Subject: South Asia Daily: Indian, Pakistani Stock Markets Plummet; India-Pakistan Security Talks Called Off; Kabul Car Bomb Kills 12 Over Weekend
From: "Foreign Policy" <[email-masked]>
To: <[email-masked]>
Date: Mon, 24 Aug 2015 09:07:30 -0400 (EDT)

Indian, Pakistani Stock Markets Plummet; India-Pakistan Security Talks Called Off; Kabul Car Bomb Kills 12 Over Weekend

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Indian, Pakistani Stock Markets Plummet; India-Pakistan Security Talks Called Off; Kabul Car Bomb Kills 12 Over Weekend

Indian, Pakistani Stock Markets Plummet; India-Pakistan Security Talks Called Off; Kabul Car Bomb Kills 12 Over Weekend

<br />
<b>India </b><br />
<br />
<i>Bonus Read: "Why Aren't India's Women Working?" by Rohini Pande and Charity Troyer Moore&nbsp;</i>(<a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3d3dy5ueXRpbWVzLmNvbS8yMDE1LzA4LzI0L29waW5pb24vd2h5LWFyZW50LWluZGlhcy13b21lbi13b3JraW5nLmh0bWw_cGFydG5lcj1yc3NueXQmZW1jPXJzcyZfcj0wIg/5253172ac16bcfa46f6bd4c7Ceba5f0d4 style="font-weight:bold;color:#ea1414" target="blank">NYT</a>)<br />
<br />
<i>Indian stocks fall nearly 6 percent</i><br />
<br />
India's major stock exchange index, the BSE Sensex, suffered its largest single-day decline since January 2009 on Monday (<a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL2luLnJldXRlcnMuY29tL2FydGljbGUvMjAxNS8wOC8yNC9tYXJrZXRzLWluZGlhLXN0b2Nrcy1pZElOS0NOMFFUMEFXMjAxNTA4MjQi/5253172ac16bcfa46f6bd4c7Be1c0a562 style="font-weight:bold;color:#ea1414" target="blank">Reuters</a>,&nbsp;<a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3d3dy50aGVoaW5kdS5jb20vYnVzaW5lc3MvbWFya2V0cy9zZW5zZXgtcGx1bmdlcy1pbi1lYXJseS10cmFkZS1ydXBlZS1yYXRlLWdvZXMtZG93bi9hcnRpY2xlNzU3NDQwNS5lY2Ui/5253172ac16bcfa46f6bd4c7B09988204 style="font-weight:bold;color:#ea1414" target="blank">The Hindu</a>,&nbsp;<a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3Byb2ZpdC5uZHR2LmNvbS9uZXdzL21hcmtldC9hcnRpY2xlLXNlbnNleC1jcmFzaGVzLTEtMDAwLXBvaW50cy1hbWlkLWdsb2JhbC1zZWxsb2ZmLXJ1cGVlLWhpdHMtNjYtNDktMTIxMDI2OSI/5253172ac16bcfa46f6bd4c7Bdb1608b2 style="font-weight:bold;color:#ea1414" target="blank">NDTV</a>). The Mumbai-based index slid over 1,600 points, representing a nearly 6 percent decline. The Indian rupee also fell to its weakest level since September 2013, prompting the governor of the Reserve Bank of India to state that the central bank stood ready to deploy foreign exchange reserves if necessary to curb volatility. The downturn in Indian stocks comes amidst global market turmoil as a result of a steep decline in Chinese equities. However, analysts believe Indian markets could be hurt less than other countries due to India's stronger fundamental economic parameters and the government's commitment to fiscal discipline.<br />
<br />
<i>India-Pakistan security talks called off</i><br />
<br />
