INTERNATIONAL JULY 2015

INTERNATIONAL JULY 2015

• Egypt begins first trial run of 'new Suez canal
  Egypt began 26th July the first trial run of its "new Suez canal", ahead of the formal inauguration of the new shipping route next month
  
  Dubbed the Suez Canal Axis, the new 72-kilometre project is aimed at speeding up traffic along the existing waterway by reducing the waiting period of vessels, as well as boosting revenues for Egypt. It will run part of the way along the existing canal that connects the Red Sea to the Mediterranean.
  
  The new waterway involves 37 kilometres of dry digging and 35 kilometres of expansion and deepening of the Suez Canal, in a bid to help speed up the movement of vessels.
  
  President Abdel Fattah al-Sisi launched the project in August and set an ambitious target of digging the expanded canal within a year. The canal is part of an ambitious plan to develop the surrounding area into an industrial and commercial hub that would include the construction of ports and provide shipping services.
  
  The new route is considered a "national project" that aims to kick-start an economy battered by years of political turmoil since the ouster of president Hosni Mubarak in 2011 Authorities raised $9 billion (7.9 billion euros) to build the new canal by selling shares in the project to domestic investors, with private Egyptian companies tasked with its construction.
  
  It is expected to more than double Suez revenues from USD 5.3 billion expected at the end of 2015 to USD 13.2 billion in 2023, according to official estimates. Built 146 years ago, the Suez Canal is one of the world's most heavily used shipping lanes and has been a key source of international trade.
  
• EU bans marketing of around 700 generic medicines
  European Union has banned the marketing of around 700 generic medicines for alleged manipulation of clinical trials conducted by India's pharmaceutical research company GVK Biosciences.
  
  The ban will come into effect on August 21. According to Germany's drug regulator, the Federal Institute for Medicines and Medical Products and it will be applicable to all 28 member nations. GVK Bio had vehemently denied the allegations. The company offered to conduct fresh studies of the medicines involved at its own cost.
  
• Strong earthquake hits Indonesia's Papua
  A powerful 7.0 magnitude earthquake struck the Indonesian province of Papua on 27th July. US geologists said, the quake hit at 06.41 am local time, 250 kilometres west of the provincial capital Jayapura at a depth of 52 kilometres. Hawaii-based Pacific Tsunami Warning Centre said, there is no threat of any tsunami waves from the quake, which occurred inland underneath the Irian Jaya jungle.
  
• Iran, EU agree to start talks on various issues in Tehran
  Iran and the European Union have agreed to start talks on various issues, according to Iranian Foreign Minister Mohammad Javad Zarif. High-level talks will be held between Iran and the European Union over different issues, including energy cooperation, human rights, confronting terrorism and regional issues.
  
• Libya trial: Gaddafi son sentenced to death
  A court in Libya has sentenced Saif al-Islam Gaddafi, son of deposed leader Col Muammar Gaddafi, and eight others to death over war crimes linked to the 2011 revolution. More than 30 close associates of Col Gaddafi were tried for suppressing peaceful protests during the uprising.
  
• Russia vetoes UN resolution on MH17 Tribunal
  Russia has vetoed a United Nations Security Council resolution that sought to set up a special tribunal to try those responsible for shooting down flight MH17 over Ukraine. Eleven of the 15 members of the Security Council voted in favor of the resolution, which had been drafted by Australia, Belgium, Malaysia, the Netherlands and Ukraine.
  
  Russia exercised its veto. Angola, China and Venezuela abstained. The session began on 28th July with a moment's silence in honor of the 298 people who were killed in the year's incident. Moscow drafted an alternative resolution that does not include a tribunal but asks for a full international investigation and its ambassador launched into a lengthy defense of Russia's actions.
  
• Afghan Taliban confirms Mullah Omar’s death, picks deputy as successor
  According to the high-ranking officials from the Afghan Taliban its leader Mullah Mohammad Omar died. Talibans confirmed on 30th July the death of their leader, Mullah Mohammad Omar, and said the group’s top council has elected his successor, a senior figure who served as the reclusive mullah’s deputy for the past three years. The Taliban Shura, or Supreme Council, chose Mullah Akhtar Mansoor as the new leader
  
  Mansoor is considered close to the Pakistani authorities and his election could further divide an already-fractured Taliban as he is believed to have links to opposing councils within the movement. The Taliban is believed to have splintered under pressure to enter into peace talks with the Afghan government after almost 14 years of war.
  
• US spied on Japanese Cabinet Officials, firms: Wikileaks
  The US has been spying on Japanese Cabinet Officials, Banks and Companies, including the Mitsubishi Conglomerate, Whistleblowing website Wikileaks says. Documents released by Wikileaks list 35 telephone numbers targeted for interception by the US National Security Agency (NSA).
  
  Wikileaks said the surveillance extends back at least eight years. Wikileaks has previously released files showing the US spied on Germany, France and Brazil - like Japan, all allies. There has been no comment from Japan on the latest claims.
  
• New Ebola vaccine effective, says WHO
  An Ebola vaccine provided “100 per cent protection” in a field trial in hard-hit Guinea, according to researchers and officials mooting “the beginning of the end” of the killer West African outbreak.
  
  The world is “on the verge of an effective Ebola vaccine,” the World Health Organization (WHO) said, hailing the results from the first efficacy test of the VSV-ZEBOV vaccine among people living in a high-danger zone. “This is an extremely promising development,” added WHO Chief Margaret Chan.
  
  About 28,000 people have been infected in Guinea, Sierra Leone and Liberia in the worst Ebola outbreak in history, according to the WHO, and more than 11,000 have died. VSV-ZEBOV may become the first licensed vaccine against the disease for which there is also no approved treatment or cure.
  
  The trial showed that the vaccine “offers 100 per cent protection after roughly one week,” said researcher Sven Trelle from the University of Bern.
  
  The test, backed by drug firm Merck, the WHO and the governments of Canada, Norway and Guinea, saw 4,123 high-risk people vaccinated immediately after someone close to them fell ill with the deadly haemorrhagic fever. None in the vaccinated group caught the virus, according to study results published in The Lancet journal.
  
  A second, comparison group of 3,528 people received the vaccine only three weeks after potential exposure. Sixteen of them contracted the virus, said the study, but by day six of immunisation, the remainder of this group was also fully protected.
  
