Politics
Trio wins economics Nobel for work on tech-driven growth

The Nobel prize in economics was awarded on Monday to American-Israeli Joel Mokyr, France’s Philippe Aghion and Canada’s Peter Howitt for work on technology’s impact on sustained economic growth.
Mokyr, 79, won one half of the prize “for having identified the prerequisites for sustained growth through technological progress”, the Royal Swedish Academy of Sciences said.
Aghion, 69, and Howitt, 79, shared the other half “for the theory of sustained growth through creative destruction”, it added.
John Hassler, chair of the prize committee, told reporters their work answered questions about how technological innovation drives growth and how sustained growth can be maintained.
“During almost all of humankind’s history, living standards did not change noticeably from generation to generation. Economic growth was, on average, zero, and stagnation was the norm,” Hassler said.
But over the last two centuries “things have been very different.”
‘Creative destruction’
“During the last 200 years, the world has seen more economic growth than ever before in human history,” Kerstin Enflo, a member of the economics prize committee, explained to reporters.
However, she cautioned that “200 years is still just a short period compared to the long run history of stagnation that we saw before.”
“The laureates’ work reminds us that we should not take progress for granted. Instead, society must keep an eye on the factors that generate and sustain economic growth,” Enflo said.
Mokyr, who is a professor at Northwestern University in the United States, “used historical sources as one means to uncover the causes of sustained growth becoming the new normal”, the jury said in a statement.
Aghion and Howitt then created a mathematical model for “creative destruction”, which refers to the process “when a new and better product enters the market, the companies selling the older products lose out”.
‘Openness’
“I can’t find the words to express what I feel,” Aghion told reporters via telephone during the prize announcement.
“I’m still speechless. It came really as a huge surprise,” he continued.
Speaking about what could risk upsetting growth, he mentioned the threats of steep tariffs introduced since US President Donald Trump’s return to the White House.
“Openness is a driver of growth. Anything that gets in the way of openness is an obstacle to growth,” Aghion said.
The economist also warned Europe not to let the United States and China dominate technological innovation.
“I think European countries have to realise that we should no longer let (the) US and China become technological leaders and lose to them,” he said.
The economics prize is the only Nobel not among the original five created in the will of Swedish scientist Alfred Nobel, who died in 1896.
It was instead created through a donation from the Swedish central bank in 1968, leading detractors to dub it “a false Nobel”.
But like the Nobels in chemistry and physics, the Royal Swedish Academy of Sciences chooses the winner and follows the same selection process.
The economics prize wraps up this year’s Nobel season which honoured research into the human immune system, practical applications of quantum mechanics and the development of new forms of molecular architecture.
The literature prize went to Hungarian author Laszlo Krasznahorkai whose works explore themes of postmodern dystopia and melancholy.
Venezuelan opposition leader Maria Corina Machado was given the highly watched Nobel Peace Prize.
In a surprise move, Machado dedicated the prize to Trump, who had made no secret that he thought he deserved it.
The Nobel economics prize consists of a diploma, a gold medal and a $1.2 million cheque.
The laureates will receive their prizes at formal ceremonies in Stockholm and Oslo on December 10.
That date is the anniversary of the death in 1896 of scientist Alfred Nobel, who created the prizes in his will.
Politics
Russia’s Putin seeks to boost energy, defence exports with India visit

