Category Archives: current-topic-views
Ross Taylor scored his 18th one-day international century and combined in a 178-run partnership with Tom Latham to lead New Zealand to a three-wicket win over England in the first game of their five-match series.
India opener Shikhar Dhawan and fast bowler Bhuvneshwar Kumar made significant gains in the latest ICC T20I rankings, riding on their superlative performances in a 2-1 T20 International series win over South Africa.
SEOUL: North Korea on Sunday slammed the latest US measures against it as an “act of war”, after US President Donald Trump announced the “heaviest sanctions ever” on the nuclear-armed regime.
The measures, which Washington says are aimed at forcing Pyongyang to roll back its banned nuclear and weapons programmes, target more than 50 North Korea-linked shipping companies, vessels and trade businesses.
“Like we have said repeatedly, we consider any restrictions on us as an act of war,” the North’s foreign ministry said in a statement carried by the state-run KCNA news agency.
It also vowed a retaliation if the US “really has the nerves” to confront the North in a “rough” manner.
Trump warned on Friday that, if the latest sanctions don’t work, the US would “go to phase two” that “may be a very rough thing”, without elaborating.
In response, the North also vowed to “subdue the US in our own way” if provoked, saying “Trump is trying to change us with such sanctions and hostile remarks, which shows his ignorance about us”.
“We already have our own nuclear weapon — a treasured sword of justice to protect us from such threats from the US,” the foreign ministry said.
The comment came hours before the North’s senior delegation led by Kim Yong Chol, a blacklisted military general, is set to attend the closing ceremony of the South’s Winter Olympics, which will also be attended by Trump’s daughter Ivanka Trump.
NEW DELHI: The alleged Rs 11,300 crore fraud on state-run Punjab National Bank (PNB) committed by accused diamantaire Nirav Modi should not halt the entire system of corporate lending as demoralisation would set in among public sector bank (PSB) employees, industry body Assocham said on Sunday.
The country can “ill-afford” such fraud induced credit slowdown at a time when credit growth is showing signs of recovery and the economy set to grow at a higher pace, the Associated Chambers of Commerce and Industry of India (Assocham) said in a release here.
Noting the disturbing reports about banks clamping down certain impractical rules and procedures for trade finance, affecting both importers and exporters in the wake of the PNB scam, Assocham said the letters of credit (LOC) or letters of undertaking (LOU) allegedly misused by the diamond traders are legitimate instruments in global trade.
“While we may seek long-term solutions like privatisation of the banks, the need of this hour is to rally around honest bank officers and the honest business entities which have built trust on each other,” Assocham Secretary General D.S. Rawat said in a statement.
“Let one or a few black sheep not derail our financial system, which is resilient enough to withstand this kind of shocks, though ideally such jolts are better avoided and averted through systemic reforms,” he added.
According to Assocham, “letters of credit or letters of undertaking are an internationally accepted system of global trade.”
“While we need to ensure safe and sound functioning of the system and not allow loopholes like those in the PNB system of money or guarantee transfer, let banks not over-react and hit the trade and industry.”
Noting that Indian exports in January showed a deceleration in growth “even when the global economy is on the uptick”, Assocham said: “The pick up in the domestic economy would require higher imports. Thus, both imports and exports are key to our economy.”
“How else we encourage investment and jobs if we do not infuse confidence and trust in our financial system.
“By all means, punish the offenders at a fast speed and set examples; but the business should not be allowed to halt. There is a need for vigilance among all the lenders, even in the private sector,” the statement added.
Meanwhile Finance Minister Arun Jaitley has criticised regulators, as well as bank managements and auditors, for their failure to detect bank frauds saying “politicians are accountable but regulators are not”.
“We must always remember that regulators have a very important function. They ultimately decide the rules of the game and they have to have a third eye kept perpetually open and turned towards the sector. But unfortunately, in the Indian system, we politicians are accountable, the regulators are not,” Jaitley said.
Russia dramatically ended a 26-year men’s hockey title drought on Sunday, defeating Germany 4-3 in over-time in a championship-game thriller for the only gold medal by Russian men at the Pyeongchang Games.