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China warns US over launching Section 301 probe

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China has warned United States over the launch of Section 301 trade into China’s relevant laws, policies and practices for violations of US intellectual property rights (IPR),saying that “Beijing will take all appropriate measures to safeguard its legitimate rights and interests”.

After the signing of an executive memorandum directing Lighthizer to consider the possible initiation of an investigation by the US President Donald Trump,US Trade Representative (USTR) Robert Lighthizer has formally launched an investigation into China’s intellectual property practices under Section 301 of the Trade Act of 1974, Chinese Ministry of Commerce has warned United States, saying that “Beijing will take all appropriate measures to safeguard its legitimate rights and interests”.

 China claimed that it has become the world’s largest manufacturer and exporter and Section 301  will not affect China’s economy .

 

Section 301 was earlier used in the 1980s and the early 1990s, allows the U.S. president to unilaterally impose tariffs or other trade restrictions against foreign countries.

The US-China trade ties can be damaged  as the United States has rarely used the trade tool since the WTO came into being in 1995.

“The investigation will seek to determine whether acts, policies, and practices of the Government of China related to technology transfer, intellectual property, and innovation are unreasonable or discriminatory and burden or restrict US commerce,” the USTR’s Office said in a statement.

Chinese Ministry of Commerce has warned that if the US side fails to respect basic facts and multilateral trade rules, and takes measures that harm bilateral economic and trade relations, “China will definitely not sit by, but take all appropriate measures to resolutely safeguard its legitimate rights and interests,”

“The United States should treasure the current sound Sino-US economic and trade ties and cooperation momentum. Any US trade protectionism move will surely damage bilateral ties and the interests of companies from both countries,” China’s Ministry of Commerce statement.

In 2016, China’s nominal GDP rose to $11.39 trillion, while that of the US reached $18.56 trillion, equivalent to 1.63 times that of China.

In terms of foreign trade, in 1989, China’s exports amounted to $195.6 billion, but the figure almost doubled to $382.7 billion in 1991. It surged to $2.1 trillion in 2016, including $385.1 billion in exports to the US.

China has urged the United States to objectively evaluate China’s progress in protection of intellectual property rights (IPR) and resolve the differences with China through dialogue and consultation.

“The United States should treasure the current sound Sino-US economic and trade ties and cooperation momentum. Any US trade protectionism move will surely damage bilateral ties and the interests of companies from both countries,”China’s Ministry of Commerce statement.

 

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India’s Q3 GDP expected to inch-up above 4.5%

India Ratings and Research gave a forecast of 4.7 per cent for Q3 GDP.

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slowdown in global economic growth

New Delhi, Feb 27 : India’s third quarter 2019-20 GDP growth rate is expected to inch up on the back of rising inflation, along with a modest uptick in the momentum of services and industry.

Several economists polled by IANS said that GDP growth rate is seen in the range of 4.6-4.8 per cent for the third quarter from 4.5 per cent reported for the second quarter of the current fiscal.

Various indicators like air passenger traffic, railways’ freight revenue and commercial vehicles’ sales have shown improvement in Q3FY20 against weak performance in Q2FY20.

The macro-economic data point of the national income and the GDP will be released on Friday.

“We expect the GDP Q3 number to be 4.8 per cent. Since no major improvement was observed among leading indicators, market expectations remain subdued,” said Karan Mehrishi, Lead Economist at Acuite Ratings and Research.

“Generally, Q3 is one of the strongest quarters in a financial year because the inclusion of festive seasons sales and kharif harvest-driven rural consumption, this time, however, nothing noteworthy is foreseen.”

Besides, he pointed out that capacity utilisation levels have also fallen.

“Fresh capex looks unlikely and investments will be moderate driven by the public sector. We are however mindful of the inflation trajectory moving forward,” Mehrishi said.

India Ratings and Research gave a forecast of 4.7 per cent for Q3 GDP.

Edelweiss Securities’ Economist Madhavi Arora said: “We expect a marginal shallow pick up in 3Q, amid still-sluggish corporate earnings and weak industrial sector.”

“While government spending has been a respite for the services sector, its’ contribution to growth will also decline marginally. We expect 3Q GDP to print around 4.6-4.7 per cent.”

Meanwhile, ICRA expects the GDP and the gross value added (GVA) growth at basic prices to rise mildly to 4.7 per cent and 4.5 per cent, respectively, in Q3FY20, from 4.5 per cent and 4.3 per cent, respectively, in Q2FY20.

