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India is likely to be the world’s fastest-growing large economy in the next 10 years, driven by digitisation, favourable demographics, globalisation and reforms, predicts a Morgan Stanley report. According to the global financial services major, the trend line in India’s annual gross domestic product (GDP) growth has been accelerating to 6.9% in 2000s, from 5.8% in the 1990s, and this momentum is likely to continue in the next decade as well. Morgan Stanley expects digitisation will provide a boost of 50-75 basis points to GDP growth and forecast that India will grow to a $6 trillion economy and achieve upper-middle income status by 2026-27. India’s GDP growth slipped to a three-year low of 5.7% in April-June as disruptions caused by demonetisation spilled over to the third straight quarter amid slowdown in manufacturing activities. Experts believe that reforms over the past year have created disruption in India’s GDP numbers, but the medium term growth potential of the country look

Johanna Konta: The British number one sensation in Wimbledon. Konta, now the world number seven, admits she was "pretty serious" about her tennis from the age of nine, and her sleep-deprived father would no doubt agree. His daughter used to drag him out of bed at five in the morning to go for a run. Sixth seed Konta, 26, matched Virginia Wade's 1978 feat with a gutsy 6-7 (2-7) 7-6 (7-5) 6-4 win over Romanian second seed Simona Halep. She has equalled her best Grand Slam run and will next face Venus Williams.

ISRO’s Polar Satellite Launch Vehicle PSLV-C38 successfully launched the 712 kg Cartosat-2 Series Satellite along with 30 co-passenger satellites today from Satish Dhawan Space Centre SHAR, Sriharikota. This is the thirty ninth consecutively successful mission of PSLV.  PSLV-C38 lifted off at 0929 hrs (9:29 am) IST, as planned, from the First Launch Pad. After a flight of about 16 minutes, the satellites achieved a polar Sun Synchronous Orbit of 505 km inclined at an angle of 97.44 degree to the equator (very close to the intended orbit) and in the succeeding seven and a half minutes, all the 31 satellites successfully separated from the PSLV in a predetermined sequence beginning with Cartosat-2 series satellite, followed by NIUSAT and 29 customer satellites. The total number of Indian satellites launched by PSLV now stands at 48.  After separation, the two solar arrays of Cartosat-2 series satellite were deployed automatically and ISRO's Telemetry, Tracking and Command Network

Nineteen people have been killed in a suspected explosion at the end of a pop concert by US star Ariana Grande in Manchester in northwest England that is being treated as a terrorist incident, police said. Eyewitnesses described a "huge bomb-like bang" and scenes of panic as young fans fled the venue. A fleet of ambulances was seen rushing to the venue and bomb disposal teams were dispatched soon after. "So far 19 people have been confirmed dead, with around 50 others injured. This is currently being treated as a terrorist incident until police know otherwise," police said in a statement. The first unconfirmed reports of an explosion emerged shortly after 2145 GMT on Monday. "We heard the last song go and then suddenly there was a massive flash and then a bang and smoke," said Gary Walker from Leeds who was with his wife waiting for their daughters to come out told BBC Radio 5 Live. Walker said he was hit by shrapnel in his foot while his wife sustaine

North Korea’s apparently successful launch of a mid-to-long range missile indicated a significant advance in its drive for an intercontinental ballistic missile, monitors said on Monday, a worrying sign for the Korean peninsula and the US. The isolated North boasted on Monday that the launch the previous day, supervised by leader Kim Jong Un, was aimed at verifying the capability to carry a “large scale heavy nuclear warhead”. Kim accused the US of “browbeating” countries that “have no nukes” and warned Washington not to misjudge the reality that its mainland is in the North’s “sighting range for strike”, the North’s official KCNA news agency reported. However, the US military’s Pacific Command said on Sunday the type of missile that was fired was “not consistent” with an ICBM and South Korea’s military played down the North’s claim of technical progress on atmospheric re-entry. “We believe the possibility of that is low,” said Roh Jae-cheon, a spokesman for South Korea’s Office of

