As the coronavirus outbreak keeps many of us confined to our homes, now may be a unique opportunity to tackle some long-form reading. Here, people from across the Brookings Foreign Policy program offer their recommendations for books to enrich your understanding of the world outside your window. Madiha Afzal recommends Boko Haram: The History of…

As the U.S. military engagement in Afghanistan winds down, examining what was a significant part of the U.S. strategy during the war—the use of warlords to fight terrorist groups — is vital for understanding how best to leverage such relationships in future wars. The use of warlords was not unique to Afghanistan: Similar policies have…

Traditional U.S. leadership on global development is under challenge. All administrations since World War II have valued U.S. economic assistance as an instrument for peace, prosperity, and human betterment. Global development is one issue on which there has been a bipartisan consensus, as evidenced by the last Congress enacting eight bills on economic assistance. The…

Vali Nasr delivers a sharp indictment of America’s flawed foreign policy and outlines a new relationship with the Muslim world and with new players in the changing Middle East.

On May 14, Foreign Policy at Brookings hosted Vali Nasr, author of The Dispensable Nation: American Foreign Policy in Retreat (Knopf Doubleday Publishing, 2013), for a discussion on the state of U.S. power globally and whether American foreign policy under the Obama administration is in retreat.

Muslims represent only around 1% of the American population, yet today they find themselves playing an increasingly important public role. For instance, two of the most prominent congresspeople are the first two Muslim congresswomen in American history, Ilhan Omar and Rashida Tlaib. Like African Americans and Jews, Muslims are disproportionately Democrats. But what did they…

India finds itself in an increasingly dangerous world, one that is fragmenting and slowing down economically. It is a world in transition, one in which India’s adversaries — state or non-state, or both as in Pakistan’s case — are becoming increasingly powerful. If the external world is becoming more unpredictable and uncertain, so are internal…

On January 27, Foreign Policy at Brookings hosted a panel discussion on economic sanctions and their implications for advancing U.S. foreign policy objectives. Moderated by Robert Bosch Senior Visiting Fellow Jim Goldgeier, the panel included experts with a combined background on the use of sanctions in the Middle East, Latin America, and North Korea: Brookings…

The foreign policy and national security choices of a country are often critical and have a strong impact on global perceptions of the country and also on its ties with other nations and international organizations. In his new book, “Choices: Inside the Making of India’s Foreign Policy” (Brookings Institution Press, 2016), Shivshankar Menon, distinguished fellow […]

Helmut Sonnenfeldt was a consequential figure in 20th century American foreign policy. A career State Department Soviet affairs specialist and major architect of U.S. policy toward the Soviet Union, he served alongside Secretary of State Henry Kissinger during a highly uncertain period. Born in Berlin, he fled from Nazi Germany in 1938, spent six years…

In an effort to support local food production and defend customers' rights to buy and eat whatever local farm products they want, 16 towns in Maine have created their own local food ordinances.

Ecotricity's collapsing cooling towers return. This time, they're tapping into popular anger over utility profits.

The Senate Foreign Relations Committee is planning on holding a meeting next week on President Donald Trump's controversial nomination to lead a federal media organization.

Benn Steil, director of international economics and senior fellow at the Council on Foreign Relations, talks interest rates and recession risks. With CNBC's Seema Mody.

Spanish Minister of Foreign Affairs, the European Union and Cooperation Arancha Gonzalez discusses the EU's response to the coronavirus crisis.

Chinese internet giant Tencent has been surveilling content posted by foreign users on its wildly popular messaging service WeChat in order to help it refine censorship on its platform at home, according to a new report.

A French Foreign Legion soldier was killed in combat in Mali, the Élysée presidential palace announced in a press release on Monday.

In this exclusive 35-minute documentary, we expose a massive and unknown fish smuggling and supply network in the Pacific Ocean. Every year, an armada of North Korean ghost ships invade the waters of the Russian Far East and Japan. From Vladivostok to North Korea, via China, our reporter Elena Volochine investigated the illegal fishing networks of the world's most secretive country, North Korea.

Hollywood star Ryan Reynolds quipped that actress Deborra-Lee Furness should "hang in there" as she and her actor husband Hugh Jackman marked their 24th anniversary.

