Category: World

Germany’s parliament rejects a new opposition call to send Taurus missiles to Ukraine

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

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BERLIN: German lawmakers on Thursday rejected a new call by the opposition for the government to send Taurus long-range cruise missiles to Ukraine, a day after Chancellor Olaf Scholz defended his refusal to supply the weapons.

The main center-right opposition bloc has sought to keep up pressure on the issue and exploit divisions in Scholz’s unpopular three-party coalition, even as the German leader tries to put a lid on the debate. On Wednesday, he told lawmakers that prudence is a virtue and rejected suggestions that he doesn’t trust Kyiv.

Parliament’s lower house, or Bundestag, rejected the opposition Union bloc’s motion by 495 votes to 190, with five abstentions.

Germany has become the second-biggest supplier of military aid to Ukraine after the United States, but Scholz has stalled for months on Ukraine’s desire for Taurus missiles, which have a range of up to 500 kilometers (310 miles) and could in theory be used against targets far into Russian territory.

His position has frustrated the conservative opposition and parts of Scholz’s own coalition. The criticism didn’t diminish after Scholz finally offered a detailed explanation last month, pointing to his insistence that Germany must not become directly involved in the war.

Lawmakers last month urged the government to deliver further long-range weapons to Ukraine but voted down a previous opposition call explicitly urging it to send Taurus missiles.

Critics reject Scholz’s argument that Taurus missiles could only be used responsibly with the involvement of German soldiers, whether inside or outside Ukraine. That, he said Wednesday, is “a line that I as chancellor do not want to cross.”

The “supposed prudence has always only fueled Mr. (Russian President Vladimir) Putin in his aggression against Ukraine — that is the result,” opposition lawmaker Johann Wadephul told lawmakers. “He will only retreat if he is only forced to. Either we enable Ukraine to win the war or we will lose with it. There is no third way.”

Rolf Mützenich, who leads the parliamentary group of Scholz’s Social Democrats, suggested that the debate was being driven by domestic political motives.

“Germany is the country that, after the United States, does most for Ukraine,” he said.

A senior lawmaker with the Greens, one of Scholz’s junior coalition partners, made clear that her party continues to back sending Taurus missiles but rejected what she called “shop-window motions” by the opposition. Agnieszka Brugger noted that any decision can only be made by senior ministers.

But she said that “hesitation and procrastination also can ultimately contribute to escalation” and rejected Scholz’s attempts to shut down the debate. She said that France and Britain have sent similar missiles and that hasn’t meant a further escalation.

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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

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Test – Retesting CMS – New Post – Standard Article..

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

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Test – Retesting CMS Standard Article

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

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

SpaceX launches first all-European commercial crew to ISS | WATCH

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

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A SpaceX rocket blasted off Thursday carrying the first all-European commercial crew to the International Space Station, a landmark mission for a region looking to mount a comeback following a series of setbacks.

SpaceX’s Falcon 9 rocket topped with its Crew Dragon capsule lifted off at 4:49 p.m. local time from NASA’s Kennedy Space Center in Florida, according to a webcast of the mission managed by SpaceX and Axiom Space Inc.

The crew is expected to dock at the orbiting research laboratory, some 250 miles (402km) above Earth, at roughly 5:15 am New York time on January 20.

Falcon 9 launches Ax-3, Dragon’s 12th human spaceflight mission pic.twitter.com/VaswQz7npo

— SpaceX (@SpaceX) January 18, 2024

The Ax-3 mission is Axiom’s third crewed mission into low-Earth orbit. The Houston-based company is focused on developing private space stations.

Commanding Thursday’s flight is Michael López-Alegría, who led the Ax-1 mission in 2022, Axiom’s first mission to the ISS. Pilot Walter Villadei from the Italian Air Force and mission specialists Marcus Wandt of Sweden and Alper Gezeravci of Turkey will also participate in the two-week mission.

William Gerstenmaier, vice president of build and flight reliability at SpaceX, joked with the crew after the launch: “You’re demonstrating the ultimate in reuse: a reused commander, a reused Dragon, and a reused Falcon. Or maybe flight experience is a better word. Enjoy space!”

The launch comes as Europe’s space industry has struggled to get off the ground due to delays. The Ariane 6 rocket, which is four years behind schedule, is expected to blast off this summer, while the Vega-C rocket is set to lift off during the fourth quarter after a mission failure at the end of 2022.

“This year will look much better,” Josef Aschbacher, the director general of the European Space Agency, said last week at an annual press briefing.

