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  • Indian PM Modi wraps up Washington trip with appeal to tech CEOs

    Indian PM Modi wraps up Washington trip with appeal to tech CEOs

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    WASHINGTON, June 23 (Reuters) – Indian Prime Minister Narendra Modi met with U.S. and Indian technology executives in Washington on Friday, the final day of a state visit where he agreed new defense and technology cooperation and addressed challenges posed by China.

    U.S. President Joe Biden rolled out the red carpet for Modi on Thursday, declaring after about 2-1/2 hours of talks that their countries’ economic relationship was “booming.” Trade has more than doubled over the past decade.

    Biden and Modi gathered with CEOs including Apple’s (AAPL.O) Tim Cook, Google’s (GOOGL.O) Sundar Pichai and Microsoft’s (MSFT.O) Satya Nadella.

    Also present were Sam Altman of OpenAI, NASA astronaut Sunita Williams, and Indian tech leaders including Anand Mahindra, chairman of Mahindra Group, and Mukesh Ambani, chairman of Reliance Industries, the White House said.

    “Our partnership between India and the United States will go a long way, in my view, to define what the 21st century looks like,” Biden told the group, adding that technological cooperation would be a big part of that partnership.

    Observing that there were a variety of tech companies represented at the meeting from startups to well established firms, Modi said: “Both of them are working together to create a new world.”

    Modi, who has appealed to global companies to “Make in India,” will also address business leaders at the Kennedy Center for Performing Arts.

    The CEOs of top American companies, including FedEx (FDX.N), MasterCard (MA.N) and Adobe (ADBE.O), are expected to be among the 1,200 participants.

    NOT ‘ABOUT CHINA’

    The backdrop to Modi’s visit is the Biden administration’s attempts to draw India, the world’s most populous country at 1.4 billion and its fifth-largest economy, closer amid its growing geopolitical rivalry with Beijing.

    Modi did not address China directly during the visit, and Biden only mentioned China in response to a reporter’s question, but a joint statement included a pointed reference to the East and South China Seas, where China has territorial disputes with its neighbors.

    Farwa Aamer, director for South Asia at the Asia Society Policy Institute, in an analysis note described that as “a clear signal of unity and determination to preserve stability and peace in the region.”

    Alongside agreements to sell weapons to India and share with it sensitive military technology, announcements this week included several investments from U.S.-firms aimed at spurring semiconductor manufacturing in India and lowering its dependence on China for electronics.

    White House national security spokesperson John Kirby said the challenges presented by China to both Washington and New Delhi were on the agenda, but insisted the visit “wasn’t about China.”

    “This wasn’t about leveraging India to be some sort of counterweight. India is a sovereign, independent state,” Kirby said at a news briefing, adding that Washington welcomes India becoming “an increasing exporter of security” in the Indo-Pacific.

    “There’s a lot we can do in the security front together. And that’s really what we’re focused on,” Kirby said.

    Some political analysts question India’s willingness to stand up to Beijing over Taiwan and other issues, however. Washington has also been frustrated by India’s close ties with Russia while Moscow wages war in Ukraine.

    DIASPORA TIES

    Modi attended a lunch on Friday at the State Department with Vice President Kamala Harris, the first Asian American to hold the No. 2 position in the White House, and Secretary of State Antony Blinken.

    In a toast, Harris spoke of her Indian-born late mother, Shyamala Gopalan, who came to the United States at age 19 and became a leading breast cancer researcher.

    “I think about it in the context of the millions of Indian students who have come to the United States since, to collaborate with American researchers to solve the challenges of our time and to reach new frontiers,” Harris said.

    Modi praised Gopalan for keeping India “close to her heart” despite the distance to her new home, and called Harris “really inspiring.”

    On Friday evening, Modi will address members of the Indian diaspora, many of whom have turned out at events during the visit to enthusiastically fete him, at times chanting “Modi! Modi! Modi!” despite protests from others.

    Activists said Biden had failed to strongly call out what they describe as India’s deteriorating human rights record under Modi, citing allegations of abuse of Indian dissidents and minorities, especially Muslims. Modi leads the Hindu nationalist Bharatiya Janata Party (BJP) and has held power since 2014.