• Turkey: World's widest suspension bridge being built over Bosphorus
  In Turkey, a new bridge, the widest in the world, being constructed over the Bosphorus Strait, will provide another transportation route connecting Europe and Asia. Thousands of employees and engineers are working 24 hours a day on construction of the Yavuz Sultan Selim Bridge in Istanbul. The suspension bridge is almost 60 meters wide with eight traffic lanes and two rail lines. It will stretch over 2 kilometers with about 1.5 kilometers over water, and will be the longest suspension bridge in the world carrying a rail system.
  
• Report: ISIS steps up use of chemicals on battlefields in Iraq and Syria
  ISIS recently used devices filled with chemical agents against Kurdish forces and civilians in both Iraq and Syria, a joint investigation by two independent organizations has found. The findings build on previous reporting that ISIS (the Islamic State in Iraq and Syria) has begun to adapt both suicide bombs and improvised explosive devices (IEDs) to include chlorine and other chemicals and may seek to exploit the use of chemicals as it develops new weapons.
  
  The two U.K.-based groups -- Conflict Armament Research (CAR) and Sahan Research -- sent teams to investigate allegations that ISIS used chemical munitions on three occasions last month. Two of the incidents occurred in Hasakah province in northern Syria, where ISIS is locked in battle with the Kurdish YPG group. The third involved a 120 mm mortar that landed near Kurdish positions at the Mosul Dam in northern Iraq but failed to explode.
  
• Taiwan to elect first woman President
  Taiwan’s top two political parties have each nominated a woman for President in 2016, a historic first signalling acceptance of female leadership. The ruling Nationalist Party on 19th July picked as its candidate Hung Hsiu-chu (in picture), a former teacher and the current deputy legislative speaker. Ms. Hung, who supports friendly relations with China, will run against Tsai Ing-wen, the opposition Democratic Progressive Party chairwoman. Tsai leads in opinion polls.
  
• UNSC endorses Iran deal
  The UN Security Council on 20th July unanimously adopted a resolution that endorses the landmark nuclear deal between Iran and six world powers and paves the way for lifting the crippling sanctions imposed by the world body against Tehran
  
  With the adoption of the resolution, the 15-nation body endorsed the landmark nuclear deal entered into between Iran and P5+1 nations of China, France, Russia, the United Kingdom and the United States, plus Germany last week. The agreement launches a progressive and conditional lifting of sanctions, in exchange for guarantees that the Islamic republic will not develop a nuclear bomb.
  
  Earlier the European Union approved the Iran nuclear deal. The approval was given in the meeting of the European Union's Foreign Ministers in Brussels. This is a first step toward lifting Europe's economic sanctions against Iran.
  
• US, Cuba usher in new era with reopening of embassies
  Cuba and the United States have formally restored diplomatic relations after an agreement struck last year putting aside decades of hostility came into force. The diplomatic missions of each country became full embassies. US Secretary of State John Kerry is due to hold talks with his Cuban counterpart Bruno Rodriguez later in the day in Washington.
  
• Chad's former Prez Hissene Habre removed from Senegal court
  Chad's former President Hissene Habre has been removed from the courtroom at his trial for crimes against humanity. The trial in Senegal's capital, Dakar, marks the first time one African country has prosecuted the former leader of another country. Mr. Habre denies being responsible for hundreds of deaths during his rule from 1982 to 1990. The trial follows a 25-year campaign to bring him to justice.
  
  Sitting in court before the trial opened, the former Chadian leader shouted "Down with imperialists. The trial is a farce by rotten Senegalese politicians, African traitors, Valet of America". Mr Habre was then taken out of the court, and the trial began without him.
  
• BRICS bank starts its operations from Shanghai
  The New Development Bank (NDB) floated by the BRICS nations, including India, to step up infrastructure funding in the emerging economies formally started its operations at its headquarters in Shanghai on 21st July. Chinese Finance Minister Lou Jiwei, Shanghai Mayor Yang Xiong and the bank's President K V Kamath attended the opening ceremony. Kamath will be the bank's President for the first five years.
  
  The NDB will supplement the existing international financial system in a healthy way and explore innovations in governance models, Lou said at a seminar following the ceremony.
  
  BRICS economies - Brazil, Russia, India, China and South Africa - launched the multi-billion dollar development bank at the 7th BRICS summit held in the Russian city of Ufa on July 8 amid efforts to finance infrastructure projects, mainly in member countries.
  
  The NDB will have initial capital of USD 50 billion, which will be expanded to USD 100 billion within the next couple of years. Each BRICS member will contribute an equal share in establishing a startup capital. Each nation will have an equal say in the bank's management, regardless of GDP size.
  
  The NDB was conceived as a counterbalance to Western-led financial institutions like the World Bank and the IMF by providing funding for infrastructure and development projects in BRICS countries.
  
  Each nation will have an equal say in the bank's management, regardless of GDP size. The NDB is also backed by the China-floated USD 50 billion Asia Infrastructure Investment Bank (AIIB) in which India and 56 other countries have joined.
  
• Greek MPs pass crucial reforms
  Greek MPs are debating a second set of reforms they need to approve to secure a €86bn bailout, as thousands protest against further austerity measures
  
  Greece's PM urged rebels within his own Syriza party to support the reforms demanded by creditors. Meanwhile, the European Central Bank has increased its cash lifeline to Greek banks. The emergency injection of an extra €900m, the ECB's second in a week, came just hours before the vote. It is needed until Greece secures its third international bailout - the negotiations of which cannot begin until Greece's parliament has approved the tough new reforms.
  
• UNSC endorses Iran deal
  The UN Security Council unanimously adopted a resolution that endorses the landmark nuclear deal between Iran and six world powers and paves the way for lifting the crippling sanctions imposed by the world body against Tehran.
  
  With the adoption of the resolution, the 15-nation body endorsed the landmark nuclear deal entered into between Iran and P5+1 nations of China, France, Russia, the United Kingdom and the United States, plus Germany last week.
  
  The agreement launches a progressive and conditional lifting of sanctions, in exchange for guarantees that the Islamic republic will not develop a nuclear bomb.
  
  Earlier the European Union approved the Iran nuclear deal. The approval was given in the meeting of the European Union's Foreign Ministers in Brussels. This is a first step toward lifting Europe's economic sanctions against Iran.
  