India and Pakistan failed to hold scheduled security talks between the two&nbsp;countries' national security advisers over the weekend (<a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3d3dy5iYmMuY29tL25ld3Mvd29ybGQtYXNpYS0zNDAzNzcwMCI/5253172ac16bcfa46f6bd4c7Bc966156e style="font-weight:bold;color:#ea1414" target="blank">BBC</a>,&nbsp;<a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3RpbWUuY29tLzQwMDc3NTQvaW5kaWEtcGFraXN0YW4tYm9yZGVyLW5zYS10YWxrcy1zdXNobWEtc3dhcmFqLXNhcnRhai1heml6LyI/5253172ac16bcfa46f6bd4c7B08494df6 style="font-weight:bold;color:#ea1414" target="blank">TOI</a>, <a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3d3dy53c2ouY29tL2FydGljbGVzL3RhbGtzLWJldHdlZW4tcGFraXN0YW4tYW5kLWluZGlhLWNhbGxlZC1vZmYtMTQ0MDMzNDIzNyI/5253172ac16bcfa46f6bd4c7Bdbe3b8bd style="font-weight:bold;color:#ea1414" target="blank">WSJ</a>,&nbsp;<a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3d3dy5kYXduLmNvbS9uZXdzLzEyMDI0NTEi/5253172ac16bcfa46f6bd4c7B57ae071e style="font-weight:bold;color:#ea1414" target="blank">Dawn</a>). Pakistan called off the high-level security talks with India, citing India's refusal to allow the Pakistani national security adviser to meet with Kashmiri separatists as unacceptable. Prominent domestic newspapers in both countries, however, blamed both sides for a lack of greater flexibility. The United States expressed disappointment and urged both countries to resume a formal security dialogue soon. Despite the setback, scheduled bilateral border talks between India and Pakistan are set to proceed in early September.<br />
<br />
<i>5 killed in train accident</i><br />
<br />
Five people were killed and 20 others were injured when a truck collided with a train in the state of Andhra Pradesh on Monday (<a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3d3dy5iYmMuY29tL25ld3Mvd29ybGQtYXNpYS1pbmRpYS0zNDAzNzM1OCI/5253172ac16bcfa46f6bd4c7B78051ccf style="font-weight:bold;color:#ea1414" target="blank">BBC</a>,&nbsp;<a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3RpbWVzb2ZpbmRpYS5pbmRpYXRpbWVzLmNvbS9pbmRpYS9UcmFpbi1hY2NpZGVudC1pbi1BUC1LYXJuYXRha2EtTUxBLVZlbmthdGVzaC1OYWlrLWFtb25nLTYta2lsbGVkLWFzLWxvcnJ5LWNvbGxpZGVzLXdpdGgtQmVuZ2FsdXJ1LU5hbmRlZC1FeHByZXNzL2FydGljbGVzaG93LzQ4NjQ3MDYzLmNtcz8i/5253172ac16bcfa46f6bd4c7C97a5b8ab style="font-weight:bold;color:#ea1414" target="blank">TOI</a>, <a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3d3dy5uZHR2LmNvbS9pbmRpYS1uZXdzL2FuZGhyYS1wcmFkZXNoLWNoaWVmLW1pbmlzdGVyLW9yZGVycy1wcm9iZS1pbnRvLXRyYWluLWFjY2lkZW50LTEyMTAyODci/5253172ac16bcfa46f6bd4c7Bc66404b0 style="font-weight:bold;color:#ea1414" target="blank">NDTV</a>). Among those killed was Venkatesh Nayak, a legislator from the state of Karnataka, as well as the driver of the truck. The chief minister of Andhra Pradesh ordered a probe into the accident. This incident comes two weeks after two trains derailed on a flooded bridge in the state of Madhya Pradesh, killing 24 people.<br />
<br />
<i>-- Udit Banerjea</i><br />
<br />
<b>Pakistan</b><br />
<br />
