Economic & Political Weekly 11-11-2018

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Economic & Political Weekly

Politics-

  • In the US Midterm election Democrats have takes control of the House of Representatives with 225 seats with Republicans having 197 seats; however Republicans have firmed up their position in the Senate with 51 seats against Democrats having 46 seats. Against, Governors Republicans have won 26 and Democrats 23.

History makers are Rashida Talib and IIhan omar, two Muslim women who won the House of Commons seats

Deb Haaland and Sharice Davids are the first Native American women elected to Congress.

Alexandria Ocasio-Cortez is the youngest woman elected to Congress

 

  • Donald Trump has banned CNN reporter to enter White house after a hot talk.

Further Sarah Sanders also accused the journalist of “placing his hands on a young woman” during a heated exchange with the president. Journalists in USA are protesting against US government step.

  • India’s capital New Delhiwas enveloped in a blanket of thick grey smog that threatens to worsen when millions of residents illuminate their homes with oil lamps and burst firecrackers to celebrate Diwali, the annual festival of lights.

The city’s toxic air, classified by the authorities as “hazardous”, was over 15 times the World Health Organization’s (WHO’s) recommended limit.

  • Turkey is home to more displaced Syrians than any other country, but growing intercommunal violence between refugees and their hosts is straining relations.

Sanliurfa, a city of 830,000 people in southeast Turkey, is the latest to be rocked by unrest between Syrians and Turks. On September 27th, two Turkish youths were killed by Syrians following an argument between neighboring families.

The events in Sanliurfa are part of a growing trend. The number of violent incidents involving Turks and Syrians trebled in the second half of last year, according to the International Crisis Group.

  • Islamic State left at least 200 mass graves in Iraq, United Nations report says.

The UN says the mass graves may “contain critical forensic material” that could help identify the victims.

The public mood has shifted over refugee children on Nauru Island in Australia.

After Trump in the US, Erdogan in Turkey, Bolsonaro in Brazil and gains for extremist parties across Europe, Australia might have been expected to follow suit and embrace hard-right nationalism.

But given recent events, it increasingly looks like the country already had its hard-right moment when Tony Abbott was prime minister from 2013 to 2015, and is now shifting towards left.

  • Sri Lanka on the brink after ‘tyrant’ president dissolves parliament

Sri Lanka’s largest party vowed to mount a full scale challenge to the President Maithripala Sirisena after the shock sacking of parliament that left the country teetering on the edge of further civil unrest.

President Maithripala Sirisena dissolved his country’s parliament at midnight on Friday and called snap elections, risking a return of a revolt that saw one a protester die from gunshots fired at protesters.

Economy-

  • Import expo is Shanghai is now making its waves. For example €50 million worth of deals have been signed at the International Import Expo in Shanghai by Irish companies. These included Glen DimplexCartoon Saloonand Irish Breeze.

The event took place as President Donald Trump is pressing China to reduce its huge trade deficit with the US, stop stealing intellectual property and to tear down barriers to trade, and has introduced extra tariffs of 10 per cent on $200 billion (€175 billion) of Chinese products, which are due to increase to 25 per cent by the end of the year.

For its part, China has introduced levies of about $60 billion (€53 billion) on US goods.

Strong US economy makes Fed December rate rise more likely in future.

Wage growth is accelerating in US on back of job gains. With this US Federal Reserve chairman Jerome Powell has said that The Federal Reserve has stayed on course for further increases in short-term interest rates, with the next move widely expected as soon as December, as the central bank attempts to keep the economy on an even keel as the labor market strengthens rapidly.

The Federal Open Market Committee kept its target range at 2-2.25 per cent on 8th Nov 2018 and gave a bullish verdict on the US economy, noting that unemployment had dropped further as growth in economic activity and household spending remained strong. Investment growth, the committee noted, has decelerated compared with earlier this year.

  • Mostly the world Stock Markets remained negative at the close of week.
Name Current Value Change % Chg
US Markets
Nasdaq (Nov 09) 7,406.90 -123.99 -1.67
European Markets
FTSE 100 (Nov 9) 7,105.34 -35.34 -0.50
CAC 40 (Nov 9) 5,106.75 -24.70 -0.48
DAX (Nov 9) 11,529.16 1.84 0.02
Asian Markets
Nikkei 225 (Nov 9) 22,250.25 -236.67 -1.06
Straits Times (Nov 9) 3,077.97 -15.27 -0.50
Hang Seng (Nov 9) 25,601.92 -625.80 -2.44
Taiwan Weighted (Nov 9) 9,830.01 -115.30 -1.17
KOSPI (Nov 9) 2,086.09 -6.54 -0.31
 SET Composite (Nov 9) 1,668.52 -13.21 -0.79
 Jakarta Composite (Nov 9) 5,874.15 -102.66 -1.75
Shanghai Composite (Nov 9) 2,598.87 -36.76 -1.41
SGX Nifty (Nov 10) 10,572.00 -50.50 -0.48

 

Pakistan

Politics

  • Prime Minister Imran Khan has claimed that his maiden visit to China was “successful” and Pakistan would reap its benefits in the days to come.