I. MERCHANDISE TRADE EXPORTS (including re-exports) In continuation with the double digit growth exhibited by exports during March 2017, exports during April 2017have shown growth of 19.77 per cent in dollar terms valued at US$ 24635.09 million as compared to US$ 20568.85 million during April,2016. In Rupee terms, duringApril 2017 exports were valued at Rs. 158913.79 crore as compared to Rs. 136720.11 crore during April,2016, registering a positive growth of 16.23 per cent. Non-petroleum and Non Gems & Jewellery exports in April 2017 were valued at US$ 17718.87 million against US$ 15136.41 million in April 2016, an increase of 17.06 %. The growth in exports is positive for all major economies, USA (4.74%), EU (0.16%),Japan (13.30%) except for China (-1.56%)for February 2017 over the corresponding period of previous year as per latest WTO statistics. IMPORTS Imports during April 2017 were valued at US$ 37884.28 million (Rs. 244380.52crore) which was 49.07 per cent higher in Do

India on Sunday boycotted China’s high-profile Belt and Road Forum, taking its protest over a controversial economic corridor traversing through Pakistan-occupied Kashmir (PoK) to a new level despite Beijing’s overtures to ensure New Delhi’s participation. Following India’s boycott, Pakistan Prime Minister Nawaz Sharif, taking a veiled swipe at New Delhi’s move, said the multi-billion dollar China-Pakistan Economic Corridor (CPEC) was an economic project open to all the nations in the region and it “must not be politicised”. No Indian official of any level was present at the elaborate opening ceremony attended by 29 heads of state and government along with top officials of the world bodies like the UN, the World Bank and the IMF. India skipped the meeting due to its sovereignty concerns over the USD 50 billion CPEC, which passes through PoK. Sharif, Sri Lankan Premier Ranil Wickramasinge, Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan were among the w

Tejas, the Light Combat Aircraft today successfully demonstrated an Air-to-Air Beyond Visual Range (BVR) missile firing capability by releasing Derby Air-to-Air BVR missile in RADAR guided mode. The missile launch was performed in Lock ON after Launch mode for a BVR target in the look down mode and the target was destroyed.  The objective of the test was to assess the Derby integration with aircraft systems on-board Tejas including the aircraft avionics, fire-control radar, launchers and Missile Weapon Delivery System and to verify its performance.  The test was conducted on a Manoeuvrable Aerial Target at the Interim Test Range (ITR), Chandipur. The sensors at ITR also tracked the target and missile.  A safe separation was followed by missile guidance towards RADAR acquired target. The flawless launch was demonstrated with all on-board systems performing satisfactorily and the missile scored a direct hit on the target with complete destruction of it.  The test firing achiev

It’s named after a Nordic God and drills deep into the heart of a volcano: “Thor” is a rig that symbolises Iceland’s leading edge efforts to produce powerful clean energy. If successful, the experimental project could produce up to 10 times more energy than an existing conventional gas or oil well, by generating electricity from the heat stored inside the earth: in this case, volcanic areas. Nearly 3 miles depth Launched in August last, the drilling was completed on January 25, reaching a record-breaking depth of 4,659 metres (nearly 3 miles). At this depth, engineers hope to access hot liquids under extreme pressure and at temperatures of 427 degrees C (800 F), creating steam that turns a turbine to generate clean electricity. Iceland’s decision to harness the heat inside the earth in a process known as geothermal energy dates back to the 1970s and the oil crisis. But the new geothermal well is expected to generate far more energy, as the extreme heat and pressure at that depth

India's Geosynchronous Satellite Launch Vehicle (GSLV-F09) successfully launched the 2230 kg South |Asia Satellite (GSAT-9) into its planned Geosynchronous Transfer Orbit (GTO) today (May 05, 2017). Today’s launch of GSLV was its eleventh and took place from the Second Launch Pad at the Satish Dhawan Space Centre SHAR (SDSC SHAR), Sriharikota, the spaceport of India. This is the fourth consecutive success achieved by GSLV carrying indigenously developed Cryogenic Upper Stage. In its oval shaped GTO, the South Asia Satellite is now orbiting the Earth with a perigee (nearest point to Earth) of 169 km and an apogee (farthest point to Earth) of 36,105 km with an orbital inclination of 20.65 deg with respect to the equator.  Few seconds before the launch countdown reached zero, the four liquid propellant strap-on motors of GSLV-F09, each carrying 42 tons of liquid propellants, were ignited. At count zero and after confirming the normal performance of all the four strap-on motors, the 1