<i>Bonus Read: &ldquo;Pakistan's embattled comedians spin troubles into punchlines&rdquo; by Katherine Houreld (<a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3d3dy5yZXV0ZXJzLmNvbS9hcnRpY2xlLzIwMTUvMDgvMjEvdXMtcGFraXN0YW4tY29tZWR5LWlkVVNLQ04wUVAyOTcyMDE1MDgyMSI/5253172ac16bcfa46f6bd4c7Bf550c5b1 style="font-weight:bold;color:#ea1414" target="blank">Reuters</a>). </i><br />
<br />
<i>Karachi stock exchange plummets</i><br />
<br />
On Monday, Karachi&rsquo;s stock market plummeted 1,492 points before gaining slightly for a total fall of 1,370 points or 3.92 percent (<a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3RyaWJ1bmUuY29tLnBrL3N0b3J5Lzk0Mzc5NS9rc2UtcGx1bW1ldHMtYnktMTMwMC1wb2ludHMtZHVyaW5nLWludHJhLWRheS10cmFkaW5nLyI/5253172ac16bcfa46f6bd4c7B01af3bba style="font-weight:bold;color:#ea1414" target="blank">ET</a>). The fall comes as other stock markets have fallen largely due to concern over the Chinese and Greek economies. One trader told Pakistan&rsquo;s <i>Express Tribune </i>newspaper: &ldquo;Foreign investors have been booking losses in (emerging) equity markets plus commodity derivatives elsewhere. They have to make up for those losses by selling profitable stocks in their portfolio elsewhere.&rdquo;<br />
<br />
<i>National Assembly speaker removed</i><br />
<br />
On Saturday, Sardar Ayaz Sadiq, the speaker of Pakistan&rsquo;s National Assembly, was removed from his seat after an election tribunal ruled that his 2013 election was marred by irregularities (<a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3d3dy5ueXRpbWVzLmNvbS8yMDE1LzA4LzIzL3dvcmxkL2FzaWEvc3BlYWtlci1vZi1wYWtpc3Rhbi1hc3NlbWJseS1pcy1yZW1vdmVkLWluLWVsZWN0aW9uLWRpc3B1dGUuaHRtbCI/5253172ac16bcfa46f6bd4c7Bc5ccf2a2 style="font-weight:bold;color:#ea1414" target="blank">NYT</a>, <a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3RyaWJ1bmUuY29tLnBrL3N0b3J5Lzk0MzE2MS9wdGlzLWxvbmctd2FpdC1lbmRzLXBtbC1uLWxvc2VzLWJpZy13aWNrZXQvIg/5253172ac16bcfa46f6bd4c7B1321f3ab style="font-weight:bold;color:#ea1414" target="blank">ET</a>). The tribunal has ordered a new election for Sadiq&rsquo;s seat. The decision is an embarrassment for the ruling PMLN party, to which Sadiq belonged, and a victory for the opposition PTI party. Sadiq stated: &ldquo;We respect and accept the tribunal&rsquo;s decision,&rdquo; continuing, &ldquo;but we have some reservations for which we shall approach the Supreme Court.&rdquo;<br />
<br />
<i>Suspected bomber escapes from Karachi anti-terrorism court</i><br />
<br />
On Monday, a prisoner facing charges of possessing explosives in a Karachi anti-terrorism court escaped (<a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3RyaWJ1bmUuY29tLnBrL3N0b3J5Lzk0MzgxMS9zdXNwZWN0ZWQtYm9tYmVyLWVzY2FwZXMtZnJvbS1hdGMtaW4ta2FyYWNoaS8i/5253172ac16bcfa46f6bd4c7B65a39314 style="font-weight:bold;color:#ea1414" target="blank">ET</a>, <a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3d3dy5kYXduLmNvbS9uZXdzLzEyMDI0ODMvc3VzcGVjdGVkLWJvbWJlci1lc2NhcGVzLWZyb20tYW50aS10ZXJyb3ItY291cnQtaW4ta2FyYWNoaSI/5253172ac16bcfa46f6bd4c7B0873bb03 style="font-weight:bold;color:#ea1414" target="blank">Dawn</a>). Tanveer alias Jambu, the prisoner, was brought to the court but slipped out of the handcuffs and fled the court&rsquo;s premises. Tanveer was arrested in late 2014. The judiciary had previously recommended moving anti-terrorism courts to more secure premises, but no action had been taken yet. Over five months in 2014, three individuals on trial for kidnapping escaped from the anti-terrorism courts.<br />
