General Affairs
Telephone Exchange Case: CBI Questions Ex-Telecom Minister Dayanidhi Maran
PM Narendra Modi Takes On Rich Nations On Climate Change Ahead of Paris Summit
Indian Student in UAE Gets Perfect Scholastic Aptitude Test Score
Injectible Polio Vaccine Launched in India
World Needs to Go 'Much Faster, Much Further' to Slow Warming: Ban Ki-moon
Markets end flat ahead of GDP data; IDBI shares gain 8%
Economic growth accelerates to 7.4% in September quarter
Ahead of Reliance Jio's 4G launch, Bharti Airtel commits Rs 60,000 crore investment in 3 years
Indian auto companies get proactive on passenger safety
April-October fiscal deficit touches 74% of full-year target
Telephone Exchange Case: CBI Questions Ex-Telecom Minister Dayanidhi Maran
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NEW DELHI: CBI today questioned former telecom minister Dayanidhi Maran in connection with the case of alleged installation of over 300 high-speed telephone lines at his Chennai residence.
This comes after the Supreme Court had rejected the demand of CBI to take Mr Maran into custody while directing the former minister to appear before the agency from 11 am to 5 pm for six days for answering its queries.
Mr Maran reached the agency headquarters in the morning where his examination is underway, CBI sources said.
CBI has registered an FIR against Mr Maran and others alleging that over 300 high-speed telephone lines were provided at his residence here and extended to his brother Kalanithi Maran's SUN TV channel to enable its uplinking when Mr Dayanidhi Maran was Telecom Minister from 2004-07.
The then Chief General Manager of BSNL has claimed that the telephone exchange was set up on the oral order of the then minister, Attorney General Mukul Rohatgi told the Supreme Court.
Madras High Court had on August 10 cancelled Mr Maran's interim anticipatory bail and directed him to surrender before CBI in three days, holding that "prima facie" Maran had "misused" his office by obtaining phone connections illegally and the charges against him were backed by material.
It was challenged before the apex court by Mr Maran where CBI had claimed his custodial interrogation by the probe agency which said it needed his custody to unravel the "actual conspiracy" as the telephone lines were allegedly used by his family-run Sun TV.
"We will not grant you (CBI) his custody. Interim order (of protection against arrest) to continue. In the meantime, we direct the petitioner to appear before CBI...," the apex court said, admitting the plea of Mr Maran for final hearing.
It asked Attorney General Mukul Rohatgi, appearing for CBI, to prepare a questionnaire and give them to CBI personnel and the accused and further granted liberty to the agency to move before it if Mr Maran does not cooperate and answer the queries.
NEW DELHI: CBI today questioned former telecom minister Dayanidhi Maran in connection with the case of alleged installation of over 300 high-speed telephone lines at his Chennai residence.This comes after the Supreme Court had rejected the demand of CBI to take Mr Maran into custody while directing the former minister to appear before the agency from 11 am to 5 pm for six days for answering its queries.
Mr Maran reached the agency headquarters in the morning where his examination is underway, CBI sources said.
CBI has registered an FIR against Mr Maran and others alleging that over 300 high-speed telephone lines were provided at his residence here and extended to his brother Kalanithi Maran's SUN TV channel to enable its uplinking when Mr Dayanidhi Maran was Telecom Minister from 2004-07.
The then Chief General Manager of BSNL has claimed that the telephone exchange was set up on the oral order of the then minister, Attorney General Mukul Rohatgi told the Supreme Court.
Madras High Court had on August 10 cancelled Mr Maran's interim anticipatory bail and directed him to surrender before CBI in three days, holding that "prima facie" Maran had "misused" his office by obtaining phone connections illegally and the charges against him were backed by material.
It was challenged before the apex court by Mr Maran where CBI had claimed his custodial interrogation by the probe agency which said it needed his custody to unravel the "actual conspiracy" as the telephone lines were allegedly used by his family-run Sun TV.
