
Why Janet Yellen’s frequent stops in India are important at a time of tensions with China
US treasury secretary Janet Yellen is back in India for the third time in nine months, this time to meet finance ministers from the Group of 20 nations about global economic challenges like the increased threat of debt defaults facing low-income countries. Ms Yellen will use her time in Gandhinagar to try to foster warming relations between the US and India. She also plans a stop in Hanoi, Vietnam, to address supply chain reliability, clean energy transition and other matters of economic resilience. Ms Yellen's goals for her time in India: press for debt restructuring in developing countries in economic distress, push to modernize global development banks to make them more climate-focused and deepen the ever-growing US-India relationship. Ms Yellen’s frequent stops in the country signal the importance of that relationship at a time of of tensions with China. India’s longstanding relationship with Russia also will loom as the Kremlin's invasion of Ukraine continues despite US and allied countries’ efforts to sanction and economically bludgeon Russia's economy. India has not taken part in the efforts to punish Russia and maintains energy trade with that country despite a Group of Seven agreed-upon price cap on Russian oil, which has seen some success in slowing Russia's economy. Still, the US increasingly relies on India and has courted its leaders. President Joe Biden hosted a White House state visit honoring Indian prime minister Narendra Modi in June, designed to highlight and foster ties. The two leaders pronounced the US-India relationship never stronger and rolled out new business deals between the nations. Raymond Vickery Jr, a policy expert on US-India relations at the Center for Strategic and International Studies, said Ms Yellen's coming to India shortly after visiting China is meaningful in that Indian officials “are going to want to know in great detail what happened in the meetings with her Chinese counterparts and see where it fits with their perspective on economic relations with China.” “They’re going to want to know whether or not the United States is serious about moving some of its sourcing activity from China to India.” A senior Treasury official, speaking on condition of anonymity to preview Ms Yellen’s trip, said there was hope that debt treatments for Ghana and Sri Lanka will be discussed and completed quickly at the meetings. Sri Lanka and Ghana defaulted on their international debts last year, roughly two years after Zambia defaulted. And more than half of all low-income countries face debt distress, which hurts their long-term ability to function and develop. Last month, Zambia and its government creditors, including China, reached a deal to restructure $6.3bn in loans, on the sidelines of a global finance summit in Paris. The agreement covers loans from countries such as France, the U.K., South Africa, Israel and India as well as China – Zambia’s biggest creditor at $4.1bn of the total. The deal may provide a roadmap for how China will handle restructuring deals with other nations in debt distress. Ms Yellen’s trip comes shortly after she spent a week in China, meeting the nation’s finance ministry and discussing mutual trade restrictions and national security concerns. Harold W Furchtgott-Roth, a senior fellow at the Hudson Institute, said Ms Yellen's trip to India “is a reflection of a naturally developing alliance.” “India has a great deal of tension with China – they have constant border disputes,” he said. “And India wants to develop and has developed into sort of an Indian Ocean naval power, which is also a region that China wants to develop." Read More What Britain needs is a ‘grown-up’ relationship with China US Treasury Secretary Janet Yellen visits China as part of efforts to sooth strained relations Yellen says Washington might 'respond to unintended consequences' for China due to tech export curbs Janet Yellen expresses hopes her Beijing visit has put US-China ties on a ‘surer footing’ Janet Yellen highlights record US-China trade and talks ‘fair rules’ during Beijing visit Ukraine war’s heaviest fight rages in east - follow live Charity boss speaks out over ‘traumatic’ encounter with royal aide
2023-07-16 19:26

Is Stephen Amell against SAG-AFTRA strike? 'The Arrow' star clarifies calling actors' protest 'a reductive negotiating tactic'
Stephen Amell was one of the few high-profile actors and SAG-AFTRA members who voiced his opinion against the ongoing actors' strike
2023-08-02 11:16