The UN Economic and Social Commission for Asia and the Pacific (ESCAP) said in its annual flagship report ‘The Economic and Social Survey of Asia and the Pacific 2017’ launched on Monday that the economic growth for India is projected to be stable at 7.1% in 2017 before edging up to 7.5% in 2018, underpinned by higher private and public consumption and increased infrastructure spending. Growth in India is forecast at 7.1% this year as “re-monetisation restores consumption, and infrastructure spending increases”, the report said. Inflation is projected to reach 5.3-5.5% in 2017 and 2018, which is somewhat above the official target of 4.5-5%. The report, however, noted that a key downside risk for India was heightened financial sector risks related to the concentration of bad loans in public sector banks. The gross non-performing assets ratio in public sector banks reached almost 12% in 2016, which points to the need for “bank recapitalisation”, it said. Noting the impact of demonetis

The merger of cash-rich oil producer Cairn India into its debt-ridden parent Vedanta Ltd is now complete, the two firms announced on Tuesday. "This merger consolidates Vedanta's position as one of the world's largest diversified natural resources companies, with world-class, low-cost assets in metals and mining and oil and gas," a joint statement by the two firms said. After absorbing its cash-rich subsidiary, Vedanta will have a larger pro forma market capitalisation of $15.6 billion and higher free float of 49.9 percent. The two companies announced plans of the merger in June 2016, which would give the metals and mining company Vedanta access to Cairn India's cash, helping it cut debt. In July last year, Vedanta had sweetened its merger proposal to win over minority shareholders like LIC. Shareholders of Cairn India will get one equity share of Vedanta and four redeemable preference shares of face value Rs 10 and coupon 7.5 percent, as against the proposal

China successfully conducted maiden glide test of its first amphibious aircraft, stated to be the largest in the world, in the southern Chinese city of Zhuhai. The glide was conducted on Saturday. Other tests and check-ups are under way, according to the China Aviation Industry General Aircraft Co Ltd. Designed to be the world’s largest amphibious aircraft, the 37-meter AG600 with a wingspan of 38.8 meters, has a maximum take-off weight of 53.5 tonnes. It can collect 12 tonnes of water in 20 seconds, and transport up to 370 tonnes of water on a single tank of fuel, state-run Xinhua news agency reported. With excellent manoeuvrability and a relatively wide search scope range, the AG600 will be mainly used for maritime rescue, forest fire fighting, marine environment monitoring and protection. Aviation Industry Corp of China said in March that AG600 would embark on its maiden flight over land in late May and on water in the second-half of 2017. The aircraft developer has received o

The nearly 50-m-tall rocket that weighs about 400 tonnes will carry what is now dubbed as the ‘South Asia Satellite’ or what the Indian Space Research Organisation still prefers to call GSAT-9. The 2230-kg satellite has been fabricated in three years and is purely a communications satellite costing Rs. 235 crore. The uniqueness of this satellite is that it will have a footprint that extends all over South Asia and India is gifting it to its neighbours who according to India’s assessment could be helped in better utilising these space-based technologies. The South Asia Satellite has 12 Ku band transponders which India’s neighbours can utilise to increase communications. Each country will get access to at least one transponder through which they could beam their own programming and there could be common ‘South Asian programing’ as well. Each country has to develop its own ground infrastructure though India is willing to extend assistance and know-how. According to the governm

 The Burmese government will not accept China’s offer to help mediate affairs in restive Arakan State, but “will collaborate” with Bangladesh, according to the President’s Office spokesperson U Zaw Htay. According to Bangladeshi foreign ministry officials, China has offered to help tackle a diplomatic row between the two countries over the plight of tens of thousands of Muslim minority Rohingya who fled violence in Arakan State and sought refuge in Bangladesh since late 2016. U Zaw Htay told reporters during a press conference on the National League for Democracy government’s first-year performance on Friday that the NLD administration “understands China’s concerns.” He noted China’s development project in Kyaukphyu, a special economic zone in Arakan State, but said that the government would opt to take a more standard path in obtaining assistance in dealing with conflict in the region. Chinese Special Envoy of Asian Affairs Sun Guoxiang was quoted as saying during his four-day trip

