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By admin: Nov. 13, 2022

Prime Minister Narendra Modi to visit Indonesia to attend the 17th G20 Summit in Bali

Tags: Summits Person in news

The Indian Prime Minister Narendra Modi will be on a three day (14-16 November) visit to Indonesia to attend the 17th G20 Summit in Bali.  He will leave India on 14th November 2022 .The 17th G-20 Summit will be held in Bali on 15 and 16 November 2022.

Giving the information the Foreign Secretary Vinay Mohan Kwatra said during the G-20 summit the leaders will deliberate extensively upon key issues of global concern under the Summit theme of 'Recover Together, Recover Stronger'.

Three working sessions will be held as part of the G20 Summit Agenda. These are food and energy security, health, and digital transformation.

Indonesia to hand over the Presidency to India 

According to Kwatra at the closing session of the Summit, the Indonesia President will symbolically hand over the G20 Presidency to Prime Minister Modi. India will formally assume the G20 Presidency from 1st December this year. India will host the next G20 summit in September next year.

During the G20 Presidency, India-Indonesia-Brazil would be the troika. This would be the first time in G20 that the troika would consist of three developing countries and emerging economies in a row. 

 The G20 Summit programme also includes a Leaders' visit to amangrove forestin Bali on the 16th of this month.

The Foreign Secretary said that on the sidelines of the Summit, Prime Minister Modi will have several bilateral interactions with the G20 leaders.

G-20 is a group of 19 leading developed and developing countries and the European Union. It has emerged as an influential group to deliberate on pressing world issues. G20 members represent around 85 percent of the global GDP, over 75 percent of the global trade and about two thirds of the world's population. 

England wins the ICC T20 Men's world cup second time by beating Pakistan in the final

Tags: Sports

The England men’s cricket team won its second ICC T20 men’s cricket world cup by defeating Pakistan in the final played at the Melbourne cricket stadium on 13 November 2022. The England team is the current ICC ODI (One Day International) world champion 2019 and it earlier won the ICC T20 men's world cup in 2010.

England are the first men's team in history to hold both the 50-over and 20-over World Cups simultaneously.

The captain of the Pakistani team was Babar Azam while the English side was led by Jos Butler.

Brief Score ;

Batting first Pakistan scored 137 for 5 wickets in their allotted 20 overs.

England scored 138 for the loss of 5 wickets in 19 overs .

Player of the Final : Sam Curran of England for his spell of 3 wickets for 12 runs. 

Player of the World Cup  : Sam Curran of England  for his 13 wickets in the tournament.

8th ICC Men’s World Cup 2022 highlights 

• It was organised by the International Cricket Council (ICC) in Australia from 16 October to 13 November 2022. Originally it was to be held in 2020 but was postponed to 2022 due to covid.
• Australia, New Zealand, England , South Africa , India, Bangladesh ,Pakistan and Afghanistan automatically qualified for the Super 12 .
• Sri Lanka, Ireland, Netherlands and Zimbabwe won their qualification round to play in the Super 12 group.
• For the first time West Indies failed to qualify for the super 12 stage of the tournament.
• Virat Kohli was the highest run scorer in the tournament with 296 runs in six innings . 
• He also broke the record of Sri Lankan player Mahela Jayewardene of 1016 runs in the T20 World Cup. Kohli now has a total of 1141 runs in the 
• T 20 world cup . 
• Maximum wickets in the T20 world cup : Wanindu Hasaranga  of Sri Lanka, 15 wickets .

History of the ICC T20 Men’s World Cup

Vice President Dhankhar calls for free and open Indo-Pacific region at the 17th East Asia Summit in Phnom Penh

Tags: place in news Summits Person in news

Vice President Jagdeep Dhankhar speaking at the 17th East Asia Summit meeting being held in the Cambodian capital of Phnom Penh on 13 November 2022 highlighted  India’s concern on food and security  and emphasized the role of the East Asia Summit (EAS) in promoting free, open and inclusive Indo-Pacific with freedom of navigation and overflight.

The 17th EAS is being hosted by the current ASEAN (Association of SouthEast Asian Nations) chairman Cambodia.

Earlier speaking in the summit the American President Joe Biden and the Japanese Prime Minister Fumio Kishida also highlighted the aggressive behaviour of China in the South China Sea and called for peace in the Taiwan Strait and ensuring freedom of navigation in the South China Sea.

Vice President Jagdeep Dhankhar also called upon the EAS members’ full contribution to the International Year of Millets in 2023.