"We will not grant you (CBI) his custody. Interim order (of protection against arrest) to continue. In the meantime, we direct the petitioner to appear before CBI...," the apex court said, admitting the plea of Mr Maran for final hearing.
It asked Attorney General Mukul Rohatgi, appearing for CBI, to prepare a questionnaire and give them to CBI personnel and the accused and further granted liberty to the agency to move before it if Mr Maran does not cooperate and answer the queries.
PM Narendra Modi Takes On Rich Nations On Climate Change Ahead of Paris Summit
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PARIS: In a blunt warning to rich nations, Prime Minister Narendra Modi today said that it would be "morally wrong" if they shift the burden of reducing emissions on developing countries like India.
"The principle of common but differentiated responsibilities should be the bedrock of our collective enterprise. Anything else would be morally wrong," PM Modi wrote in the Opinion section of today's edition of 'Financial Times', UK's leading financial daily.
He asked the developed nations to fulfil their duty to shoulder the greater burden of the fight against climate change.
In the article, timed to coincide with the launch of COP21 conference on climate change in Paris, PM Modi said, "Some say advanced countries powered their way to prosperity on fossil fuel when humanity was unaware of its impact."
"Since science has moved on and alternative energy sources are available, they argue that those just beginning their development journey bear no less responsibility than those who have reached the zenith of their progress. New awareness, however, should lead advanced countries to assume more responsibility. Just because technology exists does not mean it is affordable and accessible."
"Justice demands that, with what little carbon we can still safely burn, developing countries are allowed to grow.
"The lifestyles of a few must not crowd out opportunities for the many still on the first steps of the development ladder," he added.
PM Modi reiterated his plans to launch an alliance of 121 solar-rich nations in the tropics aimed at bringing affordable solar power to villages that are off the grid.
"We expect the same from the world with respect to responding to climate change," he said.
PM Modi along with nearly 150 world leaders are in Paris to attend the opening of the climate summit with a central aim of the new agreement to keep global warming below 2 degrees Celsius over pre-industrial temperatures.
"The principle of common but differentiated responsibilities should be the bedrock of our collective enterprise. Anything else would be morally wrong," PM Modi wrote in the Opinion section of today's edition of 'Financial Times', UK's leading financial daily.
In the article, timed to coincide with the launch of COP21 conference on climate change in Paris, PM Modi said, "Some say advanced countries powered their way to prosperity on fossil fuel when humanity was unaware of its impact."
"Since science has moved on and alternative energy sources are available, they argue that those just beginning their development journey bear no less responsibility than those who have reached the zenith of their progress. New awareness, however, should lead advanced countries to assume more responsibility. Just because technology exists does not mean it is affordable and accessible."
"Justice demands that, with what little carbon we can still safely burn, developing countries are allowed to grow.
"The lifestyles of a few must not crowd out opportunities for the many still on the first steps of the development ladder," he added.
PM Modi reiterated his plans to launch an alliance of 121 solar-rich nations in the tropics aimed at bringing affordable solar power to villages that are off the grid.
"We expect the same from the world with respect to responding to climate change," he said.
PM Modi along with nearly 150 world leaders are in Paris to attend the opening of the climate summit with a central aim of the new agreement to keep global warming below 2 degrees Celsius over pre-industrial temperatures.
Indian Student in UAE Gets Perfect Scholastic Aptitude Test Score
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DUBAI: A 15-year-old Indian student in Dubai has scored a perfect 2400/2400 in the coveted Scholastic Aptitude Test exams held on November 7, a media report said today.
Sanchit Kapoor, who has represented the UAE at the World Youth Scrabble Championships (WYSC) for the last four years, is among the top 0.5 per cent out of the 1.8 million students who appeared for the college board exam, the Gulf News reported.
The SAT score is a qualifying prerequisite for admission into undergraduate degree courses in US universities.
