VIF Information Alerts - 4th May 2018

No regrets: Xi Jinping says Marxism still 'totally correct' for China
Published: The Straits Times
04 May 2018

The decision of China's ruling Communist Party to stick with the political theories of Karl Marx remains "totally correct", President Xi Jinping said ahead of the 200th anniversary of the German philosopher's birthon Saturday (May 5). Since coming to power in 2012, Xi, widely seen as the most powerful Chinese leader since Mao Zedong, has said the party must not forget its socialist roots as it works to attain the"great rejuvenation of the Chinese nation". Click here to read... [2]

Impact of 'Chinese overcapacity on global trade is exaggerated, study finds
Published: The Economic Times
03 may 2018

The concept of global excess capacity, commonly used to support the creation of trade defences against China, is imprecise and unsound as a justification for US protectionism, a study by a Swiss-based trade watchdog said on Thursday.

Global Trade Alert, an initiative coordinated by Simon Evenett, professor of international trade at St Gallen University in Switzerland, sought to quantify excess capacity, especially in steel, and the damage to global trade. Click here to read... [3]

United States warns of consequences for China’s South China Sea militarisation
Published: The Hindu
04 May 2018

U.S. news network CNBC reported on Wednesday that China had installed anti-ship cruise missiles and surface-to-air missile systems on three outposts in the SCS. It cited sources with direct knowledge of U.S. intelligence.

Asked about the report, White House spokeswoman Sarah Sanders told a regular news briefing: “Were well aware of Chinas militarisation of the South China Sea. Weve raised concerns directly with the Chinese about this and there will be near-term and long-term consequences. Ms. Sanders did not say what the consequences might be. Click here to read... [4]

China says it has ‘indisputable sovereignty’ over South China Sea
Published: The Indian Express
03 May 2018

China today defended the deployment of anti-ship cruise missiles and surface-to-air missile systems in the disputed South China Sea, saying it has “indisputable sovereignty” over the area.

“China has indisputable sovereignty over the Nansha (known as Spratly) islands and its affiliated islands,” Foreign Ministry spokesperson Hua Chunying told a media briefing here when asked about the reported of deployment of the missiles. Click here to read... [5]

Defence Planning Committee holds first meeting in New Delhi, decides to create 'action plan' to deal with security challenges
Published: First Post
04 May 2018

The newly-constituted Defence Planning Committee on Thursday deliberated on the geo-strategic landscape of the region and decided to make an "action plan" to effectively deal with various security challenges facing the nation. The meeting, chaired by National Security Adviser Ajit Doval, also discussed ways to expedite modernisation of the armed forces and evolving a security strategy for the country, official sources said. Click here to read... [6]

India re-examining US pacts that could give access to top-notch weapons like armed drones
Published: The Economic Times
03 May 2018

The NDA government is now once again re-examining the two other “foundational agreements” being pushed by the US for over 15 years now, after inking the bilateral military logistics pact in 2016, in a sharp departure from the previous UPA regime that had virtually rejected them.

India and the US will hold fresh discussions on the two pacts — Communications Compatibility and Security Arrangement (COMCASA) and the Basic Exchange and Cooperation Agreement for Geo-Spatial Cooperation (BECA) — at a meeting here on Thursday and Friday. Click here to read... [7]

Forcefully take up Indian violations of water treaty with WB, NSC asks govt
Published: Daily Pakistan
03 May 2018

In a move to avert water crisis in Pakistan, The National Security Committee has asked the government to take up the violations of Indus Water Treaty by Indian with the World Bank in an assertive manner.

In the meeting that extensively discussed matters related to economy and water, the Deputy Chairman Planning Commission briefed the participants on the water policy approved by the Council of Common Interests during last month. Click here to read... [8]

Bangladesh open to out-of-court settlement over US$81 million cyber heist
Published: The Straits Times
04 May 2018

Bangladesh would consider an out-of-court settlement with a bank in the Philippines over US$81 million (S$107 million) stolen from its accounts in New York by hackers who wired the money to Manila, Bangladesh central bank officials said on Thursday (May 3).

In one of the world's biggest cyber heists, the hackers stole the Bangladesh Bank money held at the New York Fed in February 2016 using fraudulent orders on the SWIFT payments system and sent it to Rizal Commercial Banking Corp. From there, it disappeared into the casino industry in the Philippines. No one has been charged for the heist despite an international investigation and two years of finger-pointing among Bangladesh, Philippines, the Fed and SWIFT.Click here to read... [9]