Also Read: Joe Biden hits at Donald Trump, saying 2024 rival wants stock market crash

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

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Joe Biden hits at Donald Trump, saying 2024 rival wants stock market crash

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

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US President Joe Biden lambasted Donald Trump for comments casting the US as a “failing nation,” plugging his agenda in a Republican-leaning state he aims to pick up in November’s election.

The US President during a Thursday event in North Carolina hit Trump for predicting the economy will crater and hoping any stock market crash happens under Biden’s watch.

“He doesn’t want to be the next Herbert Hoover. I told him: He’s already Hoover. He’s the only president to be president for four years and lose jobs, not gain jobs,” Biden said, referring to the president who was in office at the time of the 1929 market crash that triggered the Great Depression.

Trump in office touted Wall Street’s performance as a gauge — however imperfect — of his economic stewardship. The S&P 500 Index gained about 70% during Trump’s tenure, compared with 24% for Biden.

Biden has increasingly hammered Trump’s record, seeking to draw a contrast with his predecessor ahead of a likely general election matchup in which the president’s handling of the economy will take center stage. Biden has pointed to data that show a strong economy, low unemployment and inflation cooling.

“He wants to see the stock market crash” because he does not want to acknowledge the economy is now performing well, Biden said.

On Thursday, Biden cast his approach as a “fundamental break from trickle-down economics,” which he said was “super-charged” under Trump. Biden said Trump’s policies “shrank public investment in education, infrastructure and education, and hollowed out communities, closing factories and leaving too many behind.”

Swing State

Biden traveled to the Raleigh-Durham area in North Carolina on official business to tout his economic agenda, but the 2024 map loomed large. Trump won North Carolina in 2020, but Biden’s team has signaled it will contest the state this year in a likely rematch between the two men.

The president has accelerated his campaign efforts as Trump seeks to quickly sew up the Republican presidential nomination after a blowout victory in Iowa, the first state to vote. Polls show the men in a close race.

Biden trailed Trump by 5 percentage points among registered voters in seven swing states, a Bloomberg News/Morning Consult poll taken last month found. The gap was widest in North Carolina, where Trump’s lead was nine points.

Biden Refines Economic Pitch for 2024 in Bet Worst Is Behind Him

Biden on Thursday announced $82 million from the American Rescue Plan, his first Covid-era stimulus law, to connect 16,000 North Carolina homes and businesses to high-speed Internet. Between that package and the president’s infrastructure law, his administration is investing over $3 billion in North Carolina on Internet connectivity.

Biden cast the efforts as a sign of how his policies had aided communities across the country — even those that had not backed him.

“I promised to be a president for all America, whether you voted for me or not. These investments help all Americans in red states and blue states as well,” Biden said, touting the state’s 3.5% unemployment rate — which he said had fallen since Trump was in office.

He highlighted $11 billion in investments his administration has made in the state, citing $1 billion to help build a rail line between Richmond and Raleigh and $110 million to replace the Alligator River Bridge.

High Costs

Biden acknowledged there was still work to do, particularly on lowering costs, but said there had been signs of progress.

“Costs are still too high, but inflation continues to fall and mortgage rates are falling. They’re going to fall more,” he said.

Thursday’s event is the latest attempt by the White House to showcase Biden’s efforts to lower prices for Americans and reverse the poor marks voters give him on his economic stewardship. Just 31% of adults approve of Biden’s handling of the economy, according to an ABC News/Ipsos poll released this week.

A Democratic presidential nominee has won the Tar Heel state just twice in the past five decades, most recently Barack Obama in 2008. But Biden’s photo finish with Trump in 2020, when he lost by just 0.3 percentage points, has encouraged Biden’s campaign he can compete there.

Alsp Read: Hunter Biden to give private deposition in impeachment probe

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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

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Hunter Biden to give private deposition in impeachment probe

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

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US Presidential son Hunter Biden is to give a closed-door deposition Feb. 28 on his overseas business activities, which are at the center of House Republicans’ impeachment inquiry into Joe Biden.

The announcement by two House panels leading the probe follows a lengthy battle with the younger Biden, who had demanded that he answer investigators’ questions in public. Biden has agreed to give the deposition, said an ally who is familiar with his team’s discussions with the two committees.

Last week, the committees, Oversight and Judiciary, recommended Hunter Biden be held in contempt of Congress for refusing to comply with subpoenas.

Hunter Biden’s attorney, Abbe Lowell, argued the prior subpoenas weren’t legally valid because they were issued before the House voted to authorise the impeachment inquiry. Lowell conceded new subpoenas would be valid.

