoCov coronavirus found in bats may pose threat to humans in future, scientists caution

    BEIJING: A type of coronavirus, NeoCov that spreads among bats in South Africa may pose a threat to humans in future if it mutates further, according to a study by Chinese researchers.
    The yet-to-be peer-reviewed study recently posted on the preprint repository BioRxiv, shows that NeoCov is closely related to the Middle East respiratory syndrome (MERS), a viral disease first identified in Saudi Arabia in 2012.
    Coronaviruses are a large family of viruses that can cause diseases ranging from the common cold to Severe Acute Respiratory Syndrome (SARS).
    Researchers from Chinese Academy of Sciences and Wuhan University noted that NeoCov is found in a population of bats in South Africa and to date spreads exclusively among these animals.
    In its current form, NeoCov does not infect humans but further mutations may make it potentially harmful, the researchers noted.
    “In this study, we unexpectedly found that NeoCoV and its close relative, PDF-2180-CoV, can efficiently use some types of bat Angiotensin-converting enzyme 2 (ACE2) and, less favourably, human ACE2 for entry,” the authors of the study noted.
    ACE2 is a receptor protein on cells that provides the entry point for the coronavirus to hook into and infect a wide range of cells.
    “Our study demonstrates the first case of ACE2 usage in MERS-related viruses, shedding light on a potential bio-safety threat of the human emergence of an ACE2 using “MERS-CoV-2” with both high fatality and transmission rate,” they said.
    The researchers further noted that infection with NeoCov could not be cross-neutralised by antibodies targeting SARS-CoV-2 or MERS-CoV.
    “Considering the extensive mutations in the RBD regions of the SARS-CoV-2 variants, especially the heavily mutated Omicron variant, these viruses may hold a latent potential to infect humans through further adaptation,” the authors of the study added.
    A receptor-binding domain (RBD) is a key part of a virus that allows it to dock to body receptors to gain entry into cells and lead to infection. PTI