Apprising the federal cabinet of his recent visit to China, the prime minister said Pakistan and China had never signed such pacts which were done during his official visit. “The visit to China was more successful than expected as the host country has assured Pakistan of every kind of assistance,” he added.

As far opponents are concerned they say that on Prime Minister Imran Khan Return from his trip to China, one thing is becoming glaringly clear: the Pakistani state is completely clueless regarding the larger objectives of the Belt and Road Initiative (BRI).

Pakistani Christian woman freed after blasphemy acquittal.

Authorities say Asia Bibi in secure location but deny that she has been allowed to leave the country.

  • Minister of State for Interior Shehryar Afridi has said that activists of some political parties, including the Pakistan Muslim League-Nawaz (PML-N), were behind the incidents of violence across the country during the recent three-day protest against acquittal of Christian woman Aasia Bibi in a blasphemy case.

By saying so he has almost forgotten the role of Khadim Hussain Rizvi in the case.

  • The Lahore High Court on 9th Nov 2018 accepted an application for hearing in which the petitioner has asked for the initiation of treason proceedings against Tehreek-i-Labbaik Pakistan (TLP) chief Khadim Hussain Rizvi and the chief of the Jamiat Ulema-i-Islam, Maulana Fazlur Rehman, over charges of issuing anti-state statements and inciting people to violence.

Justice Ali Baqar Najafi, while accepting the petition, filed by Advocate Syed Mohammad on behalf of Shabeerullah, has set the case for hearing on November 12 (Monday).

  • The Supreme Court will hear on November 12 a case regarding an alleged ‘fake degree’ held by Saleem Shahzad the National Accountability Bureau’s (NAB) director general for Lahore.

The matter of Shahzad’s degree was brought up in the apex court last year during the hearing of a suo motu case on alleged illegal appointments within NAB. The petitioner, journalist Asad Kharal, had claimed that Shahzad’s master’s degree transcript from 2002 is in the Calibri font, which was not commercially available until five years later.

  • The Islamabad district administration has withdrawn orders for the arrest of 19 Tehreek-i-Labbaik Pakistan (TLP) leaders who were allegedly involved in violence during the three-day protests against the acquittal of Aasia Bibilast week.

It emerged on Friday i.e. 9th Nov 2018.

  • War-related violence has killed 65,000 people in Pakistan in the last 17 years, including 23,000 civilians, 9,000 security personnel and 90 American contractors, says a report released on 8th Nov 2018. The rest of the casualties were anti-government fighters.

The report by the Brown University’s Costs of War Project notes that since 2001, when the United States launched its war on terror, about 507,000 people have been killed in Pakistan, Afghanistan and Iraq. The report also warns that there has been a 22 per cent increase in war deaths in the past two years.

  • A senior journalist was allegedly taken away by law enforcement agencies from his home in Karachi on Saturday, according to media organizations.

Nasrullah Khan Chaudhry, a senior journalist associated with Urdu-language daily Nai Baat, was ‘detained’ by security personnel following a raid on his residence on 10th Nov 2018 morning. His whereabouts are not known, said a statement issued by the Pakistan Federal Union of Journalists (PFUJ) and Karachi Union of Journalists (KUJ-Dastoor).

Economy

  • The visiting International Monetary Fund (IMF) team was informed on 9th Nov 2018 that the government intends to create a ‘wealth fund’ to turn loss-making public sector enterprises into profit-making entities before their sell-off.

The plan was shared with the IMF delegation by officials of the finance ministry, State Bank and Federal Board of Revenue during a fresh round of technical level talks focusing on privatisation programme of the government, which is striving to receive around $12 billion loan from the international lender.

  • FX reserves diminished by $98mn this week.

Foreign exchange reserves held by the central bank continues to show downward trend for the 11th consecutive week as they knock down 1.26 per cent on a weekly basis, according to data revealed on 8th Nov 2018.

  • The Central Directorate of National Savings (CDNS) has achieved Rs 385 billion savings during first four months of current fiscal year, from July 1 to October 2. The CDNS has set Rs 963 billion gross target for fiscal year (2018-19), senior official of CDNS told APP here on 9th Nov 2018.

The CDNS has notified upward revision. He said as per notification issued by the federal government, the new rates for Defense Savings Certificate, Special Saving Certificate, Regular Income Certificate, Savings Accounts, Shuhada Family Welfare account had been revised upward at an average of 10.03 percent, 8.83 percent, 9.72 percent, 7 percent, 11.88 percent, 11.88 percent respectively.

  • The week continued with down wards trends and finally slight upward trend in the stock markets as of 9th November 2018 as compared to 2nd November 2018.
Position as of 9th Nov 2018
Symbols         KSE100 PSX-KMI
Advanced (Curr.) 201
41388.88
20307.72
Declined (High) 122
     41567.19
20411.39
Unchanged (Low) 26
41208.26
20195.99
Total (Change) 349
21.50
34.09
Position as of 2nd Nov 2018
Symbols    KSE100 PSX-KMI
Advanced (Curr.) 228
42004.09
20606.49
Decled (High) 102
42243.83
20677.26
Unchanged (Low) 17
41607.16
20429.12
Total (Change) 347
287.99
57.37

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