The Central Military Commission (CMC), the overall high command of the People’s Liberation Army headed by President Xi Jinping, has decided to reorganise the army, defence ministry spokesperson senior colonel Yang Yujun said on Thursday. Yang said that 13 army groups (army corps) will be formed from the previous 18. The move is a crucial step to build a strong and modernised new-type army and is important to shifting the focus of the PLA from quantity to quality and efficiency, he told the media in Beijing. In response to a question on reform of military academies and research institutions, Yang said that the reform aims to adapt to the new command system and military structure, as well as to provide talent and theoretical and technological support to the building of a first-class military force. The downsizing of the PLA was announced by President Xi in 2015 to make the force leaner and reliant on modern warfare. The unprecedented reform began in November 2015, when CMC unveiled a

North Korea has agreed to host a UN rights expert for the first time, granting access next week to the special rapporteur on disabled people’s rights, the world body said Thursday. Catalina Devandas-Aguilar is scheduled to arrive in the isolated nation on Wednesday following an invitation from Pyongyang, the UN rights office said in a statement. Her visit “will be the first ever to the country by an independent expert designated by the UN Human Rights Council,” the statement said. The rights council has accused North Korea of committing crimes against humanity and detaining up to 1,20,000 people in brutal prison camps. The North Korean regime last month boycotted a rights council session scrutinising its record, branding the body’s work a “mere political attack”. Devandas-Aguilar said the upcoming visit marked a important chance to study the situation in the country, with a particular focus on children living with disabilities. “My upcoming visit to DPRK (Democratic People’s Repu

China’s plan to build a new city about two hours drive from Beijing has raised hopes it may catalyze better urban design across the nation, enhancing economic efficiency and cutting air pollution. The potential for gains is huge in a country where tens of millions of rural residents will move into urban areas by the end of the decade. The nation’s cities are afflicted by urban sprawl and designs that force millions of people to rely on cars to get around, exacerbating chronic traffic congestion and choking air pollution. Xiongan New Area, announced April 1, has been lauded by state media as a demonstration project for a new model of optimized development in densely-populated areas. It’s also intended to ease the pressure on Beijing, the capital city that plans to cap its population at 23 million by 2020. Morgan Stanley expects the investment in infrastructure and relocation to run about 2 trillion yuan ($290 billion) in the first 15 years. "China’s really pushed the idea in the

China needs to raise its military capabilities to protect its growing overseas interests, its foreign minister said following the launch of China’s first domestically built aircraft carrier, but he vowed not to pursue expansionism. China launched the carrier on Wednesday amid rising tension over North Korea and regional worries about Beijing’s assertiveness in the South China Sea and its broader military modernisation programme. Speaking during a visit to Germany, Chinese Foreign Minister Wang Yi said Chinese business and citizens had spread all around the world, with millions of people living overseas and nearly 30,000 Chinese-funded businesses registered in other countries. “Under this new environment, China has ample reason to raise its own national defence capability to effectively protect its fair rights that are increasingly extending overseas,” Wang said in response to a question on the new carrier, according to a statement on the ministry’s website on Thursday. Wang said Ch

China offered on Tuesday to help tackle a diplomatic row between Bangladesh and Burma over the flight of minority Rohingyas, two Bangladesh foreign ministry officials said. Around 69,000 Rohingyas have fled to Bangladesh to escape violence in northern Arakan State since October, straining relations between the two neighbors who each see the stateless Muslim minority as the other nation’s problem. Chinese special envoy Sun Guoxiang, beginning a four-day trip to Bangladesh, urged Dhaka to resolve the row with Burma bilaterally, but also said Beijing stood ready to help in the matter, a foreign ministry official in Dhaka told Reuters. Sun made the proposal during a meeting with Bangladesh Foreign Secretary Shahidul Haque, the official said. He declined to be named, saying he was not authorized to speak to the media. “The envoy told us at the meeting that they were ready to help if necessary,” the official said. Another foreign ministry official confirmed the information but also asked

China on Wednesday launched its first domestically built aircraft carrier, which will join an existing one bought second-hand from the Ukraine, amid rising tensions over North Korea and worries about Beijing’s assertiveness in the South China Sea. State media said the carrier, designed in China and built in the northeast port of Dalian, is not expected to enter service until 2020. The announcement by the official Xinhua news agency had been well-flagged as foreign military analysts and Chinese media have for months published satellite images, photographs and news stories about the second carrier’s development. China confirmed its existence in late 2015. Its launch follows China’s celebration on Sunday of the 68th birthday of the founding of the Chinese navy, and it comes amid renewed tensions between North Korea and the United States over Pyongyang’s nuclear and missile programmes.

