Sunday, October 6, 2024
26 C
Brunei Town

India to build Sri Lanka’s wind farms

COLOMBO (AFP) – India has agreed to develop three Sri Lankan wind farms on islets between the countries, officials said yesterday, in a victory for New Delhi after the project was taken away from a Chinese firm.

A USD12 million project to build wind turbines on three small islands in the Palk Strait between southern India and Sri Lanka was awarded to a Chinese firm in 2019, with funding lined up from the Asian Development Bank (ADB). But work never began and the project on the islets of Nainativu, Analaitivu and Delft was later scrapped.

A joint statement issued yesterday after a visit to Colombo by India’s Foreign Minister said a memorandum of understanding (MoU) had been signed to build the installations.

Sri Lankan officials said India had agreed to provide funding in place of the ADB.

India is known to be suspicious of China’s growing economic influence in the South Asian nation, which is strategically located at the southern tip of the vast Indian sub-continent.

China and India have been competing for major infrastructure projects in Sri Lanka, which is currently facing its worst economic crisis since independence from Britain in 1948.

Colombo has asked for more loans from both nations to shore up its foreign reserves and import essentials including food, fuel and pharmaceuticals.

India’s External Affairs Minister S Jaishankar. PHOTOS: AFP
A man carries a container filled with diesel fuel in Colombo

US city closing road nightly to save salamanders

MARQUETTE, MICHIGAN (AP) – An Upper Peninsula city is closing a portion of a road to vehicular traffic every night to protect migrating salamanders.

The city of Marquette is closing a portion of Peter White Drive in Presque Isle Park from 8pm to 8am daily until April 15 or until the migration is completed, the city announced. The closures began last Monday.

Road barricades will be placed and removed daily to prevent vehicular traffic in the migration area. Only foot traffic is permitted in the area.

“Protecting the blue-spotted salamanders’ migration is vital, as they are an indicator species, informing us about the health of our environment,” a special projects coordinator and education specialist for the Superior Watershed Partnership Kathleen Henry, told The Mining Journal in an email.

PSG’s Navas takes in Ukrainian refugees

PARIS (AFP) – Paris Saint-Germain (PSG) goalkeeper Keylor Navas is hosting around 30 Ukrainian refugees who fled their country following the Russian invasion, the Ligue 1 leaders confirmed on Monday.

Spanish publication Sport revealed the 35-year-old had adapted his home so they could stay with him.

His wife Andrea Salas had posted in several different languages on social media outlets messages from charities willing to “help lots of children with their mothers, or youngsters on their own, who arrived with just the clothes that they were wearing”.

PSG did not specify the number of refugees given safe haven by Navas save to confirm the news, “because Keylor did not wish to publicise” his gesture.

Goalkeeper Keylor Navas playing for Costa Rica in an international match. PHOTO: AP

Partial closure along Jalan Menteri Besar

The road slip heading to the left lane of Jalan Menteri Besar along Sultan Hassanal Bolkiah Highway (bound for Berakas) will be temporarily closed from April 1 to 3, between 7.30am and 6pm.

The partial closure is to allow for installation of sub-soil drain works, stated the Public Works Department (JKR) of the Ministry of Development. Drivers and road users are advised to exercise caution and follow traffic signs in the area.

The public can contact Darussalam Line 123 or Livechat at 8333123 or email pro@pwd.gov.bn for any complaints.

US would up aid to Ukraine, tax rich under Biden’s proposed budget

WASHINGTON (AFP) – The United States (US) would allocate billions of dollars in aid to Ukraine, tax the wealthy and lower its deficit under a budget proposal President Joe Biden unveiled on Monday.

The massive USD5.8 trillion plan would pay for many of Biden’s policy proposals, as his administration struggles with low approval ratings, a record inflation wave and ongoing uncertainty linked to the COVID-19 pandemic.

The budget must be approved by Congress, which Biden’s Democratic party controls by a slim majority, but where lawmakers of both parties are sure to demand changes.

The Democratic left wing is likely to push back against the proposal’s sharp four per cent increase in defense spending, for example.

“Budgets are statements of values,” Biden said, as he announced the measure.

His administration’s plan “sends a clear message that we value fiscal responsibility, safety and security at home and around the world, and the investments needed to continue our equitable growth and build a better America”, he added.