Jackman shared a post that read: "These 24 years have been the best of my life! And, as far as I can see, we keep getting better. I love you Debs with every fibre of my soul. Happy anniversary. #24," reports femalefirst.co.uk.

 

 

 

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These 24 years have been the best of my life! And, as far as I can see, we keep getting better. I love you Debs with every fiber of my soul. Happy anniversary. #24

A post shared by Hugh Jackman (@thehughjackman) onApr 11, 2020 at 5:42am PDT

To which, Reynolds commented: "Hang in there, Deb." Reynolds and Jackman have had long tongue-in-cheek fake fights, with the Deadpool star even branding Jackman a "fraud" and not even Australian.

The two close friends frequently take playful jibes at each other in interviews and on social media and Reynold's latest comments come after "Greatest Showman" actor mocked him while congratulating musician John Legend on being named People's Sexist Man Alive.

Jackman warned the 43-year-old singer he needed to "fall in with the right crowd" now he has joined the "very, very prestigious" group to have been given the title and couldn't resist taking a swipe at his friend as he did so.

Jackman shared a video on Instagram of himself and Reynolds looking at the 2008 Sexiest Man Alive cover and gave a cheeky caption.

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Gold has indeed proven itself as an effective hedge against any downside risk. It has seen a sharp rise in the price rally since the first case of Novel Coronavirus was reported in November 2019.

In the beginning of March, gold prices fell marginally, however it is on the upswing and has retained its level above Rs 40,000 per 10 grams.

Graph: Gold's rising uptrend

Gold started to ascend last year when the US and China trade talks began and escalated in trade war, followed by similar trade wars of the US with other nations.

These events have proved to be favourable for the momentum of the price of Gold. It played its role of a crucial hedge and store of value when other asset classes had witnessed high volatility and posted marginal returns.

Some of the other factors that have supported gold are...

• The outbreak of COVID-19 with no evident containment yet
• Economic uncertainty and fears of a virus-led global recession
• Global GDP growth revised downwards and for across regions
• Easy monetary policy action (of reduction in interest rates and stimulus packages) and an accommodative stance adopted by the central banks across the world to support growth
• A crash in the oil markets due to lack of demand and excess supply with storage problems
• A record-high global debt-to-GDP of nearly US$ 255 trillion (over 322% of global GDP) - 40 percentage points higher than at the onset of 2008 global financial crisis according to the Institute of International Finance (IIF), as the world is fighting the COVID-19 pandemic
• The US Presidential elections later this year, in November 2020
• Increased stock market volatility
• The potential risk to the inflation trajectory.

[Read: Coronavirus Has No Antidote. Your Bad Investments Could Have.]

Besides, the lockdown brought upon due to COVID-19 pandemic is going to hurt the economy for a couple of quarters badly which will amplify the credit risk. The economic activity will slow grind to full capacity, prompting furloughs and pay cuts, and job losses across sectors, which will affect the credit line as the number of defaulters will rise because cash strapping will be seen.

Recognising the risk stemming from the bottom hit economy, where the growth projections by the IMF are almost 1.9% due to the CoVID-19, the NPAs of banks and NBFCs are expected to increase.

[Read: How the COVID-19 Extended Lockdown Has Made Investments in 'Banking Funds' Very Risky]

Until the COVID-19 pandemic is contained and economic uncertainty prevails, the spotlight will continue to be on gold owing to the financial uncertainty it brings along. Even the IMF Global Financial Stability report highlights an increase in the level of risk among multiple global metrics and, therefore, the importance of owning gold in one's portfolio.

Hence, in my view, in the current situation consider allocating some portion of your investment portfolio to gold and its equivalents. This year buying gold in a physical form from your preferred jeweller or gold merchant may not be possible amidst the COVID-19 extended lockdown. But you can always consider Gold Exchange Traded Funds, Gold Saving Funds, Sovereign Gold Bonds, and/or Digital Gold, which are smart and unconventional ways of investing in gold.