• China and Japan dispute over East China waters
  China said on 24th July that it did not recognise a unilateral Japanese median line setting out a boundary between the two in the waters of East China Sea and it had every right to drill in the sea close to waters disputed with Japan. Japan this week called on China to halt construction of oil-and-gas exploration platforms in the sea close to waters claimed by both nations and it concerned that Chinese drills could tap reservoirs that extend into Japanese territory.
  
  Patrol ships and aircraft from both countries have been shadowing each other in the area over the past couple of years, raising fears of a confrontation and clash. In an escalation of the latest dispute, Japan released aerial photographs of China's construction in the area, accusing it of unilateral development.
  
• European cities to ban cars from roads for 1 day
  In an attempt to try and tackle pollution, Cities across Europe will ban cars from their roads for one day in September, as part of a campaign to promote more sustainable transport.
  
  While major capital cities across the continent have been bringing in a raft of measures to try and tackle pollution, a scheme to encourage greener transport measures has attracted hundreds to take part in a range of initiatives, including closing roads to cars.
  
  Now, a total of 246 cities, towns and boroughs from 14 countries across the continent have signed up to European Mobility Week, which aims to try and get citizens to use alternatives to the car.
  
  The scheme invites towns and cities to sign up to take part in one of three measures - a week of activities, a permanent measure or a car free day.
  
• World's 1st malaria vaccine gets regulatory nod
  The world's first malaria vaccine cleared one of the final hurdles as it received a positive scientific opinion from European regulators and now awaits approval from the WHO before it could be administered within the next few years across Africa.
  
  The vaccine, named Mosquirix, was 24th July given the green light by London-based European Medicines Agency after more than 30 years of research, detailed in 230,000 pages of data.
  
  The vaccine will be examined by the WHO which will give its recommendation in November this year, and if approved, could be administered to children across Africa within the next few years. The WHO said the vaccine will be reviewed for feasibility in field situations in developing countries, its affordability and its cost effectiveness.
  
  Researchers and pharmaceutical companies have been trying to develop malaria vaccines for decades. Some vaccines which had been developed in the past failed in their phase three trials. Malaria kills around 600,000 people a year worldwide, most of them children under five in sub-Saharan Africa.
  
• Greece officially requests fresh IMF aid
  Greece has submitted an official request to the International Monetary Fund (IMF) for a new loan as it seeks a huge third bailout from its creditors. The debt-crippled Greek government, led by radical-left party Syriza, had initially planned to go without fresh help from the IMF as it considers the agency too wedded to draconian austerity measures.
  
  Tsakalotos said Greece was taking new steps to move ahead with talks on the bailout -- which will be worth up to 86 billion euros (USD 94 billion) over three years -- after parliament passed two laws enshrining a series of tough reforms demanded by the creditors, including tax rises and a pensions overhaul.
  
  Greece's existing aid programme from the IMF runs until early 2016, and a new request was not technically necessary. The development came amid an apparent delay in getting the ball rolling on talks to finalise the package, with sources familiar with the matter speaking of "logistical problems.
  
• Tunisia passes tough anti-terrorism law
  Tunisia’s Parliament voted to pass the country’s new anti-terror law after a pair of devastating attacks against tourists, but critics fear the new legislation may endanger this North African nation’s hard won freedoms.
  
  The law, which had languished in Parliament for years, was fast-tracked after gunmen in March attacked the national museum in Tunis and killed 21 foreign tourists. Three months later, another gunman attacked a resort in Sousse killing 38 tourists, mostly Britons.
  
  The new law raises the amount of time police can hold a suspect without charge and without contact with a lawyer from six days to 15. Death is the maximum penalty for terrorism, including disseminating information that results in the loss of life in terror attacks.
  
• Conakry named as World Book Capital for 2017 by UNESCO
  Conakry, the capital of the Republic of Guinea, was on 21 July 2015 named as the World Book Capital for 2017 by United Nations Organization for Education, Science and Culture (UNESCO). The decision was made by an international committee of experts on 30 June 2015 during a meeting.
  
  The selection committee singled out Conakry for the quality and diversity of its programme, in particular for its focus on community involvement as well as for its well-structured budget and clear development goals with a strong emphasis on youth and literacy.
  
  With this, Conakry becomes the 17th city to be designated as World Book Capital, after Madrid (2001), Alexandria (2002), New Delhi (2003), Antwerp (2004), Montreal (2005), Turin (2006), Bogota (2007), Amsterdam (2008), Beirut (2009), Ljubljana (2010), Buenos Aires (2011), Yerevan (2012), Bangkok (2013), Port Harcourt (2014) Incheon (2015) and Wroclaw (2016).
  
• Eruption of Indonesian volcano sparks travel chaos
  Ash spewing from a volcano on Indonesia’s main island of Java has sparked chaos and also airports close and international airlines cancel flights.
  
  Mount Raung in East Java province about 150 kilometers (93 miles) from Bali’s international airport has been rumbling for several weeks. The level of activity increased in the past week and on 10th July it blasted ash and debris 3,800 meters (12,460 feet) into the air.
  
  Government volcanologist Gede Suantika said the eruption forced authorities to close five airports due to the risks posed by volcanic ash, though two airports on Lombok island reopened Friday afternoon. The transport ministry has told airlines to avoid routes near the mountain.
  
  Suantika said lava and ash fall from the 3,332-meter (10,930-feet) -high mountain on Indonesia’s most densely populated island has also resulted in the government calling on people to stay away from a three-kilometer (two-mile) high-danger zone around the volcano.
  
• Eurozone's third bailout package averts Greece crisis
  Eurozone leaders have agreed to offer Greece a third bailout, after marathon talks in Brussels. Amid one of the worst crises in the EU's history, the head of the European Commission said the risk of Greece leaving the eurozone had been averted. Greek Prime Minister Alexis Tsipras said that after a tough battle, Greece had secured a growth package and debt restructuring. Greece will now have to pass reforms demanded by the eurozone by 15th July.
  
  These include measures to streamline pensions, raise tax revenue and liberalise the labour market. An EU statement spoke of up to 86 billion euros of financing for Greece over three years. But there was no provision for a reduction in Greek debt - a so-called haircut - which the Greek government had sought.
  
• Landmark Iran nuclear deal reached
  A landmark Iran nuclear agreement was reached today after clearing final obstacles. It included a compromise between Washington and Tehran that would allow UN inspectors to press for visits to Iranian military sites as part of their monitoring duties.
  