Vice President visit to Cambodia 

The Vice President was on a three day (11-13 November) visit to Cambodia to attend the 19th India-ASEAN summit meeting which has been designated as the commemorative summit, to mark the 30 years of Indian ASEAN relationship.

This year is also being celebrated as ASEAN-India Friendship Year.

External Affairs Minister S Jaishankar is accompanying Vice-President Dhankhar on this visit.

Observer Research Foundation signs Mou with AVI 

On the sideline of the summit meeting Observer Research Foundation (ORF) of India signed a Memorandum of Understanding (MoU) with a leading Cambodian think tank AVI.

The two institutions engaged in the realm of public policy will endeavour to cooperate more closely to enhance their mutual understanding on a range of issues from geopolitics and international relations to sustainable development and cultural engagement. 

East Asia Summit 

• The East Asia summit group consists of 18 countries. 
• The concept of an East Asia Grouping was first promoted in 1991 by the then Malaysian Prime Minister, Mahathir bin Mohamad.
• It was set up in 2005 as a forum to promote strategic dialogue and cooperation on political, security and economic issues of common regional concern in the Asia-Pacific region.
• Initially it consisted of ASEAN members (Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand, Philippines and Vietnam) and China, Japan ,South Korea, India, Australia and  New Zealand.
• The  United States of America and  Russia were included in  2011.

ASEAN agrees to admit Timor- Leste as its 11th member

Tags: Summits International News

The 10 nations group Association of Southeast Asian Nations (ASEAN) has agreed in principle to admit Timor- Leste as its 11th member. This was declared by the ASEAN after its summit meeting held in the Cambodian capital of Phnom Penh on 11 November 2022 Timor- Leste applied for membership of the ASEAN in 2011.

The other members of ASEAN are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Timor- Leste will be initially granted an observer status at a high level ASEAN meeting and it will take years before it becomes a full member of the ASEAN group.

The country would be the first new member of the regional grouping in more than two decades, since Cambodia was admitted in 1999.

Timor- Leste President Jose Ramos-Horta welcomed the decision, saying a membership would strengthen wider diplomatic relations with ASEAN's partners and will help attract more foreign direct investment in the country.

Timor- Leste 

It was earlier called East Timor and was a Portuguese colony till 1975 .After the Portuguese left it was occupied by Indonesia. The people of Timor- Leste waged a freedom struggle to gain Independence from Indonesia.

In the 1999 United Nations supervised referendum the people of Timor-Leste voted for Independence from Indonesia.

It was officially recognised as an independent country by the United Nations in 2022, making it Asia's youngest country.

Capital of Timor- Leste: Dilli

Currency: Dollar

President:  Jose Ramos-Horta

Manipur to celebrate Amur Falcon festival on 14 November

Tags: Environment Festivals State News

The 7th edition of the Amur Falcon Festival will be held in the Tamenglong district of Manipur on 14 November 2022. The festival has been organised since 2015 to spread awareness about protection and conservation of world’s longest flying migratory bird Amur falcon. The day-long festival is generally celebrated in the first or second week of November.

Amur Falcon (Falco amurensis)

The Amur falcon is the world’s longest travelling small raptors of the falcon family. Raptor means which hunts other animals or birds as prey.

Amur Falcon breeds in the central Siberia region of Russia, eastern China. They migrate to the North Eastern states of Manipur, Nagaland, and part of Assam during October.  They stay in India for about two months and in the month of November they cross the Arabian Sea to fly non-stop to South Africa and Kenya  covering a distance of around 22,00 Km. The Amur Falcons are protected under the Wildlife (Protection) Act, 1972.

Nagaland falcon capital of world 

Around a million Amur Falcon raptor stop at the Pangti village of the Wokha district in Nagaland during October -November month. This is the single largest congregation of the Amur Falcon bird in the world. Hence Nagaland is also known Falcon capital of the world

India and ASEAN relations enhanced to comprehensive strategic partnership level

Tags: Summits

According to the Ministry of External Affairs the India - ASEAN (Association of SouthEast Asian Nation) ties have been upgraded to the Comprehensive Strategic Partnership level from the earlier Strategic Partnership. This upgradation of ties signifies a greater level of trust between the two sides and conveys a sense of mutual value, strategic alignment and positive intent to further strengthen ties.

The upgradation of the ties between the two sides was agreed upon during the visit of the Vice -President Jagdeep Dhankhar to Cambodia to participate in the 19th India ASEAN summit held on 12 November 2022. The 19th India ASEAN summit has been designated as the commemorative summit, to mark the 30 years of Indian ASEAN relationship. Cambodia is currently the chairman of the 10 nations ASEAN group.

