UAE’s largest sovereign wealth fund starts operations in India

UAE’s largest sovereign wealth fund starts operations in India
Above, people visit the Gujarat International Finance Tec-City pavilion at the Vibrant Gujarat Trade Show in Gandhinagar on Jan. 11, 2024. (AFP)
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Updated 08 October 2024
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UAE’s largest sovereign wealth fund starts operations in India

UAE’s largest sovereign wealth fund starts operations in India
  • Abu Dhabi Investment Authority is one of the world’s largest sovereign wealth funds
  • Indian government expects its Gujarat International Finance Tec-City operations to drive more UAE investment

NEW DELHI: The UAE’s largest sovereign wealth fund has started its operations in India, in a move expected to increase investment activity in the region.

Established in 1976, Abu Dhabi Investment Authority is one of the largest sovereign wealth funds in the world that invests funds on behalf of the government of Abu Dhabi.

The start of its operations at the GIFT City (Gujarat International Finance Tec-City) was announced at a meeting of the India-UAE High Level Joint Task Force on Investments in Mumbai on Monday, which was co-chaired by Indian Commerce Minister Piyush Goyal and Sheikh Hamed bin Zayed Al-Nahyan, managing director of ADIA.

“The office is expected to drive further intensification of ADIA’s investment activities in India,” the Ministry of Commerce and Industry said in a statement.

“ADIA’s presence in the GIFT City underlines the strong interest from UAE’s institutional investors in India’s growing and dynamic economy. It also buttresses GIFT City’s reputation as a world-class financial services center, operating under a robust regulatory and legal framework.”

A flagship project in Prime Minister Narendra Modi’s home state, the GIFT City has been promoted by the Indian government as a “robust gateway for global capital and financial services” for the Indian economy.

Companies operating in GIFT City enjoy a complete tax exemption on business profits for any 10 consecutive years within a 15-year period, and no taxes on the transfer of funds from overseas jurisdictions.

“India is one of the world’s fastest-growing economies and has been a key focus for ADIA’s investment activities for a number of years. We have built an extensive portfolio that spans asset classes, and we remain confident in India’s long-term growth prospects,” Sheikh Hamed said, as quoted by the Emirati state news agency WAM.

“Establishing ADIA’s subsidiary at GIFT City underlines our belief in the opportunities presented by India’s continued growth. GIFT City is creating a dynamic, world-class financial services ecosystem, operating under a strong regulator and a robust legal framework.”

The establishment of ADIA’s presence in the Gujarat hub was announced during Modi’s state visit to Abu Dhabi in July 2023.

The UAE is the largest Middle Eastern investor in India, with investments amounting to around $3 billion in the financial year 2023-24, according to Indian government data.


EU’s Borrell in Kyiv to reassure Ukraine of Europe’s backing

EU’s Borrell in Kyiv to reassure Ukraine of Europe’s backing
Updated 15 sec ago
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EU’s Borrell in Kyiv to reassure Ukraine of Europe’s backing

EU’s Borrell in Kyiv to reassure Ukraine of Europe’s backing
  • ‘The message is a clear one — the Europeans will continue to support Ukraine’
  • Europe together has spent around $125 billion on supporting Ukraine since Russia’s 2022 invasion
KYIV: EU foreign policy chief Josep Borrell arrived Saturday in Kyiv to reassure Ukraine of Europe’s backing in the first visit by a top Brussels official after Donald Trump’s poll win.
The volatile Republican’s victory in the United States election has set nerves jangling in Ukraine and Europe that Trump could end Washington’s support for Kyiv’s fight against Russia’s invasion.
“The message is a clear one — the Europeans will continue to support Ukraine,” Borrell, who is set to leave office next month, told an AFP journalist accompanying him.
“We have been supporting Ukraine since the beginning, and on this my last visit to Ukraine, I convey the same message, we will support you as much as we can.”
On the campaign trail, Trump cast doubt on maintaining the vast US military and financial aid to Ukraine and said he could cut a quick deal to end the war.
“Nobody knows exactly what the new administration is going to do,” Borrell said, pointing out that incumbent Joe Biden still has two months in power to make decisions.
“But we Europeans have to use this opportunity in order to build a stronger and united Europe, and one of the manifestations of being united and being stronger and able to act is our role in supporting Ukraine.”
Europe together has spent around $125 billion on supporting Ukraine since Russia’s 2022 invasion, while the United States alone has coughed up more than $90 billion, according to a tracker from the Kiel Institute.
Keeping the US, Ukraine’s single biggest donor, on board is seen by most as key for ensuring Kyiv stays afloat, especially at a time of political uncertainty in major European powers Germany and France.
On the battlefield, Ukraine’s fatigued troops are struggling to stave off Russia’s advances as they approach three years of full-scale combat.
Borrell, who will meet top Ukrainian officials on his visit, said it was up to EU countries to decide “when and how to increase” their support if needed.
But he said that at a meeting of EU leaders in Budapest Friday “most of the member states were insisting on the same line, continue supporting Ukraine.”

