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Mark Zuckerberg Explains Why Facebook Invested $6 Billion In Mukesh Ambani’s Jio

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Reliance Industries Limited (RIL) disclosed that Mark Zuckerberg’s social media giant Facebook bought a 9.99% stake for $5.7 billion in its subsidiary Jio Platforms on Wednesday.

https://eurasiantimes.com/mukesh-ambani-takes-on-amazon-heads-on-after-successful-reliance-jio-campaign/

The deal is the biggest investment for a minority tech stake anywhere in the world and the biggest foreign direct investment in the Indian technology sector. This makes Zuckerberg’s Facebook, Jio’s biggest minority shareholder.

With the investment, the RIL technology arm Jio is now valued at Rs 4.62 lakh crore ($66 billion) pre-money enterprise value and is placed amongst the top five listed companies in India by market capitalization, within just three and a half years of its launch, Reliance Industries said in a release.

It has also provided Mark Zuckerberg’s social media giant – Facebook to establish a strong presence in India that is fast-emerging as a huge digital market while allowing Reliance Jio to significantly reduce its burgeoning debt caused by rapid expansion.

RIL said the goal of this investment was to enable new opportunities for businesses of all sizes, especially for small businesses across the country.

Mukesh Ambani, Chairman, and Managing Director, Reliance Industries, commenting on the partnership with Facebook said, “All of us at Reliance are humbled by the opportunity to welcome Facebook as our long-term partner in continuing to grow and transform the digital ecosystem of India for the benefit of all Indians.

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The synergy between Jio and Facebook will help realize PM Narendra Modi’s ‘Digital India’ Mission with its two ambitious goals — ‘Ease of Living’ and ‘Ease of Doing Business’ – for every single category of Indian people without exception.”

Many media houses quoting Mark Zuckerberg’s Facebook saying, “This investment underscores our commitment to India and our excitement for the dramatic transformation that Jio has spurred in the country.

In less than four years, Jio has brought more than 388 million people online, fueling the creation of innovative new enterprises and connecting people in new ways. We are committed to connecting more people in India together with Jio.”

Facebook further said, “Our goal is to enable new opportunities for businesses of all sizes, but especially for the more than 60 million small businesses across India.”

Indians are among the largest online community on Facebook and WhatsApp. “With communities around the world in lockdown, many of these entrepreneurs need digital tools they can rely on to find and communicate with customers and grow their businesses. This is something we can help with — and that’s why we’re partnering with Jio to help people and businesses in India create new opportunities,” Mark Zuckerberg said.

Ajit Mohan VP and Managing Director of Facebook India and David Fischer, Chief Revenue Officer at Facebook saying that the deal between Facebook and Reliance Jio will bring together JioMart an e-commerce business that is a joint venture between Jio and Reliance Retail with WhatsApp which has around 400 million consumers.

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There is another added incentive for Facebook in the deal which has come under increasing scrutiny from the Indian Government headed Prime Minister Narendra Modi who is believed to have close ties with RIL Chairman Mukesh Ambani.

Since its launch in 2016, almost four years back Reliance telecommunication arm Jio added more than 340 million customers through a diverse range of product offerings. RIL has also attempted to cut down its debt burden by offering to sell its stakes in some of its businesses.

It is believed to be in talks with Saudi Arabia’s Aramco to sell its 20 percent stake to Canada’s Brookfield Asset Management for a stake in its telecom tower business.

WhatsApp, Facebook’s chat service is slated to launch payments service as a counter to increasing competition from Paytm, Google Pay, Phone Pay, and Amazon Pay. The deal will also enable Facebook to counter the rapid popularity of China’s TikTok app that has increased its base to 250 million users as of last year and has made a projection of adding another 100 million users by 2020.

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Cisco in its latest report said that India will have around 900 million internet users due to affordable smartphones and cheaper internet data while the country will boast of having around 2.1 billion internet-connected devices by 2023.

The report also mentioned that Reliance had injected around USD 15 billion to turn Jio into a digital services company in a bid to attract investors till the time of the final listing. The Jio and Facebook deal has come after Microsoft inked a pact with Reliance last year to power its data centers with Azure cord.

Americas

From USSR To Middle-East & Now China: Asia Emerges As The Next Big Battle Ground For The US

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In the midst Chinese aggressive posture in the South China Sea and on the Indian border, the US is ready to deploy thousands of soldiers, currently stationed in Germany, to American bases in Guam, Hawaii, Alaska, Japan and Australia.

During the Cold War, US defence tacticians thought it imperative to maintain an extensive ground force in Europe to keep the USSR at bay. In the 2000s, the focus was essentially on the Middle East as the US conducted “war on terrorism.” Now, the focus has changed to China.

To challenge the might of China and Russia, “US forces must be deployed abroad in a more forward and expeditionary manner than they have been in recent years,” wrote Robert O’Brien, Donald Trump’s national security adviser in a WSJ.