The Biden team’s negotiations with investigators included ways to address the younger Biden’s concerns that Republicans would leak misleading material from private testimony, said the person who asked not to be identified discussing private talks.

House Oversight Chairman James Comer said investigators would release a transcript of the deposition as soon as possible afterward. He added the panel could do a public hearing after the deposition.

House Republicans have been investigating Hunter Biden’s foreign business dealings and those of other Biden family members, including looking for evidence of whether the president knew of, or profited from, the business activities of his son.

The House in December formally voted along party lines to authorize he impeachment inquiry into the president’s potential involvement, despite concerns among some in the GOP that the investigation has yet to produce evidence of misconduct by the president.

Also Read: Congress approves funding to avert US government shutdown

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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

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Congress approves funding to avert US government shutdown

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

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Congress passed a temporary spending bill to avert a partial US government shutdown this weekend, sending the legislation to the White House, where President Joe Biden plans to sign it.

The interim measure would finance some US agencies — set to run out of money after Friday — through March 1 and others through March 8.

The House voted 314 to 108 Thursday to pass the short-term funding just hours after the Senate approved it. Nearly half of House Republicans voted against the measure while Democrats overwhelmingly supported it.

House Speaker Mike Johnson rebuffed a last-minute effort by ultraconservative Republicans in the House Freedom Caucus to scuttle the legislation by adding demands on immigration policy changes anathema to many Democrats.

“Americans did not give Republicans a majority in the House to continue Nancy Pelosi’s inflationary spending and Joe Biden’s failed policies,” the Freedom Caucus said in a statement just before the vote opposing the bill.

Some Republican hardliners are angered that the speaker went back on a promise he made in November not to allow more temporary extensions of funding and bucked ultraconservatives who want to use the threat of a government shutdown to pressure Biden to accept border policy changes.

Johnson instead held up emergency war funds for Ukraine as leverage in border talks, leading to an impasse on Ukraine aid.

White House Press Secretary Karine Jean-Pierre said Biden would sign the temporary measure but urged Congress to settle on long-term funding to keep open the government.

“Instead of wasting more time on partisan appropriations bills that violate the budget agreement two-thirds of them voted for last spring, House Republicans must finally do their job and work across the aisle to pass full-year funding bills,” Jean-Pierre said in a statement emailed to reporters shortly after the House vote.

The short-term package is meant to give lawmakers time to complete negotiations on annual funding for the fiscal year that began Oct. 1.

Yet six weeks of funding to March 1 may not be enough time to work out remaining differences. The House is scheduled to be on break for three of those weeks, raising prospects for yet another short-term spending bill.

“I think that’s where we’re headed unless something dramatic happens,” Dick Durbin of Illinois, the No. 2 Senate Democrat, said Thursday.

Leaders in both parties have agreed on an effective $1.66 trillion spending cap for the year but still are negotiating how to distribute the money among government departments and programs. They also have to resolve conservative demands to attach policies like immigration and abortion restrictions to the bills and funding for lawmakers’ individual pet projects.

If the government is operating under interim funding on April 30, automatic across-the-board spending cuts would be triggered under provisions in last June’s debt ceiling compromise. That threat could spur lawmakers to finally settle 2024 spending.

Also Read: Japan’s slowing inflation supports case for BoJ to wait longer

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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

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Nasdaq 100 hits record high in tech-fueled rebound

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

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A rally in some of the world’s largest technology companies fueled a rebound in stocks, with traders also weighing the latest economic data and Fedspeak for clues on the US central bank’s next steps.

After a back-to-back slide, the S&P 500 rose as bond-market volatility abated. The Nasdaq 100 closed at an all-time high as Apple Inc. climbed on an analyst upgrade and Taiwan Semiconductor Manufacturing Co.’s outlook lifted chipmakers on hopes for a global tech recovery in 2024.

Stock traders were unfazed by data underscoring labor-market strength at a time when Fed officials are looking for signs of a slowdown as they contemplate cutting rates. Fed Bank of Atlanta President Raphael Bostic urged policymakers to proceed cautiously given the potential impacts of unpredictable events from elections to global conflicts. His Philadelphia counterpart Patrick Harker said he expects inflation to keep ebbing toward the target.

“Given the underlying strength of the US economy, it’s difficult to get too bearish at this point,” said Chris Zaccarelli at Independent Advisor Alliance. “The pervasive pessimism and doubt about the stock market and economy is a contrarian signal and one of the best reasons to push against the crowd. Once the last skeptic has been converted, the market will be again vulnerable to a large shock, but we aren’t at that point yet.”