A state-owned Chinese firm has offered to invest $2 billion in Bangladesh’s construction materials sector, a media report said. The China Building Materials Federation has presented a plan to Bangladesh Investment Development Board (BIDA) offering $2 billion investment in the sector, bdnews24 reported. BIDA said a 12-strong Chinese delegation met its Executive Chairman Kazi M. Aminul Islam on Tuesday and expressed interest in investing. The chairman said they would get ‘one stop service’ in Dhaka. The Chinese side presented a proposal on ‘Cooperation Proposal for China-Bangladesh Building Material Upgrade Project and the Development of Industrial Park’ for investment in construction materials such as bricks, tiles, cement, ceramics and mosaic. Both sides also agreed to sign a MoU for an institutional framework of the proposal. BIDA is working to woo investors through a series of reforms. It aims at improving Bangladesh’s ranking in the World Bank’s ease of doing business index to be

India’s participation is very important to the Belt and Road initiative. It’s not only because of India’s population, labour resource and market size, but also India’s political influence on countries in South Asia and the Indian Ocean,” an article in the Global Times said. Written by Liu Zongyi, senior fellow of Shanghai Institutes for International Studies, the article said India’s attitude toward the Belt and Road initiative will affect these countries’ decisions on whether to participate in the initiative. China requires India’s cooperation on anti-terrorism, regional stability and security in building the Belt and Road venture, it said. “India’s attitude toward the initiative is clear: supporting some part of the Belt and Road, opposing and hedging the China-Pakistan Economic Corridor (CPEC) and the Maritime Silk Route, and delaying and replacing the Bangladesh-China-India-Myanmar (BCIM) economic corridor,” the article said. Three years have passed since the Belt and Road proj

At least 100 kg of cannabis was seized by the Border Security Force (BSF) officials in West Bengal’s North 24-Parganas district , an official said. Acting on a tip-off, the Ramchandra Pur outpost troopers mounted a special vigil near the International Border, the official said. “The BSF personnel challenged some unidentified men with head loads and seized the Hemp cannabis wrapped in 47 plastic packets,” Deputy Inspector General R.P.S. Jaswal of the BSF’s South Bengal Frontier said. “The smugglers managed to flee taking advantage of the darkness. The cannabis has been handed over to the customs department of Bangoan for legal action,” he added. The south Bengal frontier of the BSF has seized 406.45 kg of cannabis and apprehended three smugglers so far this year.

Around 1000 kilograms of Cannabis worth approximately seven crore twenty lakh rupees in the international market has been seized by the 41 battalion Sashastra Seema Bal (SSB) and Narcotics Control Bureau (NCB) Kolkata zonal unit on Friday night in Siliguri-Kolkata highway. The narcotics consignment was being brought from Manipur and was being transported to Kolkata. Throwing light on the catch Deputy Inspector General (DIG), SSB B.K Pal said that they had received information from their source.Meanwhile, on Friday evening Police also seized a truck loaded with 250 Kilograms of Cannabis and arrested two people in Boudh District of Odisha. The accused were smuggling cannabis to Bihar from Boudh.

In a major drug haul, the Narcotics Control Bureau have seized over 1,700 kilogram of poppy husk. This contraband of poppy husk was hidden behind the air conditioners in the container, which were to be off loaded in Haridwar. According to director (NCB) Madho Singh, a tip-off was received by the NCB that container was heading to Jodhpur from Ahmedabad with a huge consignment of poppy husk, to be delivered in Jodhpur. Upon the information, the NCB sleuths put up a nakabandi at Dangiawas near Jodhpur and intercepted a container bearing Gujarat registration number matching with the information in the tip-off. "The container was stuffed with the air conditioners. On minute checking of the container, these sacks of poppy husks were found hidden in the boxes of air conditioners," Singh said. The NCB seized the container and arrested the driver identified as Kanhaiyalal Nath. On weighing the poppy husk, it was found to be 1,745 kg packed in the sacks. Singh said that the contai

The World Bank, in its latest report, said that the remittances to developing countries fell for a second consecutive year in 2016, a trend not seen in three decades. This was attributable mainly to the drop in oil prices and fiscal tightening in the oil producing countries in the Middle East, which has a significant Indian migrant population accounting for a large chunk of remittances. India, while retaining its top spot as the world's largest remittance recipient, led the decline with remittance inflows amounting to $62.7 billion last year, a decrease of 8.9% over $68.9 billion in 2015. In the latest edition of the Migration and Development Brief, the Bank estimates that officially recorded remittances to developing countries amounted to $429 billion in 2016, a decline of 2.4% over $440 billion in 2015. Global remittances, which include flows to high-income countries, contracted by 1.2% to $575 billion in 2016, from $582 billion in 2015. Low oil prices and weak econom