Iran foreign ministry says Trump assassination plot claim ‘totally unfounded’

Iran foreign ministry says Trump assassination plot claim ‘totally unfounded’
Updated 8 min 29 sec ago
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Iran foreign ministry says Trump assassination plot claim ‘totally unfounded’

Iran foreign ministry says Trump assassination plot claim ‘totally unfounded’
  • The US Justice Department on Friday disclosed an Iranian murder-for-hire plot to kill Donald Trump
  • Investigators learned of the plan to kill Trump from Farhad Shakeri, an Iranian government asset

WASHINGTON/TEHRAN: Iran’s foreign ministry on Saturday described as “totally unfounded” US accusations of a plot by Tehran to assassinate president-elect Donald Trump.

The foreign ministry “rejects allegations that Iran is implicated in an assassination attempt targeting former or current American officials,” spokesman Esmaeil Baghaei said in a statement, after US prosecutors announced charges over the alleged plot.

The Justice Department on Friday disclosed an Iranian murder-for-hire plot to kill Donald Trump, charging a man who said he had been tasked by a government official before this week’s election with planning the assassination of the Republican president-elect.

Investigators learned of the plan to kill Trump from Farhad Shakeri, an accused Iranian government asset who spent time in American prisons for robbery and who authorities say maintains a network of criminal associates enlisted by Tehran for surveillance and murder-for-hire plots.

Shakeri told investigators that a contact in Iran’s paramilitary Revolutionary Guard instructed him this past September to set aside other work he was doing and assemble a plan within seven days to surveil and ultimately kill Trump, according to a criminal complaint unsealed in federal court in Manhattan.

The official was quoted by Shakeri as saying that “We have already spent a lot of money” and that “money’s not an issue.” Shakeri told investigators the official told him that if he could not put together a plan within the seven-day timeframe, then the plot would be paused until after the election because the official assumed Trump would lose and that it would be easier to kill him then, the complaint said.

Shakeri is at large and remains in Iran. Two other men were arrested on charges that Shakeri recruited them to follow and kill prominent Iranian-American journalist Masih Alinejad, who has endured multiple Iranian murder-for-hire plots foiled by law enforcement.

“I’m very shocked,” said Alinejad, speaking by telephone to The Associated Press from Berlin, where she was about to attend a ceremony to mark the anniversary of the tearing down of the wall. “This is the third attempt against me and that’s shocking.”

In a post on the social media platform X, she said: “I came to America to practice my First Amendment right to freedom of speech — I don’t want to die. I want to fight against tyranny, and I deserve to be safe. Thank you to law enforcement for protecting me, but I urge the US government to protect the national security of America.”

Lawyers for the two other defendants, identified as Jonathan Loadholt and Carlisle Rivera, did not immediately return messages seeking comment. Iran’s UN Mission declined to comment.

Shakeri, an Afghan national who immigrated to the US as a child but was later deported after spending 14 years in prison for robbery, also told investigators that he was tasked by his Revolutionary Guard contact with plotting the killings of two Jewish-Americans living in New York and Israeli tourists in Sri Lanka. Officials say he overlapped with Rivera while in prison as well as an unidentified co-conspirator.

