SCO members praise ‘One Belt One Road’ initiative

#China #India #OneBeltOneRoad #SCO #Asia #terrorism #international

Leaders at Shanghai Cooperation Organization (SCO) praised the results of the One Belt and One Road initiative, however they clarified that the project should be based on mutual respect, equality and mutual benefit. They also noted that granting full SCO membership to India and Pakistan will help facilitate further development of SCO.

The declaration also asked to adhere strictly to the goals and principles of UN Charter, which, if followed, will work to the advantage of New Delhi, who till now has been wary of the initiative as it will be passing through Pakistan Occupied Kashmir (PoK) (Indian land claimed forcibly by Pakistan).

India’s long standing agenda, Combating terrorism, was also stressed as a key point in SCO, and the work towards the adoption of the UN Comprehensive Convention on Combating International Terrorism will be acknowledged.

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This is one positive news, after quite a while. Countries getting together. It doesn’t seem hard.

President Erdogan announces victory in Turkey’s referendum

#Turkey #Europe #Asia #PresidentErdogan #OneManRule

Erdogan had said that about 25 million people have supported his proposal which is meant to replace the parliamentary system in the country, to an all-powerful presidency and abolish the office of Prime Minister. Thousands of supporters rallied in Ankara and Istanbul in celebration.

Erdogan, who has himself survived a failed coup in July 2016, has already detained 47,000 people and suspended 120,000 people regarding the matter.

However, the Opposition party’s Kemal Kilicdaroglu (CHP) has questioned the legitimacy of the referendum as ballots which were not stamped by the Turkey’s High Electoral Board (YSK) Officials were also declared valid. Kilicdaroglu has accused Erdogan of seeking a ‘one-man regime’. However, many of the supporters in Turkey supported the ‘One-man rule’ way.

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I wonder, if this will swell up into yet another war or political disaster in the future.

Dollar slips, Asia stocks mixed

#Business #stocks #investment #commodities #Asia #US #trade

Asian stocks were weaker early on Monday, as Wall Street continued to decline and the G20 dropped a pledge to avoid trade protectionism. Financial leaders from the world’s biggest economies reiterated their warnings against competitive devaluations and disorderly foreign exchange markets at the meeting in the German town of Baden-Baden over the weekend.

On one side leaders such as Shinzo Abe (Japanese Prime Minister) and Angela Merkel (German Chancellor) publicly supported free trade, while on the other side Donald Trump (U.S. President) has made a protectionist stance. Leaders fear that such a stance from the United States, if continued, might spread to other countries, leading a global shift towards protectionism.

Oil prices continued their downward trend as doubts grew about the effectiveness of OPEC cuts in containing a supply glut as U.S. inventories continue to climb. U.S. crude fell 0.6 percent to $48.50 a barrel.

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China angry, THAAD

#China #THAAD #USA #SouthKorea #Asia #missile #military

The decision of South Korea’s Lotte Group approval to a land swap with the government isn’t considered to be a good decision by the Chinese state media. This land swap will enable authorities to deploy a US missile defense system.

The government decided last year to deploy the US Terminal High Altitude Area Defense (THAAD) system, in response to the North Korean missile threat, on land that is part of a golf course owned by Lotte in the Seongju region, southeast of Seoul. The deal was approved with the government on Monday.

A South Korean military official told Reuters the military would begin installing fences and soldiers would patrol the area.

China objects to this deployment in South Korea because THAAD has a powerful radar capable of penetrating Chinese territory, and it is a threat to its security and will do nothing to ease tension with North Korea.

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