Recently the Government of India, in consultation with the Reserve Bank of India, decided to issue Sovereign Gold Bonds. The Sovereign Gold Bonds will be issued in six tranches from April 2020 to September 2020 as per the calendar specified below:

Each of the tranche is offered for a limited subscription period, having a maturity tenure of 8 years and a lock-in period of 5 years

With an initial investment amount of Rs 20,000, resident individuals, Hindu Undivided Families (HUFs), Trusts, Universities and Charitable Institutions can subscribe to SGBs. The application can be also made by the guardian on behalf of the minor. One can purchase units from the secondary market as well.

The issue price of the SGB will be Rs 50 per gram less than the nominal value when applied online and the payment against the application is made through digital mode.

On maturity, the Gold Bonds shall be redeemed in Indian Rupees and the redemption price shall be based on a simple average of the closing price of gold of 999 purity of previous 3 business days from the date of repayment, published by the India Bullion and Jewellers Association Limited.

In order to encourage passive but direct gold investment, as an alternative to purchasing physical gold, Modi led Government sanctioned a Sovereign Gold Bond Scheme in November 2015. Under this scheme, investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity. The Bond is issued by the Reserve Bank on behalf of Government of India.

With the Sovereign Gold Bond Scheme, the risks and costs of physical storage are eliminated. Plus, it is free from issues like the costs of making charges and purity, as in the case of gold in jewellery form. But these bonds are held in the books of the RBI, or in demat form to eliminate even the risk of loss of scrip, etc.

Sovereign Gold Bonds will generate market returns linked to the price of gold, so there may be a risk of capital loss if the market price of gold declines. Moreover, these bonds will provide interest income at the rate of 2.50 per cent (fixed rate) per annum on the amount of initial investment to investors and will be redeemable.

The minimum investment allowed is 1 gram, while the maximum buying limit is a subscription of 4 kg for individuals, 4 kg for Hindu Undivided Family (HUF), and 20 kg for trusts and similar entities notified by the government from time to time per fiscal year (April - March).

These bonds are sold through offices or branches of Nationalised Banks, Scheduled Private Banks, Scheduled Foreign Banks, designated Post Offices, Stock Holding Corporation of India Ltd. (SHCIL), and the authorised stock exchanges, either directly or through their agents.

Do note, that the interest on the bonds is taxed as per the provisions of the Income-tax Act, 1961. If you hold the SGB till maturity the capital gains tax on redemption of SGB is exempted. But if you sold the bond in the secondary market after three years, long term capital gains (LTCGs) tax is applicable and it will be taxed at 20 per cent with indexation. And if sold before three years, a short-term capital gains (STCGs) tax will be applicable according to the income tax slab.

What should the investors do?

Defeating the Coronavirus and surviving is everyone's core focus and having liquidity, those who have an adequate contingency fund are looking for investments.

Equity and debt markets are yet to see any signs of revival despite the stimulating relief measures provided to uplift the slowing of economy but investing in gold can prove to be worthy for your portfolio.

[Read: What Could Be the Potential Impact of a Lockdown on Your Mutual Fund Portfolio? Know Here...]

Even the bond prices were at all-time lows, which are inversely proportional to gold as well. In my view allocate at least 10-15% of your entire investment portfolio to gold and hold it with a long-term investment horizon.

Remember gold offers an effective hedge during global uncertainty and a shield against inflation. Most importantly in your portfolio, it serves as a diversifier.

PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.

Disclaimer:
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Health officials in Singapore said on Monday that they reported a record 1,426 new Coronavirus cases, out of which 1,410 are foreign workers, including Indians residing in dormitories, health officials said. With the fresh cases, the total number of Coronavirus cases in the city-state stands at 8,014, the Ministry of Health said.

"We are still working through the details of the cases," said the ministry in a statement. A total of 18 foreign worker dormitories have been gazetted as isolation areas, as the number of COVID-19 cases continue to rise. As of Sunday, the cluster at S11 Dormitory at Punggol remained the biggest, with 1,508 confirmed cases.

The next biggest cluster was at Sungei Tengah Lodge, with 521 confirmed cases. Though the dormitories are being disinfected and bedding accommodation re-arranged, most of these were overcrowded, leading to a large number of cases as foreign workers are now undergoing screening and testing. All foreign workers in the construction sector have been placed on mandatory stay-home notices until May 4 as a precautionary measure against the spread of COVID-19.