The criminal complaint says Shakeri disclosed some of the details of the alleged plots in a series of recorded telephone interviews with FBI agents while in Iran. The stated reason for his cooperation, he told investigators, was to try to get a reduced prison sentence for an associate behind bars in the US

According to the complaint, though officials determined that some of the information he provided was false, his statements regarding a plot to kill Trump and Iran’s willingness to pay large sums of money were determined to be accurate.

The plot, disclosed just days after Trump’s defeat of Democrat Kamala Harris, reflects what federal officials have described as ongoing efforts by Iran to target US government officials, including Trump, on US soil. Last summer, the Justice Department charged a Pakistani man with ties to Iran in a murder-for-hire plot targeting American officials.

“There are few actors in the world that pose as grave a threat to the national security of the United States as does Iran,” Attorney General Merrick Garland said in a statement Friday. FBI Director Christopher Wray said the case shows Iran’s “continued brazen attempts to target US citizens,” including Trump, “other government leaders and dissidents who criticize the regime in Tehran.”

Iranian operatives also conducted a hack-and-leak operation of emails belonging to Trump campaign associates in what officials have assessed was an effort to interfere in the presidential election.

Intelligence officials have said Iran opposed Trump’s reelection, seeing him as more likely to increase tension between Washington and Tehran. Trump’s administration ended a nuclear deal with Iran, reimposed sanctions and ordered the killing of Iranian Gen. Qassem Soleimani, an act that prompted Iran’s leaders to vow revenge.

Trump spokesman Steven Cheung said the president-elect was aware of the assassination plot and nothing will deter him “from returning to the White House and restoring peace around the world.”


Reeking mud sparks health fears in Spain flood epicenter

Reeking mud sparks health fears in Spain flood epicenter
Updated 22 min 7 sec ago
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Reeking mud sparks health fears in Spain flood epicenter

Reeking mud sparks health fears in Spain flood epicenter

SEDAVI, Spain: The sea of mud and stagnant water submerging Spanish towns more than 10 days after the country’s worst floods in decades has sparked a sickening stench and health fears.
“That’s the rotten meat,” said Toni Marco, pointing to a destroyed supermarket in the devastated town of Sedavi from which a disgusting odour wafted when AFP visited.
The meat was only removed recently, well after the floods cut the refrigerators’ electricity supply, added Marco, a 40-year-old employee of a private cleaning company.
The nearby town of Catarroja also remains a mud bath after the October 29 disaster that has claimed 219 lives, with a powerful reek compounding the woes of survivors.
The diversity of matter decomposing under the mud produces a spectrum of smells ranging from the mildly unpleasant to the outright repulsive.
“Each decomposition of an element smells differently,” which explains why the odours vary from street to street, said Angel Aldehuela, a 51-year-old firefighter from the southern Seville region.
Dead animals may also lie buried under the mud, he told AFP.
When the mud dries, the organic matter decomposes without oxygen and “that’s where those smells we’re not used to start to appear,” explained Miguel Rodilla, a biologist at Valencia’s Polytechnic University.
“There aren’t necessarily bodies nearby, but simply organic matter decomposing.”

FEARS OF AN OUTBREAK
In scenes reminiscent of the Covid-19 pandemic, rescuers, volunteers and residents have worn facemasks and gloves during the clean-up, while some people have complained of the stink causing headaches and dizziness.
Breathing in the pestilential miasma “isn’t ideal for health,” but “higher concentrations” of decomposing matter would be necessary to make it toxic, said Rodilla.
Stagnant water can trigger gastrointestinal disorders or pneumonia, Health Minister Monica Garcia told public radio RNE, but she ruled out the possibility of an “outbreak.”
The health board of the Valencia region, particularly crippled by the floods, has also reported no outbreak of infectious diseases or a major threat to public health.
Even so, regional health authorities have asked local councils to apply measures to control and prevent the proliferation of mosquitoes and other insects capable of spreading diseases.
Aldehuela warned that the foetid fumes enveloping Catarroja “will get worse, without a doubt,” predicting they would linger for up to a week more.
But in towns where the muck has been cleared swiftly, an aroma of bread or fruit has replaced the stench, the head of the army’s emergencies unit Javier Marcos said on Friday.


