NewsBytes

Chinese Foreign Minister Wang Yi on Monday announced that the Shanghai Cooperation Organisation (SCO) member states have decided to set up a Development Bank to increase the efficiency and social development of the region. The approval to set up the bank, a Chinese proposal, came after 10 years of deliberations among the member countries, Wang said. He added that the new bank will increase the efficiency and social development of the region. He, however, did not indicate any timeline to set up the bank.  The SCO will launch this important process, and there will be one more multilateral platform in the EuroAsian region, he said.  It is a good thing to celebrate not only for the member states but also for our region, Wang said. Chinese President Xi Jinping, in his inaugural address earlier, urged SCO member states to accelerate the creation of a development bank, considering the growing appeal of the 10-nation bloc. China had been pushing the grouping to set up a development bank on the lines of the New Development Bank (NDB) of the BRICS and the Asian Investment Infrastructure Bank (AIIB), in which India is the second largest shareholder. Both banks, based in China, which were initially regarded as competitors to the IMF, World Bank and the Asian Development Bank (ADB), are now working with them with a co-financing pattern.

Dozens of voters in Guyana stood in line by dawn on Monday to participate in what many say is the South American country's most consequential election in decades given that whichever party wins will oversee $10 billion in annual revenue from offshore oil and gas production. In recent years, Guyana has transformed from a country traditionally dependent on gold, sugar, rice, bauxite and timber to one reaping the windfall of nearly 900,000 barrels of oil produced daily. The World Bank has noted that Guyana has the world's fastest growing economy with gross domestic product increases averaging around 15 per cent annually in the past six years. ExxonMobil, which is leading an international consortium, has applications for four more oil fields as the promise of even greater revenue looms. Guyana's electoral commission has printed ballots for six parties, but most in the diverse nation believe the election is a contest among the governing Indo-dominated People's Progressive Party of President Irfaan Ali; the Afro-supported main opposition A Partnership for National Unity; and upstart newcomer mixed-race party We Invest In Nationhood, led by US government-sanctioned Guyanese businessman Azruddin Mohamed, who comes from one of the country's wealthiest families.

Three-time European heavyweight champion boxer Joe Bugner, who fought Muhammad Ali in a world title bout, has died at the age of 75, the British Boxing Board of Control (BBBoC) said on Monday. Bugner, who won the British and Commonwealth heavyweight titles twice, fought Ali and Joe Frazier in back-to-back fights in 1973, and faced Ali again for his WBA and WBC world championships in 1975. "Joe Bugner has passed away at his care home in Brisbane, Australia," the BBBoC said in a statement. "The British Boxing Board of Control passes on its condolences to Joe's family." Bugner's professional boxing career spanned 32 years and 83 bouts, of which he won 69, including 41 by knockout. He turned professional in 1967, and won the European, British and Commonwealth titles by beating Henry Cooper in 1971. Hungary-born Bugner lost his titles six months later but won eight fights straight in 1972 before facing Ali and Frazier the next year, who both won decisions against him. Ali again beat him by unanimous decision in their rematch for the world championship in Malaysia. Bugner moved to Australia in the 1980s and won the Australian heavyweight title in 1995, before retiring in 1999.

The Centre has fixed rice procurement target at 464.50 lakh tonnes from paddy crops grown during the current Kharif (summer-sown) season. On Monday, the Department of Food and Public Distribution held a meeting with Food Secretaries of States/UTs and Food Corporation of India (FCI) to discuss the arrangements for procurement of crops in the ensuing Kharif Marketing Season (KMS) 2025-26 starting October. The meeting was chaired by Union Food Secretary Sanjeev Chopra. "During the meeting, the estimates for paddy procurement (Kharif Crop) have been fixed at 464.50 lakh tonne in terms of rice," an official statement said. The estimates of procurement for coarse grains /millets (Shree Anna) have been fixed at 19.19 lakh tonnes during the ensuing KMS 2025-26. States/UTs were advised to focus on procurement of millets for diversification of crops and enhanced nutrition in dietary patterns. The meeting was attended by Principal Secretary/Secretary (Food) of States/UTs, CMD, FCI as well as officers from FCI.