England Under-21s beat Czech Republic to get Euros campaign off to winning start
England Under-21s got their Euro 2023 finals campaign off to the perfect start with a 2-0 win over the Czech Republic in Georgia. Aston Villa midfielder Jacob Ramsey broke the deadlock at the start of the second half, with substitute Emile Smith Rowe adding another in stoppage time to seal victory. There was a lively start to the Group C opener at the Batumi Arena, with Chelsea forward Noni Madueke seeing his early effort from the edge of the penalty area clip the crossbar, while at the other end Manchester City goalkeeper James Trafford saved from Vasil Kusej. England, who beat the Czech Republic home and away in qualifying as they topped their group, remained on the front foot, with Newcastle forward Anthony Gordon close to converting a cross from Morgan Gibbs-White. A defensive mix-up when trying to play out from the back against a high press saw Vaclav Sejk gifted a chance on the right of the England area, but his angled shot flew into the side-netting. There was another major let-off for England in the 18th minute when Kusej was sent racing clear down the right and he charged into the area, only to fire wide as Trafford came out. England created another opening in the 25th minute when Gordon clipped the ball across the six-yard box and Ramsey’s header dropped on to his boot and wide at the far post. Madueke continued to carry a threat and he cut in from the right to curl a shot just wide as England again came close to breaking the deadlock. The Czechs, though, should have taken the lead five minutes before half-time. Sejk surged forward down the left, holding off England captain Taylor Harwood-Bellis before cutting back inside the area and clipping a low drive towards the far corner, which Trafford tipped wide at full stretch. Instead England took the lead two minutes into the second half when Gordon combined with Ramsey on the edge of the area and the Villa midfielder carried the ball on before coolly slotting into the far corner. The Czechs immediately went on the offensive as Pavel Sulc got clear of Harwood-Bellis, but Trafford was out quickly to smother the danger. England, who face reigning champions Germany and Israel next week, had the ball in the net again with 20 minutes left, but the goal was disallowed. After Gibbs-White blocked a quick free-kick, the ball bounced out to Madueke on the right and his low cross was swept in by Gordon. England’s celebrations were cut short as the referee ruled the goal out and showed Gibbs-White a yellow card for not having retreated 10 yards at the free-kick. After the let-off, the Czechs pressed for an equaliser and substitute Krystof Danek headed over from Adam Karabec’s floated free-kick. However, Smith Rowe made sure of victory in stoppage time when he slotted in a pass from fellow substitute Cameron Archer after a break down the left. Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live Tom Davies to leave Everton after turning down new contract I’d go back and play Stokes’ way – no regrets for Joe Root over England approach A wedding, a work-out and the Women’s Ashes – Thursday’s sporting social
2023-06-23 02:25

Everything Deion Sanders said after Colorado upset of TCU
Colorado head coach Deion Sanders had plenty to say after the Buffaloes scored an upset victory over the TCU Horned Frogs.
2023-09-03 06:56

NBA to announce Morant decision after Finals - Silver
The NBA has investigated Memphis Grizzlies star Ja Morant's latest gun-flashing video on social media but won't announce any action on the matter until after the NBA...
2023-06-02 09:29

O'Connell's Ireland not feeling pressure of Scotland World Cup showdown
Ireland forwards coach Paul O'Connell said on Wednesday he is confident his players can handle the pressure of their final Rugby World Cup pool match with Scotland this weekend because they...
2023-10-04 23:25

Foreign investment in Germany holds steady despite challenging environment
BERLIN Foreign investment in Germany remained stable in 2022 despite the difficult economic situation, data from the country's
2023-05-22 13:59

Arnold Schwarzenegger acknowledges he's a mere mortal when it comes to aging
Arnold Schwarzenegger is talking about aging.
2023-10-10 04:29

Republicans are talking up the possibility of impeaching Biden. Is it what voters want to hear?
Republicans are energizing GOP voters with ongoing U.S. House probes on Hunter Biden and the threat of an impeachment inquiry into President Joe Biden's family finances
2023-08-08 12:19

Sean Penn: Studios' AI stance in Hollywood writers strike a 'human obscenity'
CANNES Actor Sean Penn said on Friday he supported striking Hollywood writers and called studios' rejection of their
2023-05-20 03:56

'Spiritual battery': Pilgrims gather in Lisbon for Catholic festival
Crowds of flag-waving pilgrims converged on Lisbon on Tuesday for the start of a week-long religious festival known as World Youth Day, a day before...
2023-08-01 22:52

Travis Hunter sent to hospital after cheap shot from Colorado State DB
Two-way Colorado star Travis Hunter had to go to the hospital to be evaluated after a dirty hit by a Rams defensive back.
2023-09-17 13:15
You Might Like...

US and EU Lead Push for COP28 to Back Tripling of Renewables

Republicans warn many Gaza refugees could be headed for the U.S. Here's why that's unlikely

Jordan presses ahead with speaker fight despite growing pressure to drop out

Leslie Van Houten, follower of cult leader Charles Manson, is one big step closer to freedom

Banking app feature allows economic abuse survivors to mute malicious messages

Madrid residents told to stay indoors as Spanish capital braces for torrential rain

Global heat is just the latest 2023 extreme that shows an Earth in crisis

Google's flood forecasting tool is now out in the U.S. and Canada