• China-led Asian Infrastructure Investment Bank takes shape

    Ramesh Tiwari
    June 30, 2015
    China-led Asian Infrastructure Investment Bank takes shape

    BEIJING:The Asian Infrastructure Investment Bank (AIIB)  captured global attention once again as its founding members gathered here to witness the signing of an agreement, a key step that paves the way for the operations of the institution.

    The China-proposed bank is designed as a multilateral financial institution that mainly serves the development needs of the region, and it is also intended as a beneficial supplement to existing global financial organizations.

    The AIIB has been warmly welcomed by countries in and out of Asia, which is so appealing to many developed economies in Europe that they offered to become founding members of the bank.

    “The signing of the document reveals the commitment of the parties involved in the founding of the AIIB, as well as their solidarity, cooperation, openness, inclusiveness and quest for common development,” President  Xi Jin Ping told representatives of the 57 prospective founding countries.

    The 60-article agreement outlined the financial share of each member, policy making, business and operational systems, and governance structure. The AIIB is designed to finance infrastructure building in Asia.

    The AIIB will have authorized capital of 100 billion U.S. dollars. Asian countries will contribute up to 75 percent of the total capital and be allocated a share of the quota based on their economic size.

    China, India and Russia are the three largest shareholders, with a voting share of 26.06 percent, 7.5 percent and 5.92 percent, respectively.

    The Beijing-headquartered bank will start operation at the end of the year. – Xinhua

     June 29 , 2015

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      2017 in review -Top stories

      January 1 : New year nightclub attack leaves 39 dead in Istanbul
      January 20 : Republican billionaire Donald Trump sworn in as 45th US president
      January 23 : Syria peace talks begin in Kazakh capital Astana
      March 29 :United Kingdom officially launches the Brexit process
      April 4 :Syria launches chemical attack killing 90 people
      April 6 : US cruise missiles destroy Syrian air base
      April 9 : Bombings at two churches in Egypt kill dozens
      April 16 : Refugee death toll passes 1,000 in Mediterranean
      April 16 :Turkey says YES to presidential system
      May 6 :Emmanuel Macron elected French president defeating Marine Le Pen
      May 19 :Iran’s President Hassan Rouhani wins re-election
      May 22 : Terrorist attack kills 22 at Manchester concert
      June 5 : Gulf nations severe ties with Qatar
      June 7 :Suicide bombers attack Iranian parliament killing 13 people
      June 14 :London fire kills 71 in the 24-storey Grenfell Tower
      July 4 :North Korean leader Kim Jong-un’s missile ambitions
      July 28 : Pakistan’s top court disqualifies Prime Minister Nawaz Sharif from office
      August 5 :US withdraws from Paris climate change pact
      August 17 :Storms cause record damage in Caribbean and southern United States
      August 25 :Muslim Rohingya start fleeing Rakhine state in Myanmar
      September 15 : NASA’s 13-year Saturn mission ends
      September 20 : Earthquake kills more than 200 in Mexico
      September 24 : Germany’s Chancellor Angela Merkel wins fourth term
      September 26 : Saudi Arabia lifts ban on women driving
      October 1 : Gunman opens fire on Las Vegas music festival killing 59 people
      October 14 : Massive bombing in Somalia’s capital Modadishu kill more than 500 people
      October 24 : China confirms the elevation of President Xi Jinping to the same status as the nation’s founder, Mao Zedong, and Deng Xiaoping, by enshrining ‘Xi Jinping thought’ in the party’s constitution at the 19th National Congress of the Communist Party of China
      October 27 : Catalonia declares independence from Spain
      November 4 : S audi Arabia detains 11 princes, four ministers and ten former ministers in a corruption probe
      November 12 : Iran-Iraq magnitude 7.3 earthquake kills more than 500
      November 15 : Argentine navy submarine disappears with 44 crew on board
      November 21 : Robert Mugabe resigns as Zimbabwe’s president after 37 years in power. His former deputy Emmerson Mnangagwa will become president.
      November 22 : Bosnian Serb army commander Ratko Mladic convicted of genocide in Srebrenica during the 1990s Bosnian War
      November 24 : Gunmen kill hundreds at Sinai mosque in Egypt
      December 4 : Houthi militants assassinate Yemen’s former President Ali Abdullah Saleh
      December 5 : Russia banned from 2018 Winter Olympics for state-sponsored doping
      December 6 : US President Donald Trump recognises Jerusalem as the capital of Israel
      December 17 : Price of one bitcoin reaches a new high of $19,783.06 dollars
      December 21 : Yemen’s cholera outbreak
      December 22 : Syria peace talks in Astana (compiled)

      Top ten most visited cities

      Between January and August 2017, destinations worldwide welcomed 901 million international tourist arrivals (overnight visitors), 56 million more than in the same period of 2016 .The top ten most visited cities are:
      CityVisitors
      HONG KONG26.6 million
      BANGKOK 21.2 million
      LONDON19.2 million
      SINGAPORE16.6 million
      MACAU15.4 million
      DUBAI14.9 million
      PARIS14.4 million
      NEW YORK12.7 million
      SHENZHEN12.6 million
      KUALA LUMPUR12.3 million

      Source: Euromonitor International

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