CENTRAL ASIA
Kazakhstan requests PM Modi's virtual presence at July 4 SCO Summit
Kazakhstan has invited Prime Minister Narendra Modi to participate virtually in the Shanghai Cooperation Organisation (SCO) Summit on July 4, despite his decision to skip the event due to the ongoing Parliament session in India and strained relations with China. External Affairs Minister S Jaishankar will represent India at the summit in Astana. The summit will focus on counterterrorism and Eurasian connectivity, with discussions on the International North-South Transport Corridor and Chabahar Port. Kazakhstan had hoped for Modi's attendance for both the summit and a bilateral meeting with President Kassym-Jomart Tokayev.
Russia sent 10,000 naturalised citizens to fight in Ukraine: Official
Russia has reportedly sent about 10,000 naturalized citizens to fight in Ukraine, with some opting to leave the country to avoid conscription. Moscow faces accusations of pressuring Central Asian migrants to join its military as part of a recruitment drive to bolster troop numbers. Alexander Bastrykin, head of Russia's Investigative Committee, stated that over 30,000 naturalized citizens have been identified for not registering with military authorities. Approximately 10,000 of these have already been deployed to Ukraine.
The train from Russia: How a new route can change things for India
A multimodal route that includes a railway, roadway network and seaports, the INSTC spans 7,200km (4,500 miles) from St. Petersburg to the port of Mumbai in India. The corridor is part of Russia’s push to find new transport routes in light of Western sanctions, which have forced it to shift trade flows from Europe to Asia and the Middle East.
More than meets the eye in Russian President Vladimir Putin’s Asia trip
Russian President Vladimir Putin’s recent visits to North Korea and Vietnam carry a dual message: reinforcing Moscow’s presence in East and Southeast Asia and signaling to Beijing that Russia is not a subordinate partner. Putin aims to show that Russia has strategic options, countering China's influence. Prof. James Curran notes that Putin's engagement with nations having complex relations with China, like North Korea and Vietnam, highlights his intent. In Hanoi, Russia proposed joint energy projects and nuclear power development, reaffirming its longstanding ties and countering Beijing’s dominance.
SCO Summit: Kazakhstan advocates UN role in addressing global challenges
Kazakhstan's First Deputy Foreign Minister highlighted the crucial role of the United Nations in addressing global challenges ahead of the SCO Summit, emphasizing President Tokayev's focus on sustainable development and alignment with the SDGs and 2030 Agenda.
Countering ISIS threat to top SCO Summit agenda
The SCO Summit in Astana will focus on countering ISIS threats in Afghanistan, Tajikistan, Kyrgyzstan, Russia, and Iran, including plans to target India. It will address the terrorist network, literature promoting attacks, counter-terror cooperation, and efforts to radicalize youth in the region.
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Answer to India’s critical minerals requirement lie in India’s extended neighbourhood
India is exploring critical minerals in Latin America for EVs, but a solution may be closer in Kazakhstan. The country has reserves of critical minerals that can support India's clean energy goals.
Asia stocks rally as rate cut bets gather momentum; ECB in focus
Asian shares rose on Fed rate cut expectations and ECB meeting. Oil prices climbed, Treasury yields fell. Asia-Pacific shares outside Japan gained 1.14%, led by tech stocks.
Asia shares rally on hopes for more rate cuts this week
Asian share markets rose on Monday as investors anticipated rate cuts by the European Central Bank and possibly the Bank of Canada. Sticky inflation may prolong the easing process.
US trying to build Asia-Pacific version of NATO: Chinese defence official
A Chinese defense official criticizes the US' attempt to build an Asia-Pacific version of NATO through its Indo-Pacific strategy, calling it doomed to fail due to selfish geopolitical interests.
Asia stocks gain, dollar drifts as inflation tests await
Asian stocks rose for the fourth month, while the dollar drifted lower. Investors await inflation readings from Europe and the U.S. for interest rate guidance.
Singapore may eye Chabahar Port to create trade & transit corridor between SE Asia & C Asia
Singapore aims to access resource-rich Eurasia through India's Chabahar port in Iran, managed by New Delhi. The port plays a vital role in establishing a trade corridor with Kazakhstan, connecting Southeast Asia and Central Asia.
Asia shares drift after rally, Wall Street reopen in focus
Asian shares mixed after rallying, with rising bets of European rate cut and key inflation data boosting risk appetite. Wall Street futures firm ahead of U.S. market reopening after holiday.
Asia shares inch higher before inflation tests
Asian shares edged higher on Monday as investors awaited a key U.S. inflation report that could impact interest rates. Thin trading was seen ahead of core personal consumption expenditures data, with risks on the downside.
Charting the Global Economy: New policies considered to be trade-restrictive hit a record in 2023
The world’s three dominant economies are entering a new, combative phase as the US increasingly uses trade weapons borrowed from China’s playbook.
