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Kim Jong Un supervised weapons tests after Trump hails letter

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Pyongyang, Aug 11: North Korean leader Kim Jong Un supervised Saturday’s launch of a new weapons system, hours after President Donald Trump said Kim had written him a letter with a “small apology” for the recent missile tests.

The Supreme Leader said that the new weapon which was developed to suit the terrain condition of our country and as required by the Juche-oriented war methods has advantageous tactical character different to the existing weapon systems, and explained the strategic and tactical attempt of the Party Central Committee which indicated the task to develop the weapon system to the field of national defence science, KCNA said.

South Korean media said Saturday that North Korea fired two more unidentified projectiles into East Sea.


“In a letter to me sent by Kim Jong Un, he stated, very nicely, that he would like to meet and start negotiations as soon as the joint U.S./South Korea joint exercise are over. It was a long letter, much of it complaining about the ridiculous and expensive exercises,” Trump wrote on Twitter Saturday morning.

“I say it again,” Trump told reporters, “There have been no nuclear tests. The missile tests have all been short-ranged — no ballistic missile test. No long-range missiles.”
Trump also claimed on Saturday that Kim’s letter was a “small apology” for the short-range missile testing.

North Korea’s Foreign Ministry released a statement on Sunday slammed  South Korea for military drills with the United States, and said that its future dialogue will be held strictly between Pyongyang and Washington and not between the Koreas.


Kim said that the new weapon which was developed to suit the terrain condition of our country and as required by the Juche-oriented war methods has advantageous tactical character different to the existing weapon systems, and explained the strategic and tactical attempt of the Party Central Committee which indicated the task to develop the weapon system to the field of national defence science, KCNA stated.

After seeing the test-fire result of the new weapon transmitted to the display at the observation post, the Supreme Leader expressed great satisfaction, being very pleased that another new weapon intended by the Party came into being.

He appreciated that the heroic and patriotic feats of the scientists and said they are steadily consolidating the defence capability of the country, true to the Party’s strategy for developing the defence industry, with boundless loyalty to the Party and the revolution and the noblest patriotism.

This was North Korea’s fifth weapons test and South Korea believes that Trump is downplaying the Pyongyang’s tests . While Trump said, “I say it again, There have been no nuclear tests. The missile tests have all been short-ranged — no ballistic missile test. No long-range missiles.”
Trump also claimed on Saturday that Kim’s letter was a “small apology” for the short-range missile testing.

By Arti Bali

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Rajnath: I pray for early release of Abdullahs & Mehbooba from detention

Rajnath Singh drew accolades in Kashmir while he was the Home Minister in the previous government under Prime Minister Narendra Modi, for his uprightness and kindness.

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omar mehbooba

New Delhi, Feb 22 : Defence Minister Rajnath Singh on Saturday said that he is praying for the early release of three former chief ministers of Jammu & Kashmir from their detention and hoping that they will contribute to normalizing situation in Kashmir.

Dozens of politicians, including three former chief ministers — Farooq Abdullah and his son Omar Abdullah of National Conference (NC) and Mehbooba Mufti of People’s Democratic Party (PDP) — were placed under preventive detention soon after the Modi government reorganized and bifurcated Jammu and Kashmir state into two Union Territories on August 5 last year.

Though most of the politicians have been released since then, the three chief ministers and a dozen politicians remain detained. While Farooq Abdullah was booked under the stringent Public Safety Act (PSA) in September, Omar and Mehbooba were also recently detained under the same law. The government cited their provocative statements and threats issued before the nullification of Article 370 of the Indian constitution which granted special status to Jammu & Kashmir state.

In an exclusive interview to IANS on Saturday, Defence Minister Rajnath Singh said, “Kashmir has been peaceful. The situation is improving rapidly. Along with the improvement, these decisions (release of politicians from detention) will also be finalized. The government has not tortured anyone.”

Defending the government’s decision, the Defence Minister said that certain steps had been taken in the interests of Kashmir. “Everybody should welcome it,” he said.

Singh said he will pray for the early release of the Abdullahs and Mufti from their detention. “I also pray that once they are out, they work and contribute towards improvement of the situation in Kashmir,” the Union Minister said.

Rajnath Singh drew accolades in Kashmir while he was the Home Minister in the previous government under Prime Minister Narendra Modi, for his uprightness and kindness.

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Research and development activity to get hit as WD benefit to cease from FY21

According to experts, R&D activity is a key proponent of the ‘Make in India’ strategy and to further expand the manufacturing sector in the country.