He will also participate in the 17th East Asia Summit to be held in the Cambodian capital Phnom Penh.

The focus area of the Comprehensive Strategic Partnership are as follows;

• Advanced maritime cooperation in areas of maritime security including maritime security, countering piracy, search and rescue operations and humanitarian assistance and disaster management. The two sides will work to implement the Asean Outlook on the Indo-Pacific and India’s Indo-Pacific Oceans Initiative.
• Strengthen cooperation in cybersecurity, digital economy and fintech, including the inter-operability of digital financial systems. 
• Enhanced cooperation in sustainable development with the focus on new and emerging technologies for renewable energy, smart agriculture, healthcare and space.
• Promote the revival of tourism and enhance activities involving youth,
• Work together on regional and international issues of common concern to promote peace, stability and prosperity in the region.

Bilateral meeting with Cambodian Prime Minister Hun Sen 

The Vice President also held a meeting with the Cambodian Prime Minister Hun Sen. India and Cambodia signed 4 memorandums of understanding.

The Indian side announced a grant of $426,000 to support Cambodia’s efforts to remove mines that were laid from the late 1970s to the 1990s. 

Background to the India ASEAN meeting 

As per the Look East foreign policy of the Narasimha Rao government in 90s, the government of India focussed on increasing trade and investment with East Asia with special focus on ASEAN.

Evolution of India -ASEAN relationship 

• India was initially made a sectoral partner by ASEAN in 1992. With the increasing depth in the relationships the status was changed to a Dialogue Partner in 1996.
• In 2022 the relationship was further upgraded to Summit level 
• And finally in 2012 it was elevated to Strategic partnership.

Association of Southeast Asian Nation (ASEAN)

It is considered to be one of the most successful regional groups in the world.

It was set up in 1967 as a group of South-East Asian nations.

At present there are 10 members in the group. They are 

Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

The headquarters of ASEAN: Jakarta, Indonesia.

Tata Motors to delist American depository receipts from NYSE from January 2023

Tags: Economy/Finance

India’s leading motor company TATA motors has announced that it will delist its American Depository Receipts (ADR) from the world’s largest stock exchange, New York Stock Exchange (NYSE) in the United States of America from January 2023.

Tata motors issued ADR in 2004 with the objective to raise foreign shareholders participation in the company and raise foreign capital. Tata Motors said that at present the company has a considerable foreign investment in the company and interest in its ADR is declining. Hence the company has decided to delist the ADR.

Infosys was the first Indian company to issue an ADR in 1999. The Infosys ADR was listed at the American stock exchange NASDAQ.

What is an American Depository Receipts (ADR)?

It is a derivative instrument issued by an American depository to the American investor and listed on an American stock exchange. It is issued against the equity shares of a non-American company. The ADR are traded like a share and the ADR holder has all the rights which are enjoyed by the equity shareholder of the company, except voting rights.

How does it works?

For example Tata Motors wants to issue ADR so as to raise foreign capital and increase foreign participation in the company.

Tata Motors for example will either create new 10,000 shares or use the existing shares of the company. It approaches an American depository, in this case Citibank and asks it to deposit its 10000 shares with it. 

The Citibank will accept the Tata motors shares and will issue a recipient on behalf of the Tata motors deposited shares. Suppose for one share one receipt is issued.  Thus a total of 10,000 receipts will be issued by Citibank. The receipts will be sold to the American investor for say $10 per receipts. 

Thus $10, 00, 00 worth of receipts will be sold and the depository after deducting its commission will give the rest of the amount to Infosys. 

Here the Tata motors shares remain deposited with the American depository and the American investors hold the receipts issued by the depository. That is why receipts are a derivative instrument.

The Receipts will be listed on an American stock exchange and traded like ordinary shares.  

The receipts issued by an American depository is known as American Depository Receipts.  

The holder of the ADR will get all the benefits enjoyed by the Tata motors Indian shareholder except voting rights. Voting rights are not given to the ADR holder as still India doesn't have full Capital account convertibility.

New York Stock Exchange (NYSE)

It is the world's largest stock exchange located in New York City , United States of America .

It is also famous as Wall Street .  Wall Street is the name of the place where the building which hosts the NYSE is located.

The Index of the NYSE is Dow Jones Industrial Average or Dow Jones . It was the first stock market index in the world . The BSE index Sensex is based on the Dow Jones model.

ICICI was the first Indian company to be listed on NYSE in 1999.

NYSE was set up on 17 May 1792.