The S&P 500 closed around 4,780, while the Nasdaq 100 added 1.5%. A gauge of chipmakers gained almost 3.5%. Treasury two-year yields remained around 4.35%. Oil topped $74 a barrel. Bitcoin slid below $41,000.

The rebound in stocks suggests things are calmer, but that’s not to say conditions will remain that way, according to Fawad Razaqzada at City Index and Forex.com. He cited a growing perception that big central banks might not lower rates as much or as soon as the market thought they would.

“There’s clearly a desperate desire to cling on to the optimism that enabled such a strong end to the year, but unlike in that period, the data isn’t really playing ball,” said Craig Erlam at Oanda. “The releases we’ve seen so far this month have been fine and in the main, perfectly in keeping with the expectations people had coming into 2024. But is that enough?”

Meantime, Blackstone Inc. Chief Executive Officer Steve Schwarzman said he expects the Fed to lower rates and sees “animal spirits” returning to the markets as more investors make that bet too. The Fed’s timing on rate declines won’t be clear, creating a “baffling effect” among investors, he told Bloomberg Television on the sidelines of the World Economic Forum.

Coming off its best winning streak in two decades, the S&P 500 has run into a roadblock in 2024, with its all-time closing record set two years ago remaining elusive. But a technical gauge that measures the momentum to buy or sell stocks signals that bulls are still stepping in to snap up shares.

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

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

WEF 2024: We are living in an era of geopolitical recession, says Eurasia Group’s Ian Bremmer

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

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Technology is moving faster than governments, particularly when it comes to artificial intelligence (AI), said Ian Bremmer, President and Founder of the Eurasia Grop and GZero Media, on Thursday, January 18.

“These companies are increasingly sovereign in determining what AI is doing, what shows up on their platforms, how they engage, and how you engage with it… if you want to look at the governance of AI, you need to first and foremost understand the companies and their business models,” Bremmer told CNBC-TV18 from the sidelines of the World Economic Forum in Davos, Switzerland.

Bremmer also said that “we are living in an era of geopolitical recession,” and the American political scientist has listed the US confronting itself as one of the top global risks the world faces this year.

On Ukraine, Bremmer said that President Zelensky is fast losing support and is having a harder time getting military support. Just last week, the US halted the military aid it had been providing to Ukraine, and any further support on funding will require a vote in the US Senate dominated by the Republicans.

Calling 2024 “particularly geopolitically dangerous,” Bremmer said that the Israel-Palestine war will escalate significantly.

“It’s virtually certain that this war will escalate significantly, not only because the war in Gaza will continue but also because you will see greater levels of skirmishing with the Hezbollah and the North. And because the Houthis are not going to be deterred by the United States, even though there have been direct military strikes on Yemen just in the last few days. We’ve seen terrorist attacks in Israel. We’ve also seen military strikes between Iran and Pakistan both ways. I mean, there is a lot of tinder, and is very dry. And it is very easy for a spark to ignite this.”

On India, Bremmer said India has taken over the promenade because it is not just one country; it is a bunch of states.

On the country’s political milieu, Bremmer said, “You have a very stable election with a leader (PM Modi) that has over 75% approval… He’s an economic reformer. He’s pretty pro-business. So you’re getting the growth.”

Watch the full report in the accompanying video

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

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India plans to push WTO to ease subsidy rules on grain purchase

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

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India will continue to push the World trade Organization to ease subsidy rules for its public grain-procurement program at next month’s ministerial meeting, an official said.

The world’s most-populous nation procures grains including wheat and rice from farmers at predetermined prices, and then subsidizes it through the public distribution system to feed the poor. Buying food grains at predetermined prices is considered a subsidy for farmers under WTO rules, and trade distortion by developed countries.

A looming global food crisis has brought a new urgency to this decade-old debate. Prime Minister Narendra Modi’s government will make a case for quickly resolving the subsidy issue unconditionally and before all others, the official told reporters in New Delhi on the condition of anonymity as the matter isn’t public.

Developed countries have demanded a discussion on export curbs placed by India along with the domestic support it offers to farmers. India has curbed the export of wheat, rice, sugar and onions in a bid to cool domestic food prices ahead of an election this year, raising concerns over food security.

Asia’s third-largest economy will protect its policy space for taking actions such as export bans to ensure food security for its population, the official said.

New Delhi has been seeking a ‘permanent solution’ to the peace clause on public stockholding that was agreed over a decade ago. The clause aimed at shielding developing countries from being legally challenged over the so-called subsidies.

The Geneva-based trade body will hold the 13th ministerial conference — its highest decision-making body — from February 26-29 in Abu Dhabi.

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

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow