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Project Syndicate July 21, 2020 China’s Five-Finger Punch Tibet is the key to China’s territorial claims in the Himalayan region – and not only because of geography. As long as the Communist Party of China – and especially China's revisionist president, Xi Jinping – holds a monopoly on power, none of the country’s neighbors will be safe. NEW DELHI – As the world struggles to cope with the COVID-19 pandemic, which first emerged in China, Chinese President Xi Jinping is pursuing his quest for regional dominance more aggressively than ever. From the Himalayas to Hong Kong and Tibet to the South and East China Seas, Xi seems to be picking up where Mao Zedong left off, with little fear of international retribution. The parallels between Xi and the despots of the past are obvious. He has overseen a brutal crackdown on dissent, engineered the effective demise of the “one country, two systems” arrangement with Hong Kong, filled concentration camps and detention centers...

South China Morning Post July 22, 2020 US investors still piling FDI money into China despite rising political tensions Foreign direct investment (FDI) from the US to China rose 6 per cent from a year earlier in yuan terms Overall, China’s holdings of US Treasury securities stood at US$1.08 trillion at the end of May, below the US$1.1 trillion level at the end of May 2019. Photo: Edmond So There was considerable resistance from larger metropolitan cities including Beijing, Shanghai and Shenzhen to Premier Li Keqiang’s support for the ‘street vendor economy’. Photos: He Huifeng Chinese officials are considering the possibility that Washington could cut off China’s access to the Swift international payment system. Photo: Shutterstock Lockheed Martin, the world’s largest military contractor, is the first American company that the Chinese government has targeted for punishment during the Trump administration. Photo: Reuters President Xi Jinping has called...

South China Morning Post July 22, 2020 China bought more US debt in May despite talk of financial war amid rising trans-Pacific tensions China added US$10.9 billion of the US Treasury securities in May, the first purchase since February, although the US$1.08 trillion total is slightly down from 12 months earlier Tensions have been rising between Beijing and Washington over the coronavirus, Hong Kong and Xinjiang, with questions raised over China’s access to the US dollar Lockheed Martin, the world’s largest military contractor, is the first American company that the Chinese government has targeted for punishment during the Trump administration. Photo: Reuters Chinese officials are considering the possibility that Washington could cut off China’s access to the Swift international payment system. Photo: Shutterstock President Xi Jinping has called on Chinese business entrepreneurs to be patriotic and innovative while the country grapples with the coronavirus ...

Livemint July 22, 2020 PACL Chit Fund Scam: Sebi asks investors to rectify errors in applications The PACL scam which was found to have illegally collected over ₹49,100 crore over a period of 18 years is considered to be one of the biggest chit-fund scams in India Sebi on Tuesday issued a notice to ask the investors or applicants of Pearls Agrotech Corporation (PACL), with claims between ₹5,000 and ₹7,000 to check the status of their claim applications online and rectify the deficiencies for settlement of the claims. The portal will be operational from August 1, 2020 to October 30, 2020. The PACL scam which was found to have illegally collected over ₹49,100 crore over a period of 18 years is considered to be one of the biggest chit-fund scams in India. The company was started in 1982. PACL and Pearls Golden Forest Limited(PGFL) illegally raised money from the poor on the pretext of sale and development of agriculture land. The Justice (Retd.) R.M. Lodha Com...

The Telegraph India July 21,2020       Infrastructure Leasing and Financial Services (IL&FS) Group expects to resolve over Rs 57,000 crore of its debt, which is more than 50 per cent of its overall debt of Rs 99,000 crore. Of this, the group estimates to address around Rs 50,500 crore of its debt by March 2021 and an additional debt of Rs 6,600 crore beyond this fiscal. The Centre had appointed a new board in IL&FS in 2018, led by veteran banker Uday Kotak. Speaking to the press on Monday through a video conference, Kotak, who is the group’s non-executive chairman, said, “We are putting out transparently things that we see today and our reasonable estimate of how things look as we go forward. We are committed to this road map and we will go all out as IL&FS board and management to make it happen.” Till June 30, 2020, IL&FS has addressed debt of Rs 17,640 crore from a combination of completed asset sales, debt repayment to green entities (th...