<br />
<i>Kidnapped Chinese cyclist released</i><br />
<br />
On Saturday, a Pakistani military operation managed to release Hong Xudong, a Chinese man kidnapped while cycling through Pakistan&rsquo;s Khyber Pakhtunkhwa province in May 2014 (<a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3d3dy5iYmMuY29tL25ld3Mvd29ybGQtYXNpYS0zNDAzNDY4MSI/5253172ac16bcfa46f6bd4c7B0743a611 style="font-weight:bold;color:#ea1414" target="blank">BBC</a>, <a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3d3dy5yZXV0ZXJzLmNvbS9hcnRpY2xlLzIwMTUvMDgvMjMvdXMtcGFraXN0YW4tY2hpbmEta2lkbmFwLWlkVVNLQ04wUVMwTEYyMDE1MDgyMyI/5253172ac16bcfa46f6bd4c7B76d4bbfa style="font-weight:bold;color:#ea1414" target="blank">Reuters</a>, <a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL25ld3MueWFob28uY29tL3Bha2lzdGFuLXJlc2N1ZXMtY2hpbmVzZS10b3VyaXN0LWhlbGQtdGFsaWJhbi0wOTI2MjQ0NTQuaHRtbCI/5253172ac16bcfa46f6bd4c7B8878ad93 style="font-weight:bold;color:#ea1414" target="blank">AP</a>, <a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3d3dy5yZmVybC5vcmcvY29udGVudC9wYWtpc3Rhbi1jaGluYS10b3VyaXN0LWtpZG5hcHBlZC1mcmVlZC8yNzIwNTYxOC5odG1sIg/5253172ac16bcfa46f6bd4c7Bbad68f88 style="font-weight:bold;color:#ea1414" target="blank">RFE/RL</a>). Interior Minister Chaudhry Nisar Ali Khan told a press conference: &ldquo;The Chinese tourist was recovered on Saturday night after a successful operation and is to be handed over to the Chinese embassy in Islamabad anytime soon.&rdquo; The Pakistani Taliban had claimed responsibility for Hong&rsquo;s abduction soon after he was kidnapped.<br />
<br />
<b>Afghanistan</b><br />
<br />
<i>Bonus Read: &ldquo;Critiquing U.S. Spending in Afghanistan, to Dramatic Effect&rdquo; by Ron Nixon (<a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3d3dy5ueXRpbWVzLmNvbS8yMDE1LzA4LzI1L3VzL3BvbGl0aWNzL2NyaXRpcXVpbmctdXMtc3BlbmRpbmctaW4tYWZnaGFuaXN0YW4tdG8tZHJhbWF0aWMtZWZmZWN0Lmh0bWwi/5253172ac16bcfa46f6bd4c7B816ef1bd style="font-weight:bold;color:#ea1414" target="blank">NYT</a>)</i><br />
<br />
<i>Kabul car bomb kills 12</i><br />
<br />
On Saturday, a car bomb exploded outside a private hospital in Kabul killing twelve people and injuring at least 60 (<a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3d3dy5yZmVybC5vcmcvY29udGVudC9hZmdoYW5pc3Rhbi1zdWljaWRlLWJvbWJpbmcta2FidWwtdGhyZWUtZGVhZC8yNzIwMzEyMS5odG1sIg/5253172ac16bcfa46f6bd4c7B89b2bff0 style="font-weight:bold;color:#ea1414" target="blank">RFE/RL</a>, <a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3d3dy5yZXV0ZXJzLmNvbS9hcnRpY2xlLzIwMTUvMDgvMjMvdXMtYWZnaGFuaXN0YW4tYmxhc3QtaWRVU0tDTjBRUzAzVjIwMTUwODIzIg/5253172ac16bcfa46f6bd4c7B8f7e9aef style="font-weight:bold;color:#ea1414" target="blank">Reuters</a>). Three U.S. contractors were among those killed. The bombing is the latest in a wave of significant bomb attacks inside the country&rsquo;s capital since the Taliban confirmed the death of its leader Mullah Omar. No group has claimed responsibility for the attack.<br />
