International Events Oct-23
Iraq signs deals with UAE firm to develop oil, gas fields
Iraq signed three contracts with the United Arab Emirates’ Crescent Petroleum to develop three oil and gas fields in the eastern and southern regions of the country. The deals would help Iraq produce 400 million standard cubic feet of natural gas per day within 18 months in the blocks of Kilabat-Gumar and Khashim al-Hmer-Injana in the eastern province of Diyala province and Khudhr al-Maa in the southern province of Basra. Iraq, a member of the Organization of the Petroleum Exporting Countries (OPEC), has more than 145 billion barrels of proven oil reserves and 132 trillion cubic feet of proven natural gas reserves. But it still flares much of its gas wealth and relies on Iranian gas imports to feed its power plants.
Iraq:
- Capital: Baghdad
- President: Abdul Latif Rashid
- Prime Minister: Mohammed Shia’ Al Sudani
- Currency: Iraqi dinar
Indians top list of those acquiring citizenship of rich countries: OECD
India has ranked first as the country of origin of new immigrants to wealthy nations, as per OECD’s International Migration Outlook 2023 report. China and Romania followed India, with 283,000 and 215,000 immigrants, respectively.
OECD:
The Organisation for Economic Co-operation and Development is an intergovernmental organisation with 38 member countries, founded in 1961 to stimulate economic progress and world trade. Established: 16 April 1948 (as OEEC), 30 September1961 (as OECD)
- Headquarters: Paris, France
- Secretary-General: Mathias Cormann
PM Sheikh Hasina inaugurates Bangladesh’s largest infra project built with Chinese loan
Bangladesh Prime Minister Sheikh Hasina inaugurated the 82-km Padma Bridge Rail Link, the country’s largest infrastructure project built under China’s Belt and Road Initiative. This significant project, executed under China’s Belt and Road Initiative (BRI), is poised to transform Bangladesh’s connectivity and economic landscape. The project is estimated to cost Tk 39,246. 80 crore, with the Exim Bank of China providing a loan of Tk 21,036. 70 crore.
Bangladesh:
- Capital: Dhaka
- Prime Minister: Sheikh Hasina
- Currency: Bangladeshi taka (BDT)
Czech gov’t plans to buy 24 F-35 stealth fighters in $6. 5bn defence spend
The Czech government has approved a plan to buy 24 US-made F-35 advanced fighter jets in a deal valued at approximately $6. 5bn, the largest defence contract ever signed by the Czech Republic that will see the country significantly boost its military capabilities and integration with NATO. The first of the supersonic stealth fighters would arrive by 2031 and the country’s military would have all 24 planes at its disposal by 2035. The US State Department approved the sale of F-35 jets, munitions and related equipment to the Czech Republic in June amid the country’s plans to replace 14 leased JAS-39 Gripen fighter jets from Sweden that are currently used by the Czech army. Czech government will pay 150 billion Czech crowns ($6. 47bn) for the aircraft by 2034, a bill that includes the cost of the aircraft, training of pilots, ammunition, upgrades to the Caslav air force base in central Czech Republic and fuel.
Czech Republic
- Capital: Prague
- Prime minister: Petr Fiala
- Currency: Czech koruna (CZK)
India and Sri Lanka resume ferry service after forty years
India and Sri Lanka are embarking on a new chapter in diplomatic and economic relations. The launch of a ferry service between Nagapattinam and Kankesanthurai is an important milestone in strengthening the relations as both countries share a deep history of culture. Minister of Ports, Shipping & Waterways and Ayush, Sarbananda Sonowal flagged off the Ferry service between Tamil Nadu’s Nagapattinam and Sri Lanka’s Kankesanturai.
Sri Lanka:
- Capitals: Colombo, Sri Jayawardenepura Kotte
- Currency: Sri Lankan Rupee
- President: Ranil Wickremesinghe
- Prime minister: Dinesh Gunawardena
ADB to provide 338m for vaccine production in Bangladesh
Asian Development Bank (ADB) agreed to provide $338 million to Bangladesh for manufacturing vaccines against various diseases. The government of Bangladesh has initiated the draft project for producing vaccines locally to give protection against various diseases like COVID-19 and dengue.
ADB:
- Formation: 19 December 1969
- Headquarters: Philippines
- Membership: 68 countries
- President: Masatsugu Asakawa
EU approves world’s first green bond standards to avoid greenwashing
European Union lawmakers approved new standards for companies issuing “green” bonds to help investors pick sustainable companies and avoid greenwashing or misleading climate-friendly claims. The European Parliament voted in favour of the new voluntary standard for the use of a “European Green Bond” label, calling it the first of its kind in the world. Europe is the world’s biggest issuer of green bonds, accounting for more than half of global volume in 2021, though issuance is still only 3% to 3. 5% of the overall bond market. This will increase interest for this kind of financial product and support the EU’s transition to climate neutrality. Companies who want to label their bonds as “green” in the EU would have to disclose information about how the bond’s proceeds would be used. At least 85% of funds raised would have to be allocated to activities in line with the EU’s “taxonomy” of sustainable activities. Firms would also have to show how these investments feed into their plans to transition to a net zero carbon emissions economy. The standards set up a registration system and supervisory framework for external reviewers of European green bonds. EU states, which have a joint say on the standards, gave the nod earlier this year.
First-ever space debris fine of Rs 1. 2 crore imposed on US firm
The US authorities have issued a “breakthrough” firsteverv fine over space debris, slapping a $150,000 (about Rs 1. 2 crore) penalty on a TV company that failed to properly dispose of a satellite. The Federal Communications Commission (FCC) came down on Dish for “failure to properly deorbit” a satellite called EchoStar-7, in orbit since 2002. Dish, a US satellite television provider, pledged in 2012 to elevate the satellite to 300 kilometers above its operational arc . But with fuel running low, it retired the satellite at an altitude just over 120 kilometers above the original arc. The accumulation of orbital debris will increase the risk of collisions and clutter orbits used for human spaceflight and for satellites
NIIF and JBIC launch 600 million India-Japan Fund to facilitate collaboration and investment in field of climate and environment
The National Investment and Infrastructure Fund and Japan Bank for International Cooperation, JBIC have tied up to launch a 600 million US dollar India-Japan Fund. This joint initiative will facilitate collaboration and investment between India and Japan in the field of climate and environment. The Government of India will contribute 49 per cent of the corpus and the remaining 51 per cent will be contributed by JBIC. This fund mechanism will promote Japanese investments in India by focussing on investing in environmental sustainability and low carbon emission strategies.
National Investment and Infrastructure Fund:
- Founded: 2015
- Headquarters: Mumbai, India
- CEO: Sujoy Bose
Headquarters: Tokyo, Japan
President & CEO: Tadashi Maeda
