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First Post
23-07-2025
- Politics
- First Post
India, China delegations meet to discuss border issues, normalisation of bilateral ties
The two sides discussed measures aimed at 'advancing effective border management and sustaining peace and tranquillity,' building on understandings reached during the 23rd round of the Special Representatives' (SR) Talks held in 2024 read more A man walks inside a conference room used for meetings between military commanders of China and India, at the Indian side of the Indo-China border at Bumla, in the northeastern Indian state of Arunachal Pradesh, November 11, 2009. Reuters File India and China held the 34th meeting of the Working Mechanism for Consultation and Coordination on Border Affairs (WMCC) in New Delhi on Wednesday (July 23), in a fresh bid to sustain momentum on de-escalation efforts along the Line of Actual Control. The Indian delegation was led by Joint Secretary (East Asia) Gourangalal Das, while the Chinese side was headed by Hong Liang, Director General of the Boundary and Oceanic Affairs Department. STORY CONTINUES BELOW THIS AD According to a statement released by India's Ministry of External Affairs, both sides reviewed the situation in the border areas and expressed satisfaction with the 'general prevalence of peace and tranquillity,' noting progress toward 'gradual normalisation' of bilateral ties. Push for phased disengagement and SR-level talks The two sides discussed measures aimed at 'advancing effective border management and sustaining peace and tranquillity,' building on understandings reached during the 23rd round of the Special Representatives' (SR) Talks held in Beijing in March 2024. That round saw National Security Adviser Ajit Doval and Chinese Foreign Minister Wang Yi agree to a phased withdrawal at remaining friction points like Depsang and Demchok. The WMCC talks also prepared the ground for the 24th round of the SR Talks on the India-China boundary question, which is expected to be held in India later this year. The SR mechanism functions as a higher-level political dialogue to resolve the boundary dispute. Meeting follows two high-level ministerial visits The timing of the meeting adds to its significance, coming after two important bilateral exchanges this year. External Affairs Minister S. Jaishankar travelled to Beijing in January 2025, followed by Defence Minister Rajnath Singh's engagement with his Chinese counterpart on the sidelines of the Shanghai Cooperation Organisation (SCO) defence ministers' meeting in April. India and China have maintained multiple layers of engagement to navigate ongoing tensions in eastern Ladakh. While large-scale disengagement has been achieved at some points, talks remain deadlocked at several locations. With inputs from agencies
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First Post
22-07-2025
- Business
- First Post
How to grow a nation's GDP by 30% overnight? Nigeria knows the answer
Nigeria's 2024 GDP now stands at N372.82tn ($244bn) at current prices, up from the $187.76bn estimated by the World Bank. The magic lies in the statistics read more Nigeria's President Bola Tinubu looks on after his swearing-in ceremony in Abuja, Nigeria, on May 29, 2023. Reuters File Nigeria's economy is about 30 per cent larger than previously thought after the west African nation updated the method by which GDP is calculated, the first rejigging of its statistical model in more than a decade. Nigeria's 2024 GDP now stands at N372.82tn ($244bn) at current prices, up from the $187.76bn estimated by the World Bank, after the country's National Bureau of Statistics changed the base year from 2010 to 2019. This was done to account for previously excluded sectors such as a booming digital services industry, pension funds and the informal labour market, which employs most Nigerian residents. STORY CONTINUES BELOW THIS AD Emerging market economies are encouraged by development experts to regularly rebase their economies to better capture the size of their national output and produce economic data reflective of their nascent economies, Financial Times reported. Nigeria, Africa's most populous nation, last rebased its GDP in 2014. At the time, the change allowed it to surpass South Africa to become continent's largest economy, although it lost that crown in 2023. Following the latest rebasing, Nigeria's economy remains the fourth largest on the continent, behind South Africa, Egypt and Algeria. 'The rebasing exercise was timely,' said Michael Famoroti, an economist and head of research at Lagos-based data company Stears. 'It's usually good to do these every 10 years or so especially in developing countries when the economy can change quite a bit. Add the emergence in the digital economy in that period and we needed an updated picture of the economy.' Famoroti said the exercise had shown that a change in the composition of the Nigerian economy was well under way, with agriculture firmly cementing its place as the largest contributor to national output and crude oil 'barely' contributing, at 5 per cent. The rebasing makes certain metrics such as the country's debt-to-GDP ratio seem healthier. Nigeria's debt-to-GDP ratio was 52 per cent before the model change, but now stands at about 40 per cent. That is the same level as government's self-imposed 40 per cent mark and below the 55 per cent level encouraged by the World Bank and the IMF. STORY CONTINUES BELOW THIS AD 'My worry is that the higher GDP figure will embolden the government to be laxer with its debt sustainability,' added. 'The debt-to-GDP ratio has already declined on the back of this. But that's only masking the situation unfortunately.' Adeyemi Adeniran, head of the NBS, described the rebasing as the 'most comprehensive' ever carried out by the bureau at a press briefing in the capital Abuja. 'Digital activities, pension fund administrators and the informal sector activities, where more than 90 per cent of Nigerians are employed, are now being measured,' he said. Nigeria lost its status as Africa's biggest economy in 2023 after President Bola Tinubu devalued its currency to reflect its true value and attract foreign investment. The naira has lost more than 70 per cent against the US dollar since the measure was taken. Last week, Senegal's finance ministry said it would soon rebase its GDP for the first time since 2018, in the midst of a scandal over hidden borrowing that threatens to push its debt burden well over the current size of its economy. STORY CONTINUES BELOW THIS AD 'Rebasing could improve debt/GDP along with continued strong economic performance,' Bank of America analysts said. 'As such, the authorities may find this option appealing to resolve issues around the debt stock.' Senegal's dollar bonds have rallied since the announcement. The West African country's GDP currently uses 2014 as a base year. Last year, the IMF suspended a bailout for Senegal after billions of dollars in debt were misreported. The fund is waiting for the results of an investigation into the scandal.