The student dreams of studying software programming and computer science engineering at Stanford. "I knew I had done well, but never expected this score. It was a surprise," Gulf News quoted the Indian student as saying.
A Class 11 student at GEMS Modern Academy student in Dubai, he topped his school as well as throughout the UAE in his Class 10 board examination.
"Annually, only 400 students worldwide a" from a 1.8 million who appear for SAT a" achieve a perfect score. Of the 75 per cent perfect score applications to Harvard University, for example, only 10-15 per cent make it," said Peter Davos, a Dubai-based independent educational consultant for US universities.
He said a perfect SAT score has brought Sanchit Kapoor closer to his objective of gaining admission in a top US university.
DUBAI: A 15-year-old Indian student in Dubai has scored a perfect 2400/2400 in the coveted Scholastic Aptitude Test exams held on November 7, a media report said today.Sanchit Kapoor, who has represented the UAE at the World Youth Scrabble Championships (WYSC) for the last four years, is among the top 0.5 per cent out of the 1.8 million students who appeared for the college board exam, the Gulf News reported.
The SAT score is a qualifying prerequisite for admission into undergraduate degree courses in US universities.
The student dreams of studying software programming and computer science engineering at Stanford. "I knew I had done well, but never expected this score. It was a surprise," Gulf News quoted the Indian student as saying.
A Class 11 student at GEMS Modern Academy student in Dubai, he topped his school as well as throughout the UAE in his Class 10 board examination.
"Annually, only 400 students worldwide a" from a 1.8 million who appear for SAT a" achieve a perfect score. Of the 75 per cent perfect score applications to Harvard University, for example, only 10-15 per cent make it," said Peter Davos, a Dubai-based independent educational consultant for US universities.
He said a perfect SAT score has brought Sanchit Kapoor closer to his objective of gaining admission in a top US university.
Injectible Polio Vaccine Launched in India
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NEW DELHI: India's first injectible inactivated polio vaccine (IPV) was today launched by Health Minister JP Nadda as part of the country's commitment to global polio eradication.
The minister announced that IPV injection will be given to children below one year of age, along with the third dose of the Oral Polio Vaccine (OPV) at the routine immunization sessions free of cost.
"At this momentous milestone, India remains committed to global polio eradication. India is introducing IPV into its routine immunization programme along with oral polio vaccine," said the minister.
In the first phase, the vaccine will be introduced in six states -- Assam, Gujarat, Punjab, Bihar, Madhya Pradesh, and Uttar Pradesh, Mr Nadda said.
According to reports, new evidence shows that IPV and OPV together will further strengthen children's immune system and provide double protection against polio.
The introduction of IPV in routine immunization is as per recommendation made in the World Health Assembly in May 2015.
India was declared polio free in 2014.
"IPV will roll out to 126 countries which are only using OPV in the national programme and it will be the largest and fastest globally-coordinated vaccine introduction project in history," said Mr Nadda.
Director General of Health Services (DGHS) Jagdish Prasad, additional health secretary CK Mishra were present on the occasion.
Louis-Georges Arsenault, Unicef representative to India, commended the strengthening of India's immunization programme by introduction of IPV and termed this a "monumental step".
He reiterated Unicef's commitment and support in India's immunization endeavour.
NEW DELHI: India's first injectible inactivated polio vaccine (IPV) was today launched by Health Minister JP Nadda as part of the country's commitment to global polio eradication.The minister announced that IPV injection will be given to children below one year of age, along with the third dose of the Oral Polio Vaccine (OPV) at the routine immunization sessions free of cost.
"At this momentous milestone, India remains committed to global polio eradication. India is introducing IPV into its routine immunization programme along with oral polio vaccine," said the minister.
In the first phase, the vaccine will be introduced in six states -- Assam, Gujarat, Punjab, Bihar, Madhya Pradesh, and Uttar Pradesh, Mr Nadda said.
The introduction of IPV in routine immunization is as per recommendation made in the World Health Assembly in May 2015.
