BRICS BANK AGREED TO CREDIT LINES
Five banks of the BRICS Bank Cooperation Mechanism have agreed to establish credit lines in the national currencies and cooperate on credit ratings.
The agreement to this effect was signed yesterday ahead of the BRICS Summit in China’s Xiamen city.
Brazilian Development Bank, Vnesheconombank, Export-Import Bank of India, China Development Bank and Development Bank of South Africa signed the agreement in Beijing yesterday.
The Chinese official said the decision was taken in order to strengthen further cooperation.
The agreement on credit ratings enables them to share information about internal credit ratings and rating assessment.
Ahead of the BRICS summit, the New Development Bank (NDB) of the BRICS countries has approved 1.4 billion US dollar loans for sustainable development projects in India, Russia and China.
For India, the Bank has approved 470 million US dollars loan for Madhya Pradesh’s Multi-Village Rural Drinking Water Supply Scheme Project.
WHY AREN’T INDIANS ANGRIER OVER NOTE BAN FAILURE?: BBC
The surprise cancellation of 86 % of the country’s currency caused huge disruption. Businesses stalled, lives were disrupted. Lots of people barely had the money to buy food.
NORTH KOREA CLAIMS DONE H-BOMB TEST
North Korea said Pyongyang detonated a hydrogen bomb with “perfect success”, adding that the device was capable of being loaded onto its long-range missiles.
North’s State news agency said the two shallow earthquakes that shook the country today were caused by the hydrogen bomb test.
This comes just hours after it said it had developed an advanced hydrogen bomb that possesses “great destructive power”. According to the agency, the North said it can now successfully mount a hydrogen bomb on an Intercontinental Ballistic Missile (ICBM).
The US Geological Survey was first to report an earthquake in North Korea today, citing a first most powerful tremor of 6.3 magnitude with a depth of 23 kilometres, which occurred at 11.30 a.m. local time.
China later said it had also detected a second quake of 4.6 magnitude in North Korea. A statement on the China’s Earthquake Administration said the second tremor, which it termed a “collapse”, came eight minutes after the first quake and struck 75km north northwest of Kimchaek.
Japan lodged a formal protest with Pyongyang after a major explosion at the isolated nation’s main test site. Japanese Prime Minister Shinzo Abe said, a sixth nuclear test by Pyongyang is absolutely unacceptable and could not be tolerated.
Talking to reporters in Tokyo, Japanese foreign minister Taro Kono said, after examining information from the weather agency and other information, Japan government concludes that North Korea conducted a nuclear test.
He said, the government registered a protest with the North Korean embassy in Beijing prior to the confirmation, calling any test extremely unforgivable. National news agency Yonhap said a meeting of South Korea’s National Security Council has been convened.
GOVERNMENT ALERTS ON SPREAD OF ‘LOCKY RANSOMWARE
The government has issued an alert on spread of new malware ‘Locky Ransomware’ that can lock computers and demand ransom for unlocking them.
Electronics and IT Additional Secretary Ajay Kumar tweeted that an alert regarding spam spreading Locky Ransomware was issued by Indian Computer Emergency Response Team yesterday.
Ransomware is a malicious software and the Locky Ransomware is learnt to be demanding ransom of half bitcoin, which at present rate is equivalent to over 1.5 lakh rupees. The alert, issued on Cyber Swachhta Kendra, said it has been reported that a new wave of spam mails is circulating with common subject lines to spread variants of Locky Ransomware.
The alert stated that the computer users are advised to exercise caution while opening e-mails and organisations are advised to deploy anti-spam solutions and update spam block lists.
PM MODI LEAVES FOR CHINA FOR BRICS SUMMIT
Prime Minister Narendra Modi has embarked on a two nation tour of China and Myanmar. On the first leg of his visit, he will reach this evening Xiamen, coastal city of Fujian province in China to attend the 9th BRICS Summit.
The theme of the Summit is “Stronger Partnership for a better future.” The Summit will begin on Monday morning with a welcome ceremony and a photo-op which will be followed by a BRICS restricted and plenary sessions. At least four documents, BRICS Action Agenda on Economic and Trade Development, , BRICS Action Agenda on the Innovation Cooperation, BRICS Customs Cooperation and an MoU between BRICS Business Council and New Development Bank are expected to be signed for the Summit.