Among its provisions are a USD6.9 billion infusion of funding for Ukraine to assist in defending against Russia’s invasion, as well as to aid NATO. Another USD1 billion would go towards Washington’s efforts to counter Moscow’s influence.

The Pentagon’s overall proposed budget of USD773 billion highlights the various international challenges facing the US.

United States President Joe Biden announces his Budget for Fiscal Year 2023 as Acting Office of Management and Budget director Shalanda Young listens. PHOTO: AFP

While the Defense Department stressed that Russia through its invasion of Ukraine poses “an acute threat” to the world order, China remains the key strategic risk for the US, it indicated.

“The fiscal year 2023 budget request remains in line with our strategic approach, and prioritises China as the pacing challenge and recognises the acute threat posed by Russia,” Vice Chairman of the Joint Chiefs of Staff US Navy Admiral Christopher Grady told reporters.

Biden also proposed a minimum tax on the income of taxpayers that make more than USD100 million, satisfying a demand of progressive Democrats who have called for taxing the rich as a way to address inequality.

“This minimum tax would apply only to the wealthiest 0.01 per cent of households – those with more than USD100 million – and over half the revenue would come from billionaires alone,” the White House said in a statement.

“It would ensure that, in any given year, they pay at least 20 per cent of their total income in federal income taxes.”

Under the plan, Biden said that “the wealthy will finally pay their fair share”, pointing to firefighters and teachers who pay higher tax rates than billionaires who take advantage of loopholes.

All told, the proposal would lower the US budget deficit by USD1.3 trillion next year, though the USD24.8 trillion national debt would continue to increase, according to projections published by the White House.

While the US economy has regained much of the ground it lost to the COVID-19 pandemic since Biden took office last year, his approval ratings have suffered after supply chain snarls, rising oil prices and strong consumer demand sent inflation climbing to levels not seen since the 1980s.

The budget plan was released months after Biden’s landmark legislation to spend hundreds of billions of dollars revamping the country’s social services and fighting climate change, dubbed Build Back Better, stalled in Congress due to divisions among Democrats.

The budget resurrects a proposal first mulled during negotiations over the bill to raise the corporate tax rate to 28 per cent, reversing legislation passed under Biden’s Republican predecessor Donald Trump in 2017 that lowered it to 21 per cent in a bid to supercharge businesses.

“While their profits have soared, their investment in our economy did not: the tax breaks did not trickle down to workers or consumers,” the White House said, noting the new rate is “still the lowest tax rate faced by corporations since World War II except in the years after the 2017 tax cut.”

Less controversial is the proposed USD6.9 billion infusion meant to “enhance the capabilities and readiness of US forces, NATO allies and regional partners in the face of Russian aggression”, according to the White House.

Russia to ‘radically’ reduce military activity around Kyiv

ISTANBUL (AFP) – Russia will “radically” reduce its military activity in northern Ukraine, including near the capital Kyiv, after “meaningful” talks in Istanbul, Moscow’s negotiators said yesterday.

“Given that the talks on the preparation of an agreement on the neutrality and non-nuclear status of Ukraine have moved into a practical field… a decision has been made to radically… reduce the military activity in the areas of Kyiv and Chernigiv,” Russia’s Deputy Defence Minister Alexander Fomin said.

Chief negotiator Vladimir Medinsky said there had been a “meaningful discussion” at the talks and that Ukrainian proposals would be put to Russian President Vladimir Putin.

He also said that Putin could meet Ukrainian counterpart Volodymyr Zelenskyy.

“After today’s meaningful discussion we agreed on and propose a solution, according to which the meeting of the heads of state is possible simultaneously with the foreign ministers initialling the treaty,” Medinsky added.

“On the condition of quick work on the agreement and finding the required compromise, the possibility to make peace will become much closer,” he said.

Forward-looking pact in a changing world

Contributed by Deputy Secretary-General of ASEAN for ASEAN Economic Community, Satvinder Singh

In 2009, against the worst global economic crisis since the Great Depression, the Association of Southeast Asian Nations (ASEAN) signed the ASEAN Trade in Goods Agreement (ATIGA) furthering its commitment to an open and integrated regional trade.