  But access at will to any site would not necessarily be granted and even if so, could be delayed. Under the deal, Tehran would have the right to challenge the UN request and an arbitration board composed of Iran and the six world powers that negotiated with it would have to decide on the issue. Iran has argued that such visits by the IAEA would be a cover for spying on its military secrets.
  
• Thailand introduces death penalty for corruption
  Thailand adopted an amendment to the anti-corruption law that stipulates a capital punishment for large scale corruption. The Royal Thai Government Gazette said that under the new law, any official, whose decisions in the office were affected by accepted or demanded assets or benefits, is a subject to a punishment of different extent.
  
  The perpetrator may be imprisoned for between five and 20 years and fined for between about 3,000 dollars and 12,000 dollars. Cases of large scale corruption will be punished with life sentence or death. The amendment came into force yesterday and affects both Thailand and foreign citizens.
  
• HIV infections down by 20%
  According to the United Nations report, India has been able to achieve a more than 20 per cent decline in new HIV infections between 2000 and 2014, reversing the spread of the virus. The report said that the world is on track to end the AIDS epidemic by 2030.
  
  According to the report titled "How AIDS changed everything - MDG 6: 15 years, 15 lessons of hope from the AIDS response", the world has exceeded the targets contained in the Millennium Development Goals (MGD) to halt and reverse the spread of HIV.
  
  New HIV infections have fallen by 35 per cent and AIDS-related deaths by 41 per cent, while the global response to HIV has averted 30 million new infections and nearly 8 million AIDS-related deaths since 2000, when the MDGs were set said the report that was released in Addis Ababa by the Joint United Nations Programme on HIV/AIDS.
  
  According to UN Chief Ban-KI-moon, 15 million people on HIV treatment meant that the world was on its way to an AIDS-free generation. It also means that nearly 75 per cent of pregnant women with HIV have access to antiretroviral medicines that improve the quality of their lives and protect their children
  
  The report noted that India "literally" changed the course of its national HIV epidemic through the use of strategic information that guided its focus to the locations and population approach.
  
• Eurozone agrees to give Greece 7 billion euros bridge loan
  Eurozone Ministers have agreed to give Greece a seven billion euros bridging loan from an EU-wide fund to keep its finances afloat until a bailout is approved. The loan is expected to be confirmed on 17th July by all EU member states. In another development, the European Central Bank agreed to increase emergency funding to Greece for the first time since it was frozen in June.
  
  The decisions were made after Greek MPs passed tough reforms as part of a eurozone bailout deal. Greek banks have been closed for almost three weeks. The 7 billion euros bridge loan was agreed in a conference call today to tap the EU's EFSM emergency fund.
  
• Greece needs 85 billion euros through 2018: IMF
  The International Monetary Fund (IMF) has said Greece will need debt relief and 85 billion euros (USD 95 billion) in new financing through 2018 because its situation has deteriorated since it closed its banks 29th June. Greece and its creditors reached a bailout agreement that requires Greece to enact painful budget cuts and economic reforms but allows it to keep using the euro currency.
  
  But the IMF said that "Greece's debt can now only be made sustainable through debt relief measures that go far beyond what Europe has been willing to consider so far." Earlier this month, the IMF said Greece needed about 60 billion euros through 2018.
  
  But it says Greece's debts will peak over the next two years at 200 per cent of economic output, much higher than earlier estimates.
  
  The options, the IMF said, include dramatically extending the terms of the loans, offering deeply discounted interest rates and writing down the debt something Greece's European creditors have resisted.
  
• China, World Bank ink deal to set up poverty reduction fund
  The World Bank Group (WBG) and China signed an agreement on 16th July to set up a trust fund to help reduce poverty. The fund aims to enhance the WBG-China cooperation and leverage financial and knowledge-based resources to help developing countries achieve inclusive and sustainable development, the WBG said in a statement, according to Xinhua news agency.
  
  The fund worth $50 million is expected to start later this year and it will finance investment projects, operations, knowledge development and human resource cooperation at both global and regional levels. China is the WBG's third-largest shareholder and an important contributor to the International Development Association (IDA), the institution's fund for the poorest.
  
• Greeks referendum says 'No'
  Greeks voted "No" on 5th July in a historic bailout referendum, partial results showed, defying warnings from across Europe that rejecting new austerity terms for fresh financial aid would set their country on a path out of the euro.
  
  With nearly a fifth of the votes counted, official figures showed 60.4 per cent of Greeks on course to reject a bailout offer from creditors that was the official issue of the ballot. The figures showed the Yes vote drew 40.1 per cent.
  
  Officials from the Greek government, which had argued that a 'No' vote would strengthen its hand to secure a better deal from international creditors after months of wrangling, immediately said they would try to restart talks with European partners.
  
  Many of Athens' partners have warned over the past week that a 'No' vote would mean cutting bridges with Europe and driving Greece's crippled financial system into outright bankruptcy, dramatically worsening the country's 5-year-long depression.
  
  If confirmed, the result would also deliver a hammer blow to the European Union's grand single currency project. Intended to be permanent and unbreakable when it was created 15 years ago, the euro zone could now be on the point of losing its first member with the risk of further unravelling to come.
  
  Greek banks, which have been closed all week and rationing withdrawals from cash machines, are expected to run out of money within days unless the European Central Bank provides an emergency lifeline.
  
  A 'No' vote would leave Greece and the euro zone in uncharted waters. Unable to borrow money on capital markets, Greece has one of the world's highest levels of public debt. The International Monetary Fund warned last week that it would need massive debt relief and 50 billion euros in fresh funds.
  
  Greek officials see the IMF report as a vital support for their argument that the bailout terms as they stood would merely have driven Greece further into depression. Tsipras called the referendum eight days ago after rejecting the tough terms offered by international creditors as the price for releasing billions of euros in bailout funds.
  
• Greece FM resigns after overwhelming 'No' vote in referendum
   Greek Finance Minister Yanis Varoufakis has resigned after Greek voters delivered "No" vote in a referendum on whether to accept more austerity measures in return for new bailout cash. The announcement came as European Union leaders scrambled for a response, following the overwhelming "No" vote in referendum.
  
  Eurozone sets 'final deadline' to Greece debt plan
  Eurozone sets 'final deadline' to Greece for new plan. The bloc has given Greece until 9th July to present new proposals to secure a deal with creditors and has called a full EU summit for 12th July. So it is clear that Greece has been given an ultimatum and now it has a deadline to present new proposals to secure a deal with creditors.
  