India was declared polio free in 2014.
"IPV will roll out to 126 countries which are only using OPV in the national programme and it will be the largest and fastest globally-coordinated vaccine introduction project in history," said Mr Nadda.
Director General of Health Services (DGHS) Jagdish Prasad, additional health secretary CK Mishra were present on the occasion.
Louis-Georges Arsenault, Unicef representative to India, commended the strengthening of India's immunization programme by introduction of IPV and termed this a "monumental step".
He reiterated Unicef's commitment and support in India's immunization endeavour.
World Needs to Go 'Much Faster, Much Further' to Slow Warming: Ban Ki-moon
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PARIS: UN Secretary General Ban Ki-moon called on world leaders at the start of two weeks of climate talks in Paris to accelerate action to avert a dangerous rise in temperatures.
National emissions pledges from more than 180 nations were, he said, a very good start, but were not enough to curb global warming at the 2 degrees Celsius (3.6 Fahrenheit) limit scientists say can prevent the worst consequences.
"Paris must mark a decisive turning point," he said. "We need to go much faster, much further if we are to limit the global temperature rise to below 2 degrees Celsius."
PARIS: UN Secretary General Ban Ki-moon called on world leaders at the start of two weeks of climate talks in Paris to accelerate action to avert a dangerous rise in temperatures.National emissions pledges from more than 180 nations were, he said, a very good start, but were not enough to curb global warming at the 2 degrees Celsius (3.6 Fahrenheit) limit scientists say can prevent the worst consequences.
"Paris must mark a decisive turning point," he said. "We need to go much faster, much further if we are to limit the global temperature rise to below 2 degrees Celsius."
Business Affairs
Markets end flat ahead of GDP data; IDBI shares gain 8%
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The domestic markets ended on a flat note in trade on Monday ahead of the outcome of September quarter GDP data, due today post market hours and RBI monetary policy on Tuesday.
The S&P BSE Sensex settled the day at 26,145.67, up 17.47 points, while the broader CNX Nifty ended below 7,950-mark at 7,935.25, down 7.25 points.
The 50-shares index posted a decline of 1.62 per cent for the month, while the 30-share index lost 1.92 per cent.
Market breadth turned negative with 19 of the 30 Sensex components ending the day in red.
Country's economic growth likely picked up in the July-September quarter, outpacing China on improving domestic demand and manufacturing activity that could persuade the Reserve Bank of India to keep interest rates unchanged on Tuesday.
Asia's third-largest economy likely expanded 7.3 per cent in the second quarter of the current financial year that ends in March, compared with 7 per cent in April-June, according to analysts polled by Reuters.
"The market is indecisive. I don't think the market is assuming any direction looking at the indices," said Deven Choksey, managing director at KR Choksey Securities.
Shares of Amtek Auto ended 4.45 per cent higher after the troubled auto component maker said it has suffered a consolidated net loss of Rs 987 crore for the year ended September against a net profit of Rs 848.21 crore last year.
Stock of IDBI Bank hit their 16-month high and ended 7.99 per cent up, following news reports that the government is in discussion with International Finance Corporation to divest 15 per cent stake in state-run lender.
Markets also kept an eye on developments related to GST Bill in the ongoing Winter Session of Parliament.
The government needs Parliament approval for the GST Bill in the ongoing Winter Session to roll out the new indirect tax regime, as planned, from April 1, 2016.
Among Asian markets, China's Shanghai Composite ended flat after a highly volatile session. It had plunged more than 3 per cent in early afternoon trading but bargain hunters managed to lift the gauge into positive territory. Hong Kong's Hang Seng settled 0.33 per cent lower, while Japan's Nikkei lost 0.69 per cent at close.
On Friday, US stock indexes ended little changed. The Dow Jones fell 14.9 points, or 0.08 per cent, the S&P 500 gained 1.24 points, or 0.06 per cent and the Nasdaq Composite added 11.38 points, or 0.22 per cent.