On March 16, 2022, against the unprecedented COVID-19 pandemic and rising geopolitical crises, ASEAN economic ministers strategically launched negotiations to upgrade the ATIGA.

This historical parallel presents an opportunity for ASEAN to strengthen its integration amidst new global challenges. But the global economy is not just reeling from another crisis – it is evolving structurally. This warrants the enhancement of the ATIGA, as ASEAN’s flagship trade agreement, that will put ASEAN in a stronger economic position to respond to forthcoming global structural shifts brought by circular and technological transitions and would yield significant benefits and deepened ASEAN competitiveness and relevance in global trade and investments.

There is a desire to negotiate an upgraded ATIGA that is materially more beneficial and impactful than our existing regional or ASEAN plus agreements.

ATIGA, A MARKER OF ASEAN’S ECONOMIC INTEGRATION

The ATIGA evolved from ASEAN’s earlier trade agreements. The Common Effective Preferential Tariff Scheme (CEPT), signed in 1992, was the direct predecessor of the ATIGA. Following amendments to the CEPT in 1995 and 2003, ASEAN agreed on a new agreement, which became the ATIGA.

The ATIGA built on the CEPT’s objectives of establishing ASEAN as a single market and production base characterised by the free flow of goods, services, investment, skilled labour, and capital. The agreement provided comprehensive trade measures – such as tariff liberalisation, rules of origin, non-tariff measures, trade facilitation, and customs procedures that helped ease the movement of goods in the region.

ATIGA’S SUCCESS TO DATE

ATIGA’s most significant outcome is the reduction of intra-ASEAN trade tariff to zero for almost all types of goods.

To date, more than 98 per cent of all tariff lines have zero rates.

More importantly, the ATIGA instituted a host of measures to help businesses navigate trade rules.

The ASEAN Single Window, for example, today enables seamless electronic exchange of trade documents, such as Certificates of Origin and Customs declarations, for all 10 ASEAN member states’ customs.

Another example is the ASEAN Trade Repository, which serves as a single information source on tariffs, regulations, and administrative procedures.

These measures contributed to ASEAN trade growth.

Between 2010 and 2020, intra-ASEAN trade increased from USD500 billion to USD630 billion in 2019, making up about 24 per cent of its total trade. ASEAN’s share of world trade steadily increased from around six per cent in 2010 to eight per cent in 2019, indicating a faster trade growth than other regions and reflecting the outward-looking nature of ASEAN integration.

At the same time, the ASEAN region remains one of the most prolific recipients of foreign direct investment (FDI), second only to China.

A CHANGING GLOBAL LANDSCAPE

A decade since the ATIGA was first implemented in 2010, we are observing structural changes in global trade patterns and regional integration.

Firstly, global supply chain networks, especially in Asia are shifting, partly triggered by trade tensions between the United States (US) and China.

The tensions have caused many multi-national companies, including Chinese conglomerates, to diversify their supply chain out of complete concentration in China.

Most companies are looking at China-plus one strategies in global supply chain, where ASEAN is a formidable alternative location to China.

Combined with shocks caused by natural disasters, the COVID-19 pandemic, supply chain disruptions and the current military conflicts, as currently happening in Europe, the global supply chains are more vulnerable than ever. An upgraded ATIGA needs to counter these challenges and strengthen ASEAN for global businesses.

Secondly, rapid technological advancement is accelerating new trade patterns and leading to new categories of goods and services.

Paperless trading and e-commerce are driving economic growth. And trade in digital products and services warrants new regulations on issues such as data protection, cross-border data flows, and digital standards.

In addition, ASEAN continues to advance its transformative economic agenda. In 2021, ASEAN adopted the Bandar Seri Begawan Roadmap for digital transformation, which includes a plan for a digital economy framework agreement.

In the same year, ASEAN adopted a circular economy framework.

This year, ASEAN will further pursue the environmental agenda through a carbon neutrality
strategic plan.

Another emerging type of trade centres on climate solutions – not only focussing on cross border carbon taxes, carbon credits and offsets – but also the need for FTA agreements to accommodate circularity, for which an upgraded ATIGA hopefully embraces and prepares the region.

Thirdly, ASEAN expanded the scale and scope of its integration to comprise the Indo-Pacific, especially with the entry into force of the Regional Comprehensive Economic Partnership (RCEP) Agreement this year.