  The Eurozone had expected Greece to submit fresh plans after its voters rejected a deal in a referendum, but no new proposals were tabled.
  
• Greek MPs back bailout reform plan
  Greece's parliament has backed a government package of economic reforms aimed at ending the country's debt crisis and securing a new bailout. In the debate in Parliament Prime Minister Alexis Tsipras admitted many proposals fell short of his party's anti-austerity promises. But he said there was a "national duty to keep our people alive and in the eurozone". The proposals are to be studied by eurozone finance ministers later. Eurozone officials are also expected to discuss Greek requests for some of the debt to be rescheduled.
  
  Athens is hoping it will pave the way to easing servicing of its massive 323-billion-euro debt mountain, which it says is unsustainable.
  
• US approves Tunisia's status as its non-NATO ally
  The United States has been approved Tunisia's status as its non-NATO ally. The US State Department said, the Non-NATO Ally status sends a strong signal of USA's support for Tunisia's decision to join the world's democracies.
  
  In May, US President Barack Obama declared Tunisia anon-NATO ally while hosting his Tunisian counterpart Beji Caid Essebsi at the White House. The United States is hoping to strengthen Essebsi, who in December became the first democratically elected leader in Tunisia's 60-year history. Tunisia is the 16th country to become a Major Non-NATO ally of the United States.
  
• Russia vetoes UN resolution calling Srebrenica a genocide
  Russia vetoed a U.N. resolution on 8th July that would have condemned the 1995 massacre of Muslims at Srebrenica during the Bosnian war as a "crime of genocide," saying that singling out the Bosnian Serbs for a war crime would create greater division in the Balkans.
  
  Two international courts have called the slaughter by Bosnian Serbs of some 8,000 Muslim men and boys who had sought refuge at what was supposed to be U.N.-protected site genocide.
  
  But Russia's U.N. Ambassador Vitaly Churkin objected to focusing only on Srebrenica, calling the resolution "confrontational and politically motivated" and stressing that Bosnian Serbs and Croats had also suffered during the 1992-95 war that killed at least 100,000 people.
  
  Britain drafted the resolution to mark the 20th anniversary of the Srebrenica massacre, but the vote was delayed to address Russian concerns.
  
  The defeated resolution states that acceptance of "the tragic events at Srebrenica as genocide is a prerequisite for reconciliation" and "condemns denial of this genocide as hindering efforts towards reconciliation." The vote was 10 countries in favor, Russia casting a veto, and four abstentions _ China, Nigeria, Angola and Venezuela.
  
• WHO/UNICEF Progress Report on Sanitation and Drinking Water
  Lack of progress on sanitation threatens to undermine the child survival and health benefits from gains in access to safe drinking water, warn WHO and UNICEF in a report tracking access to drinking water and sanitation against the Millennium Development Goals.
  
  The Joint Monitoring Programme report, Progress on Sanitation and Drinking Water: 2015 Update and MDG Assessment, says worldwide, 1 in 3 people, or 2.4 billion, are still without sanitation facilities – including 946 million people who defecate in the open.
  
  Access to improved drinking water sources has been a major achievement for countries and the international community. With some 2.6 billion people having gained access since 1990, 91 per cent of the global population now has improved drinking water – and the number is still growing. In sub-Saharan Africa, for example, 427 million people have gained access – an average of 47,000 people per day every day for 25 years.
  
  The child survival gains have been substantial. At present fewer than 1,000 children under five die each day from diarrhoea caused by inadequate water, sanitation and hygiene, compared to over 2,000 15 years ago.
  
  On the other hand, the progress on sanitation has been hampered by inadequate investments in behaviour change campaigns, lack of affordable products for the poor, and social norms which accept or even encourage open defecation. Although some 2.1 billion people have gained access to improved sanitation since 1990, the world has missed the MDG target by nearly 700 million people. At present only 68 per cent of the world's population uses an improved sanitation facility – 9 percentage points below the MDG target of 77 per cent.
  
  Access to adequate water, sanitation and hygiene is critical in the prevention and care of 16 of the 17 ‘neglected tropical diseases' (NTDs), including trachoma, soil-transmitted helminths (intestinal worms) and schistosomiasis. NTDs affect more than 1.5 billion people in 149 countries, causing blindness, disfigurement, permanent disability and death.
  
  The practice of open defecation is also linked to a higher risk of stunting – or chronic malnutrition – which affects 161 million children worldwide, leaving them with irreversible physical and cognitive damage.
  
  Rural areas are home to 7 out of 10 people without access and 9 out of 10 people who defecate in the open. Plans for the new Sustainable Development Goals to be set by the United Nations General Assembly in September 2015 include a target to eliminate open defecation by 2030. This would require a doubling of current rates of reduction, especially in South Asia and sub-Saharan Africa, WHO and UNICEF say.
  
  WHO and UNICEF say it is vitally important to learn from the uneven progress of the 1990-2015 period to ensure that the SDGs close the inequality gaps and achieve universal access to water and sanitation.
  
  To do so, the world needs: 
  • Disaggregated data to be able to pinpoint the populations and areas which are outliers from the national averages.
  • A robust and intentional focus on the hardest to reach, particularly the poor in rural areas; Innovative technologies and approaches to bring sustainable sanitation solutions to poor communities at affordable prices
  • Increased attention to improving hygiene in homes, schools.
  
  
• Millennium Development goals report
  United Nations on 7th July launched the Millennium development goals (MDG) report in Delhi. According to the report, the world has witnessed reduction in extreme poverty by almost 50 percent and done fairly well in improving gender parity and health indicators. The report acknowledged that the developments achieved varied over countries, communities and regions. India has done fairly well on 4 goals like reducing poverty, primary education, gender parity and environment. Coming to maternal mortality rates, Pakistan, China, Bangladesh and Sri Lanka have done better than India.
  
  MDG report is an annual global report card on how countries all around the world fared in delivering on promises made in the Millennium Declaration that sought to reduce global poverty, hunger, illiteracy and health related issues. This year’s annual report is final in the series as the deadline set for is 2015 itself. The United Nations is going to launch Sustainable Development Goals SDG’s in September 2015. Talking on the occasion, NITI Ayog member, Bibek Debroy said, the upcoming SDG’s are very vague and they may confuse the people as there are too many targets set forth.
  
