World This Week: Top 10 International News Of This Week

by Shatakshi Gupta
  • The Global System for Mobile Communications Association (GSMA) has organized the Mobile World Congress (MWC) 2022, which took place from 28 February to 3 March in Barcelona, ​​Spain. Focusing on 5G and maximizing its potential to benefit countries and economies is the focus of this year’s MWC amid the ongoing war between Russia and Ukraine. From this platform, many brands launched their latest smartphones and other smart devices.

Read more: SWIFT- The backbone of International banking; Know what it is, its significance

  • The escalation of conflict between Russia and Ukraine is reaching new heights. To counter the Russian invasion, Canada, the USA  and their European allies have reached a conclusion to remove major Russian banks from SWIFT’s interbank messaging system (IMS). This is a huge step that will cut the country off from most of the world’s financial system. Major global powers issued a joint statement announcing this significant retaliation. Russia’s removal from SWIFT would mean that Russian banks would no longer be able to communicate securely with foreign banks. Previously, Iran was pulled from SWIFT in 2014 following the development of its nuclear program in Tehran.
  • Japan and India have renewed the Bilateral Swap Arrangement (BSA) whose size is up to USD 75 billion. The BSA is a two-way arrangement where both the authorities can swap their local currencies in exchange for the US dollar.  The interest rate charged in this case is fixed at the time of signing the agreement and hence it reduces the risk due to exchange rate fluctuations. The Real Bilateral Swap Arrangement (BSA) was signed between the Bank of Japan and the Reserve Bank of India in 2018.
  • Canada has become the first country in the world to authorize the use of a plant-based COVID-19 vaccine. A two-dose vaccine from Medicago Inc., a biopharma company owned by Mitsubishi Chemical and Philip Morris, can be administered to adults aged 18 to 64, but there is little data on shots received by people 65 years of age and older. The decision to authorize the vaccine was based on a study conducted on 24,000 adults that showed the vaccine had an efficacy rate of 71% in preventing COVID-19 – although the trials were done before the Omicron variant emerged. The name given to this vaccine is Covifenz. Canada agreed to purchase 20 million doses of this plant-based vaccine, with the option to purchase an additional 56 million doses.
  • Afghanistan’s interior Minister Sirajuddin Haqqani appeared in front of the world for the first time in years. The American army stayed in Afghanistan for 20 years, but could not even get a photo of this wanted terrorist of one million dollars. Afghanistan Police had a passing out parade in Kabul on Saturday. During this, all the big leaders of the Taliban were present.

Also read: How much Russia is ready for Western Sanctions?

  • The Russian army has captured the Zaporizhzhia Nuclear Power Plant. Earlier, there was firing here, due to which the plant caught fire. Russian troops captured the plant’s administration and control buildings. Russia is conducting airstrikes in Chernihiv. As soon as the news broke out, there was all-around panic fearing the radiation leak.
  • Prime Minister Narendra Modi attended the virtual meeting of the Quad leaders late on March 3. US President Joe Biden, Australian Prime Minister Scott Morrison and Japanese Prime Minister Fumio Kishida were also present at the meeting. Ukraine and Russia issue was also discussed in the meeting. According to the Prime Minister’s Office, the leaders also discussed other issues, including development in ASEAN, the Indian Ocean region and the Pacific Islands. The Prime Minister reiterated the importance of adhering to the United Nations Charter, respecting the sovereignty and territorial integrity. The PM emphasized the need to return to the path of dialogue and diplomacy.
  • At least 56 people were killed and around 200 were injured in a bomb blast inside a mosque in Peshawar, Pakistan during Friday prayers. It is one of the deadliest attacks in the province bordering Afghanistan. Islamic State and radical terrorist groups have claimed responsibility for deadly attacks on the. An eyewitness said the suicide bomber was dressed in black and as he entered the mosque, he first opened fire on security personnel and then blew himself.
  • The US Citizenship and Immigration Services said that enough applications have been received to reach the 65,000 H-1B visa limit set by the US Parliament (Congress) for the fiscal year 2022. This work visa is in high demand among foreign professionals including India, due to which these applications are being considered as a better achievement in America. USCIC, the US agency that scrutinizes all visa applications every year, announced that it will get the H-1B regular limit of 65,000 set by Parliament for the fiscal year 2022 and the limit of 20,000 H-1B visas under the US Advanced Degree Waiver.
  • It has now been more than 13 days of Russia’s invasion on Ukraine. Now, its biggest impact is being visible on crude oil prices. The prices of crude oil in the international market have been on fire for some time amid Western countries imposing sanctions on Russia. On Monday, the price of crude oil saw the biggest jump since 2008 and its price crossed $139 a barrel. A recently released report said that if the war drags on, crude oil may cross $185 per barrel. Significantly, due to the rise in the price of crude oil, there is also an impending risk of rising inflation in India.