Lowdown on markets today
2:00 pm
Sensex at 26160.61, up 32 points
Nifty at 7945.55, up 3 points
1:00 pm
Sensex at 26135.17, up 7 points
Nifty at 7939.65, down 3 points
11:03 am
Sensex at 26,128.73, up 0.53 points
Nifty at 7,935.90, down 6.80 points
9:25 am
Sensex at 26,171.49, up 43.29 points
Nifty at 7,948.95, up 6.25 points
The domestic markets ended on a flat note in trade on Monday ahead of the outcome of September quarter GDP data, due today post market hours and RBI monetary policy on Tuesday.
The S&P BSE Sensex settled the day at 26,145.67, up 17.47 points, while the broader CNX Nifty ended below 7,950-mark at 7,935.25, down 7.25 points.
The 50-shares index posted a decline of 1.62 per cent for the month, while the 30-share index lost 1.92 per cent.
Market breadth turned negative with 19 of the 30 Sensex components ending the day in red.
Country's economic growth likely picked up in the July-September quarter, outpacing China on improving domestic demand and manufacturing activity that could persuade the Reserve Bank of India to keep interest rates unchanged on Tuesday.
Asia's third-largest economy likely expanded 7.3 per cent in the second quarter of the current financial year that ends in March, compared with 7 per cent in April-June, according to analysts polled by Reuters.
"The market is indecisive. I don't think the market is assuming any direction looking at the indices," said Deven Choksey, managing director at KR Choksey Securities.
Shares of Amtek Auto ended 4.45 per cent higher after the troubled auto component maker said it has suffered a consolidated net loss of Rs 987 crore for the year ended September against a net profit of Rs 848.21 crore last year.
Stock of IDBI Bank hit their 16-month high and ended 7.99 per cent up, following news reports that the government is in discussion with International Finance Corporation to divest 15 per cent stake in state-run lender.
Markets also kept an eye on developments related to GST Bill in the ongoing Winter Session of Parliament.
The government needs Parliament approval for the GST Bill in the ongoing Winter Session to roll out the new indirect tax regime, as planned, from April 1, 2016.
Among Asian markets, China's Shanghai Composite ended flat after a highly volatile session. It had plunged more than 3 per cent in early afternoon trading but bargain hunters managed to lift the gauge into positive territory. Hong Kong's Hang Seng settled 0.33 per cent lower, while Japan's Nikkei lost 0.69 per cent at close.
On Friday, US stock indexes ended little changed. The Dow Jones fell 14.9 points, or 0.08 per cent, the S&P 500 gained 1.24 points, or 0.06 per cent and the Nasdaq Composite added 11.38 points, or 0.22 per cent.
Lowdown on markets today
2:00 pm
Sensex at 26160.61, up 32 points
Nifty at 7945.55, up 3 points
1:00 pm
Sensex at 26135.17, up 7 points
Nifty at 7939.65, down 3 points
11:03 am
Sensex at 26,128.73, up 0.53 points
Nifty at 7,935.90, down 6.80 points
9:25 am
Sensex at 26,171.49, up 43.29 points
Nifty at 7,948.95, up 6.25 points
Economic growth accelerates to 7.4% in September quarter
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Annual economic growth accelerated to 7.4 per cent in the three months through September from 7 per cent in the previous quarter, government data showed on Monday.
Analysts polled by Reuters had forecast annual growth of 7.3 per cent in the quarter.
Annual economic growth accelerated to 7.4 per cent in the three months through September from 7 per cent in the previous quarter, government data showed on Monday.
Analysts polled by Reuters had forecast annual growth of 7.3 per cent in the quarter.
Ahead of Reliance Jio's 4G launch, Bharti Airtel commits Rs 60,000 crore investment in 3 years
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Country's biggest telecommunications carrier, Bharti Airtel, said it will invest Rs 60,000 crore ($8.98 billion) over three years to upgrade its network to improve voice and data services in the world's second-biggest mobile phone market by number of customers.
