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April
India should not accelerate energy purchases from Russia -U.S. administration official
Written by Nur Yasmin
U.S. President Biden discussed issues regarding Ukraine, including India's energy purchases from Russia, with Prime Minister Narendra Modi in a virtual meeting on Monday but did not make a "concrete ask," a senior U.S. administration official said.
India will make its own decisions, but the United States believes India should not accelerate energy purchases from Russia after its invasion of Ukraine and the ensuing war, the official said. The two leaders had an hour-long, productive and candid conversation, the official said. (Reuters)
April
Biden, Modi talk as U.S. works to shore up response to Russia
Written by Nur Yasmin
U.S. President Joe Biden and Indian Prime Minister Narendra Modi held talks on Monday as Washington pushed its Asian ally to support its response to Russia's invasion of Ukraine.
Starting an hour long call U.S. officials described as "warm" and "candid," Biden and Modi both expressed growing alarm in public at the destruction inside Ukraine, particularly in Bucha, where many civilians have been killed.
And Biden told Modi that it was not in India's interest to increase oil imports from Russia, but he stopped short of making any specific demands, U.S. officials said.
"It was a very candid conversation," said a senior administration officials. "India is gonna make its own judgments."
Broad talks between the world's two largest democracies took place as the United States seeks more help from India in condemning and applying economic pressure on Russia for its invasion of Ukraine.
"Recently, the news of the killings of innocent civilians in the city of Bucha was very worrying," Modi said during a brief portion of the meeting open to reporters. "We immediately condemned it and have asked for an independent probe."
Modi also told Biden he had suggested in recent conversations with Russia that Putin and Ukrainian President Volodymyr Zelenskiy hold direct talks.
The South Asian nation has tried to balance its ties with Russia and the West but unlike other members of the Quad countries - United States, Japan and Australia - it has not imposed sanctions on Russia.
Lured by steep discounts following Western sanctions on Russian entities, India has bought at least 13 million barrels of Russian crude oil since the country invaded Ukraine in late February. That compared with some 16 million barrels for the whole of last year, data compiled by Reuters shows.
"The president conveyed very clearly that it is not in their interest to increase that," said White House spokesperson Jen Psaki. But a U.S. official added that "we haven't asked India to do anything in particular."
Psaki did not disclose whether India had made any commitments on energy imports but said Washington stands ready to help the country diversify its sources of energy.
The Biden-Modi meeting will be followed by talks between U.S. Secretary of State Antony Blinken, U.S. Secretary of Defense Lloyd Austin, Indian External Affairs Minister Subrahmanyam Jaishankar and Indian Defense Minister Rajnath Singh.
Biden, who last spoke to Modi in March, recently said that only India among the Quad group of countries was "somewhat shaky" in acting against Russia over its invasion of Ukraine.
Still, the president stopped short of making a "concrete ask" of Modi on Monday, an official said, noting that India has concerns about deepening ties between Russia and China.
Biden told Modi he is looking forward to seeing him in Japan for a Quad meeting "on about the 24th of May" and the two leaders also discussed a range of other issues, officials said.
Russia has failed to take any major cities since it launched its invasion on Feb. 24 but Ukraine says it has been gathering its forces in the east for a major assault and has urged people to flee. read more
Moscow has rejected accusations of war crimes by Ukraine and Western countries. It has denied targeting civilians in what it calls a "special operation" to demilitarize and "denazify" its southern neighbor. Ukraine and Western nations have dismissed this as a baseless pretext for war. (Reuters)
April
Ukraine's Zelenskiy seeks military aid from South Korea
Written by Nur Yasmin
Ukrainian President Volodymyr Zelenskiy on Monday asked Seoul for any military aid it could provide as he said Russia could only be forced to make peace.
Speaking in a video address to South Korean lawmakers, Zelenskiy said his country needed more help, including weapons, if it is to survive the war.
"You have something that can be indispensable for us ... armoured vehicles, anti-aircraft, anti-tank, anti-ship weapons," he said.
Zelenskiy said South Korea had many weapons that could not only help save the lives of ordinary Ukrainians but help prevent Russia from attacking other nations.
"There is and cannot be a hope that Russia will stop on its own," Zelenskiy said. "Russia can only be forced to do this, can only be forced to seek peace."
He said tens of thousands of people had likely been killed in Russia's assault on the southeastern city of Mariupol alone. Reuters could not verify the accuracy of his estimate. read more
Russia, which calls its actions in Ukraine a “special operation,” invaded Ukraine in late February.