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First Post
14-07-2025
- Business
- First Post
Singapore, London costliest for luxury spending; education, flight costs push UK capital past Hong Kong
Singapore remains the world's most expensive city for luxury spending for the third year in a row, while London has overtaken Hong Kong to claim second place, according to a report read more Singapore remains the world's most expensive city for luxury spending for the third year in a row, Reuters File Singapore remains the world's most expensive city for luxury spending for the third year in a row, while London has overtaken Hong Kong to claim second place, according to a Bloomberg report, citing Julius Baer's latest annual report. Monaco and Zurich rounded out the top five, while Shanghai — the 2022 leader — dropped two spots to sixth, added the report. The report found that prices of luxury goods tracked in its index fell by 2% — the first decline since the survey began in 2020. STORY CONTINUES BELOW THIS AD Julius Baer called the dip 'quite exceptional,' noting that luxury prices typically rise at twice the rate of average consumer inflation, reported Bloomberg. 'In light of ongoing uncertainty, trade tensions, and tariffs, our findings represent the final moment 'before' the current situation,' Bloomberg quoted Christian Gattiker, head of research at the Swiss bank, as saying. Next year's report 'will likely provide a fascinating 'after' perspective,' he said. With the current 'unpredictable nature' of the world, Singapore continues to attract the wealthy with its stability and security, while Hong Kong's new investment-for-residency scheme has sparked strong interest, reported Bloomberg, citing Julius Baer. Hotel suite prices jumped 10.3% in Singapore but fell 26.1% in Hong Kong. London climbed in the rankings, driven by a 26.6% surge in private education costs and a 29.7% rise in business class fares. However, the UK capital faced a 'turbulent ride' due to the abolition of non-domiciled residency status, prompting some wealthy individuals to look elsewhere. Cities like Dubai, Milan, and Zurich have benefited, with Dubai climbing five spots to seventh and emerging as a 'firm challenger' to traditional wealth hubs, added the report. 'The momentum of millionaires relocating to Dubai, which began during the pandemic, is predicted to continue,' the report said. New York ranked eighth and remains the only city in the Americas to make the top 10, while São Paulo and Mexico City saw the steepest drops, falling to 16th and 21st respectively. STORY CONTINUES BELOW THIS AD According to the report, the luxury sector is entering a downturn after an extended spending spree, weighed down by high interest rates, slower economic growth, and rising trade tensions. Technology led the decline in prices, though business class flights bucked the trend, rising 18.2%. The Julius Baer Lifestyle Index ranks 25 global cities based on the cost of luxury items—from property and private schools to cars and fine dining—based on surveys conducted with high-net-worth individuals (assets over $1 million) between February and March 2025. With inputs from agencies
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First Post
03-07-2025
- Business
- First Post
Russia becomes first country to recognise Taliban govt by accepting Afghan ambassador credentials
In a statement, the Russian Foreign Ministry said Moscow saw good prospects to develop ties and would continue to support Kabul in security, counter-terrorism and combating drug crime read more A flag of the Islamic Emirate of Afghanistan flutters at the Embassy of Afghanistan in Beijing, China. on October 19, 2023. Reuters File Russia said on Thursday it had accepted the credentials of a new ambassador of Afghanistan, making it the first nation to recognise the Taliban government of the country. In a statement, the Russian Foreign Ministry said Moscow saw good prospects to develop ties and would continue to support Kabul in security, counter-terrorism and combating drug crime. It also saw significant trade and economic opportunities, especially in energy, transport, agriculture and infrastructure. 'We believe that the act of official recognition of the government of the Islamic Emirate of Afghanistan will give impetus to the development of productive bilateral cooperation between our countries in various fields,' the ministry said. STORY CONTINUES BELOW THIS AD Afghan Foreign Minister Amir Khan Muttaqi said in a statement: 'We value this courageous step taken by Russia, and, God willing, it will serve as an example for others as well.' No other country has formally recognised the Taliban government that seized power in August 2021 as US-led forces staged a chaotic withdrawal from Afghanistan after 20 years of war. However, China, the United Arab Emirates, Uzbekistan and Pakistan have all designated ambassadors to Kabul, in a step towards recognition. The Russian move represents a major milestone for the Taliban administration as it