Toward this end, the US will decrease its soldiers permanently deployed in Germany from 34,500 troops to 25,000. The remaining troops are expected to be reassigned elsewhere in Europe, redeployed to the Indo-Pacific region, or sent back to the US.

On the Indo-Pacific, O’Brien wrote: “In that theatre, Americans and allies face the most significant geopolitical challenge since the end of the Cold War.”

Critics see three trends in the US army’s global missions. One is the geographical shift from Europe and the Middle East to the Asia-Pacific. Second is the shift from land-based combat to an “Air-Sea Battle” notion. The third, and perhaps most unique to Donald Trump, is the urge to cut down the defence spendings.

O’Brien’s redeployment proposal touches on all three aspects. Geographically, the shift away from the Middle East has been driven by the shale gas discovery. US’ enthusiasm in the Middle East has waned as its dependence on the oil-rich region for energy has dramatically shrivelled.

In 2011, the US government under Barrack Obama started a policy of rebalancing based on the assertion that a focus on the Middle East had created the Asia-Pacific vacuum that facilitated China’s ascent.

In terms of strategy, the US has been moving its focus and resources to the Navy and Air Force, especially since the likelihood of a Russian invasion of Europe has gone down. The Air-Sea Battle idea declared in 2010 intends to incapacitate China’s defences using long-range bombers and submarines.

In a possible clash with China, it will be the amphibious Marines as well as maritime and aviation capacity that will prove vital. This is because the battleground will be in the waters of the South China Sea or other maritime fronts.

Costs are the third trend. US President Donald Trump has repeatedly communicated his unease over the massive financial implications of deploying US soldiers abroad and has pressed other nations to shoulder the financial burden.

Trump has been unusually vocal about Germany, which he asserts is not keeping its obligation to contribute 2% of its GDP on its own defence. Germany has “been delinquent for years,” Trump said in mid-June, explicitly linking this to the troop drawdown. “And they owe NATO billions of dollars, and they have to pay it. So we’re protecting Germany, and they’re delinquent. That doesn’t make sense.”

The Trump administration is currently engaged in extended discussions with South Korea over its support and will hold similar talks with Japan. For Japan, which recently halted the deployment of the Aegis Ashore air defence system due to cost concerns, pressure from the US to increase host-nation support may lead to a rethink of its defence strategy.

Originally Written By Team Nikkei Asian Review. Edited By Tim Edwards

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Americas

China & Russia Block US’s Arms Embargo Against Iran At UNSC

China and Russia are the permanent members of the UNSC who rejected the motion. The other permanent members of the UNSC – the UK and France – also failed to support the extension of the embargo against Iran.

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The US’s demand to extend the arms embargo against Iran, due to expire in four months, has been rejected by the members of the United Nation Security Council (UNSC) including China and Russia.

Dominican Republic Goes To Poll; Results Will Decide The Fate Of US, China

China and Russia are the permanent members of the UNSC who rejected the motion. The other permanent members of the UNSC – the UK and France – also failed to support the extension of the embargo against Iran.

US Secretary of State Mike Pompeo warned that lifting the ban on the trade of conventional weapons would turn Iran into a “rogue weapons dealer,” supplying advanced weapons to groups like Hamas and Hezbollah and fueling conflicts in Venezuela, Syria and Afghanistan.

“Iran will hold a sword of Damocles over the economic stability of the Middle East, endangering nations like Russia and China that rely on stable energy prices,” said Pompeo to the members via videoconference due to the coronavirus pandemic.

The arms embargo prohibits Iran from importing or exporting any kind of weapon. Pompeo characterised Iran as “the world’s most heinous terrorist regime” and said that it would develop and export weapons that would threaten the Middle East and European capitals.

“Iran is already violating the arms embargo, even before its expiration date. Imagine if Iranian activity were sanctioned, authorized by this group if the restrictions are lifted,” he said.

The embargo is part of the Joint Comprehensive Plan of Action (JCPOA) or the nuclear deal with Iran signed in 2015. Under the deal, Iran agreed to limit its sensitive nuclear activities and allow in international inspectors in its facilities in return for the lifting of crippling economic sanctions.

In 2018, President Donald Trump withdrew from the deal in 2018 and started reimposing sanctions. However, the Trump administration is now threatening to “snap back” U.N. sanctions if the embargo is not extended. “Having quit the JCPOA, the U.S. is no longer a participant and has no right to trigger a snapback at the Security Council,” said China’s U.N. Ambassador Zhang Jun.

Russia’s U.N. Ambassador Vassily Nebenzia also criticised the strategy saying that the task is to achieve regime change or create a situation where Iran literally wouldn’t be able to breathe. “This is like putting a knee to one’s neck”, referring to the killing of George Floyd after a police officer knelt on his neck.

