Will India ever overtake China?

Yes, says Goldman Sachs. And as early as 2016, by which time India’s economy is estimated to grow faster than China’s. According to the American investment bank, India’s gross domestic product (GDP) in 2016 will grow at the rate of 6.8 per cent, while China’s will be 6.7 per cent. If it indeed happens, it will make history in modern times, as it will be the first time India overtakes China. Goldman Sachs’ prediction is…

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Obama announces unilateral immigration reform

By EMILY SCHAUER On Thursday, US President Barack Obama announced his plan to act unilaterally on the hot-button immigration issue by issuing an Executive Order. Opponents, primarily members of the Republican Party, decry his action as unlawful, and to some, it is an impeachable offence. In his speech announcing the reforms, Obama was less than subtle as he discussed mounting frustration with a Congress in stalemate, calling out the millions of people whose lives are…

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Obama to be chief guest of India’s Republic Day

US President Barack Obama on Friday set the ball rolling for creating history by accepting Indian Prime Minister Narendra Modi’s invitation to be the Chief Guest of India’s Republic Day on January 26, 2015. For one, Obama will be the first US President to be India’s chief guest during Republic Day. In addition, Obama will be the first US President to visit India twice while in office. Obama also visited India in 2010 during his…

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Rajapaksa seeks third term as Sri Lankan president

Seeking a third term, Sri Lankan President Mahinda Rajapaksa on Thursday announced presidential elections ahead of schedule. The decision to hold presidential polls, expected in January next year, comes two years before the expiry of 69-year-old Rajapaksa’s current six-year term. “I am declaring a secret today. I have signed the proclamation calling for the election, for re-election for the third time. That is democracy,” Rajapaksa said on television Thursday. A statement from his office said,…

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G20 leaders commit to reviving global economy

Ebola and climate change were among the non-economic topics mentioned in a joint statement by the Group of Twenty (G20) after their two-day summit in Brisbane, Australia that ended on Sunday, Nov. 16. On the economic front, the leaders of the G20 committed to reviving the subdued global economy with a $2 trillion, or 2.1  per cent, boost in global GDP over the next five years. Overall, the G20 leaders committed to a package of…

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India, US reach deal to break WTO impasse

In a major victory for India, the US on Thursday agreed to support the former’s demand to be allowed to continue with its food stockpiling scheme. In return, India will lift its veto on a global agreement on streamlining customs rules, known as the Trade Facilitation Agreement (TFA), being negotiated by the members of the World Trade Organization (WTO). With this, the TFA – which is estimated to add $1 trillion to the world economy…

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Sweden Recognises Palestine. Will Others Follow?

One of the first foreign policy announcements made by Stefan Lofven upon taking over as Prime Minister of Sweden early this month was that Sweden would be the first country in European Union (EU) to recognise Palestine. On Thursday, Sweden officially recognised the state of Palestine, a move welcomed by Palestinians but roundly derided by Israel, which is locked in a long-drawn conflict with Palestine. “The purpose of Sweden’s recognition is to contribute to a…

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Singapore is the best country in the world to do business: World Bank

Singapore is the most business-friendly economy in the world, according to the latest annual study by the World Bank, “Doing Business 2015: Going Beyond Efficiency”. This is the ninth consecutive year the Southeast Asian country has been ranked the best country to do business. The top 10 countries in terms of business business-friendly regulatory environments are Singapore, New Zealand, Hong Kong SAR, China, Denmark, the Republic of Korea, Norway, the United States, the United Kingdom,…

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India to supply naval vessels to Vietnam

In a subtle message to China, Indian Prime Minister Narendra Modi said on Tuesday that India would supply naval vessels to Vietnam. This would be India’s first significant military transfer to Hanoi. The development is notable as it comes at a time when Vietnam is tied in a territorial dispute with China on the south China sea. Modi’s announcement came after his meeting with visiting Vietamese prime minister Nguyen Tan Dung. Besides agreeing to help…

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US disrupting world order: Putin

Squarely blaming the US for disrupting the world order by seeking to impose its will on other nations, Russian President Vladimir Putin on Friday warned that new wars will break out if Washington doesn’t learn to respect the interests of other countries. Putin was speaking on “The World Order: New Rules or a Game without Rules” to a group of political scholars at a meeting of the Valdai International Discussion Club in Sochi, Russia. The…

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