<br />
<i>Pakistan summons Afghan ambassador over cross-border firing</i><br />
<br />
On Sunday, Pakistan summoned Afghanistan&rsquo;s ambassador to discuss allegations that cross-border firing from Afghanistan killed four Pakistani soldiers earlier in the day (<a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3d3dy5yZXV0ZXJzLmNvbS9hcnRpY2xlLzIwMTUvMDgvMjMvdXMtcGFraXN0YW4tbWlsaXRhbnRzLWlkVVNLQ04wUVMwSlcyMDE1MDgyMyI/5253172ac16bcfa46f6bd4c7Bc08efdb9 style="font-weight:bold;color:#ea1414" target="blank">Reuters</a>, <a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3d3dy5kYXduLmNvbS9uZXdzLzEyMDIzMTYi/5253172ac16bcfa46f6bd4c7Bdf6e00b9 style="font-weight:bold;color:#ea1414" target="blank">Dawn</a>, <a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3d3dy50b2xvbmV3cy5jb20vZW4vYWZnaGFuaXN0YW4vMjEwNTMtYWZnaGFuLWFtYmFzc2Fkb3Itc3VtbW9uZWQtb3Zlci1kZWF0aC1vZi1wYWtpc3Rhbmktc29sZGllcnMi/5253172ac16bcfa46f6bd4c7B587261e3 style="font-weight:bold;color:#ea1414" target="blank">TOLO News</a>). According to Pakistan, militants fired on Pakistani soldiers from the Afghan side of the border and &ldquo;Pakistani troops befittingly responded and eliminated the group of terrorists.&rdquo; The incident is the second time Pakistan has summoned the Afghan ambassador in a week and a Pakistani statement read: &ldquo;such incidents do not augur well for the positive trajectory of relations.&rdquo;<br />
<br />
<i>EU suspends e-NIC funding</i><br />
<br />
On Sunday, European Union Special Representative and Head of the EU Delegation to Afghanistan, Ambassador Franz-Michael Mellbin, announced the suspension of EU funding for Afghanistan&rsquo;s Electronic National Identity Card (e-NIC) citing continued delays in implementation (<a href="http://link.foreignpolicy.com/click/5007984.45045/aHR0cDovL3d3dy50b2xvbmV3cy5jb20vZW4vYWZnaGFuaXN0YW4vMjEwNDItZXUtc3VzcGVuZHMtZS1uaWMtZnVuZGluZy1vdmVyLWdvdmVybm1lbnQtZGVsYXki/5253172ac16bcfa46f6bd4c7B71d5fee6 style="font-weight:bold;color:#ea1414" target="blank">TOLO News</a>). Melbin stated: &ldquo;We cannot continue to pay for people for rolling out the card when actually the card is not rolled out. So as soon as the card starts being rolled out again, our contributions will start to flow.&rdquo; USAID terminated its contribution to the e-NIC several weeks ago also citing the delays in implementation. Fayazuddin Gheyasi, the e-NIC program director, commented: &ldquo;If the government does not decide to launch the distribution of ID cards, we will be compelled to stop our work due to lack of funding to pay the employees.&rdquo;<br />
<br />
<i>-- David Sterman</i><br />
<br />
<i>Edited by Peter Bergen</i><br />
<br />
INDRANIL MUKHERJEE/AFP/Getty Images<br />

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