Japan’s Ishiba vows military buildup and deeper ties with US as regional tension rises

Japan’s Ishiba vows military buildup and deeper ties with US as regional tension rises
Updated 09 November 2024
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Japan’s Ishiba vows military buildup and deeper ties with US as regional tension rises

Japan’s Ishiba vows military buildup and deeper ties with US as regional tension rises
  • Shigeru Ishiba: Security environment surrounding Japan and the international community has significantly worsened due to escalating tensions with China, Russia and North Korea

TOKYO: Japan’s Prime Minister Shigeru Ishiba on Saturday renewed a pledge to build up his country’s military and deepen its alliance with the United States under President-elect Donald Trump.
Ishiba, who made the comments at an annual troop review held at Camp Asaka in the Tokyo suburbs, said the security environment surrounding Japan and the international community has significantly worsened due to escalating tensions with China, Russia and North Korea. He pledged to reinforce Japan’s military power.
He said breaches of Japanese airspace by Chinese and Russian warplanes earlier this year “not only violated Japanese sovereignty but also threatened the safety of Japan and are absolutely unacceptable.” He said Japan faces growing threats from China’s accelerating military activity around Japanese coasts and from North Korea’s repeated missile firings.
“As we face the most severe and complex security environment, I will balance and strengthen Japan’s diplomacy and security,” Ishiba said in his speech before hundreds of troops gathered for the ceremony.
The Japan-US alliance is the lynchpin for achieving this, Ishiba said, pledging to elevate Japan’s ties with the United States and work closely with Trump as they agreed during a brief telephone conversation Thursday.
Ishiba took office on Oct. 1, replacing his unpopular predecessor Fumio Kishida but his governing coalition badly lost a recent parliamentary election and could face difficulty pursuing his party’s planned policies and budget plans in coming months.
Ishiba pledged to pursue the ongoing military buildup plan under the 2022 security strategy adopted by his predecessor, Fumio Kishida, which calls for a counter-strike capability with long-range cruise-missiles, a break from its self-defense only principle. Ishiba said he will pursue strengthening of command system to improve operation between Japanese and US troops.
After its devastating defeat in World War II, Japan had prioritized economic recovery over defense under its war-renouncing constitution, but has steadily strengthened its defense capability over the past years.


At least 24 killed in Pakistan train station bomb blast, police say

At least 24 killed in Pakistan train station bomb blast, police say
Updated 19 min 2 sec ago
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At least 24 killed in Pakistan train station bomb blast, police say

At least 24 killed in Pakistan train station bomb blast, police say

QUETTA: At least 24 people were killed and more than 40 injured in a bomb blast at a railway station in Quetta in southwestern Pakistan on Saturday, police and other officials told Reuters.
Pakistan is grappling with a surge in strikes by separatist ethnic militants in the south and Islamist militants in its northwest.
Inspector general of police for Balochistan, Mouzzam Jah Ansari, said 24 people have died from the blast so far.
“The target was army personnel from the Infantry School,” he said, with many of the injured in critical condition.
“So far 44 injured people have been brought to civil hospital,” Dr. Wasim Baig, a hospital spokesman, told Reuters.
Senior superintendent of police operations, Muhammad Baloch, said the blast seemed to be a suicide bomb and that investigations were underway for more information.
“The blast took place inside the railway station when the Peshawar-bound express was about to leave for its destination,” Baloch said.
No group has claimed responsibility for the blast at Quetta’s main railway station, which is usually busy early in the day.
In August, at least 73 people were killed in Balochistan province after separatist militants attacked police stations, railway lines and highways.
The assaults in August were the most widespread in years by militants fighting a decades-long insurgency to win secession of the resource-rich southwestern province, home to major China-led projects such as a port and a gold and copper mine.