- President Putin visiting India after four years.
- India-Russia to expand partnership in nuclear energy.
- Moscow likely to seek help to get spares for its oil assets.
NEW DELHI: Russian President Vladimir Putin starts a two-day visit to India from Thursday, pitching for more sales of Russian oil, missile systems and fighter jets in a bid to restore energy and defence ties hit by US pressure on the South Asian nation.
Russia has supplied arms to India for decades, with New Delhi emerging as its top buyer of seaborne oil despite Western sanctions after Moscow launched its invasion of Ukraine in February 2022.
But India’s crude imports are set to hit a three-year low this month, after the tightening of sanctions on Russia that coincide with its growing purchases of US oil and gas.
On his first visit in four years to the Indian capital for a summit with Prime Minister Narendra Modi, Putin will be accompanied by his defence minister, Andrei Belousov, and a wide-ranging delegation from business and industry.
“Putin’s visit offers an opportunity for Delhi to reassert the strength of its special relationship with Moscow, despite recent developments, and make headway in new arms deals,” said Michael Kugelman of the Atlantic Council think tank.
“India-Russia summits are never solely optics-driven affairs, given the substance of the relationship,” added Kugelman, a senior South Asia fellow at the Washington-based body.
New initiatives were likely to be announced, he added, even if they mostly related to low-hanging fruit in ties, he said.
Possible US reaction
But Indian officials worry that any fresh energy and defence deals with Russia could trigger a reaction from US President Donald Trump, who doubled tariffs to 50% in August on Indian goods, as punishment for New Delhi’s purchases of Russian crude.
Ahead of Putin’s visit, officials of both sides held talks in areas from defence to shipping and agriculture. In August, they agreed to launch talks for a free trade deal between India and the Russian-led Eurasian Economic Union.
They are also in talks to expand their partnership in civilian nuclear energy, Indian analysts have said.
Putin’s delegation includes the chief executives of dominant Russian lender Sberbank and state arms exporter Rosoboronexport, as well as the heads of sanctioned oil firms Rosneft and GazpromNeft an industry source with direct knowledge of the matter said.
In the talks, Moscow is likely to seek India’s help to get spares and technical equipment for its oil assets, as sanctions have choked access to key suppliers, said the industry source and a separate Indian government source.

The spoke on condition of anonymity as the matter is a sensitive one.
India is likely to pitch for the restoration of a stake of 20% for state gas explorer ONGC Videsh Ltd in the Sakhalin-1 project in Russia’s far east, the government source added.
India a US trade deal by year end, as most of its refiners have stopped buying Russian oil, though widening discounts are now drawing in some state refiners.
Indian Oil Corp has placed orders from non-sanctioned Russian entities for December and January loading while Bharat Petroleum Corp is in advanced stages of placing an order, sources at the two companies said.
The sources sought anonymity as they were not authorised to speak to media.
Reliance in defence sector
Unlike crude, India does not plan to freeze defence ties with Moscow anytime soon as it requires continued support for the many Russian systems it operates, Defence Secretary Rajesh Kumar Singh said last week.
Russian Sukhoi-30 jets make up the majority of India’s 29 fighter squadrons and Moscow has also offered its most advanced fighter, the Su-57, which is likely to figure in this week’s talks, said two Indian officials familiar with the matter.
India has not yet made a decision on buying the jet, said the officials, who spoke on condition of anonymity.

But India is likely to discuss buying more units of the S-400 air defence system, Singh said last week. It now has three units, with delivery of two more pending under a 2018 deal.
Recent US-Russia talks to ending the Ukraine war, could help make it easier for Indian officials to engage with Moscow, said Harsh Pant, head of foreign policy studies at India’s Observer Research Foundation think tank.
But ties continue to appear strained, he said.
“A large part of the trading relationship was based on energy, which is now losing traction under the threat of sanctions from the United States,” he added.
“And at the end of the day, only defence remains, which continues to bind the two together.”
Politics
Race to get aid to Asia flood survivors as toll nears 1,200