    Biden said he had a “straightforward” discussion with Modi about issues including human rights, but U.S. officials emphasize that it is vital for Washington’s national security and economic prosperity to engage with a rising India.

    Asked on Thursday what he would do to improve the rights of minorities including Muslims, Modi insisted “there is no space for any discrimination” in his government.

    “There is no end to data that shows Modi is lying about minority abuse in India, and much of it can be found in the State Department’s own India country reports, which are scathing on human rights,” said Sunita Viswanath, co-founder Hindus for Human Rights, an advocacy group.

    Reporting by Steve Holland, Simon Lewis and Jeff Mason; additional reporting by Trevor Hunnicutt, Doina Chiacu, David Brunnstrom and Kanishka Singh; Editing by Don Durfee and Grant McCool

    Our Standards: The Thomson Reuters Trust Principles.

    Jeff Mason

    Thomson Reuters

    Jeff Mason is a White House Correspondent for Reuters. He has covered the presidencies of Barack Obama, Donald Trump and Joe Biden and the presidential campaigns of Biden, Trump, Obama, Hillary Clinton and John McCain. He served as president of the White House Correspondents’ Association in 2016-2017, leading the press corps in advocating for press freedom in the early days of the Trump administration. His and the WHCA’s work was recognized with Deutsche Welle’s “Freedom of Speech Award.” Jeff has asked pointed questions of domestic and foreign leaders, including Russian President Vladimir Putin and North Korea’s Kim Jong Un. He is a winner of the WHCA’s “Excellence in Presidential News Coverage Under Deadline Pressure” award and co-winner of the Association for Business Journalists’ “Breaking News” award. Jeff began his career in Frankfurt, Germany as a business reporter before being posted to Brussels, Belgium, where he covered the European Union. Jeff appears regularly on television and radio and teaches political journalism at Georgetown University. He is a graduate of Northwestern University’s Medill School of Journalism and a former Fulbright scholar.

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  • U.S. Supreme Court’s Barrett again declines to block Biden student debt relief

    U.S. Supreme Court’s Barrett again declines to block Biden student debt relief

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    Nov 4 (Reuters) – U.S. Supreme Court Justice Amy Coney Barrett on Friday again declined to block President Joe Biden’s plan to cancel billions of dollars in student debt, this time in a challenge brought by two Indiana borrowers, even as a lower court considers whether to lift a freeze it imposed on the program in a different case.

    Barrett denied an emergency request by the Indiana borrowers, represented by a conservative legal group, to bar the U.S. Department of Education from implementing the Democratic president’s plan to forgive debt held by qualified people who had taken loans to pay for college.

    Barrett on Oct. 20 denied a similar request by a Wisconsin taxpayers organization represented by another conservative legal group. The justice acted in the cases because she is the justice assigned to handle certain emergency requests from a group of states that includes Indiana and Wisconsin.

    The St. Louis-based 8th U.S. Circuit Court of Appeals on Oct. 21 put the policy on hold in yet another conservative challenge by six Republican-led states while it considered their request for injunction pending their appeal of their case’s dismissal. That request remains pending.

    Biden’s plan, unveiled in August, was designed to forgive up to $10,000 in student loan debt for borrowers making less than $125,000 per year, or $250,000 for married couples. Borrowers who received Pell Grants to benefit lower-income college students would have up to $20,000 of their debt canceled.

    The non-partisan Congressional Budget Office in September calculated that debt forgiveness would eliminate about $430 billion of the $1.6 trillion in outstanding student debt and that more than 40 million Americans would be eligible to benefit.

    The policy fulfilled a promise Biden made during the 2020 presidential campaign to help debt-saddled former college students. Democrats hope the policy will boost support for them in Tuesday’s midterm elections in which control of Congress is at stake.

    Friday’s case was filed by two borrowers, Frank Garrison and Noel Johnson, represented by the conservative Pacific Legal Foundation, and claimed they would be irreparably harmed if some of their student loans were automatically forgiven because they would face increased state tax liabilities.

    Soon after they sued, the Department of Education created an opt-out option for borrowers. U.S. District Judge Richard Young on Oct. 21 dismissed the case, finding that the debt forgiveness program did not injure Garrison and Johnson.

