How Vehicle Import Plunged Bhutan Into Economic Crisis?

Bhutan government imposes a moratorium on the import of all vehicles to save its dwindling foreign reserve. But utility vehicles, heavy earthmoving machines, and agriculture machinery are kept out of the moratorium. Bhutan is facing a Sri Lanka-like economic crisis.

HIGHLIGHTS

• Bhutan bans vehicle imports for six months to strengthen its foreign reserves
• It is facing an economic crisis because of the Ukraine war, pandemic, and vehicle import
• It is mandated by its constitution to maintain foreign reserves

What Is The Crisis Situation In Bhutan?

Crisis Situation In Bhutan

The foreign reserves of Bhutan dwindled from $1.46 billion in April 2021 to $970 million at the end of December 2021. The data has been released by the Royal Monetary Authority of Bhutan. Also, the country is following a zero-COVID policy that has barred foreign tourists for the past two years. But the soaring oil and grain prices due to the Ukraine war aggravated the economic crisis in the country.

How Is Vehicle Import Responsible For The Crisis?

According to the daily Kuensel newspaper, vehicle import is the biggest factor in the economic crisis. The newspaper further said that the country imported more than 8000 vehicles till June and that depleted its foreign reserve to a critical level. But now the ministry of finance has put a moratorium on utility vehicles costing more than 1.5 million ngultrums ($20,000) through a notification. But the vehicles used for the promotion of tourism are exempted.

What Does Bhutan Constitution Say About Foreign Reserves?

Bhutan Constitution Say About Foreign Reserves

The constitution makes it mandatory to maintain reserves for at least 12 months of imports. The moratorium comes into force from Friday and will remain effective for six months. The government will … Read the rest

Could Elon Musk’s Falcon 9 Rocket Compete With Russian Soyuz?

The European Space Agency (ESA) is seriously considering SpaceX for temporary use of its launchers after Russia blocked Western access to its Soyuz rockets. The West has imposed sanctions on Russia for its war over Ukraine.

HIGHLIGHTS

• ESA could use Elon Musk’s services for temporary launches in the wake of the Ukraine war
• The Ukraine war has been a boon for SpaceX’s Falcon 9 which is getting more customers
• SpaceX has emerged as the top contender for the world in the rocket launching sector
• ESA is also considering Japan and India for its launches

How Is Ukraine War Affecting ESA’s Plans?

Until now, Europe was using the Italian Vega for small payloads, Russian Soyuz for medium payloads, and the Ariane 5 for heavy missions. The next-generation Vega C staged a debut last month and the deployment of the new Ariane 6 has been delayed until next year. It has a precise schedule in October after which the agency will make a backup plan.

Is Europe Dependent On Russia For Its Space Program?

ESA Director General Josef Aschbacher said that the Ukraine conflict has exposed Europe’s decade-long cooperation strategy with Russia was no longer working. He further said that that was a wake-up call that Europe had become too dependent on Russia.

Aschbacher said the likelihood of backup launches was high. The order of magnitude was certainly a good handful of launches that the agency would need interim solutions for.

Why SpaceX?

Aschbacher said that SpaceX was the more operational of all and certainly one of the back-ups launches ESA was looking at. But the talks between ESA and SpaceX are still … Read the rest

Taiwan Also Started Live-Fire Drill To Boost Its Defense

Taiwan’s foreign minister Joseph Wu said that Beijing was using air and sea drills encircling the island to prepare for war and to alter the status quo in the Asia-Pacific region. Taiwan has also started its military drills in response to the Chinese move.

HIGHLIGHTS

• China is conducting a security drill around Taiwan to protest the high-profile visit by an American official
• China wanted to weaken the morale of the Taiwanese people said, Joseph Wu
• Taiwanese military has also started live-fire drills to boost its defense mechanism

What Did Joseph Wu Say?

Taiwanese foreign minister told a press conference in Taipei that China used the drills and its military playbook for the invasion of Taiwan. Beijing was conducting large-scale military exercises and missile launches, as well as cyber-attacks, a disinformation campaign, and economic coercion to weaken public morale in Taiwan.

Joseph Wu condemned the Chinese drill saying that Beijing continued the drill on Monday despite saying that the drill would end on Sunday. The Taiwanese diplomat maintained that the Chinese military drill had hindered one of the busiest shipping and air routes in the world.

Wu was briefing the media about the live-fire drill the Taiwanese military is conducting to stimulate its defense against an attack on the island. Wu maintained that China’s real intention was to change the status quo in the Taiwan Strait and the entire region. He also thanked the allies for standing up to China.

China Start Military Drill Around Taiwan

Why Did China Start Military Drill Around Taiwan?

Chinese military’s drill was in response to a visit by US House Speaker Nancy Pelosi. It was the first time that a highest ranking US … Read the rest

Why Is China Targeting Japan In Its Military Drills Against Taiwan?

Japan lodged a diplomatic protest with Beijing after five Chinese ballistic missiles appear to have fallen in the country’s exclusive economic zone. China started a military drill around Taiwan on Thursday.