The Ministry of Manpower and the Building and Construction Authority noted that while the recent rise in the number of infected foreign workers has mostly been concentrated in dormitories, there have been cases at construction sites.

SL won't relax curfew
The Sri Lankan government on Monday dropped its decision to relax the nationwide curfew and extended it to April 27 following a sudden spike of 41 cases in the past 24 hours.

1,410
No. of foreign workers

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Malaysian authorities are developing draft legislation to level the tax playing field between online retailers and domestic bricks and mortar retailers.

India is proposing to levy a safeguard duty of 70 percent on imports of solar-power equipment from China and Malaysia.

US President Donald Trump has approved safeguard tariffs on imported large residential washing machines and imported solar cells and modules.

China plans to actively expand imports and open up to foreign investment by reducing tariffs and taxes, according to a work report released by the Government ahead of the annual parliamentary session.

On February 20, 2020, Malta's Commissioner for Revenue said tax payments by bank draft or check issued by foreign banks will no longer be accepted.

Hong Kong's Inland Revenue Department has released new guidance notes on the deduction of foreign taxes.

On December 2, 2019, the United States Internal Revenue Service issued final regulations on the foreign tax credit following major changes to the US tax code.

Indian Medical Students with foreign MBBS degrees can now work in India without writing the eligibility test in India. The proposal was sent by the

The Phase 3 Report on Switzerland by the OECD Working Group on Bribery evaluates and makes recommendations on Switzerland 's implementation and application of the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions and related instruments.

The OECD Working Group on Bribery has just completed a review of Switzerland's enforcement of the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions and related instruments. The Working Group welcomes the significant level of enforcement by the Federal Office of the Attorney General. Switzerland has cracked down on the bribery of foreign public officials in recent years.

South Africa must take urgent steps to proactively investigate and prosecute foreign bribery. No foreign bribery cases have been prosecuted since South Africa joined the Convention in 2007. The 4 on-going investigations – out of only 10 allegations that have surfaced to date – are also far from reaching the prosecution stage, according to a new report by the OECD Working Group on Bribery.

Serious steps must be taken by Slovenia to ensure that it effectively detects, investigates and prosecutes allegations of transnational bribery.

20/06/2012 - The Slovak Republic must urgently meet its obligations under the Convention it signed 12 years ago and introduce an effective corporate liability regime so that Slovak companies are held accountable for the bribery of foreign public officials in cross-border business deals, says a new OECD report.

Portugal’s enforcement of its foreign bribery laws has been extremely low. Not a single prosecution has resulted from 15 allegations of Portuguese companies bribing foreign officials in high-risk countries.

The current Polish framework for fighting foreign bribery is still inadequate to fully meet foreign bribery risks resulting from Poland’s growing economy, says a new OECD report.

Poland has built up a small but solid presence in international development and should now focus its limited resources on areas where it can make the most impact, allocating more funds to bilateral aid in priority countries and sectors, according to a new OECD Review.

Poland must make urgent progress on carrying out key recommendations of the OECD Working Group on Bribery that remain unimplemented, more than four years after its Phase 3 evaluation in June 2013.

Norway has made significant progress in its efforts against the bribery of foreign public officials in recent years, according to a new OECD report. But more could be done to strengthen enforcement, including by focusing on the confiscation from companies of the proceeds of bribery.

Norway’s law enforcement institutions have demonstrated commitment and ability in combating foreign bribery using a robust legal framework. Its new Penal Code, however, could create obstacles to enforcement by potentially narrowing jurisdiction over foreign bribery committed by Norwegians abroad.

The OECD Working Group on Bribery has repeatedly recommended since 2012 that Russia rectify key legislative deficiencies in order to comply with the Convention on Combating the Bribery of Foreign Public Officials in International Business Transactions (Anti-Bribery Convention).

New Zealand must significantly increase its efforts to detect, investigate and prosecute foreign bribery. Since joining the Convention over 12 years ago, New Zealand has not prosecuted any cases of foreign bribery and only four allegations have surfaced to date. Outdated perceptions that New Zealand individuals and companies do not bribe may have also undermined detection efforts.

Canada has shown a renewed engagement in global development in the last few years. This now needs to translate into concrete action to increase aid flows and ensure that development co-operation is effective and coherent, according to a new OECD Review.