Even the Europen Union allies of the US that supported extending the embargo said that they do not support the reimposition of new sanctions on Iran. Iranian Foreign Minister Mohammad Javad Zarif pointed that expiration of the arms embargo was an integral part of the 2015 nuclear deal and demanded the US to compensate Iran for the damage its sanctions have inflicted on the economy.

“The international community in general — and the U.N. Security Council in particular — are facing an important decision,” he said. “Do we maintain respect for the rule of law, or do we return to the law of the jungle by surrendering to the whims of an outlaw bully?”

In the latest move to disrupt ties, the US is seeking to seize the four tankers sailing towards Venezuela with gasoline supplied by Iran. In May, defying the US sanctions, Iranian vessels successfully shipped gasoline to South American country, Venezuela.

Mojtaba Zonnour, representative of Qom in the Iran Parliament celebrated then, saying that the arrival of Iranian tanker, carrying gasoline, to Venezuela showed the message of authority and dignity of the Iranian nation to the world.

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Americas

Dominican Republic Goes To Poll; Results Will Decide The Fate Of US, China

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On Sunday, the Dominican Republic will hold elections as the Central American nation looks to elect their next President and renew the totality of senate (32) and deputy (190) seats.

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Elections were originally scheduled to take place on May 17 but had to be postponed due to an upsurge in coronavirus cases. Domestically, the election could lead to a change in government and end the decade long run of the ruling Dominican Liberation Party (PLD).

Internationally, the winner of the Presidential election decides the future of the Dominican Republic foreign relations with regards to the United States and China.

The Candidates

To win the election, a candidate must get 50%+ 1% of the total votes. If none of the contestants is able to win a clear majority, a second-round runoff is held between the two candidates with the highest votes on the first round.

While a total of 6 candidates are hoping to serve as the next the President, according to experts, the outcome of the election will be determined by the three leading candidates from the PLD, Force of the People party (FP) and Modern Revolutionary Party (PRM).

The PLD has occupied the presidency for 20 of the past 24 years. Incumbent President Danilo Medina will not seek a third consecutive term ( his decision to do so was met by domestic resistance) and instead, Gonzalo Castillo, the former minister of public works and communications, will be contesting for the PLD.

Elections in the Dominican Republic will be monitored by 80 observers from the Organization of American States (OAS). Despite the challenges presented by Covid-19, Dominican authorities ensure that all necessary precautions have been taken care of. Image source: Facebook

Those including to oust PLD include Leonel Fernández and Luis Abinader of the FP and PRM respectively. Fernandez, a three-time President of the Dominican Republic, quit the PLD after losing the PLD primary run-off against Castillo in 2019. Displeased with the defeat, Fernandez formed his own party and announced his decision to seek election for the fourth time.

A businessman by profession, Luis Abinader has no previous experience in public office. Abinader was a close associate of former President Hipólito Mejía. When Mejia quit the PRD in 2014, Abinader decided to join him at the newly formed PRM. According to poll predictions, Abinader is either close to or will outright win in the first-round election. Much of the rise can be credited to the rift between Medina (PLD) and Fernández (FP).

Even if Abinader does not win the election, he and Fernández have agreed to a deal for the run-off election. In November 2019, both formed an electoral alliance, agreeing that whoever between them captured the most votes in the presidential election would, in turn, receive the other’s political backing in the event of a runoff election. They also agreed to nominate joint candidates for mayor and Congress in 24 of the 32 provinces.

US-China to Closely Follow Elections

The Presidential elections in the Dominican Republic are being closely monitored by both the United States and China. In 2018, much to the shock of US an Taiwan, Danilo Medina broke diplomatic relations with Taiwan and established ties with China instead.

This was followed by Medina travelling to Beijing and inking 18 bilateral agreements including on agriculture, culture and tourism. Experts predict Chinese investment in the Caribbean nation will reach US$10 billion in the coming years.

For China, PLD remaining in power is essential for Sino-Dominican relations. Although PLD presidential candidate Castillo’s foreign policy platform makes abstract reference to the need to “deepen, diversify, and expand bilateral and multilateral relations,” one presumes he would maintain diplomatic and commercial relations with China.

Fernández and the Abinader, on the other hand, understand the importance of the US as an ally and will likely scale down ties with Beijing. Both candidates even declined invitations from the Chinese government to visit.

For the US, Abinader winning the election would be the perfect scenario. The 52-year-old is keen on strengthening strategic relations with the US, recognizing that it is the Dominican Republic’s main commercial partner, were about two million Dominicans or those of Dominican origin reside and were about 40 per cent of tourists who visit the Dominican Republic come from.

Regardless of who wins, the elections in the Dominican Republic will be interesting to watch. Elections in the middle of a global pandemic is a challenge in itself and the people of the Dominican Republic will surely be excited to see new faces in the country’s politics.

Written by- Armaan Srivastava. Views Personnel

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