HIGHLIGHTS

• Five Chinese ballistic missiles landed in the waters claimed by Japan as its exclusive economic zone
• Four of the missiles were fired from over mainland Taiwan
• Parts of Japan’s southernmost islets are at the center of a long-running dispute between Tokyo and Beijing
• Japan’s exclusive economic zone extends beyond the limits of its territorial waters

What Is The Dispute Between China And Japan?

Dispute Between China And Japan

The Okinawa region constitutes the southernmost part of Japan is close to Taiwan. Also, it falls under the exclusive economic zone of Japan that extends 200 nautical miles from its coastline. But China claims the islets are present in that region.

China yesterday fired five ballistic missiles that landed on the waters claimed by Japan. These firings are seen as a protest against the visit of US House Speaker Nancy Pelosi. The 82-years US official is on a high-profile Asian tour of Taiwan, South Korea, and Japan. Presently she is in Japan on the last leg of her tour.

Japanese Prime Minister Fumio Kishida met Nancy Pelosi for breakfast and talked to reporters after the meeting. He called for the immediate halt of the Chinese military drill saying that Chinese actions had a serious impact on the peace and stability of the region and the international community.

What Did Nancy Pelosi Discuss With Fumio Kishida?

Nancy Pelosi Discuss With Fumio Kishida

The two leaders discussed important geopolitical issues including China, Russia, and North Korea, and efforts toward a nuclear-free world. Nancy Pelosi … Read the rest

The US Economy Is Under Recession But India Is Safe

Reuters polls of economists predict a slowdown in the global economy including the US which is the largest economy in the world. But they say India faces no such threat.

Ten Points

US Economy Is Under Recession
  1. The report forecasts a 3% slowdown in the global economy followed by 2.8% the next year compared to the 3.5% and 3.4% in the last quarterly poll in April.
  2. The poll covered 48 economies out of which 77% were downgraded for the next year only, 13% are left unchanged, and 10% upgraded.
  3. The poll covered the top 19 global banks out of which 11 are forecast to see inflation returning next year.
  4. The remaining 8 banks will remain safe. They include the Fed, the European Central Bank, the Bank of England, and the Reserve Bank of India.
  5. The US Federal Reserve is expected to increase rates by another 75 basis later this week. It is an indication of inflation being at a four-decade high of 9.1%.
  6. The US has only a 40% chance of seeing recession but it is sharply up from three months ago. The chances of recession have also risen for the euro zone and Britain.
  7. Inflation forecasts for 48 economies show no quick relief from a cost of living in those countries. The inflation report of 90% of the economies has been upgraded for the next year and over 45% for 2024.
  8. Recessionary dynamics are increasingly evident in the forecast. Nathan Sheets, the chief global economist at Citi, forecast the major economies including the US slipping into recession.
  9. Nathan Sheets further maintained that the timing of recession could vary and the effect could be relatively mild.
  10. Noted Ethan Harris, global economist at Bank of America Securities, said that the economists
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Is Google Co-Founder Divorcing His Wife For Elon Musk?

Tesla owner Elon Musk reacted to a Wall Street Journal report that alleged he had an affair with the wife of Google co-founder Sergey Brin. But Elon Musk denied the allegation saying that he and Sergey were friends and he had seen Nicole Shanahan twice in three years and both times with many other people around. Nothing romantic, Musk tweeted on the WSJ report.

HIGHLIGHTS

• WSJ alleged Elon Musk had an affair with Nicole Shanahan
• Sergey Brin had filed for divorce with Nicole Shanahan in January
• Elon Musk had also broken up with his singer girlfriend Grimes
• Tesla boss also apologized to Mr. Brin for the affair according to eyewitnesses

What Did Wall Street Journal Report About Elon Musk?

The WSJ reported that Elon Musk had an affair with Nicole Shanahan, wife of his friend and Google co-founder Sergey Brin. The report further said that the affair started with Musk meeting Nicole Shanahan at the Art Basel event in Miami in early December 2021. Art Basel is a multiday event attended by wealthy people from across the globe.

Did Elon Musk Apologize To Sergey Brin?

Elon Musk met Sergey Brin at a party on Sunday night where he dropped to one knee in front of Brin and apologized for the transgression. He even begged for forgiveness according to people at the party. Elon Musk has admitted that he met Sergey Brin at a party last … Read the rest

Donald Trump Said This On The Death Of His First Wife Ivana Trump

Ivana Trump, the first wife of former US President Donald Trump breathed her last at her New York City home on Thursday. She was 73. Ivana Trump was survived by three children and ten grandchildren. She was also on good terms with Donald Trump during her last days.

HIGHLIGHTS

• Ivana Trump dies at 73
• She and Donald Trump were a powerful publicity couple
• She was a Czech-American businesswoman
• She wrote a book in 2017

Who Was Ivana Trump?

Ivana Trump was a Czech-American businesswoman, media personality, fashion designer, author, and model. She was also an able skier. She met Donald Trump in the 1970s and the couple married in 1977. But their marriage ended in public, and messy, divorce after Donald Trump met Marla Maples who became his next wife.

