Pakistan, US on Back Foot as Putin Visits India Today to Seal Arms Deal worth Billions

Agencies
October 4, 2018

New Delhi, Oct 4: Russian President Vladimir Putin headed for India on Thursday, looking to tie up billions of dollars in arms deals with Prime Minister Narendra Modi, likely irking the US, China and Pakistan in one fell swoop.

The Kremlin said before the two-day visit by Putin and top Russian ministers that the "key feature" would be the signing of a $5-billion deal for the S-400 air defence system, despite the risk of US sanctions against countries buying Russian defence kit.

On the eve of Putin's arrival later on Thursday, the United States poured cold water on India's efforts to obtain a waiver to avoid sanctions under legislation called Countering America's Adversaries Through Sanctions Act (CAATSA). Upgrades in arms systems "including the S-400 air and missile defense system" would be a particular focus for CAATSA, a US State Department spokesperson was quoted as saying.

Last month Washington slapped financial sanctions on the Chinese military for buying Russian Sukhoi Su-35 fighter jets — and the S-400.

However, the US is in a difficult position when it comes to India. It wants to bolster ties with New Delhi to counter China's growing assertiveness, something that has also rattled India.

Washington and New Delhi announced plans last month for joint military drills in 2019, and agreed on the exchange of sensitive military information. The US is now India's second biggest arms supplier. But Russia remains number one, and a string of new deals with the Asian giant would be a major win for Moscow -- and a big snub to the US.

Putin and Modi, who appear to enjoy a personal rapport, are also likely to discuss a deal for four Krivak-class frigates worth $2 billion and 200 light utility Ka-226 helicopters pegged at $1 billion. "It's about time we showed that we are not going to be pushed around by Washington," R.R. Subramanian, a Delhi-based strategic affairs analyst, said.

Experts say India needs the sophisticated S-400 to fill critical gaps in its defence capabilities, in view of China's rise and perceived threats from Pakistan, against whom India has fought three wars.

Indian Air Force Chief Birender Singh Dhanoa said on Wednesday that the S-400, and the 36 Rafale fighter jets purchased from France — a 2016 deal mired in political controversy — represent a "booster dose" for the country.

Last year, India and China had a military standoff over a Himalayan plateau claimed by Beijing and Bhutan, a close ally of India. China has also perturbed India by loaning vast amounts of money to countries such as Sri Lanka where it has long held sway.

Putin, 65, and Modi, 68, are also set to discuss a possible second Russian-built nuclear power plant. Moscow is currently expanding India's biggest nuclear power plant in Kudankulam. Also on the agenda is Russian training for Indian astronauts as New Delhi aims to launch its first crewed space mission in 2022.

Rakesh Sharma, the only Indian to travel in space, did so on a Soviet spacecraft in 1984. But military kit is the main focus.

India is the world's biggest arms importer and is undergoing a $100-billion upgrade of its ageing hardware, much of it of Soviet vintage including MiG jets that have frequently crashed in the Indian countryside.

Russia and India have had warm ties since Stalin died in 1953. But annual Russia-India trade has slipped below $10 billion since 2014, as Modi cultivated closer diplomatic and economic ties with Washington, while Russia has courted Pakistan and China.

Ties received a boost last year when Modi and Putin held a fruitful annual bilateral summit, followed by meetings in Astana and at the G20 in Germany. They also met in Sochi this year. On the strategic front, Russia helped India become a full member of the Shanghai Cooperation Organisation this year and has backed New Delhi's long-held demand for a permanent UN Security Council seat.

Moscow is also pushing for India's entry into the Nuclear Suppliers Group of countries controlling access to nuclear technology.

Afghanistan though has been a sticking point, experts say, where Moscow wants to engage Taliban in the peace process — a prospect unacceptable to India.

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News Network
November 21,2024

adani.jpg

Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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News Network
November 21,2024

adani.jpg

Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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News Network
November 29,2024

israelviolation.jpg

The Israeli military has conducted fresh attacks on Lebanon in violation of a ceasefire agreement with the Hezbollah resistance movement and ramped up its deadly airstrikes on the Gaza Strip.

In a statement posted Thursday on X, the Lebanese army said Israeli occupation forces several times violated the truce deal just after it went into effect, and the following day.

"These breaches included aerial violations and attacks on Lebanese territory using various weapons," it added.

The Israeli military confirmed its Thursday aerial assault on southern Lebanon, adding that its forces had also opened fire towards the people who were driving to their homes in the area.

Earlier, Lebanese media reported that at least two people were wounded after Israeli tank fire hit five towns and some agricultural fields in the country's south.

"The Israeli enemy is attacking those returning to the border villages," Hezbollah lawmaker Hassan Fadlallah said. "There are violations today by Israel, even in this form."

Israel was forced to accept a ceasefire with Hezbollah after suffering heavy losses following more than 14 months of fighting and failing to achieve its goals in its aggression on Lebanon.

The truce agreement, brokered by the United States and France, came into effect before dawn on Wednesday. It will last for 60 days in the hope of reaching a permanent cessation of hostilities.

At least 3,961 people were killed and 16,520 others injured in Israeli attacks on Lebanon.

Hezbollah opened a support front for Palestinians in Gaza only a day after Israel unleashed its war against the besieged territory in October 2023, launching numerous retaliatory attacks against Israeli targets in the occupied territories. 

In a statement that followed the ceasefire, Hezbollah vowed to continue resisting Israel and monitoring the occupation army’s withdrawal from south Lebanon “with [our] hands on the trigger” in defense of Lebanon’s sovereignty.

Hezbollah further empathized that its fighters “remain fully equipped to deal with the aspirations and assaults of the Israeli enemy."

It also reaffirmed its commitment to the Palestinian cause, noting that it will continue the path of resistance with even greater determination.

Israeli strikes on Gaza kill 42

Across the Gaza Strip, at least 42 people were killed in Israeli attacks on Thursday. 

Reports said Israeli forces stepped up their bombardment of Gaza's central areas and tanks pushed deeper into the Palestinian territory’s north and south.

Since October 2023, the Tel Aviv regime has so far killed at least 44,330 Palestinians and injured 104,933 others in its brutal Gaza onslaught.

The head of the UN agency for Palestinian refugees (UNRWA) said at least 70 percent of those killed in Israeli attacks on Gaza were women and children.

Philippe Lazzarini said the ongoing Israeli offensive in the northern edge of Gaza has uprooted 130,000 people over the past seven weeks.

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