Seoul’s defence ministry on Monday said it had rejected a request by Ukrainian defence minister Oleksii Reznikov for anti-aircraft weapons.
In a phone call on Friday, South Korean defence minister Suh Wook told his Ukrainian counterpart that any support of lethal weapons would be limited in light of South Korea's security situation and its potential impact on military readiness, ministry spokesman Boo Seung-chan said at a briefing.
Zelenskiy did not mention that rejection, but said "the usual rules for supplying weapons must be reviewed and acted upon quickly."
Kim Jong-dae, a defence expert who oversees military reform at the liberal minor opposition Justice Party, on Saturday said the U.S. Embassy in Seoul had also asked the South Koreans to send surface-to-air weapons, namely the KM-SAM missile system with a range up to 40 km (24.9 miles) and an altitude of 15 km (9.3 miles), citing unnamed sources.
South Korea has provided humanitarian assistance worth $10 million to Ukraine and pledged last week to send another $30 million, while shipping some 20 types of non-lethal items including bulletproof helmets and medical kits, totaling 1 billion won ($811,000). ($1 = 1,232.7100 won)
The U.S. Embassy did not immediately have a comment on Kim's remarks. (Reuters)
April
Ousted Pakistani PM Khan's party resigns from lower house of parliament
Written by Nur Yasmin
Legislators from ousted Pakistani prime minister Imran Khan's party announced they are resigning en mass from the lower house of parliament on Monday in protest against the formation of a new government by his political opponents on Monday.
"We are announcing we are all resigning," Shah Mahmood Qureshi, former foreign minister and vice president of Khan's party, said in a speech in the assembly ahead of the vote to elect a new prime minister.
Khan was ousted in a no-confidence vote by the same assembly in the early hours of Sunday. (Reuters)
April
New Zealand prime minister to visit Singapore, Japan
Written by Nur Yasmin
New Zealand's Prime Minister Jacinda Ardern will lead a trade mission to Singapore and Japan later this month, the government said Monday in a statement.
The statement said that the prime minister, who will be accompanied by Minister for Trade and Export Growth Damien O’Connor and 13 business leaders, is making the visit to reconnect with two of its closest Indo-Pacific economic and security partners.
"We must continue to reconnect with the world and I look forward to supporting our businesses across a range of sectors, and seeing my political counterparts in person,” Ardern said in a statement. (reuters)
April
Sri Lankan parties want interim govt with new PM as IMF talks loom
Written by Nur Yasmin
Three parties that recently withdrew from Sri Lanka's ruling coalition have proposed forming an interim government with a new prime minister replacing President Gotabaya Rajapaksa's brother, they said on Monday, as the country's economic crisis rolls on.
Dragged down by debt, the island nation of 22 million people is running short of power, fuel, food and medicines due to a lack of money for imports. It has reached out to the International Monetary Fund (IMF) and countries like India and China for urgent financial help.
Rajapaksa dissolved his cabinet last week and called for a unity government to help tackle the crisis, as 41 lawmakers walked out of the ruling coalition to become independents in the 225-seat parliament. The government has said it has a majority despite their walkout.
Three parties that 16 of those lawmakers belong to told reporters that they had met the president and the prime minister, Mahinda Rajapaksa, and that more talks were scheduled for Tuesday. The prime minister is expected to address the nation later on Monday.
"The main proposal is to have an all-party committee to make key decisions and the appointment of a new prime minister and a limited Cabinet," said Udaya Gammanpila, chief of the Jathika Hela Urumaya party.
"We want this before a new election. We have to reverse shortages and stabilise the economy."
Sri Lanka's next parliamentary election is not due until 2025.
The Sri Lanka Freedom Party (SLFP), with 14 lawmakers, said the independents would speak with other political parties to come to a consensus, as the government prepares to hold loan discussions with the IMF next week.
"Talks with the IMF will need a stable government capable of implementing clear policies," SLFP General-Secretary Dayasiri Jayasekera said. "This is necessary to repair the economy and bring relief to the people."
Sri Lankans holding street demonstrations for more than a month have focused their anger on the Rajapaksa dynasty. The president has already dropped his brother Basil Rajapksa as the finance minister, while his nephew quit as the sports minister last Monday along with other members of the cabinet. read more
The government is now looking for external assistance of about $3 billion over the next six months to help restore supplies of essential items. It is also looking to restructure international sovereign debt and seek a moratorium on payments.