“The BRIC, comprising, Brazil, Russia, India and China formally came into existence in 2006 and its first Summit was held in 2009. South Africa was admitted in 2011 and it became BRICS. Last Summit was held in Goa. The five-member bloc comprise 42 percent of the world’s population and 23 percent of global GDP. They have 17 percent share in world trade.
Even though global economic situation, international economic governance, development, national security and other multilateral issues will come up for discussion during the summit, all eyes will be on the possible meeting between Mr Modi and Chinese President in the backdrop of easing of tension on India-Bhutan-China border in Doklam.
AIR correspondent reports that on the second leg of the visit, the Prime Minister will travel to Myanmar for a state visit from September 5 to 7 at the invitation of President U Htin Kyaw.
Meanwhile, ahead of his visit, the Prime Minister in a Facebook post said yesterday that BRICS has important contributions to make in addressing global challenges and upholding world peace and security.
Meanwhile, ahead of his visit, the Prime Minister in a Facebook post said yesterday that BRICS has important contributions to make in addressing global challenges and upholding world peace and security.
He said, India had the privilege of hosting the previous summit in Goa in October last year and he is looking forward to building upon the results and outcomes of the Goa Summit.
The Prime Minister said, he is looking forward to productive discussions and positive outcomes that will support the agenda of a stronger BRICS partnership under the chairmanship of China.Mr Modi said, he is looking forward to engage with leaders of nine other countries, including BRICS partners, in an Emerging Markets and Developing Countries Dialogue, hosted by President Xi Jinping on Tuesday.
About his state visit to Myanmar which will be from 5th to 7th September, Mr Modi expressed confidence that the visit will open a bright new chapter in India-Myanmar relations and help in charting a roadmap for closer cooperation between the governments, business communities and at the people to people level.
The Prime Minister said, he is looking forward to meet President U Htin Kyaw, State Counsellor and Minister of Foreign Affairs Daw Aung San Suu Kyi. The Prime Minister said, India and Myanmar will also look at strengthening the existing cooperation on security and counter-terrorism, trade and investment, skill development, infrastructure and energy, and culture.
MODI CABINET ADDED NINE& FOUR MINISTERS ELEVATED
President Ram Nath Kovind administered the oath of office and secrecy to them at Rashtrapati Bhavan. New Ministers include former Mumbai Police chief Satyapal Singh. Lok Sabha MP’s from Madhya Pradesh Virendra Kumar, from Karnataka Anant Kumar Hegde, from Rajasthan Gajendra Singh Shekhawat, from Bihar Ashwini Kumar Choubey and Raj Kumar Singh. Rajya Sabha MP from Uttar Pradesh Shiv Pratap Shukla also takes oath today.
Nine new Ministers of state were inducted in the Union Council of Ministers today. Four Ministers of state were elevated to the cabinet rank. Country today got a woman Defence minister in Nirmala Sitharaman.
Dharmendra Pradhan is given additional charge of Skill Development. Piyush Goyal is new Railways minister in addition to coal. Mukhtar Abbas Naqvi was also elevated to Cabinet-rank.
Dharmendra Pradhan is given additional charge of Skill Development. Piyush Goyal is new Railways minister in addition to coal. Mukhtar Abbas Naqvi was also elevated to Cabinet-rank.
Suresh Prabhu is now new Commerce minister while Nitin Gadkari has been given additional charge of Water resources. R K Singh is new power minister given independent charge.
Santosh Kumar Gangwar is new minister of Labour and Employment. Col Rajyavardhan Singh Rathore is new minister of state independent charge youth affairs and sports in addition to I&B ministry. Former IAS officer K Alphons has been given independent charge of tourism ministry. Former IFS officer Hardeep Singh Puri is independent charge of the ministry of Housing and Urban affairs.
President Ram Nath Kovind administered the oath of office and secrecy to them at Rashtrapati Bhavan. New Ministers include former Mumbai Police chief Satyapal Singh. Lok Sabha MP’s from Madhya Pradesh Virendra Kumar, from Karnataka Anant Kumar Hegde, from Rajasthan Gajendra Singh Shekhawat, from Bihar Ashwini Kumar Choubey and Raj Kumar Singh. Rajya Sabha MP from Uttar Pradesh Shiv Pratap Shukla also takes oath today.