The RCEP binds ASEAN with Australia, China, Japan, South Korea, and New Zealand, and introduced new economic cooperation areas, including electronic commerce, competition, intellectual property, small and medium enterprises, and government procurement.

Motivated by the RCEP, ASEAN is currently reviewing and upgrading its own economic agreements like ATIGA and some of its ASEAN plus one agreements to ensure their continued relevance to businesses and other stakeholders in the region.

A FORWARD-LOOKING ATIGA

It is, therefore, timely to upgrade the ATIGA to respond to and stay ahead of these global shifts and align it with ASEAN’s transformative agenda. An upgraded ATIGA will further simplify the rules of origin for goods, expand the adoption of trade technologies and paperless documents, and harmonise technical regulations and standards. It will also facilitate trade for micro, small, and medium enterprises, address sustainability and circularity concerns, and promote digital trade.

An upgraded and forward-looking ATIGA will have significant impacts on businesses and other stakeholders. It will elevate ASEAN’s position in the global supply chains, lower trade costs, reduce regulatory barriers, unlock logistics bottlenecks and place ASEAN on a more sustainable and inclusive economic growth path. Consequently, businesses could leverage ASEAN’s position as a single market and regional production base to enhance the region’s overall competitiveness.

The parallel historical backdrops between ATIGA’s signing in 2009 and the launching of its upgrade negotiation in 2022 might be unfortunate. Yet, therein lies a golden opportunity for ASEAN to strengthen its place in a changing world.

Usyk leaves Ukraine, preparing for rematch

LONDON (AP) – World heavyweight champion Oleksandr Usyk is preparing for a rematch with Anthony Joshua after leaving his native Ukraine, where he was helping his country in the war with Russia.

Usyk “is already in Europe” to start training for a second fight with Joshua that could take place in June, the champion’s promoter, Alexander Krassyuk, said.

Krassyuk said locations for the fight are being discussed.

“Late June is also the timing we are considering now,” he told Sky Sports late on Monday.
“Many things will depend on how fast we manage to ink the papers.”

Joshua regained his WBA, IBF and WBO belts by beating Andy Ruiz Jr in Saudi Arabia in December 2019, only for the British fighter to lose them last September by unanimous decision after being outboxed by Usyk in London.

The rematch was expected to take place in the spring but has been disrupted by the war.

The 35-year-old Usyk returned to Kyiv in February to help defend Ukraine. He was pictured carrying an automatic rifle, flanked by three other armed men in the Kyiv Territorial Defence force.

Usyk said he had the support of his friends and family in his bid to return to the ring and beat Joshua for a second time.

Usyk, who made the step up from cruiserweight where he was the unified world champion, is from Crimea and chose to stay with Ukraine after Russia annexed the peninsula in 2014.

Bridge road closure extended

Road closure from the BM6.1KM to BM2.2KM road along Sultan Haji Omar ‘Ali Saifuddien Bridge heading to Kota Batu has been extended to tomorrow to make way for installation works of the sensor weigh in motion (WIM).

The Public Works Department (JKR) of the Ministry of Development advised road users to use the available detour through the 3.9km contraflow while adhering to the speed limit to avoid any untoward incidents.

The public can contact Darussalam line 123 or Livechat at 8333123 or email pro@pwd.gov.bn for any complaints.

EU watchdog reviews HIPRA Covid-19 booster jab

THE HAGUE (AFP) – The European Union’s (EU) medicines watchdog yesterday started a rolling review of Spanish pharmaceutical HIPRA’s coronavirus booster jab, saying early results showed it to be effective against the rampant Omicron strain.

“Preliminary results suggest that the immune response with Covid-19 vaccine HIPRA may be effective against SARS-CoV-2, including variants of concern such as Omicron,” the European Medicines Agency said in a statement.

1...6,8706,8716,872...7,609Page 6,871 of 7,609

Social Media

Category

Site Links

About Us

Borneo Bulletin is the leading English daily in the country. It was first published by Brunei Press. Today, Borneo Bulletin has become the foremost source of information on local and foreign affairs, and the region’s business news.

© 2013 Borneo Bulletin Online - The Independent Newspaper in Brunei Darussalam, Sabah and Sarawak

ns5006141