  Other important points
  • UN report has commended India for reducing poverty by half (from 45.3 per cent to 21.9 per cent till 2011-12).
  • This was attributed to economic growth as well as higher social spending on interventions such as MGNREGA (rural job guarantee scheme) and the National Rural Health Mission. However, it pointed out that this progress was “uneven.”
  • Over 270 million Indians in 2012 still remain trapped in extreme poverty (living less than $1.25/day) making the post-2015 goal of eliminating extreme poverty by 2030 challenging, but feasible,” said ‘The MDG report 2015’.
  • The report is the last in the series of MDG reports till new goals are set by the UN General Assembly in September.
  • According to the report, India made “notable progress” towards reaching the MDGs, but is still home to “one quarter of the world’s under-nourished population, over a third of the world’s underweight children and nearly a third of the world’s food-insecure people.”
  • Calling for policy correction to correct growing disparities, it said “the incidence of poverty in rural India is twice that of urban areas, and higher among excluded groups –Scheduled Tribes, Scheduled castes, female-headed households, and religious minorities, such as Muslims.”
  • At a time when the government is under fire from the Opposition for cutting social sector allocations by half, the UN report calls for widening of poverty alleviation schemes, such as MGNREGA and food security in poorer States, improvements in the Integrated Child Development Services and Public Distribution System and speedy execution of the National Food Security Act, among others.
  • On the positive side, the report said that apart from the goal of reducing poverty, India has also made progress in achieving gender parity in primary school enrolment, reversing the spread of diseases, such as HIV/AIDS, malaria and tuberculosis and has eradicated polio. Notably, India has also halved the proportion of population without access to clean drinking water.
  • However, reducing child and infant mortality (49 and 40 per 1,000 live births), improving maternal health (167 per 100,000 live births) access to sanitation (54.6 per cent), enrolment in primary education, environmental challenges and greater political participation by women are some “lagging indicators” where more effort will be required, it said, adding that “the goal of sustainable development cannot be achieved globally without India.”
  • India has already achieved gender parity in primary school enrolment and is likely to reach parity in secondary and tertiary education also by 2015
  • The report revealed that while India is on track to achieving gender parity at all levels of education, women's literacy rates lag behind that of men, indicating poorer learning outcomes for the fairer sex. Securing opportunities for women and ensuring their empowerment remain major development challenges.
  
  
• Nuke talks: World powers, Iran to missing another deadline
  Marathon talks towards a historic nuclear deal between Iran and major powers went late into the 5th July with both sides saying on the eve of a deadline that yet more time might be needed
  
  On 5th July, the 10th day of this round of talks between US Secretary of State John Kerry and Iranian counterpart Mohammad Javad Zarif, top diplomats from the other powers joined negotiations hoping to finish the job. After failing to make a June 30 deadline, global powers have given themselves until Tuesday to try to reach an accord putting a nuclear bomb out of Iran's reach. But an Iranian official admitted that was not sacrosanct.
  
• Number of Syrian refugees climbs forty lakhs: UN
  The United Nations says the number of Syrian refugees fleeing violence in the country has surpassed forty lakhs, a sixth of the population, as the crisis there intensifies. A surge in the number of people crossing into Turkey has increased the total by ten lakhs in just 10 months. The figures come as part of a new report on the statistics of externally displaced Syrians published by the UN High Commissioner for Refugees. The head of the UN's refugee agency, Antonio Guterres called it the worst humanitarian crisis of this generation
  
  Over four million people fled Syria: The UN Refugee Agency says the number of people who have fled Syria has now passed four million; more than seven million are displaced inside Syria. The UN described it as a single biggest refugee crisis in decades. UNHCR said in its report released on 9th July that an overwhelming majority of the refugees have fled to the neighbouring countries, with Turkey hosting nearly 2 million alone.
  
• Indian PM calls for time bound reforms in UNSC
  The leaders of the BRICS countries on 9th July concluded the plenary meeting in Ufa, Russia. Indian Prime Minister Narendra Modi gave a call for reform of the UN in a time bound manner. He said development and climate change are important issues before the world in which UN has to play a crucial role. He called upon the countries to come together to fight the menace of terrorism in BRICS countries, UN and other committees. Mr. Modi said that the UN should include poverty alleviation as its main agenda for the post 2015 period.
  
  In his speech Prime Minister proposed to set up the BRICS Agriculture Research Centre which would be a gift to the world.
  
  Modi also suggested setting up of a forum to connect local governments of the member countries to learn from experience of each other. He mooted the idea of having a BRICS Sports Council to organise annual meet for any one sport.
  
  India offered to host a football match of under 17 players in India next year. For the promotion of Film making in the BRICS countries he said a BRICS film award can be set up.
  
  Leaders of BRICS countries have adopted the Ufa declaration, the final document of the summit at Ufa in Russia on 9th July. The ceremony of signing this and a range of other documents was held after the working session in an expanded format.
  
  The declaration gives assessment on the current global political and economic situation and reflects the common approaches of the BRICS countries on the most topical issues of multilateral cooperation.
  
  The leaders of Brazil, Russia, India, China and South Africa also adopted an Ufa Action Plan that details the work of the group for the upcoming year and also includes the new promising areas of cooperation.
  
  Another final document approved at Russia’s initiative is the Strategy of Economic Partnership of BRICS countries up to 2020.
  
  It is aimed at expanding multilateral business cooperation with the goal of stepping up social and economic development and increasing the competitiveness of BRICS countries in the global economy.
  
  Agreements were signed in the presence of the leaders which include Memorandum on mutual understanding between foreign policy agencies of the BRICS countries on creating a joint Internet website - a virtual secretariat of the group. This will institutionalize the orgnisation with formal rules.
  
  Member countries have also signed an agreement between the governments of BRICS countries on cooperation in culture and a memorandum of intent on cooperation with the New Development Bank between the National Bank of Social and Economic Development of Brazil, Russia’s Vnesheconombank (VEB), Export Import Bank of India, China Development Bank and Development Bank of South Africa.
  
  Indian PM's 10 steps for 'BRICS' future
  Indian PM Narendra Modi suggests 10 steps for the future, which include establishment of a BRICS Agriculture Research Center, a Railway Research Center, a Digital Initiative, Cooperation among BRICS cities and holding of a BRICS sports meet and Film Festival
  
  The proposed initiatives for the BRICS include a trade fair, a Railway Research Centre, cooperation among supreme audit institutions, a Digital Initiative and an Agricultural Research Centre. They also include State/Local Government's Forum, cooperation amongst cities in field of Urbanisation, BRICS Sports Council and Annual Sports Meet, a film festival and the first major project of NDB to be in field of Clean Energy.
  