Livemint July 22, 2020 L&T expected to report Q1 net loss of ₹468 crore The management has said the loss of migrant labour during the lockdown has been a challenge in completing projects The company still sees opportunities in government buildings, data centres, healthcare infra, airports, metro rail MUMBAI: Engineering and infrastructure major Larsen and Toubro Ltd (L&T) is expected to report a net loss of ₹467.8 crore in the June quarter of FY21, according to a Bloomberg poll of two analysts. Consolidated revenue, according to a poll of 5 analysts, is expected to touch ₹20,678 crore, during the strictest covid-related lockdown in the world. The company’s management has said in previous months that the loss of migrant labour during the lockdown has been a challenge in completing projects. At the end of the March quarter, 90% projects of the company were functioning with 40% labour strength. Slow moving orders (5% of order book), stoppage of Andhra ...

Financial Express July 21, 2020 RIL share price tops Rs 2,000-mark for the first time, rallies 132% from March lows In a recent update, oil to telecom conglomerate informed the exchange that the company will be announcing its April-June quarter results on July 30, instead of on Friday, July 24, 2020, as intimated earlier RIL share price tops Rs 2,000-mark for the first time, rallies 132% from March lows Reliance Industries (RIL) share price climbed up nearly 2 per cent to hit a fresh record high of Rs 2,010 apiece on BSE, taking the market capitalisation of the firm to Rs 12.71 lakh crore. RIL stock price has surpassed Rs 2,000-mark for the first time since listing. In a recent update, oil to telecom conglomerate informed the exchange that the company will be announcing its April-June quarter results on July 30, instead of on Friday, July 24, 2020, as intimated earlier. “The completion of targeted net debt-free status and evolution of company’s Jio business into ...

Money Control Dated:July 20,202 Reliance Jio has sought spectrum in certain frequencies from the Department of Telecom for holding trials of the latest 5G technology, according to sources. The company's wholly-owned US-based subsidiary Radisys has already started selling some of the 5G solutions to foreign companies. According to sources, Reliance Jio on July 17 requested for 800 megahertz of frequencies in the 26 gigahertz (Ghz) and 24 Ghz band as well as 100 Mhz in 3.5 GHz band for running field trials in "urban centres like Delhi and Mumbai". "Jio has said that high frequencies has been put to use in advance countries like the US, South Korea, Japan, Canada, the UK. They also want trials in these bands should start in India to make India "Aatmanirbhar". Government is open to the suggestion and trials. Already many trials are going on," an official source said. The company has sought spectrum frequencies between 26.5 - 29.5 Ghz and 24...

First Post July 22, 2020 Washington:  The US House of Representatives has passed a bipartisan resolution, urging China to peacefully de-escalate the situation with India along the Line of Actual Control. The resolution on Tuesday came a day after the House unanimously passed an amendment to the National Defense Authorization Act (NDAA), slamming China's aggression against India in the Galwan Valley and its growing territorial assertiveness in and around disputed areas like the South China Sea. The troops of India and China have been locked in a standoff in several areas along the Line of Actual Control in eastern Ladakh since 5 May. The situation deteriorated last month following the Galwan Valley clashes that left 20 Indian Army personnel dead. The resolution, sponsored by Indian-American Congressman Raja Krishnamoorthi along with eight others, was passed by the House along with National Defense Authorization Act (NDAA) for the fiscal year 2021 and condemned Chinese ...

Livemint July 22, 2020 FIU to get PAN data from I-T dept to check large, suspicious cash transactions The Financial Intelligence Unit (FIU) is the nodal central agency authorised to obtain cash transaction reports (CTRs) from public and private sector banks every month to analyse and find out the suspicious cases The Income Tax Department has been allowed to share the PAN data of an individual of entity with the Financial Intelligence Unit to dig deeper into suspicious and large cash transactions at banks, according to the Central Board of Direct Taxes. The CBDT, which frames policy for the tax department, issued an order on July 16 allowing the two agencies under the Union Finance Ministry to share the data. The Financial Intelligence Unit (FIU) is the nodal central agency that is authorised to obtain cash transaction reports (CTRs) from public and private sector banks every month and after analysing these, it forwards the suspicious or intriguing such reports...