J.P. Morgan analysts estimate Sri Lanka's gross debt servicing would amount to $7 billion this year, with a current account deficit of around $3 billion. The country only had $1.9 billion in foreign reserves at the end of March. (Reuters)
April
North Korea minister denounces U.N. suspending Russia from human rights body
Written by Nur YasminNorth Korea's minister of foreign affairs on Monday denounced last week's suspension of Russia from the U.N. Human Rights Council, calling it an "unreasonable act" led by the United States and the West to maintain political hegemony.
The U.S.-led push to suspend Russia from the U.N. body over reports of "gross and systematic violations and abuses of human rights" garnered 93 votes in favor, while 24 countries voted no and 58 countries abstained, prompting Moscow to announce it was quitting the body. read more
"What the U.S. is after ... is to isolate the independent countries, and forces challenging them at the international arena, so as to maintain its illegal and inhumane U.S.-led hegemonic order," the minister said, according to a statement carried by state news agency KCNA.
The statement didn't name the minister.
Noting that North Korea had opposed the adoption of the "double-standard" resolution, the minister said international organizations should not be "abused" as a means for the United States to put political pressure on countries.
North Korea has test-fired a range of increasingly powerful missiles this year, while officials in Seoul and Washington also fear it may be preparing to resume testing nuclear weapons for the first time since 2017 amid stalled negotiations. (Reuters)
April
Hungary, Austria questioned EU blacklisting of Russia oligarchs - sources
Written by Nur Yasmin
Hungary and Austria questioned an EU decision to blacklist two Russian oligarchs but eventually accepted the move after pressure from other governments, European Union diplomats and officials said.
The EU adopted a new package of sanctions against Russia last Friday over its invasion of Ukraine, including the blacklisting of oligarchs close to the Kremlin, among them Moshe Kantor and German Gref. read more
Hungary and Austria enjoyed relatively cordial relations with Russia before the invasion, and their concerns about blacklisting Kantor and Gref underlines the difficulty the EU faces in presenting a united front against Russia.
The envoys of Estonia and Lithuania successfully urged their partners not to remove the two men from the list, the diplomats said.
Kantor, a large shareholder in Russian fertilizers company Akron (AKRN.MM), is also a philanthropist who had headed the European Jewish Congress (EJC).
He was sanctioned for having close ties to President Vladimir Putin, the EU sanctions document said. Kantor, a citizen of both Britain and Russia, has already been sanctioned by London and the EJC said on Friday he would stand down as its president.
Hungary and Austria had both questioned the move against Kantor at a meeting of EU diplomats last Wednesday, officials who attended the meeting said.
The Hungarian envoy had expressed surprise at the blacklisting of somebody he described as a highly decorated man, they said. Kantor has received awards from several EU states, including Austria, Italy and France.
Spokespersons for Hungary's government and its diplomatic mission in Brussels had no immediate comment.
The Austrian envoy at Wednesday's meeting had asked for more information about why Kantor had been listed, sources said.
"Austria has never objected to or blocked any listings and will of course not do so in the future," a spokeswoman for Austrian Foreign Minister Alexander Schallenberg said.
Blacklisted oligarchs face asset freezes and travel bans in the EU, but not all EU countries have reported enforcement measures. read more
Out of about 30 billion euros frozen to oligarchs since the start of the Ukraine war, Austria has reported a few hundreds of millions of euros blocked in bank accounts linked to blacklisted individuals. Hungary has so far not publicly reported any measures.
At the meeting, Hungary also questioned the listing of Gref, head of Sberbank, Russia's largest lender (SBER.MM).
Sberbank plays a crucial role in energy transactions and has so far been exempted from EU sanctions because of the EU's reliance on Russian gas and oil. (Reuters)
April
Canadian Foreign Minister Supports Indonesia's G20 Presidency
Written by Nur Yasmin
Canadian Foreign Minister Melanie Joly conveyed Canada's support for Indonesia's G20 Presidency in 2022.
This was conveyed by Joly when he met with President Joko Widodo (Jokowi) at the Merdeka Palace, Jakarta, Monday (11/4/2022).
"In the meeting, the Canadian Foreign Minister again conveyed Canada's support for the Indonesian presidency," said Indonesian Foreign Minister Retno LP Marsudi in her statement after accompanying President Jokowi.
According to Retno, Canada has also expressed its commitment to continue open communication with Indonesia in order to prepare the best way for the G20 to deal with the difficult situation that is currently happening.
Besides Canada, he continued, Indonesia also received similar support from all G20 member countries.
"Therefore, we want that we can realize these supports, we will work together so that once again the G20 can work optimally in the midst of this difficult situation," he said.