• Berlusconi bribery trial: Ex-Italy PM convicted
  Former Italian PM Silvio Berlusconi has been found guilty of bribing a senator in 2006 in an attempt to bring down the then centre-left government. A Naples court sentenced Berlusconi to three years in jail and banned him from holding public office for five years.
  
  The four-time prime minister denied the charges. Berlusconi will not however have to serve the sentence as the case's statute of limitations expires later this year, well before any final ruling will have been reached on appeal.
  
  The case marks the latest in a string of legal woes for Berlusconi. He was also found guilty of tax fraud last year - his first definitive conviction.
  
• Myanmar's first open general election on Nov 8th
  Myanmar will go to the polls on 8th November in its first open general election in 25 years.The vote is seen as a crucial next stage in steps towards full democracy. Reforms have been under way since 2010 when military rule was replaced by a military-backed civilian government.
  
  The ruling USDP faces a head-to-head contest with Aung San Suu Kyi's National League for Democracy. She won elections in 1990 that were scrapped. The NLD won the last free general election in Myanmar in 1990 but the then-ruling military junta ignored the results.
  
  The party boycotted a national election in 2010 because its leader was barred from contesting. Eighty-three parties are likely to contest the polls.
  
• India, Pakistan become full SCO members
  India and Pakistan were on 10th July accepted as full members of the Shanghai Cooperation Organisation (SCO), a regional grouping including China and Russia, with which Prime Minister Narendra Modi offered to work in combating terror and boosting trade by easing barriers.
  
  The Beijing-based Shanghai Cooperation Organisation (SCO) took the decision to induct India as a full member of the strategically-important bloc. India, which has had an observer status for the last 10 years, will technically become a member by next year, after the completion of requisite formalities.
  
  The SCO currently has China, Russia, Kazakhstan, Kyrgyzstan, Uzbekistan and Tajikistan as members. Alongside India, the process to include Pakistan as a member was also initiated on 10th July.
  
  Russian President Vladimir Putin opened the annual Summit by announcing the acceptance of India and Pakistan as members.
  
  Prime Minister Narendra Modi responded with an offer to work with the six-member grouping to enhance connectivity, combat terror and create an environment for boosting trade by easing barriers.
  
  Membership in the group potentially offers India greater access to the energy resources of Central Asia.
  
  The Indian Prime Minister said the membership also advances the shared vision to reconnect and integrate Eurasia’s different region.
  
  Significantly, Modi has combined his attendance at the Summit in Russia with visits to SCO members Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan.
  
  The inclusion of both countries into the SCO has also triggered some degree of concerns among members, primarily on the grounds that any confrontation between the two nuclear-armed neighbours at some point could pose a roadblock for the group to reach any agreement over major issues.
  
  India was made an observer in the SCO in 2005 and it made an application last year for full membership of the grouping whose focus is on connectivity, counter-terrorism cooperation, bolstering cooperation in energy sector, enhancing trade and dealing with drug trafficking.
  
• World Sanskrit Conference in Bangkok
  World Sanskrit Conference began at Bangkok on 28th June with External Affairs Minister Sushma Swaraj as the guest of honour at the inaugural session. The 16th World Sanskrit Conference has begun at Bangkok in Thailand. Over 600 scholars from 60 countries are participating in the conference. External Affairs Minister Sushma Swaraj is the guest of honour during the inaugural ceremony of the conference.
  
  According to the he Union minister Sushma Swaraj the Indian Council for Cultural Relations (ICCR) has decided to grant International Sanskrit Award, a certificate & 20,000 US Dollars to scholar who has made significant contribution to Sanskrit. She has also announced that Ministry of External affairs has created a post of Joint Secretary for Sanskrit in the ministry.
  
• China-led AIIB development bank holds signing ceremony
  China has hosted the signing ceremony of the Asian Infrastructure Investment Bank (AIIB), a new international financial institution set to rival the World Bank and Asian Development Bank. Delegates from 50 countries signed articles that determine each member's share and the bank's initial capital.
  
  The UK, Germany, Australia and South Korea are among the founding members.
  
  The AIIB, which was created in October by 21 countries, led by China, will fund Asian energy, transport and infrastructure projects.
  
  Australia was the first country to sign the articles of association creating the AIIB's legal framework, followed by 49 other members. Seven more countries are due to sign by the end of the year.
  
  Most Asian countries and countries from the Middle East and Latin America have joined, with the launch of the Beijing-led bank being hailed as a diplomatic and strategic success for China.
  
  The AIIB will begin with authorised capital of $50bn (£31.8bn), eventually to be raised to $100bn. China will hold a 30.34% stake making it the largest shareholder of the bank. This would give China 26.06% of the voting rights within the multilateral institution.
  
  India is the bank’s second largest shareholder with a stake of 8.52 per cent and a voting share of 7.5 per cent. The voting shares are based on the size of each member country’s economy and not contribution to the bank’s authorised capital.
  
  The countries which signed the agreement are Australia, Austria, Azerbaijan, Bangladesh, Brazil, Brunei Darussalam, Cambodia, Egypt, Finland, France, Georgia, Germany, Iceland, Indonesia, Iran, Israel and , Italy, Jordan, Kazakhstan, Kyrgyz Republic, Lao PDR, Luxembourg, Maldives, Malta, Mongolia, Myanmar, Nepal, Netherlands, New Zealand, Norway, Oman, Pakistan, Portugal, Qatar, Republic of Korea, Russia, Saudi Arabia, Singapore, Spain, Sri Lanka, Sweden, Switzerland, Tajikistan, Turkey, the U.A.E and the U.K.
  
• Iran, major powers extend interim nuclear deal for more talks
  Iran and six major powers have agreed to extend an interim nuclear agreement until July 7 to allow more time for negotiations on a final deal. The P5+1 and Iran extended the deadline which was due to expire 30th June. The announcement came as talks were held in the Austrian capital Vienna on 30th June.
  
  The so-called P5+1 are the six major powers negotiating with Iran - Britain, China, France, Germany, Russia and the United States. US Secretary of State John Kerry, Iranian Foreign Minister Mohammad Javad Zarif, their Russian counterpart Sergei Lavrov and others were involved in the talks.
  
  Iran and six world powers are working towards an accord that would see Tehran halt sensitive nuclear work for at least a decade in exchange for the lifting of economic sanctions.
  