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New Delhi, Feb 19 : India Inc’s R&D activity might get adversely impacted as weighted deduction (WD) benefits, including those on capital expenses, stand withdrawn from the next fiscal.

Till now, the Income Tax Act allowed for weighted deduction for all R&D activities.

However, four years back a sunset provision was introduced in the Budget on the availability of weighted deduction from April 1, 2020.

This deadline was expected to have been extended in this year’s Budget. However, that did not happen.

“The weighted deduction was a key reason for entities to invest in R&D infra. This withdrawal will impact future investments in this area,” said Amarjeet Singh, Senior Partner, International Tax and Regulatory, KPMG in India.

According to experts, R&D activity is a key proponent of the ‘Make in India’ strategy and to further expand the manufacturing sector in the country.

Besides, R&D investments into India have grown with many MNCs establishing their research bases here.

“The ‘Make in India’ programme has got the booster of a reduced tax rate. Similarly, had the government continued with the weighted deduction for R&D, it would have surely ensured that India marched ahead both in manufacturing and in the corresponding R&D,” said Gukul Chaudhri, Partner, Deloitte India.

“So, while India may not lose its tag as the R&D lab of the world, the availability of weighted deduction would have ensured that India continued as one of the most attractive destinations for R&D in the world,” Chaudhri added.

The Finance Act, 2016, restricted the availability of expenditure incurred on scientific research to 150 per cent from April 1, 2017, and no weighted deduction from April 1, 2020.

“Globally, most countries are encouraging R&D activity as it generates new ‘intellectual property’ (IP), which in turn creates sustainable revenues. Such IP or new product gives rise to a new industry and other supporting activities,” said Samir Kanabar, Partner, Tax and Regulatory Services, Ernst & Young.

“In India, several sectors like auto, pharma etc. have invested substantially in R&D facilities to develop new IPs, patents and hence, a new tax regime to boost R&D was a major expectation,” Kanabar added.

However, Suman Chowdhury, President, Ratings, Acuite Ratings and Research, said that the reduction in weighted tax deduction will not have any significant effect on India Inc’s R&D activity.

“India’s R&D activity has held steady at 0.7 per cent of GDP over 5 years and no visible signs of positive outcomes were seen emanating from private enterprises despite such benefits,” Chowdhury said.

“Nevertheless, corporates now enjoy a reduced effective corporate tax structure, which should more than compensate for the loss, at least for the manufacturing sector. Service oriented enterprises, whose business model thrives on innovation, do not require incentives to do R&D in our opinion,” Chowdhury added.

(Rohit Vaid can be contacted at [email protected])

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AGR risk for GAIL, OIL and Powergrid stays: Fitch

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New Delhi, Feb 19 : India’s telecom-related regulatory dispute still is event risk for GAIL, OIL and Powergrid, Fitch Ratings said on wednesday.

Fitch Ratings continues to treat any payments that three India-based companies – GAIL (India) Limited (BBB-/Stable), Oil India Limited (BBB-/Stable) and Power Grid Corporation of India Ltd (BBB-/Stable) – may have to make under a demand notice from the Department of Telecom as an event risk for the companies’ ratings.

Fitch is not taking immediate rating action on the three companies, as the Supreme Court of India allowed the companies to withdraw their clarification applications on February 14, 2020, and resolve their dispute with Department of Telecom outside the court.

This is in stark contrast to the court’s decision to demand immediate payments from the telecom companies that are also involved in the dispute, Fitch added.

“We expect the three companies to eventually resolve the dispute, although resolution timing is uncertain. A speedy solution is important to prevent disrupting the companies’ investment plans and damaging their performance. The three companies are considering an appeal against the demand notices. We understand that they have the option to resolve the matter through alternate dispute-resolution mechanisms available to state-owned enterprises. This is in addition to the legal options available to telecom license holders in general,” it said.

The Department of Telecom has issued demand notices to GAIL, OIL and POWERGRID for Rs 1,831 billion, Rs 480 billion and Rs 220 billion, respectively.

The notices include license fees on non-telecom revenue and additional interest and penalties on the license fees. However, the three companies’ telecom-related revenue is insignificant, at around Rs 0.5 billion, Rs 0.01 billion and Rs 23 billion, respectively, for the same time period as the demand notices.

The three companies have created telecom infrastructure for internal use and have obtained national long distance and Internet service provider licenses to rent out spare capacity. They maintain that their licenses differ from the unified access licenses held by telecom companies, hence, the court’s decision on adjusted gross revenue for telecom companies does not apply to them.

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