“Some industrial and service sectors displayed a pickup in YoY volume growth in Q3FY20 relative to the previous quarter, while the output of kharif crops displayed a mixed trend,” its principal economist Aditi Nayar said.

“Lower raw material costs, high growth of the government’s non-interest revenue expenditure and the stable profitability metrics revealed by the earnings of some banks would provide a cushion to the pace of economic growth,” she said.

However, the extent and duration of coronavirus outbreak would test the sustainability of the nascent upturn in growth in the ongoing quarter.

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Cannabis use rises among the elderly, finds study

Women, and individuals who were married, had a college degree, or had higher income also significantly increased their cannabis use.

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Cannabis

New Delhi, Feb 26 : Cannabis use continues to increase in popularity among adults of 65 years of age and older in the United States, according to a new study.

Published in JAMA Internal Medicine, the study from NYU Grossman School of Medicine estimates that cannabis use in adults aged 65 and older increased from 2.4 percent to 4.2 percent in the United States — a significant increase of 75 percent — between 2015 and 2018.

With the legalization of cannabis for medical and recreational purposes in many states in the US, medical professionals are studying its use in treating a number of chronic health conditions. Since 1996, 31 states have legalized medical marijuana, while 11 states and Washington DC have legalized recreational use.

The survey categorized cannabis use by asking whether marijuana, hashish, pot, grass, or hash oil was either smoked or ingested.

Researchers observed trends in prevalence of past-year cannabis use, broken down by sociodemographic background, chronic disease, healthcare utilization, and other substance use among adults age 65 and older, in the United States, between 2015 and 2018.

Certain subsets of this population saw an even higher rise in prevalence. For example, researchers estimated that past-year use more than doubled by older adults with diabetes, among those who have received mental health treatment, and those reporting past-year alcohol use.

Women, and individuals who were married, had a college degree, or had higher income also significantly increased their cannabis use.

Researchers say they next plan to acquire more detailed information about how medical marijuana affects older populations, its risks and side effects.

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Ground Zero: A dangerous mix of politics and police inaction?

Eyewitness say when the pro and anti-CAA protesters clashed, the police remained a mute spectator.

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Maujpur anti CAA Violence

New Delhi, Feb 24 : After all, the sudden quiet at Shaheen Bagh, on the boil for over two months, was deeply deceptive, if you look at the way how the protest — for and against the new citizenship law — spilled out to north-east of Delhi, with the police yet again failing to read the situation.

Many locals say the violence at Maujpur-Jafrabad in north-east Delhi erupted soon after BJP leader Kapil Mishra took out a march on Sunday in support of the Controversial Citizenship Amendment Act (CAA) as well as against the anti-CAA women protesters who had blocked the road at Jafrabad metro station.

The police stepped in when Kapil Mishra addressed the crowd, sources said. He was flanked by the Deputy Commissioner of Police clad in full riot gear. Some people cite a video clip that shows the BJP leader giving an “ultimatum” to the police, saying “he will come back after the visiting US President leaves India”.

“But the DCP did not act,” said a local resident.

Stone-pelting soon started on the crowd protesting against CAA at Jafrabad.

But how does Kapil Mishra get into the picture? The Karawal Nagar (another north-east Delhi locality) politician was in the AAm AAdmi Party and had switched to the BJP just days before the Delhi polls. He contested from Karawal Nagar, but lost.

A few days back, scores of Jafrabad residents had let it be known that on Saturday (February 22), they would start a march to Rajghat. They were responding to an appeal by Bhim Army chief Chandrashekhar Azad who had called for ‘Bharat bandh’ on Sunday. On saturday, the women protesters were stopped midway, but soon they were at Jafrabad Metro station, blocking the road and the metro station.

Eyewitness say when the pro and anti-CAA protesters clashed, the police remained a mute spectator.

The situation turned uglier: On Monday the violence reached the lanes and by-lanes of some localities where passers-by were beaten up if they did not tell their names to aggressive groups of men.

Many pictures and videos of violence have gone viral where unidentified people have been seen brandishing guns as policemen look on. A head constable, Ratan Lal, lost his life on Monday after being hit by rioters.

The violence has spread to Chand Bagh, Khureji in east Delhi and Hauz Rani in south Delhi and fear stalks the roads. Yet no one knows how it all started and when and how it will end.

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