Singapore and Kazakhstan plan Eurasia to ASEAN trade & transit corridor
Singapore and Kazakhstan strengthen economic ties, enhancing India's role as a link between Southeast Asia and Eurasia. Kazakhstan's transport initiatives and Singapore's expertise create new business opportunities. The countries sign agreements to boost trade and investment, with Singapore investing in Kazakhstan's economy. Cooperation focuses on innovation and digitalization for mutual benefit.
Asia stocks edge up on Nvidia hopes, NZ dollar jumps
Markets are braced for fireworks when Nvidia reports after the bell, with options priced for a swing of 8.7% in either direction, worth $200 billion in market value.
Gold Price Today: Yellow metal drops over Rs 600 per 10 grams; silver dips Rs 1800/kg
Gold Price Today: Gold and silver prices fluctuated with MCX June futures down 0.85% and July silver contracts down 1.9%. Gold rose 18% this year due to central-bank purchases and strong demand from Asia despite higher Treasury yields and hawkish comments from Federal Reserve officials. The US Dollar Index was near 104.67.
Chabahar pact important milestone; to provide connectivity to Afghanistan, Central Asia: PM
PM Narendra Modi highlighted India's milestone Chabahar port contract for Afghan connectivity, promoting regional trade via the International North-South Transport Corridor and India-Middle East-Europe Economic Corridor. The agreement involved IPGL's investments and debt, and the INSTC offers an alternative trade route to Russia, bypassing the Suez Canal.
Asia shares touch two-year top as China plans property boost
Brent crude futures touched a one-week high of $84.14 a barrel in early trade, with the crash, in heavy fog, of a helicopter carrying Iran's president drawing traders' attention to the Middle East. Gold hovered close to a record high at $2,423 an ounce.
Pakistan bid to defuse Kyrgyzstan crisis faces trust issues
The spat between Kyrgyzstan and Pakistan over violence against foreign students in Bishkek reveals a sentiment of mistrust that is thwarting Islamabad's efforts to improve ties with the Central Asian nation by playing the religion card. The Kyrgyz government has not only lodged protests with Pakistani authorities but also issued a statement blaming the Pakistani media for spreading rumours.
Iran looking at some investments from India in Chabahar region after pact on port operation, says envoy
Iran is looking at some investments from India in Chabahar region post a long-term deal on the Chabahar Port operations, a top Iranian diplomat has said. Talking to PTI, Davoud Rezaei Eskandari, Acting Consul General of Iran in Mumbai, also said that the Chabahar Port deal could be a turning point for its "most relations" with India.
Reach Europe 20 days earlier and for 30% cheaper: How Chabahar port helps India expand its trade footprints globally
India’s pact with Iran to develop the Chabahar port will give a boost to the multimodal transportation network called the International North-South Transport Corridor, enabling exports from South Asia to reach Europe and Russia.
Chabahar Port development to help India expand trade routes; need to ensure necessary infra: GTRI
India has signed a 10-year contract to operate the strategic Iranian port of Chabahar, which will help India enhance its logistical capabilities and expand its trade routes to Central Asia. The port, which is Iran's only ocean port, is strategically located about 170 km west of Pakistan's Gwadar Port and offers an alternative maritime route to the congested Strait of Hormuz. The port is an integral component of the International North-South Transport Corridor (INSTC), a 7,200-km multi-modal transportation route connecting India with Iran, Azerbaijan, Russia, Central Asia, and Europe.
Arbitration matters related to Chabahar port to be referred to tribunal in Muscat: Official
"Major concerns, including lack of consensus on an arbitral framework, have been addressed. As per the agreement signed on Monday, matters requiring arbitration with regard to operation of the Chabahar port, will be referred to a three-member arbitration tribunal based in Muscat in accordance with the Singapore International Arbitration Centre (SIAC)," the official said on condition of anonymity.
India’s counter to Pakistan’s Gwadar port: New Delhi signs 10-year Chabahar Port pact with Iran
India signed a 10-year agreement with Iran on Monday to manage Chabahar Port, marking its first overseas port management venture. The move, amidst a bustling election season, is viewed as a significant geopolitical gesture towards Iran, with potential regional ramifications. This agreement underscores India's strategic interest in Chabahar, which serves as a vital link to Afghanistan, Central Asia, and the larger Eurasian region, offering an alternative to Pakistan's Gwadar port and China's Belt and Road Initiative.
Chabahar: A step towards connectivity
India's operation of Chabahar port strengthens trade links with Central Asia, serving as a vital hub for humanitarian aid, trade agreements, and regional connectivity, benefiting landlocked nations and enhancing economic prospects in the region.
Asia stocks brace for US inflation test, China data
Beijing has already reported a welcome pickup in inflation to an annual 0.3% in April, helping to soothe worries about a slide into prolonged deflation. Forecasts favour further gains in April retail sales and industrial output due on Friday.
Asia stocks rally on renewed global rate cut optimism
Sterling was steady at $1.2515, having touched over two-week low of $1.2446 on Thursday after Bank of England (BoE) paved the way for the start of rate cuts as soon as next month.
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