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Sensex Opens 700 Points Lower Amid Worries Over US Inflation
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Sensex Opens 700 Points Lower Amid Worries Over US Inflation

Sensex fell over 700 points this morning amid concerns over US inflation delaying the easing rate. The Nifty was also down 200 points, riding on market sentiments.

Its Asian peers too opened lower while the Wall Street equities fell overnight after data indicated higher than expected US inflation in January. This led to concerns in the markets expecting a Federal Reserve rate cut.

The week had been volatile for the Indian indices – Sensex and Nifty – which lost about 0.75% on Monday but rebounded 0.5% on Tuesday.

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Grand Temple Opening, Global Summit Address On PM’s Gulf Schedule Today
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Grand Temple Opening, Global Summit Address On PM’s Gulf Schedule Today

Bilateral meetings and the inauguration of a grand Hindu temple in Abu Dhabi are part of Prime Minister Narendra Modi’s packed schedule on the second day of his trip to the United Arab Emirates (UAE).

The Prime Minister will be holding a bilateral meeting with Emir of Dubai Sheikh Mohammed ibn Rashid Al Maktoum. He will then inaugurate Bharat Mart, a warehousing facility that will enable Indian exporters to showcase their products under one roof. The concept is similar to Dragon Mart, a trading hub and retail complex for Chinese products in Dubai.

Later in the day, the Prime Minister will be participating in the World Government Summit as the Guest of Honour. He will also deliver a keynote address. Ahead of the summit, the Burj Khalifa in Dubai lit up with the words ‘Guest of Honor – Republic of India’.

We extend a warm welcome to the Republic of India, the guest of honour at this year’s World Governments Summit, and to His Excellency Narendra Modi, the Prime Minister of India. The strong ties between our nations serve as a model for international cooperation.
The… pic.twitter.com/enMaunw4oT

— Hamdan bin Mohammed (@HamdanMohammed) February 13, 2024

In a post on X, Dubai’s Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said, “We extend a warm welcome to the Republic of India, the guest of honour at this year’s World Governments Summit, and to His Excellency Narendra Modi, the Prime Minister of India. The strong ties between our nations serve as a model for international cooperation.”

Around 6 pm (local time), the Prime Minister will inaugurate the BAPS temple, UAE’s first traditional stone temple, in Abu Dhabi’s Abu Mureikhah district. The grand temple on a 27-acre campus has come up on land gifted by the UAE government. The Prime Minister had in 2018 laid the foundation for the temple, the construction of which cost approximately 400 million dirhams — about 900 crore rupees.

The Prime Minister has thanked UAE President Mohammed bin Zayed Al Nahyan for his support for the temple project.

“I consider the construction of BAPS temple here as a reflection of your love for India and your vision for the bright future of the UAE. This couldn’t have been possible without your support. During our first meeting, I had just put up a simple request for you to look into it and you took a prompt decision, asking me to ‘Put your finger on any piece of land, you will get it’. Perhaps, this level of love and trust showcases the unique relationship,” he said yesterday.

Had an excellent meeting with my brother HH @MohamedBinZayed. India-UAE friendship is growing stronger and stronger, greatly benefitting the people of our nations. pic.twitter.com/QTdYgrMN3o

— Narendra Modi (@narendramodi) February 13, 2024

Following the temple ceremony, the Prime Minister will proceed to Qatar capital Doha. The Doha trip comes right after New Delhi’s huge diplomatic feat of getting eight Navy veterans released from prison in Qatar. The Navy veterans were last year sentenced to death in Qatar. While reports claimed that they were convicted in a spying case, neither India nor Qatar have made the allegations public. The Prime Minister will be holding a bilateral meeting with Qatar Emir Sheikh Tamim bin Hamad Al Thani. He is scheduled to return tomorrow.

Incredibly honoured by the warm welcome from the Indian Community in Abu Dhabi today. The vibrancy of our diaspora never ceases to amaze me. pic.twitter.com/yqQRRoEAEu

— Narendra Modi (@narendramodi) February 13, 2024

On the first day of his Gulf trip, the Prime Minister held a bilateral meeting with the UAE president, during which several MoUs were signed. The Prime Minister last evening attended a grand disapora event — called Ahlan Modi — organised by the Indian community there. “I have come to meet my family members. I have brought the fragrance of the soil where you were born and have brought the message of 140 crore people. The message is that Bharat is proud of you,” he said to loud cheers from the over 65,000 crowd.