International  media have hailed China's successful launch of its first cargo spacecraft Tianzhou-1, which has docked with a space lab. Reuters reported that China's first cargo spacecraft's launch and successful docking with the Tiangong-2 space lab marked a major step toward Beijing's goal of establishing a permanently manned space station by 2022. The Tiangong-2 (Heavenly Palace 2) space laboratory was home to two "taikonauts" for a month last October in China's longest ever manned space mission, the report said. The Associated Press reported that the launch and docking marked further progress in China's ambitious space program. The report said that since China conducted its first crewed space mission in 2003, it has staged a spacewalk and landed its Jade Rabbit rover on the moon. A mission to land another rover on Mars and bring back samples is set to launch in 2020, while China also plans to become the first country to soft-land a probe on the

Participating in G-20 finance ministers’ and central bank governors’ meeting, he said emerging economies have become increasingly important in driving global growth, accounting for more than 75% of global expansion. Among emerging economies, “India has been a major driver of global economic growth with an expected growth of 7.5 per cent for 2017-18 against 7.1 per cent in 2016-17”, an official statement quoted him as saying. India’s growth, he said, remains resilient with low inflation, fiscal prudence and low current account deficit (CAD), talking about robust structural reform measures. Addressing the meeting yesterday, Jaitley said India is on course to introduce the goods and services tax (GST) from July this year. GST, he said, will eliminate the multiplicity of taxes and make India a single common market. As per International Monetary Fund (IMF) projections, India’s medium-term growth is poised to go above 8%, Jaitley said. The finance minister said demonetisation will push th

Malaysia has reached an agreement to pay Abu Dhabi $2.5 billion as partial debt settlement for embattled government fund 1MDB . , according to a person familiar with the matter. Under a deal that’s expected to be announced Monday on the London Stock Exchange, Malaysia will pay Abu Dhabi $1.2 billion before the end of this year, said the person, who asked not to be identified as the information isn’t yet public. Malaysia will also assume the coupon obligations for two dollar bonds issued by 1MDB and co-guaranteed by Middle Eastern sovereign wealth fund International Petroleum Investment Co., the person said.  1MDB and the Malaysian finance ministry will pay the $2.5 billion through proceeds raised from the sale of units Brazen Sky Ltd. and 1MDB Global Investment Ltd., the person said. The two countries also agreed not to pursue legal action before December 2020 as they negotiate the dispute over $3.5 billion linked to the two bonds, the person said. 1MDB and IPIC were locked in a tus

Thousands of Chinese jihadis have come to Syria since the country’s civil war began in March 2011 to fight against government forces and their allies. Some have joined the al-Qaida’s branch in the country previously known as Nusra Front. Others paid allegiance to the Islamic State group and a smaller number joined factions such as the ultraconservative Ahrar al-Sham. But the majority of Chinese jihadis are with the Turkistan Islamic Party in Syria, whose vast majority are Chinese Muslims, particularly those from the Turkic-speaking Uighur majority native to Xinjiang in China. Their growing role in Syria has resulted in increased cooperation between Syrian and Chinese intelligence agencies who fear those same jihadis could one day return home and cause trouble there. The Turkistan Islamic Party is the other name for the East Turkistan Islamic Movement that considers China’s Xinjiang to be East Turkistan. Like most jihadi groups in Syria, their aim is to remove Assad’s secular govern

North Korea is prepared to respond to any nuclear attack by the United States in kind, the country’s number two official said Saturday. “We’re prepared to respond to an all-out war with an all-out war and we are ready to hit back with nuclear attacks of our own style against any nuclear attacks,” Choe Ryong-Hae said in a speech at a ceremony before a large military parade started, which was broadcast live by the North’s Korean Central TV. The US had earlier warned that a policy of “Stratergic patience” with North Korea is over according to state news agency. The concern has grown since the US Navy fired 59 Tomahawk missiles at a Syrian airfield last week in response to a deadly gas attack. As North Korea marks its founders day, it warned to face retaliation to any kind of US military attack. “The Trump administration, which made a surprise guided cruise-missile strike on Syria on April 6, has entered the path of open threat and blackmail,” KCNA news agency quoted the milit