The bulk of the investment will be in building infrastructure as the company has already bought most of the radio airwaves needed, Gopal Vittal, the company's chief executive for India and South Asia, told a news conference.
The planned investment includes the capital expenditure target of about $2.2 billion for the current fiscal year to March 2016.
Competition in the telecommunications sector is set to heat up as Reliance Industries, controlled by Mukesh Ambani, is preparing to launch the nation's biggest 4G broadband network.
Country's biggest telecommunications carrier, Bharti Airtel, said it will invest Rs 60,000 crore ($8.98 billion) over three years to upgrade its network to improve voice and data services in the world's second-biggest mobile phone market by number of customers.
The bulk of the investment will be in building infrastructure as the company has already bought most of the radio airwaves needed, Gopal Vittal, the company's chief executive for India and South Asia, told a news conference.
The planned investment includes the capital expenditure target of about $2.2 billion for the current fiscal year to March 2016.
Competition in the telecommunications sector is set to heat up as Reliance Industries, controlled by Mukesh Ambani, is preparing to launch the nation's biggest 4G broadband network.
Indian auto companies get proactive on passenger safety
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To curtail the rising numbers of fatalities from motor accidents, many carmakers are planning to install passenger safety devices in their new products as a standard fitment.
Maruti Suzuki India Limited, India's leading passenger vehicle maker, has already introduced dual airbags and anti lock brake system (ABS) for all options across its Baleno, Swift and Celerio hatchbacks, including the base version.
RS Kalsi, Executive Director for Marketing & Sales at Maruti Suzuki, says, "By offering airbags for driver and co-driver, and ABS from the base variant onwards in Celerio, we are making it more attractive to strap these safety features much ahead of any mandatory regulations."
Other companies too are taking steps for passenger safety. Toyota Kirloskar Motor has already made airbag standard across all its cars sold in India and so has Volkswagen, Europe's largest carmaker, for all its products sold in the domestic market.
South Korean car maker Hyundai too has plans to bring the necessary safety apparatus on its passenger car models.
"We would be bringing all the necessary safety features in our cars as the market demands. We are already selling quality cars in India on par with European markets," said Hyundai Motor India MD YK Koo, at the launch of 'Safety Campaign' for school children in New Delhi.
Nearly 1.4 lakh people in India die in motoring accidents every year. This is the highest tally in the world and forms 10 per cent of the global accidental deaths every year.
To prevent road accidents, Hyundai has initiated Safe Move under its official 'Traffic Safety Campaign', a programme that educates children on traffic safety through both online and offline engagement channels.
The company plans to introduce Robocar Poli animation series on Hungama TV to educate children on passenger safety. The 26 episode series will be available in English, Hindi and Tamil languages.
To curtail the rising numbers of fatalities from motor accidents, many carmakers are planning to install passenger safety devices in their new products as a standard fitment.
Maruti Suzuki India Limited, India's leading passenger vehicle maker, has already introduced dual airbags and anti lock brake system (ABS) for all options across its Baleno, Swift and Celerio hatchbacks, including the base version.
RS Kalsi, Executive Director for Marketing & Sales at Maruti Suzuki, says, "By offering airbags for driver and co-driver, and ABS from the base variant onwards in Celerio, we are making it more attractive to strap these safety features much ahead of any mandatory regulations."
Other companies too are taking steps for passenger safety. Toyota Kirloskar Motor has already made airbag standard across all its cars sold in India and so has Volkswagen, Europe's largest carmaker, for all its products sold in the domestic market.
South Korean car maker Hyundai too has plans to bring the necessary safety apparatus on its passenger car models.
"We would be bringing all the necessary safety features in our cars as the market demands. We are already selling quality cars in India on par with European markets," said Hyundai Motor India MD YK Koo, at the launch of 'Safety Campaign' for school children in New Delhi.