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Nawaz Sharif, Bilawal Bhutto Join Hands, But Can They Form Pak Government?
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Nawaz Sharif, Bilawal Bhutto Join Hands, But Can They Form Pak Government?

In the aftermath of the 2024 Pakistani elections, the two major political players, the Nawaz Sharif-led Pakistan Muslim League-Nawaz (PML-N) and the Bilawal Bhutto-Zardari-led Pakistan Peoples Party (PPP) have announced a coalition to collectively govern the nation. 

Despite securing the most seats as independent candidates, Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) falls short of a majority, prompting the PML-N and PPP to collaborate for a shot at forming the government. This coalition, however, raises several questions about leadership, the distribution of key roles, and the overall feasibility of their partnership.

Key Players And Positions

A press conference announcing the coalition on Tuesday featured prominent leaders, including Shehbaz Sharif from PML-N, Asif Ali Zardari from PPP, and representatives from other smaller parties. Shehbaz Sharif, the PML-N president, emerged as the potential candidate for prime minister, and he expressed a willingness to include Imran Khan’s PTI in the government for the betterment of the country.

The PPP’s decision to withdraw its chairman, Bilawal Bhutto-Zardari, from the prime ministerial race signals a strategic move to throw support behind the PML-N. According to Dawn, Bilawal Bhutto-Zardari acknowledged his party’s insufficient mandate to lead the government. The Bhutto-Zardari clan scion clarified that the PPP had rejected a coalition with the PTI and accepted the PML-N’s invitation, citing the PTI’s refusal to collaborate. 

Photo Credit: AFP

PML-N leader Marriyum Aurangzeb announced that Nawaz Sharif, 74, has nominated his younger brother Shehbaz Sharif, 72, as the next Pakistan PM pick. 

“Nawaz Sharif has thanked the political parties which provided support to the PML-N (in forming the upcoming government) and expressed hope that through such decisions Pakistan will come out of crises,” she said in a statement. 

However, Imran Khan, currently in jail on corruption charges, ruled out cooperation, setting the stage for potential political tensions. The distribution of key positions within the coalition remained unclear, leaving room for negotiations and speculation.

Numbers

The coalition faces the challenge of forming a government with a minimum required number of 169 seats and potentially reaching two-thirds majority of 224 seats in the 336-member Pakistan National Assembly. 

The Election Commission of Pakistan has confirmed that the coalition led by Shehbaz Sharif, comprising PML-N, PPP, MQM-P, PML-Q, IPP, and BAP, has secured a total of 152 general seats in the recent elections. According to Dawn, with the addition of 60 women and 10 minority seats, the coalition is poised to surpass the minimum requirement of 169 seats needed to form a government. 

However, the crucial hurdle remains reaching the 224-seat mark for a two-thirds majority in the 336-member  Assembly.

The fate of reserved seats depends on the decisions of 101 independents, including 92 PTI-backed independents, who emerged victorious.

Internal Dynamics

The PML-N’s announcement of Shehbaz Sharif as the prime ministerial candidate initially suggested a preference for Nawaz Sharif to return to office. Later, it was clarified that Nawaz Sharif endorsed Shehbaz as the leader. Additionally, Maryam Nawaz, Nawaz Sharif’s daughter, was designated as the coalition’s candidate for the position of Punjab province chief minister.

Asif Ali Zardari, co-chairman of PPP, has advocated for inclusivity by suggesting talks with Imran Khan’s PTI. 

Challenges And Unanswered Questions

The joint press conference left several questions unanswered, creating uncertainty about the coalition’s stability and ability to form a functional government. The absence of details on the distribution of key roles and the process of government formation underscored the need for further negotiations among the coalition partners.

Photo Credit: AFP

Allegations of vote-rigging during the elections, with the nation’s mobile network being switched off on election day, added an element of controversy. Imran Khan announced plans to challenge the election results in the Supreme Court.

The success of this coalition in forming the next government hinges on effective negotiations, internal cohesion, and addressing the challenges posed by allegations of election irregularities. 

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