VIF Information Alerts - 13 July 2018

World Bank says India beat France to become sixth largest economy: Report
Published: Business Standard
11 Jul 2018

Updated World Bank figures for 2017 show that India is now the world's sixth-biggest economy, having muscled past France, which was pushed to the seventh spot, news agency AFP reported on Wednesday. India's gross domestic product (GDP) stood at $2.597 trillion at the end of 2017, compared to $2.582 trillion for France. The US continued to be the world's biggest economy, followed by China, Japan and Germany. Britain remained the world's fifth-biggest economy with a GDP of $2.622 trillion at the end of 2017Click here to read... [2]

India, South Korea ink 10 pacts in areas like Big Data, anti-dumping
Published: Business Standard
11 Jul 2018

India and Korea on Tuesday signed 10 agreements covering a broad spectrum of areas, including Internet of Things (IoT), Artificial Intelligence (AI), Big Data and anti-dumping. A joint statement on the Early Harvest Package of the Upgraded Comprehensive Economic Partnership Agreement (CEPA) was today exchanged between Suresh Prabhu, Minister for Commerce and Industry Minister and his Korean counterpart Kim Hyun-Chong.Click here to read... [3]

U.K. may fine Facebook over data protection breaches
Published: The Hindu
11 Jul 2018

Britain's information regulator said on Wednesday she intends to fine Facebook for breaches of data protection law as her office investigates how millions of users' data was improperly accessed by consultancy Cambridge Analytica. Facebook CEO Mark Zuckerberg has faced questioning by U.S. and EU lawmakers over how Cambridge Analytica improperly got hold of the personal data of 87 million Facebook users from a researcher.Click here to read... [4]

Trump Derides NATO as ‘Obsolete.’ Baltic Nations See It Much Differently
Published: The New York Times
10 Jul 2018

As President Trump joins his second NATO summit meeting — having called the alliance “obsolete,” derided its members as deadbeats and suggested that American military protection is negotiable — there is deep unease on the alliance’s eastern flank. And that sense has only been heightened by Mr. Trump’s scheduled one-on-one meeting next week with President Vladimir V. Putin of Russia.Click here to read... [5]

Investors Dump Turkish Lira as They Turn Cold on Emerging Markets
Published: The Wall Street Journal
10 Jul 2018

Global investors who were once eager to buy any dip in emerging markets are now backing away, fearing that a big tumble could herald more weakness ahead. A sharp decline in the Turkish lira late Monday was the latest example. The currency plunged 3.5% after President Recep Tayyip Erdogan appointed his son-in-law as finance minister and put in place measures that could curb the independence of Turkey’s central bank.Click here to read... [6]

Iran slams India for not making investments in Chabahar port
Published: The Tribune
11 Jul 2018

Iran on Wednesday criticised India for not fulfilling its promise of making investments in expansion of the strategically located Chabahar port and said New Delhi will stand to lose "special privileges" if it cuts import of Iranian oil. Iran's Deputy Ambassador and Charge d'Affaires Massoud Rezvanian Rahaghi said Iran will end the privileges being provided to India if tries to source oil from countries like Saudi Arabia, Russia, Iraq, the US and others to offset cuts in Iranian oil.Click here to read... [7]

Pakistani Canadian says he had a role in anti-India UN Report on Kashmir
Published: The Economic Times
10 Jul 2018

A Pakistani-origin journalist based in Canada has claimed that the UN High Commissioner for Human Rights, Zeid Ra'ad al-Hussein, was in constant touch with him while preparing the controversial report on Kashmir which was rejected by India. Zafar Bangash is an Islamic movement journalist based in Toronto and an Imam at the Islamic Society of York Region's Mosque.Click here to read... [8]

India to propose to Bangladesh single high border fences with anti-cut, anti-climb properties
Published: The Economic Times
11 Jul 2018

India has decided to propose to Bangladesh “single line high fences with anti-cut, anti-climb properties” along the border areas which have yet to be fenced. Nearly 300 villages, which are located on the zero line and within 150 yards of the international border, have been identified for such fencing, said people aware of the matter. The proposal is part of the Narendra Modi-led government’s initiative to have the entire India-Bangladesh border properly fenced. It will come up for discussion with Bangladesh government during Union home minister Rajnath Singh’s two-day visit to Dhaka from July 13.Click here to read... [9]

Army chief declares war on graft, waste and sycophancy
Published: The Times of India
11 Jul 2018

From preventing misuse of CSD liquor and curbing ostentatious functions and sycophancy to removing orderlies deployed for retired senior officers and awarding exemplary punishment for moral turpitude, Army chief General Bipin Rawat has issued a series of directives for strict implementation to his over 12-lakh strong force. Uploaded as "a summary of directions" on the internal Army Wide Area Network that connects all formations, units and establishments across the country, Gen Rawat's directives have created waves down the ranks in the force as well as the larger veteran community. Click here to read... [10]