Nearly 1.4 lakh people in India die in motoring accidents every year. This is the highest tally in the world and forms 10 per cent of the global accidental deaths every year.
To prevent road accidents, Hyundai has initiated Safe Move under its official 'Traffic Safety Campaign', a programme that educates children on traffic safety through both online and offline engagement channels.
The company plans to introduce Robocar Poli animation series on Hungama TV to educate children on passenger safety. The 26 episode series will be available in English, Hindi and Tamil languages.
April-October fiscal deficit touches 74% of full-year target
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Fiscal deficit reached Rs 4.11 trillion ($61.67 billion) during April-October or 74 per cent of the full-year target, government data showed on Monday.
The deficit was 89.6 per cent of the full-year target during the same period a year ago.
Net tax receipts were Rs 4.29 trillion ($64.37 billion)in the first seven months of the fiscal year that ends in March 2016, while total spending touched Rs 10.22 trillion.
Fiscal deficit reached Rs 4.11 trillion ($61.67 billion) during April-October or 74 per cent of the full-year target, government data showed on Monday.
The deficit was 89.6 per cent of the full-year target during the same period a year ago.
Net tax receipts were Rs 4.29 trillion ($64.37 billion)in the first seven months of the fiscal year that ends in March 2016, while total spending touched Rs 10.22 trillion.
General Awareness
India joins UK, Australia to help poor nations combat climate change
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The 24th Commonwealth Heads of Government Meeting in Malta deliberated extensively on combating climate change and a number of nations pledged their financial assistance to vulnerable countries.
- India will provide $ 2.5 million for the vulnerable nations in the Commonwealth to help them introduce clean energy and reduce green-house gas emissions.
- Commonwealth and the Governments of India, Malta, Mauritius and Sri Lanka announced the new trade financing fund to help boost trade and investment flows in small countries.
- The voluntary fund is aimed at attracting start-up capital of $ 20 million. It will provide member countries facing trade challenges with the finance they need to increase their trade capacity.
Other countries contribution
- Maltese Prime Minister Joseph Muscat unveiled a $ 1 billion Commonwealth Green Finance Facility to support environmental projects in the poor countries of the bloc.
- UK has committed 21 million pounds for disaster management and 5.5 million pound for the ocean-based economy.
- Australia has committed $ 1 million for a new Commonwealth idea – a Climate Finance Access Hub.
- Canada has pledged $ 2 billion assistance to help poor countries limiting green-house gas emission.
Commonwealth has 31 small states as its members out of the 53 countries and trade finance is very important to them.
- The fund will seek to stimulate lending by major banks to smaller banks in member states and reduce risk. The first phase of the fund will run over three years followed by a review.
- The 24th Commonwealth Heads of Government Meeting in Malta deliberated extensively on combating climate change and a number of nations pledged their financial assistance to vulnerable countries.
- India will provide $ 2.5 million for the vulnerable nations in the Commonwealth to help them introduce clean energy and reduce green-house gas emissions.
- Commonwealth and the Governments of India, Malta, Mauritius and Sri Lanka announced the new trade financing fund to help boost trade and investment flows in small countries.
- The voluntary fund is aimed at attracting start-up capital of $ 20 million. It will provide member countries facing trade challenges with the finance they need to increase their trade capacity.
- Maltese Prime Minister Joseph Muscat unveiled a $ 1 billion Commonwealth Green Finance Facility to support environmental projects in the poor countries of the bloc.
- UK has committed 21 million pounds for disaster management and 5.5 million pound for the ocean-based economy.
- Australia has committed $ 1 million for a new Commonwealth idea – a Climate Finance Access Hub.
- Canada has pledged $ 2 billion assistance to help poor countries limiting green-house gas emission.
Commonwealth has 31 small states as its members out of the 53 countries and trade finance is very important to them.- The fund will seek to stimulate lending by major banks to smaller banks in member states and reduce risk. The first phase of the fund will run over three years followed by a review.
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