What We're Watching: India halts vaccine exports, principle vs profit in China, Nigeria's crypto fiasco

A woman wearing a protective face mask walks past a graffiti on a wall, amidst the spread of the coronavirus disease (COVID-19), in Mumbai, India, March 25, 2021.

India squeezes vaccine exports as COVID crisis deepens: India has embarked on one of the world's most ambitious vaccine drives, seeking to vaccinate not only its own 1.4 billion people, but also make hundreds of millions of jabs to inoculate low-income countries under the global COVAX initiative. To date, it has sent 60 million doses to over 70 countries. But now, as India grapples with a surging COVID caseload and death rate — in part because of a new "double mutant variant" — New Delhi has placed a temporary ban on exports of the AstraZeneca jab being produced by its Serum Institute. "Domestic demand will have to take precedence," one foreign ministry official said. The move, which is expected to hinder supply chains until at least the end of April, will have massive impacts on COVAX, which is counting on India's pharma sector to get millions of doses to the neediest countries. India's ban has already frustrated supplies that were supposed to go to the UK, Saudi Arabia, and Brazil in recent days. The Serum Institute says it aims to produce 1 billion doses for low- and middle-income countries by the end of 2021, but so far, its monthly production cadence is lagging.


Principle vs profit in China, again: Nike and H&M are the latest Western companies to find themselves in hot water with China over Beijing's human rights abuses. What happened this time? Last year both companies issued statements of concern about reports that the government was forcing ethnic Uighurs in Xinjiang province to pick cotton. Although both Nike and H&M have factories in China, they made clear that they do not use any products sourced from Xinjiang specifically. In recent days, however, those comments resurfaced after the US and EU slapped sanctions on Beijing over human rights violations in Xinjiang. A huge online and public backlash against the companies ensued on Chinese social media, as well as sharp criticism from state television channels. As of Thursday, H&M had been removed from several major Chinese e-commerce platforms. As companies in sectors as wide-ranging as professional sports and air travel have learned, the issue is a thorny one: China is a massive market (of both consumers and suppliers) that Western firms are loathe to lose access to or alienate. But as China's abuses against human rights and democracy grow more brazen, it puts CEOs in a tough spot — is their business about values or valuations?

Nigeria's crypto misstep: Nigeria's central bank has come under pressure to clarify its position on regulating trade in cryptocurrencies, after a February directive misled people to believe that a 2017 edict would prevent people using banks and financial payment systems to trade crypto. The confusion has made waves in Nigeria, by far Africa's largest crypto market, where this sector has boomed over the past year due to the pandemic-related drops in remittances and the value of the local currency. But the developments have implications far beyond Nigeria: Recent events show that any central bank must tread carefully when attempting to regulate crypto, which is fast becoming a major conundrum for monetary authorities around the world — and pushing some of them to launch their own digital currencies as an alternative. Crypto has recently become the new foil for central bankers worldwide, with the US Federal Reserve warning that it's not only very volatile but can also be used for criminal activity. The debate over cryptocurrencies is only going to get hotter if crypto's value continues to skyrocket as it has done so far this year.

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Does the EU really have a foreign policy?

For decades, European leaders have debated the question of whether Europe should have a common foreign policy that’s independent of the United States.

Germany, the UK, and countries situated closest to Russia have traditionally preferred to rely on membership in NATO and US military strength to safeguard European security at a cost affordable for them.

French leaders, by contrast, have argued that, with or without NATO, Europe needs an approach to foreign-policy questions that doesn’t depend on alignment, or even agreement, with Washington.

There are those within many EU countries who agree that Europe must speak with a single clear voice if the EU is to promote European values and protect European interests in a world of US, Chinese, and Russian power.

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The politics of US crime: Perception vs reality

A recent spate of violent crimes in New York City has made national headlines. Since Eric Adams was sworn in four weeks ago as mayor of America’s most populous city, violence on the streets — and the subways — has again become a major political focus. Things got even more heated this week, when two young cops were killed while responding to a domestic dispute in Harlem.

Crime is not only a dominant political issue in New York. It also resonates more broadly with American voters worried over increased lawlessness and unrest. Indeed, crime is already shaping up to be a wedge issue as Republicans vie to win control of the US Congress this November.

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Hard Numbers: South China Sea jet search, US economy surges, Cuban protesters charged, Africa gets vaxxed

FILE PHOTO of a F-35C Lightning II, assigned to the Argonauts of Strike Fighter Squadron (VFA) 147, launches off the flight deck of Nimitz-class aircraft carrier USS Carl Vinson (CVN-70) on Jan. 14, 2022.

U.S Navy/EYEPRESS

100 million: The US Navy is scrambling to find a $100 million F-35 stealth fighter jet that crashed and sank soon after taking off on Monday from an aircraft carrier in the South China Sea. One expert described the Cold War-ish race to locate the remains — stocked with classified equipment — before the Chinese do as "basically The Hunt For Red October meets The Abyss."

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The logo of the Nord Stream 2 gas pipeline project is seen on a pipe at the Chelyabinsk pipe rolling plant in Chelyabinsk, Russia, February 26, 2020.

Nord Stream 2 used as a bargaining chip with Russia. The US now says that if Russia invades Ukraine, it’ll block the Nord Stream 2 pipeline, which is set to transfer even more natural gas from Russia to Germany under the Baltic Sea. This is a big deal, considering that Germany – thirsty for more Russian gas – has long been pushing for the pipeline to start operating despite ongoing objections from Washington. The $11 billion energy project, which would double Russian gas exports to Germany, is seen as (a big) part of the reason why Berlin is reluctant to push back hard against the Kremlin over its troop buildup at the Ukrainian border. Still, German officials admit Nord Stream 2 could face sanctions if the Russians invade, suggesting that the Americans’ threat was likely coordinated with Berlin in advance. This comes amid ongoing diplomatic attempts to de-escalate the Ukraine crisis, with US President Joe Biden and German Chancellor Olaf Scholz set to meet at the White House on February 7.

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Putin Has a “Noose” Around Ukraine, Says Russia Analyst Alina Polyakova | GZERO World

What’s going on in Vladimir Putin’s mind? That’s the million-dollar question.

Ukraine and Russia analyst Alina Polyakova doesn’t think it’s anything good.

Russia's president, she says, has put a “noose” around Ukraine with a troop build-up along the border that could spell invasion in the near term. The US has led an effort to deescalate the situation through diplomacy.

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The AI Addiction Cycle | GZERO World

Ever wonder why everything seems to be a major crisis these days? For former Google CEO Eric Schmidt, it's because artificial intelligence has determined that's the only way to get your attention.

What's more, it's driving an addiction cycle among humans that will lead to enormous depression and dissatisfaction.

"Oh my God there's another message. Oh my God, there's another crisis. Oh my God, there's another outrage. Oh my God. Oh my God. Oh my God. Oh my God," he says. "I don't think humans, at least in modern society where [we’ve] evolved to be in an 'Oh my God' situation all day."

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Merkin' It With Angela Merkel | PUPPET REGIME | GZERO Media

Angela Merkel is retired — but only from politics. Still, maybe she's not as good at other jobs as she was as German chancellor.

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