Economic War on-going across the world
Europe could launch a digital currency in the next four years
Frankfurt: – Christine Lagarde, President of the European Central Bank, expressed confidence that Europe could start a digital currency in the next four years. Only a few months ago, China announced Digital Yuan. Whereas, countries like the United Kingdom, Sweden, Germany and France also have indicated to start efforts to launch digital currencies.
15 countries sign the ‘RCEP’ agreement started with Chinese initiative: Claimed to be the biggest trade agreement in the world
Beijing: 15 countries, along with China, signed the ‘Regional Comprehensive Economic Partnership’ (RCEP) agreement, in a virtual meeting held on Sunday. China had presented the concept eight years ago. But after that, two leading countries, India and the United States had decided to withdraw from the agreement.
Debt-ridden Pakistan is reportedly seeking additional loan of $2.7bn from China
Islamabad: – Pakistan will be taking a fresh loan of $2.6 billion from China, for the China Pakistan Economic Corridor (CPEC). It is being said that Pakistan has asked for this loan for expanding the Peshawar-Karachi railway. But it is being claimed that these funds will be used for paying the loans taken from Saudi Arabia and Qatar.
US sanctions four senior officials from China and Hong Kong
Washington/Hong Kong: – The United States imposed sanctions against four officials, which were responsible for posing a threat to the autonomy and security of Hong Kong, by implementing the new National Security Law. US Secretary of State, Mike Pompeo, has given this information.
EU renews sanctions on Turkey over gas exploration in Mediterranean Sea
Brussels/Ankara: The European Union (EU) has imposed sanctions on Turkey, which has threatened its member nations over gas reserves in the Mediterranean Sea. Accusing Turkey of clearly carrying out illegal drilling, the EU has announced sanctions against Turkey till next year. A Turkish oil company has been targeted in the matter, and EU hinted at expanding the scope of sanctions as well.
Australia-China trade war erupts
Canberra/Beijing: – Trade war has been sparked between Australia and China and China has given indications of stopping the import of seven Australian products. Although China has not announced the decision on the official level, it has ordered the Chinese industry to stop imports of Australian products.
China stops funding of CPEC project in Pakistan
Islamabad: – Pakistan Prime Minister Imran Khan had passed a verdict that the China Pakistan Economic Corridor (CPEC) is the future of Pakistan. But the project has gone cold and the future of Pakistan also seems to hang in the balance with it. As per reports, the Chinese government has stopped the funding of these projects.
UN World Food Program chief warns world is on the brink of a hunger pandemic
United Nations: – The World Food Program (WFP) of the United Nations has warned the global leaders that the starvation crisis, in 2021, could be worse than this year. David Beasley, Executive Director of the WPF, said that if the global leaders ignore the issue and do not take corrective measures in time, the number of starvation deaths in the next year will be much higher.