• China ratifies creation of BRICS bank
  The Chinese Parliament has ratified the creation of the BRICS Development Bank. The New Development Bank was conceived as an alternative to Western financial institutions such as the World Bank. The new bank will provide money for infrastructure and development projects in BRICS countries, that is Brazil, Russia, India, China and South Africa.
  
  Each nation will have an equal say in the bank’s management, regardless of GDP size. Each BRICS member is expected to contribute an equal share in establishing a startup capital of 50 billion dollars, with a goal of reaching 100 billion dollars in capitalization. The BRICS bank will be headquartered in Shanghai, with India presiding over as president during the first year and Russia serving as the chairman of the representatives.
  
• U.S., Cuba redesigning bilateral relations
  The United States and Cuba on 1st July agreed a historic deal to re-establish full diplomatic relations, severed 54 years ago in the angry heat of the Cold War.
  
  Presidents Barack Obama and Raul Castro exchanged letters agreeing to unfreeze ties on July 20, when embassies in Washington and Havana can be reopened. On July 20, Cuba will send Foreign Minister Bruno Rodriguez to open the Cuban embassy in Washington.
  
  No date was set for opening the US embassy in Cuba. After 18 months of secret talks between Havana and Washington — and aided by the Vatican — the two countries agreed in December to begin warming relations.
  
• Iceland abolishes blasphemy laws
  Iceland's Parliament has abolished its blasphemy laws, despite opposition from some of the country's churches. A bill was put forward by the minority Pirate Party, which campaigns for internet and data freedom. It came after the deadly attack against French satirical magazine Charlie Hebdo in Paris. The bill said it was essential in a free society that the public can express themselves without fear of punishment. The blasphemy law had been in place since 1940, and anyone found guilty could have been sentenced to a fine or three months in prison.
  
• India away in UN voting against Israel
  The government denied what appeared to be a major shift in India’s policy on Israel, particularly on UN votes related to the Palestinian cause, after it abstained from a vote against Israel at the UN Human Rights Council in Geneva on 3rd July.
  
  The resolution had welcomed the UN Human Rights Council report, which found evidence of “alleged war crimes” committed by both Israel and Hamas during the Gaza conflict in 2014, particularly calling for accountability of Israeli officials.
  
  Significantly, India had voted against Israel and in favour of the UNHRC resolution in July 2014 that had instituted this very inquiry report into the Gaza violence in which more than 2,300 had been killed in Israeli airstrikes on Gaza. Forty one countries voted in favour of the resolution against Israel, while only the U.S. voted against.
  
• Crisis in Greek, in debt
  Greek, fell into debt. According to a few economists, Greece’s history as a cause for alarm. The country endured an awful occupation under German troops during WWII. This was nothing to the civil war that erupted following the end of the occupation, as communists and government troops tore the country apart. A government victory in 1949 left Greece economically wrecked scarred and politically deeply polarised. These divisions have lingered on with a formal accord over the civil war only reached in the 1980s when many exiled communists returned home.
  
  Greece has had a tricky time with its finances. In the 1990s it consistently ran significant budget deficits while using the Drachma. As a result of this economic mismanagement it joined the Euro in 2001, rather than 1999 like many other EU nations.
  
  Shortly after joining the single currency, Greece enjoyed a period of growth (2001-2007). However, economist and analysts have retrospectively labelled this boom as “unsustainable,” pointing out that Greece (very broadly speaking) profited off the cheap loans available from the EU.
  
  2008 crash
  This house of cards came tumbling down with the financial crash of 2008. Like many other countries in the EU Greece was seriously affected, but it was unable to climb out of the hole as it had in the past by printing more currency (thus boosting the economy) as the Euro was controlled by the European Central Bank (ECB). Unemployment spiralled to 28 per cent.
  
  The first bailout
  In 2010, the Troika (ECB, the International Monetary Fund and the European Commission) started handing Greece loans in exchange for spending cuts and tax hikes. This did not go down well in Greece although the economy did pick up. A second later bailout brought the total amount given to Greece roughly £169 billion.
  
  Mr. Tsipras’s meteoric rise came on the back of increasing Greek satisfaction with the status quo as dictated by the Troika. Already disliked in Greece (where anger over Germany’s behaviour in WWII is a cause of lingering resentment) the demands only exacerbated tensions as unemployment remained at 25 per cent and debt at 18 per cent of the nation’s GDP.
  
  Current negotiations
  Following the election of Mr. Tsipras’s party Syrizia, the Greek government has been engaged in torturous talks with EU leaders over a number of issues, including: pensions, labour market reforms, the civil service and the budget surplus.
  
  Tsipras and his bullish finance minister Yannis Varoufakis are engaged in a terrifying game of chicken with EU leaders. Both men hope European leaders will capitulate to their demands out of fear of losing Greece from the EU. However, after the 2008 and 2010 bailout, many international corporations pulled their money from the country with debt now held by rich EU nations and not private banks.
  
  Although it is impossible to predict what will happen, should a Grexit occur, some believe that even German chancellor Angela Merkel, and Spanish and Irish leaders, are ready to walk away from Greece unless they are prepared to enact serious reforms.
  
  Although it sounds as if Greece has done well out of the Troika (and in many respects it has) much of the emergency funding from the IMF et al ending up paying off Greece’s international loans, rather than being routed back into the still beleaguered economy.
  
  Added to this, Greek taxation is a mess (there are six different bands and the wealthiest band of shipping is often referred to as a “tax-free zone”) and over 133 separate pension funds. Syrizia also promised to rehire more than 13,000 civil servants (cut by past governments) and 15,000 state broadcast workers.
  
  The other problem is that when Greece did cut some of its spending, the EU and ECB asked for a reduction in wages rather than a cut in spending. So – for example – while the military budget remains intact, soldiers have seen their wages fall by 40 per cent. Their experience is replicated across other public sector fields – notably in nurses and doctors.
  
• Athens won’t be able to receive any payment until it settles its debt: IMF
  The International Monetary Fund Managing Director Christine Lagarde said that Athens won’t be able to receive any payment from the IMF until it settles its debt and solves the existing issues with the financial institution. Nevertheless, she said, the IMF stands ready for continuing talks with Greece and expects the debt payment to be made on June 30 and agree to a new deal with the IMF, the European Central Bank and the European Union to unlock an additional 8 billion dollars in extra funding.