Furthermore, Retno added that during the meeting Indonesia and Canada also discussed economic cooperation between the two countries, considering that Canada is one of Indonesia's most important trade and investment partners in the North American region.
The trade value between Canada and Indonesia in 2021 will increase quite significantly by almost 30 percent and the investment value will also increase by almost 4 percent.
President Jokowi, he said, emphasized the importance of the two countries to continue to strengthen cooperative relations in the economic sector, one of which was by intensifying the negotiations on the Comprehensive Economic Partnership Agreement (CEPA), which negotiations had begun since last March.
"The president said it was necessary to speed up the negotiations," he said.
"In addition, it also discussed cooperation on issues of clean energy, infrastructure, and others. There is interest from Canadian investors to continue investing in Indonesia," added Retno.
Previously, the governments of Indonesia and Canada had signed an Action Plan for the Period of 2022-2025. The signing was carried out by the two foreign ministers. (RRI)
April
Sri Lanka doubles interest rates to tame inflation as crisis bites
Written by nuke
FILE PHOTO: Sajith Premadasa, leader of the opposition alliance, Samagi Jana Balawegaya, marches along with other opposition lawmakers towards Independence Square as they shout slogans against President Gotabaya Rajapaksa in Colombo, Sri Lanka April 3, 2022. REUTERS/Dinuka Liyanawatte -
Sri Lanka's central bank doubled its key interest rates on Friday (Apr 8), raising each by an unprecedented 700 basis points to tame inflation that has soared due to crippling shortages of basic goods driven by a devastating economic crisis.
The heavily indebted country has little money left to pay for imports, meaning fuel, power, food and, increasingly, medicine are in short supply.
Street protests have been held nearly non-stop for more than a month, despite a five-day state of emergency and a two-day curfew.
The Central Bank of Sri Lanka's (CBSL) monetary board raised its standing lending facility to 14.50 per cent and its standing deposit facility to 13.50 per cent.
It cited "inflationary pressures that could further intensify... driven by the build-up of aggregate demand, domestic supply disruptions, exchange rate depreciation and the elevated prices of commodities globally". Inflation hit 18.7 per cent in March.
An analyst had expected hikes of up to 400 basis points.
Thilina Panduwawala, head of economic research at Frontier Research, said the hike showed that the CBSL's new governor, P Nandalal Weerasinghe, was serious about addressing the crisis.
"With the monetary policy tightening now finally clear, the stage is set to take the next vital steps with regards to IMF and debt restructuring and clearly communicate this to the international stage," Panduwawala said.
Finance Minister Ali Sabry said earlier that the country must urgently restructure its debt and seek external financial help, while the main opposition threatened a no-confidence motion in the government and business leaders warned exports could plummet.
"We cannot step away from repaying debt because the consequences are terrifying. There is no alternative, we must restructure our debt," Sabry told parliament.
J.P. Morgan analysts estimate that Sri Lanka's gross debt servicing costs will amount to US$7 billion this year, with a US$1 billion repayment due in July.
"We have to go for a debt moratorium," said Sabry, who offered to quit a day after he was appointed on Monday but later confirmed that he was still finance minister.
"We have to suspend debt repayment for some time and get bilateral and multilateral support to manage our balance of payments."
President Gotabaya Rajapaksa is running his administration with only a handful of ministers after his entire cabinet resigned this week, while the opposition and some coalition partners rejected calls for a unity government to deal with the country's worst crisis in decades.
At least 41 lawmakers have quit the ruling coalition to become independents, though the government says it still has a majority in parliament.
"The government needs to address the financial crisis and work to improve governance, or we will move a no-confidence motion," Sajith Premadasa, leader of the Samagi Jana Balawegaya opposition group, said in parliament.
Sabry, a former justice minister, said political stability was necessary as the country prepared to start talks with the International Monetary Fund (IMF) this month.
Earlier on Friday, nearly two dozen associations, representing industries that collectively employ a fifth of the country's 22 million people, together urged the government to quickly seek financial help from the IMF, the World Bank and the Asian Development Bank (ADB).
"We need a solution within weeks or the country will fall off the precipice," Rohan Masakorala, director-general of the Sri Lanka Association of Manufacturers and Exporters of Rubber Products, told a news conference.
Masakorala said that both merchandise and service exports could drop 20per cent-30per cent this year due to a dollar shortage, higher freight costs and power cuts.
Sri Lanka's foreign exchange reserves have plunged some 70 per cent in the past two years, hitting US$1.93 billion at the end of March//CNA