    The Chicago-based 7th U.S. Circuit Court of Appeals on Oct. 28 declined to block the plan while Garrison and Johnson pursued an appeal, noting that the program is “not compulsory” and that the plaintiffs could avoid tax liability simply by opting out.

    Caleb Kruckenberg, a lawyer at the Pacific Legal Foundation, in a statement expressed disappointment that Barrett declined to block the plan while his clients pursued their appeal but said they will “continue to fight this program in court.”

    “Practically since this program was announced, the administration has sought to avoid judicial scrutiny,” he said. “Thus far they have succeeded. But that does not change the fact that this program is illegal from stem to stern.”

    Reporting by Nate Raymond in Boston; editing by Jonathan Oatis and Rosalba O’Brien

    Our Standards: The Thomson Reuters Trust Principles.

    Nate Raymond

    Thomson Reuters

    Nate Raymond reports on the federal judiciary and litigation. He can be reached at nate.raymond@thomsonreuters.com.

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  • Dow posts record closing high, stocks gain for 3rd week; dollar dips

    Dow posts record closing high, stocks gain for 3rd week; dollar dips

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    • S&P 500, Nasdaq end session lower
    • Evergrande averts default with surprise interest payment
    • U.S. 10-year yields lower

    NEW YORK, Oct 22 (Reuters) – The Dow Jones industrial average registered a record closing high on Friday and major equity indexes posted a third straight week of gains while the U.S. dollar slipped.

    On the day, MSCI’s broadest gauge of global shares (.MIWD00000PUS) was flat, and the S&P 500 (.SPX) and Nasdaq (.IXIC) ended lower.

    Stocks came under pressure after Federal Reserve Chair Jerome Powell said the U.S. central bank was “on track” to begin reducing its purchases of assets. read more

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    Intel’s stock (INTC.O)fell 11.7% and was among the biggest drags on the S&P 500. Late Thursday, Intel reported sales that missed expectations and pointed to shortages of chips holding back sales of its flagship processors. read more

    American Express Co’s stock (AXP.N) gained, boosting the Dow after the company beat profit estimates for the fourth straight quarter.

    Next week brings reports from several key mega-cap names including Amazon (AMZN.O). read more

    The dollar pared losses after Powell’s comments, but the dollar index was last down 0.10% at 93.64, and is off from a one-year high of 94.56 last week. read more

    “There’s a bit of a positioning unwind taking place. We’ve obviously seen a firmer dollar since the September” Fed meeting, said Mazen Issa, senior FX strategist at TD Securities in New York. “That also dovetails with the seasonal tendency for the dollar to soften into the end of the month.”

    Investors also digested news that China Evergrande Group (3333.HK) appeared to avert default with a source saying it made a last-minute bond coupon payment. read more

    The Dow Jones Industrial Average (.DJI) rose 73.94 points, or 0.21%, to 35,677.02, the S&P 500 (.SPX) lost 4.88 points, or 0.11%, to 4,544.9 and the Nasdaq Composite (.IXIC) dropped 125.50 points, or 0.82%, to 15,090.20.

    The pan-European STOXX 600 index (.STOXX) rose 0.46% and MSCI’s gauge of stocks across the globe shed 0.03%.

    The MSCI index posted gains for a third straight week along with the three major U.S. stock indexes.

    In the U.S. bond market, yields on longer-dated U.S. Treasuries slid.

    The yield on 10-year Treasury notes was down 1.6 basis points to 1.659% after rising to a five-month high of 1.7064% late Thursday.

    Oil rose and ended up for the week, near multi-year highs. Brent crude futures rose 92 cents to settle at $85.53 a barrel, and registered its seventh weekly gain. U.S. crude futures gained $1.26, to settle at $83.76, and rose for a ninth straight week. read more

    Spot gold was up 0.6% at $1,793.82 per ounce.

    Among cryptocurrencies, bitcoin last fell 2.21% to $60,841.96.

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    Additional reporting by Simon Jessop in London, and Karen Brettell, Sinead Carew and Herbert Lash in New York and Kevin Buckland in Tokyo
    Editing by Hugh Lawson Mark Potter and David Gregorio

    Our Standards: The Thomson Reuters Trust Principles.

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