- Sri Lanka declares emergency and seeks global aid.
- Over 631 dead, 472 missing across Sumatra, Indonesia.
- Survivors describe sudden, tsunami-like flood waves.
Governments and aid groups in Indonesia and Sri Lanka worked to rush aid Tuesday to hundreds of thousands stranded by deadly flooding that has killed around 1,200 people in four countries.
Torrential monsoon season deluges paired with two separate tropical cyclones last week dumped heavy rain across all of Sri Lanka and parts of Indonesia’s Sumatra, southern Thailand, and northern Malaysia.
Climate change is producing more intense rain events because a warmer atmosphere holds more moisture, and warmer oceans can turbocharge storms.
The floodwaters have now largely receded, but the devastation means hundreds of thousands of people are now living in shelters and struggling to secure clean water and food.
In Indonesia’s Aceh, one of the worst-affected regions, residents told AFP that survivors who could afford to were stockpiling supplies.
“Road access is mostly cut off in flood-affected areas,” 29-year-old Erna Mardhiah said as she joined a long queue at a petrol station in Banda Aceh.
“People are worried about running out of fuel,” she added from the line she had been in for two hours.
The pressure has caused skyrocketing prices.
“Most things are already sky-high… chillies alone are up to 300,000 rupiah per kilo ($18), so that’s probably why people are panic-buying,” she said.
On Monday, Indonesia’s government said it was sending 34,000 tons of rice and 6.8 million litres of cooking oil to the three worst-affected provinces, Aceh, North Sumatra and West Sumatra.
“There can be no delays,” Agriculture Minister Andi Amran Sulaiman said.
Food shortage risk
Aid groups said they were working to ship supplies to affected areas, warning that local markets were running out of essential supplies and prices had tripled already.
“Communities across Aceh are at severe risk of food shortages and hunger if supply lines are not reestablished in the next seven days,” charity group Islamic Relief said.
A shipment of 12 tonnes of food from the group aboard an Indonesian navy vessel was due to arrive in Aceh on Tuesday.
At least 631 people were killed in the floods across Sumatra, and 472 are still listed as missing. A million people have evacuated from their homes, according to the disaster agency.
Survivors have described terrifying waves of water that arrived without warning.
In East Aceh, Zamzami said the floodwaters had been “unstoppable, like a tsunami wave.”
“We can’t explain how big the water seemed. It was truly extraordinary,” said the 33-year-old, who, like many Indonesians, goes by one name.
People in his village sheltered atop a local two-storey fish market to escape the deluge and were now trying to clean the mud and debris left behind while battling power and telecommunications outages.
“It’s difficult for us (to get) clean water,” he told AFP on Monday.
“There are children who are starting to get fevers, and there’s no medicine.”
The weather system that inundated Indonesia also brought heavy rain to southern Thailand, where at least 176 people were killed.
Across the border in Malaysia, two more people were killed.
Colombo floodwaters recede
A separate storm brought heavy rains across all of Sri Lanka, triggering flash floods and deadly landslides that killed at least 390 people.
Another 352 remain missing, and some of the worst-hit areas in the country’s centre are still difficult to reach.
President Anura Kumara Dissanayake has declared a state of emergency to deal with what he called the “most challenging natural disaster in our history”.
Unlike his Indonesian counterpart, he has called for international aid.
Sri Lanka’s air force, backed by counterparts from India and Pakistan, has been evacuating stranded residents and delivering food and other supplies.
In the mountainous Welimada region, security forces on Monday recovered the bodies of 11 residents buried by mudslides, a local official said.
In the capital Colombo meanwhile, floodwaters were slowly subsiding on Tuesday.
The speed with which waters rose around the city surprised local residents used to seasonal flooding.
“Every year we experience minor floods, but this is something else,” delivery driver Dinusha Sanjaya told AFP.
“It is not just the amount of water, but how quickly everything went under.”
Rains have eased across the country, but landslide alerts remain in force across most of the hardest-hit central region, officials said.
Politics
White House says Trump MRI was preventative, president in excellent health

WASHINGTON: The White House has said that President Donald Trump is in good health, even as people continue to question how his age may affect his performance as the country’s most powerful man.
White House press secretary Karoline Leavitt said on Monday that a recent MRI conducted on President Trump was preventative in nature and revealed that he was in good cardiovascular health.
Speaking to reporters at a press briefing at the White House, Leavitt said men of Trump’s age benefited from such screenings.
‘President Trump’s cardiovascular imaging was perfectly normal, no evidence of arterial narrowing, impairing blood flow or abnormalities in the heart or major vessels,’ Leavitt said of the 79-year-old president.
‘The heart chambers are normal in size. The vessel walls appear smooth and healthy, and there are no signs of inflammation or clotting. Overall, his cardiovascular system shows excellent health. His abdominal imaging is also perfectly normal,’ Leavitt said.
Trump underwent a magnetic resonance imaging scan during a recent medical evaluation, but did not disclose the purpose of the procedure, which is not typical for standard check-ups. The lack of details raised questions about whether full information regarding the president’s health is being released in a timely fashion by the White House.
Trump is sensitive about his age and well-being. He personally attacked a female New York Times reporter on social media last week over a story she co-wrote examining the ways that Trump’s age may be affecting his energy levels.
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