The couple has three children, Donald Trump Jr, Ivanka Trump who was a senior advisor in the White House, and Eric Trump who is the current executive vice president of the Trump Organisation.

In 2017, she wrote a book on her journey in life and expressed her emotions for her family and friends. It is in this book that she mentioned her relations with Donald Trump post-divorce. She wrote that they spoke about once a week.

How Donald Trump Reacted To Ivana Trump’s Death?

Ivana Trump’s Death

Trump wrote a heartfelt post on Truth Social where he said that he was saddened to inform that Ivana Trump had passed away. He called her a wonderful, amazing, and beautiful woman who led a great and inspirational life.

The Trump family also released a statement shortly after her death. The statement read that Ivana Trump was … Read the rest

Ukrainian President Volodymyr Zelensky Said This On Sri Lankan Crisis

Ukrainian President Volodymyr Zelensky held Russia responsible for Sri Lankan unrest. He said that blocking food products during invasion is causing unrest around the world. He was speaking to the world leaders at the Asian Leadership Conference in Seoul.

HIGHLIGHTS

• Ukraine blamed the Russian invasion for the unrest in Sri Lanka
• Sri Lanka is facing its worst economic crisis since its independence in 1948
• Wickremesinghe, the acting president of Sri Lanka, has relinquished the post of prime minister
• The Group of Seven (G7) leaders said the bloc was determined to support Ukraine

How Is Russian Invasion Affecting The World?

Volodymyr Zelensky said that Russia used the creation of “economic shock” as one of the major tactics in their invasion of Ukraine. He added that the war has disrupted the supply chain leading to food and fuel crises in several countries and that was benefitting the Russian agenda. He further said that the shocking food and fuel prices led to a social explosion and that no one knew how that would end.

Volodymyr Zelensky Said This On Sri Lankan Crisis

An estimated 1.6 billion people in 94 countries are exposed to at least one crisis including finance, food, or energy and around 1.2 billion in severely vulnerable countries are living in a “perfect storm” due to the Russian invasion.

The hunger index is showing an ascending trend due to the war in Ukraine. The number of severely food insecure people before the pandemic doubled from 135 million to 276 million over just two years due to the ongoing war in Ukraine. And it could reach 323 million in the coming days.

What Are The World Leaders Doing To Stop The

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Why America Won’t Elect Joe Biden For A Second Term?

As US President Joe Biden prepares for his 80th birthday in November 2022, the loudness of his age and ability to continue in office grows louder. By the turn of the second term, he will be 82 and then he could be too old to become president.

HIGHLIGHTS

• The oldest US President Joe Biden prepares for a grueling Middle East tour
• Biden is 80 and his age has become an uncomfortable issue for everyone
• Joe Biden was certified as a vigorous man suffering from mild acid reflux and arthritis

Why Is America Concerned About Joe Biden’s Age?

Joe Biden’s Age

Joe Biden will be 82 at the end of his first term and 86 at the end of his second term if he is elected to the post in 2024. While Biden has defied his age well, he has exhausting responsibilities that are taking a toll on his health. His thinning hair and cautious gait are an indication of his failing health.

Biden sometimes loses his hold on thoughts and stumbles while reading from a teleprompter and it has led to making inopportune remarks on sensitive issues. The White House has many times walked back on those remarks.

He prefers writing op-eds in newspapers instead of giving interviews because the newspaper content can be controlled. Also, White House correspondents meet him only from a distance when he goes to mass.

Biden spends his weekends in one of his homes in Delaware. But his aides like Mike Donilon defend him vigorously saying that the president spends four hours planning the domestic policy while the younger staff prefers to sleep on the plane.

Who Is The Right

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It Is How Rishi Sunak Entered The Race To Become The British PM

The race to become PM gathered momentum with Rishi Sunak, former chancellor, launching his bid for the top post. Boris Johnson has resigned as British PM and the Conservative party has to elect a new leader to become the face of the new government.

HIGHLIGHTS

• Rishi Sunak is in the race to become the next PM
• He was finance minister in Boris Johnson’s government
• He is an Indian-origin British citizen and could be the first Indian-origin PM of Britain

How did Rishi Sunak Start His Bid To Become The Conservative Party Leader?

The resignation of Rishi Sunak, the former Chancellor of the Exchequer, triggered a wave of resignations that only grew stronger with time. Boris Johnson tried to stem the resignations but he could do little by the time he understood what was happening and he had to resign.

Rishi Sunak Entered The Race To Become The British PM

Post-resignation of Boris Johnson as prime minister of Britain, Rishi Sunak launched his bid for the top post. He shared a campaign video tweet to strengthen his candidature for the top post.

“Someone has to grip this moment and make the right decisions. That’s why I’m standing to be the next leader of the Conservative Party and your prime minister”

Who Is Rishi Sunak?

The 49-year-old Conservative Party leader is of Indian origin. His grandparents belonged to Punjab in India. First, his grandmother came to England in the hope of a better life for her family. Luckily she managed to get a job but had to work harder to save enough money for her husband and children to follow her.

Rishi Sunak said that family was everything to him. He is married to… Read the rest