The New Development Bank (NDB) set up by the BRICS countries — Brazil, Russia, India, China and South Africa — plans to issue bonds this year in Indian rupee and Chinese yuan, its president K V Kamath said on Friday. The bank sold its first three billion yuan (USD 437 million) yuan-denominated bonds in China last year in July to fund clean energy projects in member-states. Kamath, a former executive with India’s largest private lender ICICI Bank, told the state-run Xinhua news agency that after last year’s issuance of bonds, the preparation for the second batch of yuan-denominated bonds, possibly in the second half of this year, is expected to be more smooth. The size will be around three billion yuan, similar to the last one. He said the issuance will come after the bank is rated by international rating agencies. Between USD 300-500 million of rupee-denominated ‘masala’ bonds will be issued after July, added Kamath, who is based in Shanghai. ‘Masala’ bonds are rupee-denominate

Israel Aerospace Industries limited announced that it been awarded contracts in India totaling almost $2 billion. The deal includes a huge contract worth over $1.6 billion - the largest defense contract in Israel's defense industries' history, to deliver an advanced MRSAM air and missile defense system to the Indian Army. The company will also supply additional LRSAM air and missile defense systems to be built in India for Indian aircraft carriers. MRSAM is an advanced ground breaking air and missile defense system that provides the ultimate protection against a variety of aerial threats. In its existing version, MRSAM is operational with the Indian Air Force, Indian Navy and Israel Defense Forces. The system includes an advanced phased-array radar, command and control, mobile launchers and missiles with advanced RF seekers. MRSAM was developed jointly for the Indian Army by IAI and India’s Defense Research and Development Organization (DRDO) in collaboration with Rafael Adv

The World Bank will support India as it sustainably develops its first modern inland water transport fairway on a 1,360 km-stretch of the Ganga river between Varanasi and the seaport of Haldia, bringing thousands of jobs in cargo logistics and transportation to one of the most populous regions in the country.  The World Bank’s Board today approved a $375 million loan to help the Inland Waterways Authority of India (IWAI) put in place the state-of-the-art infrastructure and navigation services needed to develop the waterway -- known as National Waterway 1 -- as an efficient logistics artery for northern India, while adopting the least intrusive methods of making the river navigable.  The Capacity Augmentation of National Waterway 1 (Jal Marg Vikas) Project will help save more than 150,000 tons of CO2 equivalent in greenhouse gas emissions annually by moving cargo away from fossil fuel-consuming road and rail networks. Experience from other countries shows that carrying bulk cargo by

Toshiba corp. shares recovered after Japan’s national broadcaster reported that Apple Inc. is considering an investment of several billion dollars in its semiconductor unit, raising the prospect that the struggling electronics conglomerate will get a much-needed cash infusion. Toshiba has put its memory chips business up for sale to make up for a writedown of 716.6 billion yen ($6.56 billion) in its U.S. nuclear equipment operations. One option being considered is an investment accompanied by Toshiba holding shares, so that a majority of the semiconductor unit will be held by U.S. and Japanese interests, satisfying the respective governments, NHK said. Yukihito Uchida, a spokesman for Toshiba, declined to comment on Apple’s involvement and the NHK article. Toshiba shares were down 4.8 percent at 1:56 p.m. in Tokyo, after declining as much as 8.1 percent during morning trade. The stock is down about 29 percent this year. While Toshiba has been narrowing the field of interested

Military force cannot resolve tension over North Korea, China said on Thursday, while an influential Chinese newspaper urged the North to halt its nuclear programme in exchange for Chinese protection. Concerns have been growing that North Korea could soon conduct a sixth nuclear test or more missile launches in defiance of UN sanctions and stark warnings from the United States that a policy of patience was over. With a US aircraft carrier group steaming to the area in a show of force and tensions rising, fears of a confrontation have been rising. China, North Korea’s sole major ally and neighbour, which nevertheless opposes its weapons programme, has called for talks leading to a peaceful resolution and the denuclearisation of the peninsula. “Military force cannot resolve the issue,” Chinese foreign minister Wang Yi told reporters in Beijing. “Amid tensions we will also find a kind of opportunity to return to talks.” While US President Donald Trump has put North Korea on noti