India bans 118 Chinese apps in new backlash over border dispute

first_imgIn June, 20 Indian soldiers were killed in hand-to-hand combat in the Ladakh region. An Indian special forces member was killed in one of two incidents at the weekend.China has also suffered casualties in the high-altitude battle at more than 4,200 meters but has not given figures.India had already banned 59 Chinese apps — including the video-sharing platform TikTok — after the June battle. Another 47 were added in July.The PUBG mobile app has millions of young users in India. The company said it had been made aware of the government action but had no comment. PUBG was developed by a South Korean company, but the mobile version that has taken off around the world was developed by Tencent. India on Wednesday banned 118 more Chinese apps as the backlash intensified against Beijing over an increasingly bitter border showdown between the giant neighbors.The government said the apps — including the popular video game PUBG and other services provided by Chinese internet giant Tencent — promoted activities “prejudicial to sovereignty and integrity of India, defense of India, security of state and public order”.India and China, which fought a border war in 1962, have been embroiled in a series of deadly clashes and showdowns on their disputed Himalayan frontier in recent weeks. Chinese selfies banned Other apps targeted by India include games, online payment services, dating sites and even software to edit selfies.The IT ministry accused the apps of stealing user data and moving it abroad.The “mining and profiling by elements hostile to national security and defense of India, which ultimately impinges upon the sovereignty and integrity of India, is a matter of very deep and immediate concern which requires emergency measures”, it said.India has increasingly used economic weapons against its neighbor in the dispute.On top of banning the apps, India has frozen Chinese companies out of contracts including for its 5G mobile phone infrastructure and blocked Chinese goods at ports and customs posts.India has warned that relations risk permanent damage unless China pulls its troops back to positions they held before May.Tensions at the border are now at some of the highest levels since the 1962 war.Both sides have sent tens of thousands of troops to the region with India dispatching more since the weekend, according to sources in Ladakh.Indian and Chinese military officers held a third day of emergency talks at the border Wednesday but no progress in easing tensions has been reported.India accused Chinese forces of seeking to take more territory at the weekend, but its troops, including special forces, seized a number of hills that dominate a strategic valley.China reacted with anger again Wednesday.”Since the start of this year, India has repeatedly violated bilateral agreements and important consensus” on the frontier, foreign ministry spokesperson Hua Chunying said in Beijing.”It has tried to unilaterally change the status quo by force, undermined the peace and stability of the border area, and caused tension in the border area. The responsibility is undoubtedly solely on the Indian side.” Topics :last_img read more

UK master trust NEST awards diversified private credit mandate

first_img“In a very competitive tender process BNP Paribas Asset Management’s expertise, commitment to ESG and innovation really stood out and caught our attention,” he said. “They’ve found a way in which we can confidently allow our members to benefit from the lower volatility and enhanced returns private markets can offer.”Addressing the Pensions and Lifetime Savings Association’s annual conference in Manchester this morning, Fawcett highlighted NEST’s asset growth trajectory as a principle reason the fund could access illiquid asset classes. The master trust is expected to reach £20bn by 2022. Mark Fawcett, NEST CEOJulien Halfon, head of pension solutions at BNP Paribas AM, added that the “innovation” shown by NEST regarding its private market investments showed other defined contribution funds it was possible to allocate to illiquid assets.“NEST did it – now it is time for others to wake up and realise this is possible,” Halfon said.Initial investments under the new mandate are to target European and US mid-market loans and loans to UK small and medium-sized enterprises, as well as infrastructure and commercial real estate debt.US loans will be sourced through the asset manager’s banking parent, while the management of the portfolio will be a collaboration between BNP Paribas AM’s “multi-asset, quantitative and solutions” team and its private debt and real assets team.NEST said it anticipated to commit around £500m across its three private credit mandates over the next 12 months but “will not force money into the market”. NEST has appointed BNP Paribas Asset Management to run a portfolio of diversified private credit assets.The French asset manager has designed an open-ended fund structure to offer exposure to a range of sub-sectors of the illiquid, unlisted credit market, according to an announcement today.Mark Fawcett, chief investment officer at NEST, said the new fund would sit within the £8bn (€9.3bn) master trust’s overall allocation to private credit alongside infrastructure debt manager BlackRock and real estate debt manager Amundi. The scheme aims to have an initial allocation of around 5-7% to private credit after a ramp-up phase next year, with allocations to the three managers managed on a deal-flow driven basis.In a statement announcing the new allocation, Fawcett said the move was “an important step in developing our investment strategy and helping to deliver the strong risk-adjusted returns we want for our members”.last_img read more

Kim shoots 62 for 2-shot lead after three rounds at Wyndham

first_img LIVE TV Si Woo Kim had a hole in one on the way to a 62 for a two-shot lead over Doc Redman and Rob Oppenheim through three rounds of the Wyndham Championship on Saturday.Kim, who’s at 18-under after 54 holes, made history three years ago when at 21 he became the youngest winner of The Players Championship. Now, he’s seeking his first victory since — and playing strongly wherever he tees it up.Kim has broken 70 in nine of his last 10 rounds, including all four at TPC Harding Park to finish tied for 13th at the PGA Championship. He has continued that stellar play at Sedgefield Country Club, where he won his first PGA Tour event in 2016.Redman had a 63, while Oppenheim set a career low on tour with a 62 in second at 16-under.Billy Horschel shot a 65 and was three strokes back at 15-under. Mark Hubbard (64) and Jim Herman were another stroke back at 14-under. Herman shot a 61, a career best and tied for lowest round of the tournament.But it was Kim’s sizzling play that stood out in this one. He got going when his 8-iron on the 161-yard, third hole found the cup for his third ace on tour. Kim clipped the cup on the par-3 12th, settling 14 inches away for another birdie.Kim kept it up with birdies on the 15th, 16th and 17th holes to take the lead.Oppenheim was bidding for a 60 when he birdied the next-to-last hole to move to 17-under. But his only bogey of the round on the final hole dropped him back.Oppenheim, 40, has put himself in line to make the FedEx Cup playoffs for the first time, moving up from 145 on the list (only the top 125 start at The Northern Trust next week) to a projected 77. He’d love to add his first tour title to the mix, too.Redman, 22, is also seeking his first PGA Tour win. He joined the tie for second after matching his career low score of 63. Redman took bogey on his opening hole, then had eight birdies the rest of the way.The PGA Tour moved up tee times, grouped competitors in threesomes and sent them off on the first and 10th tees to beat the bad weather expected later Saturday.The early, dry conditions set off a run of low scores that contenders had no choice but to keep up with throughout the round.In all, 52 of the 77 competitors finished with rounds in the 60s.There were two 61s, the lowest score this week, from Jim Herman and Zach Johnson, the Payne Stewart Award winner who is striving to make the playoffs after a subpar season. Johnson was projected at 109 in FedEx points after starting the round outside the playoffs at 129.Past champion Webb Simpson (65) and Peter Malnati were at 13-under.Image credits: AP Associated Press Television News Last Updated: 16th August, 2020 09:44 IST Kim Shoots 62 For 2-shot Lead After Three Rounds At Wyndham Si Woo Kim had a hole in one on the way to a 62 for a two-shot lead over Doc Redman and Rob Oppenheim through three rounds of the Wyndham Championship on Saturday SUBSCRIBE TO US COMMENTcenter_img First Published: 16th August, 2020 09:44 IST WATCH US LIVE Written By FOLLOW USlast_img read more