seeks to ease its international isolation. It is likely to be closely watched by Washington, which has frozen billions in Afghanistan's central bank assets and enforced sanctions on some senior leaders in the Taliban that contributed to Afghanistan's banking sector being largely cut off from the international financial system. Complex history Russia has been gradually building relations with the Taliban, which President Vladimir Putin said last year was now an ally in fighting terrorism. Since 2022, Afghanistan has imported gas, oil and wheat from Russia. The Taliban was outlawed by Russia as a terrorist movement in 2003, but the ban was lifted in April this year. Russia sees a need to work with Kabul as it faces a major security threat from Islamist militant groups based in a string of countries from Afghanistan to the Middle East. STORY CONTINUES BELOW THIS AD In March 2024, gunmen killed 149 people at a concert hall outside Moscow in an attack claimed by Islamic State. U.S. officials said they had intelligence indicating it was the Afghan branch of the group, Islamic State Khorasan (ISIS-K), that was responsible. The Taliban says it is working to wipe out the presence of Islamic State in Afghanistan. Western diplomats say the Taliban's path towards wider international recognition is blocked until it changes course on women's rights. The Taliban has closed high schools and universities to girls and women and placed restrictions on their movement without a male guardian. It says it respects women's rights in line with its strict interpretation of Islamic law. Russia has a complex and bloodstained history in Afghanistan. Soviet troops invaded the country in December 1979 to prop up a Communist government, but became bogged down in a long war against mujahideen fighters armed by the United States. Soviet leader Mikhail Gorbachev pulled his army out in 1989, by which time some 15,000 Soviet soldiers had been killed. STORY CONTINUES BELOW THIS AD
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First Post
25-06-2025
- Business
- First Post
Switzerland in talks with US after F-35 fighter jet price dispute threatens $7.4 billion deal
Switzerland was informed the price for the F-35s would be dearer because of higher raw materials and energy costs, as well as higher US inflation, with the sum potentially increasing by $650 million to $1.3 billion, the government said read more A Lockheed Martin F-35A fighter jet performs during an exhibition flight at the 55th International Paris Airshow at Le Bourget Airport near Paris, France, on June 16, 2025. Reuters File Switzerland is holding talks with the United States after Washington tried to raise the price of new fighter jets Bern is buying for its air force, the government said on Wednesday. Bern chose Lockheed Martin's F-35A Lightning II as its next-generation fighter plane in 2021, with a fixed price of around 6 billion Swiss francs ($7.4 billion) for 36 jets, a decision that attracted controversy in neutral Switzerland. But the US Joint Program Office overseeing the project said last year the price could be higher, and the US Defence Security Cooperation Agency told Switzerland in February that the fixed price was a misunderstanding. STORY CONTINUES BELOW THIS AD Switzerland was informed the price for the F-35s would be dearer because of higher raw materials and energy costs, as well as higher US inflation, with the sum potentially increasing by $650 million to $1.3 billion, the government said. 'A contract is a contract,' said Urs Loher, head of Swiss defence procurement agency Armasuisse. 'With the procurement of the F-35A fighter aircraft, we're suddenly faced with a different reality, despite a clear fixed price.' As the agreement prevents a legal settlement of the dispute, a diplomatic solution must be sought, the government said. Defence Minister Martin Pfister said talks were now under way with the U.S. authorities. 'We still believe we'll find a solution with the U.S. authorities because they also have an interest in being perceived as a reliable contractual partner,' Pfister said, while as a last resort Switzerland could cancel the deal. The decision to buy the F-35A was contested in Switzerland, with opponents arguing against replacing the country's aging F/A-18 jets with an unnecessary 'Ferrari' option. Critics said Switzerland did not need cutting-edge warplanes to defend its territory, which a supersonic jet can cross in 10 minutes. The F-35A beat bids from Boeing's F/A-18 Super Hornet, the Rafale produced by France's Dassault and the four-nation Eurofighter built by Italy's Leonardo, Britain's BAE Systems and Airbus representing Germany and Spain. STORY CONTINUES BELOW THIS AD Still, Switzerland said it remained committed to the F-35A, and that cancelling the order would have serious consequences. 'Switzerland would no longer be able to guarantee the safety of its airspace and population from 2032, as the current F/A-18 fighter aircraft would reach the end of their service life,' Pfister said.
